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National  + Montana  + Retail  | 

Montana Hybrid Open-Air Center Acquired for $58M

Southgate Mall, a 447,952-square-foot dominant regional mall in Missoula, MT, has been sold for $58 million. Columbus, OH-based Washington Prime Group, Inc. acquired the property from private owners, Southgate Mall Associates, following a transformation into a hybrid open-air town center.

Originally developed in 1978, the one-level enclosed center is situated on 44 acres and anchored by Dillard’s and JCPenney (both un-owned). Major tenants include the recently-opened nine-screen AMC dine-in theatre and Lucky’s Market, and existing Bed Bath and Beyond, Cost World Plus and H&M.

NKF Capital Markets’ Thomas Dobrowski, Katharine French and Ed Leinss handled the transaction.

Dobrowski says, “Southgate Mall presented a unique opportunity to investors in that it has been privately owned by its original development group, the Lambros Family, for over 38 years.” He notes, redevelopment of the former Sears box in 2015, and newly executed leases, led to the transformation into a hybrid open and enclosed town center development.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition
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