Farm Credit Services and IRET to “Swap” Offices
In a joint statement, Farm Credit Services of North Dakota and Investors Real Estate and Trust have announced Farm Credit Services has purchased the IRET building located behind Dakota Square Mall and have sold their current office building on 10th Street SW to IRET.
The deal was brokered by Duemelands Commercial Real Estate.
The relocation is well suited for both companies, allowing for more focused office space needed to continue providing excellent customer service and, for Farm Credit Services, to bring their Minot staff together in the same location.
Designs are being finalized on the floor plan and remodeling of the current IRET facility with construction expected to start the first part of July 2019. Renovations of the main floor, which will be a new customer contact area for Farm Credit, will take approximately 5 to 6 months.
Farm Credit Services will move into the completed main floor of the existing IRET office and renovations will begin on the current Farm Credit Services building to accommodate the needs of IRET. Renovations on the prior Farm Credit Services building are also expected to take approximately 5 to 6 months.
Once completed, IRET will move into that space and Farm Credit will then move administration staff into the second floor area of the IRET building and the process will be complete.
The Badlands Restaurant will remain in its current location.
“We are excited to move into a facility that will better accommodate our customers as well as our staff. Buying and remodeling an existing facility was a significant cost savings compared to building a brand new facility,” said Claude Sem, CEO – Farm Credit Services of North Dakota. “The transaction worked for both of our organizations,” he added.
Mark Decker Jr., CEO of IRET, stated “This is a great opportunity to enhance our space to reflect our commitment to servicing our residents and providing a great place to work for our team in Minot. It has been a collaborative process to achieve a positive outcome for us and Farm Credit Services and we are very pleased with the transaction.”