Minnesota firms investing in North Dakota oil region
- Blog Post by: Janet Moore
- August 7, 2013 - 3:45 PM
Several Minnesota companies are deeply involved in new developments in the fast-growing oil region of North Dakota.
In the past week or so, Minneapolis-based Oppidan Investment Co. said it purchased a 2-acre parcel of land near its Pheasant Ridge Apartments project in Watford City, N.D. Terms were not disclosed.
Next month, the property development firm will begin construction of a second apartment building on the parcel. Pheasant Ridge Apartments II will be identical to the first phase of the project, which includes 42 one-, two- and three-bedroom units. The first phase opened in June and is nearly 100 percent leased.
"As more and more workers and their families move to the Bakken region, the demand for well-constructed, conveniently located rental housing will continue to grow,” said Joe Ryan, president of Oppidan, in a statement.
In addition, Oppidan is also developing Watford Plaza, a 130,000-square foot commercial property that will include Alco, American Smokewagon BBQ, Happy Joe's Pizza, Happy Rice Buffett, Mailbox Solutions, Oppidan Investment Co., Red Wing Shoes, Taco John's, Tractor Supply Company, and Z Wireless, all of which are expected to open by the end of the year. Cash Wise Foods opened at Watford Plaza in July.
Oppidan has a number of additional real estate interests throughout North Dakota, including planned or completed residential and commercial developments in Dickinson, Minot, New Town, Stanley, Tioga, and Williston. Retailer Gordmans will be the first tenant at the company’s 180,000-square foot Southgate Crossing shopping center in Minot.
In addition, Minneapolis-based Dougherty Funding LLC said it recently closed a $23 million loan for the construction of a 180-unit apartment property in Williston
The first mortgage construction/term loan will be used to build the first phase -- 180 units -- of a 300-unit apartment project. The new construction financing was arranged for Granite Peak Partners Bakken Development Fund I, LP by Dougherty’s Minneapolis office.
Janet Moore covers commercial real estate for the Star Tribune.
© 2013 Star Tribune