Overview
Paxson West is a 55,143 square foot retail center shadow anchored by Western Montana’s most visited shopping center, Southgate Mall. The Southgate Mall serves a massive trade area spanning 540+ SqMi. The subject property is strategically positioned along the southern portion of Southgate Mall, across from Scheels. Missoula serves as the commercial as well as medical hub for the western region of Montana.
The property is 100% occupied with recently signed 10-year leases with Providence Health Services and Do It Best. In addition, Cost Plus World Market recently signed a 5-year extension, resulting in a WALT of 8.8 years.
Missoula, Montana, has experienced explosive growth in recent years, transforming from a charming small town into a vibrant urban hub. This surge in development is driven by a combination of factors including an influx of new residents seeking a high quality of life, a burgeoning local economy, and increasing recognition as a prime destination for outdoor enthusiasts.
REQUEST FOR OFFER
Year 1 NOI: $890,262
Gross Leasable Area: 55,143 SF
Occupancy: 100%
Lot Size: 4.90 AC
Investment Highlights
- 100% Occupied, 3-tenant shopping center in the heart of Missoula’s commercial center
- Shadow Anchored by the Southgate Mall, which boasts a national tenant lineup including Scheels, Hobby Lobby, Dillard’s, AMC Theatres, Lululemon, Athleta, Elote Mexican, Mustard Seed, Texas Roadhouse and H&M. Six of these tenants began their occupancy within the last 6 years, showing recent transformational leasing momentum at the Southgate Mall
- Southgate Mall is the most visited regional mall in the state and dominant shopping destination of western Montana
- WALT of 8.81 Years – Long Term Commitments to the Subject Property
- Top trade area and shopping destination in western Montana, with the most visits within a 75-mile radius. This sub-market serves a trade area of over 250,000
- The roof above Cost Plus World Market is in the process of being replaced and will have a new 20-year warranty
- Attractive & Growing Demographics: 5 Mile - $83k AHHI ; 10 Mile $89k AHHI ; 15 Mile 90k AHHI - Population growth in Missoula has outpaced nation and statewide growth rates since the 1970s
- University of Montana, is located in Missoula and contributes over$500 million to the local economy and is home to over 10,000 students
- The subject property is just north of the confluence of Reserve & Brooks St. These thoroughfares are the two primary retail corridors of Missoula. Within a 2-mile radius of the subject property, these two roads provide access to over 2.7M SF total retail product. Collectively, there is minimal vacancy in the sub-market, the occupancy rate of the retail product is 98.6%
- Recreation Area, Snowbowl Ski Area, the Bitterroot and Clark Rivers and Flathead Lake. Flathead Lake is the largest natural freshwater lake in the western United States.
Photo Gallery
Investment Sales Team
