Minneapolis developer reports sales of Bakken properties
MINNEAPOLIS — With two recent deals, Minneapolis-based Oppidan Investment Company has sold eight development projects in western North Dakota in 2014.
A Watford City apartment building and a grocery store in Tioga were the most recent sales, a news release from the company announced.
“Oppidan has now successfully sold four apartment buildings and four retail centers throughout the Bakken region, which, I believe, demonstrates the economic stability and financial viability of the region. Investors are realizing the potential for growth in the Bakken,” said President Joe Ryan in a statement.
Pheasant Ridge II, a 42-unit apartment building in Watford City was purchased by New York-based Trei Pheasant B Holdings earlier this month. The building, which is identical and adjacent to Pheasant Ridge I, is currently 100 percent occupied.
ARCP CO Tioga ND, a company owned by Phoenix-based American Realty Capital Properties, purchased a 6,052-square foot Cash Wise grocery store in Tioga in late June. The store is a separate building in part of a larger development.
Earlier this year, Oppidan sold three apartment complexes in Watford City and Williston, including Pheasant Ridge I, which was purchased by New York-based Triton Real Estate Acquisitions, LLC, and The Gables I and II, which were purchased by New York-based Feinberg Properties.
It also sold three retail developments in the Bakken, including Watford Plaza in Watford City and Southgate Crossing in Minot, both of which were purchased by Toronto-based Slate US Opportunity; and Westview Plaza in Stanley, which was purchased by Singapore-based AR CAPITAL.
Oppidan was one of the first developers to venture into the Bakken region beginning in late 2011, early 2012.