April 8, 2021

A new era has arrived at Bender Commercial Real Estate Services.

Founder Michael Bender has transitioned to minority ownership after selling shares in the firm to three partners: Rob Fagnan, Nick Gustafson and Reggie Kuipers.

The three became minority partners in 2013 with the vision of this eventual transition. Andi Anderson also remains a minority partner, and Doug Brockhouse sold his shares last year.

“We are going to look over the shoulder of these three guys and question every move,” Bender joked. “But really, this is about the future of our company. When you work with someone, you get the opportunity for me to know and trust them. With my name on the company, I had to really make sure I was comfortable, and these are the three I trust.”

The firm, which was founded nearly 25 years ago, will continue to use the Bender name, and Bender will focus on his real estate brokerage work.

Kuipers has been named president of the firm, and Fagnan and Gustafson are executive vice presidents and managing directors, with Gustafson serving as the responsible broker, overseeing compliance and the 11-broker team.

“There’s a lot of responsibility with carrying on what Michael and Andi and Doug have built,” Kuipers said. “But there’s also challenges, which is exciting, and I’m excited to be partners with Rob and Nick going forward. We’re a team, and that’s exciting to know we’ll be a team for a long time.”

Fagnan joined the firm in 2005 and primarily focuses on industrial brokerage. Gustafson joined in 2009 and focuses on investment and commercial sales, including in the Rapid City market. Kuipers came to Bender Commercial in 2010 and primarily works on retail and office deals.

“Michael was very clear on the front end bringing people on. He was very strategic in bringing the three of us on and transparent saying, ‘I want to bring people on I see as future partners,’ ” Fagnan said.

“I’ll never forget the values that were important to him, and that’s what really attracted me to the company from the beginning. God first, family second and work third. A lot of those values carry over into our firm and have created this family environment and atmosphere among all of us.”

Bender, Brockhouse and Anderson have mentored them greatly along the way, the new majority owners said.

“It’s exciting to see them take something I had a vision of way back when,” Bender said. “Who knows where they’re going to take it, but I’m going to enjoy watching it and be part of whatever role they want me to.”

The firm is coming off a record year in terms of overall transactions and the dollar amount of its transactions, Gustafson said – something few would have expected this time last year – and 2021 is off to a robust start too.

“Given our geographic location, our tax climate, our business-friendly, family-friendly environment, we’re going to have a supercycle of growth in the next 10 years,” he said. “And I think that will spur growth in industrial and office, multifamily.”

The new partners also plan to position Bender Commercial to capture opportunity from that growth. They’re working on plans to expand the office at 305 W. 57th St. with an eye toward growing the team.

“It’s an exciting time to double down on Sioux Falls and an exciting time for us to invest in ourselves and invest in our company,” Kuipers said. “There’s a bright future I think in Sioux Falls and with these partners.”

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