Marcus & Millichap is pleased to present the opportunity to acquire the property located at 4111 30th Avenue South in Moorhead, Minnesota. The vacant property consists of approximately 15,328 square feet of specialized industrial space and is situated on 4.98 acres of land. The grain elevator facility features licensed steel and hopper bins with a storage capacity of about 363,000 bushels and unlicensed steel and hopper bins capable of storing an estimated 24,548 bushels. Additionally, the property has a clear height of 18’, one dock-high door, three grade-level doors, metal construction, and 11 parking spaces. Located adjacent to Interstate 94, the grain elevator has direct access to a BNSF rail spur that runs along the property line.
The subject property is located in the Fargo market containing 20.1 million square feet of industrial space. Logistics space is the largest subtype, making up 78 percent of the inventory, followed by specialized and flex space at 12 percent and 10 percent, respectively. In 2023, the vacancy rate in Fargo bucked the national trend and declined by 180 basis points to 3.3 percent as net absorption topped new supply by about 336,000 square feet. While asking rent growth slowed to 5.4 percent last year, the pace remained ahead of the Consumer Price Index. During the first quarter of 2024, 424,000 square feet of industrial space were under construction (all of which were concentrated in warehouse and logistics properties), representing just 2.1 percent of inventory. Although industrial demand has dampened in Fargo, the reduction in new supply will help keep a lid on vacancy rates for the foreseeable future (CoStar).
The Fargo-Moorhead metro sits along the border of North Dakota and Minnesota in the middle of open prairies with the Land of 10,000 Lakes within an hour’s drive. In 2021, Fargo-Moorhead’s population was 252,693 and is expected to increase by 7.6 percent annually through 2026, reaching 271,839. Compared to a national average of 38.5, Fargo-Moorhead’s median age is 32.5, making the metro a comparatively young community. The Fargo-Moorhead region is not defined by any one industry but instead is a collection of thriving and diverse sectors such as agriculture, manufacturing, distribution logistics, and bioscience. Despite the metro ranking only 192nd in population, placing it in the top 50 percent of all metros, Fargo-Moorhead occupies the top 19 percent of all metros when it comes to industry diversity, making the metro one of the most recession-proof communities in the country. Fargo-Moorhead is a mosaic of entertainment and nightlife, dining and shopping, funky shops, coffee bars and micro-breweries, annual film and music festivals, nationally recognized performance venues, pubs and clubs (Fargo Moorhead Economic Development).
BROKER OF RECORD
Jon Ruzicka
Minnesota Broker of Record
1601 Utica Avenue South, Suite 301
Minneapolis, MN 55416
Tel: (952) 852-9700
@marcusmillichap.com
License: 40583288
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2023 Marcus & Millichap. All rights reserved. (Activity ID: ZAE0370672)
