Kilbourne Group is excited to have reached an agreement for the purchase of a portfolio of buildings from Swanson Properties, 11 of which are located in the downtown core. Pending our rigorous due diligence process, the deal is expected to close in June of 2016.
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Many of the downtown buildings included in the Swanson portfolio align closely with Kilbourne Group’s vision of high-utilization, mixed-use, walkable development in and near Fargo’s downtown core. According to Walk Score, the Broadway properties have earned the designation of a Walker’s and Biker’s Paradise, with a Walk Score of 96 and a Bike Score of 94, meaning daily errands do not require a car for tenants of these buildings.
The assembly of the properties was the vision of the Swanson brothers, Jay and Lee. Jay passed away in 1996 and younger brother Lee has been the President of Swanson Properties and Swanson Health Products since that date.
In the mid-1980s, Jay and I saw tremendous potential in downtown Fargo, said Lee. We did our best to keep these unique and historic buildings occupied and viable. We are pleased that Kilbourne Group is driven to carry our vision forward for future generations.
In 2010, Swanson Properties made significant storefront improvements to their buildings along Broadway, including the current homes of Swanson Health Products, Teaberry, Sweeto Burrito, Moxie Java, Subway, and current home of King House Buffet and Emerging Prairie.
Especially exciting pieces of the acquisition would be two buildings that are currently vacant:
The Stone building (formerly the home of the Avalon) on the 600 block of First Avenue North.
The Dacotah Block (formerly home of Metro Drug) at the corner of Second Avenue North and Broadway.
Kilbourne Group would be eager to have the opportunity to work with the community to envision and realize the potential of these incredible spaces.
If our purchase agreement with Swanson Properties closes in June, we would be honored take on such a significant piece of Fargo’s historic architecture through this purchase, and would be proud to welcome the long-standing tenants of the buildings to the Kilbourne Group family, said Kilbourne Group’s General Manager, Mike Allmendinger.
Kilbourne Group is driven by the knowledge that vibrant downtowns create smart, healthy cities. Through the thoughtful redesign of existing historic structures, as well as the activation of vacant lots through infill development projects, we create new experiences for residents and visitors while strengthening the city of Fargo as a whole. We are filled with gratitude for the opportunity to honor these historic places in downtown Fargo.
If you are interested in leasing space in one of our buildings, visit www.kilbournegroup.com/properties or email info@kilbournegroup.com.
