National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
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.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
