North Dakota
Bravera Bank Supplies $25M Acquisition Loan on FedEx Facility Buy
The Wideman Company has sealed $24.8 million of acquisition financing to purchase a FedEx distribution center in Bismarck, N.D., Commercial Observer has learned.
Bravera Bank provided the senior loan toward Wideman’s $38.2 million acquisition of South Bismarck FedEx Distribution Center from Ruedebusch Development.
Baybridge Real Estate Capital’s Jay Miller, AJ Felberbaum and Spencer Miller arranged the transaction.
Located at 1605 Northern Plains Drive, the 2022-completed property features 217,323 square feet of Class-A industrial distribution space. The acquisition aligns with FedEx’s “Network 2.0” initiative announced in April to consolidate facility footprints in rural markets, according to BayBridge.
Officials at Bravera Bank and The Wideman Company did not immediately respond to requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com