Wood Investments Locks Into First Montana Property
Wood Investments Companies Inc. recently acquired a 67,000-square-foot retail building formerly occupied by Big Bear Sports Center in Billings, MT’s main retail corridor. The purchase price was $4.6 million for the 5.19-acre property.
This is Wood Investments’ first Montana property and the company’s third acquisition in the Mountain West region in the last seven months for a total of $90.55 million. According to Greg Vujnov, Wood Investments Companies’ chief operating officer, the building represented a great value-add opportunity.
By the close of escrow, Wood Investments had secured leases with HomeGoods, Sierra Trading Post and Petco to occupy a multi-tenant building. The two TJX companies will occupy 42,000 square feet and Petco has leased approximately 15,000 square feet. Besides the anchor tenants, there will be approximately 10,000 square feet of space that can be demised.
Wood Investments will re-develop and demise the building to comply with tenant specifications. Improvements and upgrades will include updated facades, improved signage and other exterior enhancements.
The property, which is located at 2618 King Ave. West, is part of a much larger retail center and sits at the main intersection with approximately 27,488 cars per day. The center is surrounded by big names including Costco, Home Depot, Walmart, Lowe’s, Best Buy, AT&T and Pizza Hut. These tenants create a diverse daily needs and customer draw, according to Vujnov.
Chad Moore of Mountain West Commercial Brokerage in Salt Lake City represented Wood Investments Companies Inc. in the purchase. Richard Martin of Mountain West Commercial Brokerage in Billings represented the seller, Wilson-Taylor Partnership LLC, also of Billings.