Established in 1981, Goldmark Commercial Real Estate is one of the region’s most successful and experienced commercial brokerage firms. Their diverse team includes a licensed architect, a practicing real estate attorney, a commercial lender with over 15 years of experience, a commercial real estate investor with more than 20 years in the field, and several agents with extensive entrepreneurial backgrounds in both small and large businesses.
Q&A with Andy Westby
Q: How did you get into this space?
A: Technically speaking, our firm assists others in developing real estate, as we do not engage in local development ourselves to avoid competing with our clients. I transitioned into commercial brokerage in 2015 after spending over 15 years in the software and technology industry. The travel and corporate grind had worn me down, and I was eager to work more directly with local businesses and owners. Commercial real estate proved to be the perfect fit to do just that.
In late 2019, I assumed the role of president and managing broker. Since then, we have rebuilt our brokerage team, developed a detailed market analytics platform, and launched Goldmark Design & Development (GDD), which is led by Nate Vollmuth. GDD offers comprehensive architectural design and development services, including master planning, preliminary site layouts, cost estimating, detailed architectural plans, city permitting, construction bidding, and much more.
As Confucius said, “Choose a job you love, and you will never have to work a day in your life.” I can truly say that has been my experience. I wouldn’t trade this job for the world!
Q: Please describe the current projects your company is working on.
A: For Land, our firm is currently representing over 15 exciting land development projects across the Fargo-Moorhead metro, including:
The Crossroads: This 50+ acre site sits in the epicenter of the FM metro and is adjacent to both I-94 and I-29. With over 144,000 vehicles passing by each day, this site features the highest combined traffic counts in the entire state of North Dakota! Lot sizes can range from 0.7-10+ acres to support a large mix of uses, including professional office, medical, retail, technology, education, and more. This central location is less than 10 minutes from nearly anywhere in the Fargo-Moorhead metro!
Urban Plains: Urban Plains offers 50+ acres of opportunity to buy, build, or lease in one of Fargo’s most premier in-fill developments. Urban Plains combines commercial, retail office, medical, event centers, multiple dwelling housing, and condo and town home development in a unique and lively mixed-use community. Conveniently located between Veterans Boulevard and 45th Street South, this area is poised for tremendous growth.
I-94 Development Land: We are also representing the owners of 20+ acres of prime development land on I-94 in West Fargo. This highly visible 20+ acres is adjacent to Costco, Duluth Trading Company, and River’s Bend at the Preserve. This is a great opportunity for a large corporate office center or multiple retail stores.
Other attractive land development sites our firm represents include:
- 1-2 acre high visibility commercial land sites on 32nd Ave and 42nd St S.
- 60+ acres of land in West Fargo, which are zoned for heavy industrial development.
- 30+ acres of commercial land in The District off 52nd Ave and the newly installed stretch of 45th St S.
- Numerous light industrial lots near the Main Avenue and I-94 exchange in West Fargo.
- Multiple commercial/retail land sites in Mapleton in the growing Maple River Town Square development.
- 50+ acres of raw commercial land directly on I-29 and the new 64th St. overpass near the new Sanford Sports Complex.
- 320 acres of raw land with rail access for future industrial growth on the north side of the metro.
- 13+ acres of multi-family land in Moorhead on Highway 52 with easy access to I-94.
- There are a few other new but not-yet-announced land developments we will be excited to share more about in the months to come!
For Buildings, our firm is currently representing nearly 100 existing buildings for sale or for lease across the Fargo-Moorhead metro, including:
- 17,000 sq. ft. of office space along I-29 south of West Acres Mall, currently occupied by Sanford Health Plan.
- The former 8,000 sq. ft. of high-end shop and office property owned and previously occupied by YouBetcha in South Fargo near 32nd Ave and 42nd St S.
- 5,000 to 17,000 sq. ft. spaces in the Class A and superbly located Perficient Tower off I-94 and 45th St S.
- 12,000 sq. ft. in the brand new Vance Thompson Vision medical center on I-94 near Costco.
- New and existing industrial developments in North Fargo, West Fargo, and Moorhead ranging from 2,000 to 40,000 sq. ft.
- A 44,000+ sq. ft. industrial complex in Moorhead off Main Avenue near Menards.
- New shop condo developments off Thunder Road and in West Fargo off Main Avenue and I-94.
