MISSOULA, Mont. — Southgate Mall in Missoula is getting a new owner, and the transaction is expected to close during the second quarter of 2018.
“I grew up here, so I’ve been coming here since they opened,” said resident Mike Combo.
Southgate Mall is the largest shopping center in western Montana. It serves as a resource for Missoula and a 130-mile radius for retail, entertainment and dining.
Many residents are happy about all the recent additions like a movie theater and grocery store.
“I’m just happy to see some more action happening at the Southgate Mall,” said resident John Leske. “I would like some more big-name shops. Some Nike, Outfitters, some bigger stores; that would be cool.”
It is now getting bought by a national real estate investment trust based in Ohio.
Last year the Washington Prime Group of Columbus, Ohio,executed a purchase agreement to buy the mall for $58 million. The company has a history in mall ownership all over the United States.
Just a few days ago, on Feb. 21, the plan was completed. The company said the price of the sale reflects an approximate 10-percent capitalization rate on Washington Prime’s underwritten net operating income.
Some residents hope the mall will continue to grow and accommodate their needs, but others said they would rather see a local buyer so the money would stay in Montana.
We will follow up with the company to see further plans for the mall.