- The vacant Burger King restaurant and drive-thru off I-29 and 13th Ave S.
- Multiple retail spaces for lease around South Fargo, West Fargo and North Fargo including suites at Urban Plains, Uptown & Main, Western Center, Village West, Homestead Mall, Promenade Mall, The Pointe on 13th, Liberty Square, Times Square, Town Square Village, The Bison Block, Eagle Run Plaza, South Creek Center, and Trollwood Village.
- Multiple office buildings for lease in downtown Fargo and the SW metro including 23 and 102 Broadway, the Historic Union, The Radisson Tower, The Professional Building, Sundance Office Park, Bluestem Office Park, Woodhaven Plaza, Apex Business Center, and Bluemont Lakes Financial Center.
- Multiple new office spaces in beautifully designed bank branches, including Bank Forward on Veterans Blvd, FCCU locations on 52nd Ave, and their new location in Moorhead.
Q. How does your company try to contribute to the local community?
A: At Goldmark Commercial Real Estate, we believe our role extends well beyond facilitating commercial real estate transactions. At the most basic level, we contribute to the local community by assisting businesses across numerous industries in acquiring, selling, and leasing commercial properties. Through these efforts, we help businesses create and sustain jobs, which is fundamental to economic growth and stability in our region.
Also, our significant involvement in the development of small and large land sites helps enhance local amenities and infrastructure, thereby improving the quality of life for our community.
Furthermore, we are proud to donate a portion of our brokerage profits to area nonprofits through a recently launched Giving Hearts Day match program offered to every client from the past year. This initiative helps further the mission of local charities that are near and dear to our clients’ hearts.
Through these efforts, Goldmark Commercial Real Estate strives to be a catalyst for positive change in the Fargo-Moorhead metro. Our expert agents, known for their integrity and professionalism, help create an environment where businesses and our community can thrive together.
Q. What are some of the biggest challenges you face as a developer in this area?
A: Recently, the biggest challenges for our clients have undoubtedly been the high construction costs and the rising interest rate environment we have experienced over the past year. These factors have forced many businesses and investors to put their plans on hold, as not all projects are as financially viable as they once were.
However, our region has fared far better than most. Commercial real estate transactions are occurring, especially in the owner-occupier market, with overall commercial sales and leasing activity levels well above national averages. We are fortunate to have a diverse and robust business environment in this part of the Red River Valley, which helps to moderate the lows and maintain a stable economic environment.
Q. Where do you see our local commercial real estate marketing heading?
A: At our annual Commercial Connect event held in early March, we made several predictions for 2024. Here is just a sample of the nearly 30 predictions we made:
- Total commercial real estate sales across the FM metro will be down less than 10% year over year (in 2023 they were UP 12.6% across all categories).
- Commercial permit values will be up in West Fargo, but down in Fargo and Moorhead.
- Land for office development will be down and office vacancy rates will go up.
- Industrial and retail vacancy rates will continue to go down with asking rents up.
- Permits for new multi-family units will be down while existing sales will be up.
- Capitalization rates on investment sales will plateau after increasing in the past 12- 24 months • Ag land acres sold in Cass County will be down.
You can view the entire presentation and all of our 2024 predictions at: youtube.com/@ goldmarkcommercial
Q. What are the long-term goals of your company?
A: Our primary long-term goal at Goldmark Commercial Real Estate is to continue delivering the highest levels of client service while innovating and improving our market tracking and analysis capabilities. We aim to provide our clients with unrivaled access to information, empowering them to make well-informed decisions.
Another strategic goal for our brokerage is to enhance our marketing capabilities and technology toolset. We plan to integrate cutting-edge AI tools and advanced technology systems that will streamline processes, improve accuracy, and offer deeper insights into market trends. By leveraging these new technologies, we aim to provide more targeted, efficient, and effective marketing strategies for our clients’ property sale and lease listings. This will not only increase visibility for our clients but also attract more qualified buyers and tenants, ensuring the best possible outcomes for each transaction we handle.
Finally, we also want to strengthen our community engagement. This involves not only continuing our financial support to local nonprofits but also increasing our direct involvement in community projects that contribute to the economic and social betterment of the region we serve.
Goldmark Commercial Real Estate, Inc.
goldmarkcommercial.com
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