Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FT. WORTH-The Ft. Worth-based Woodmont Co. is heading west, northwest that is. The firm has closed its first deal, buying a real estate development company and 42,000-sf retail center in Missoula, MT. It’s also the first deal consummated under a restructuring for such tactics that Woodmont’s had in development for nearly two years.

Leading the northwest expansion is David Hutchinson, who is on board as a principal and board member with Woodmont after his firm, Grant Creek Partners, was brought into the fold. The takeover came with the 42,000-sf Grant Greek Town Center, which is in the midst of a 183,230-sf expansion that will bring national retailers to their first Montana locations, Erik Coslik, Woodmont associate, tells GlobeSt.com. In all, it’s a $16-million deal, he says.

Coming in May 2002 will be a 32,000-sf Linens ‘N Things; 30,000-sf Ross Dress for Less; 28,000-sf TJ Maxx; and 10,000-sf Famous Footwear. New space, says Coslik, tallies 119,950 sf, but factoring in four outparcels, only one of which has been developed, takes the bottom line to 183,320 sf. Bernardo Willis Architecture of Spokane designed expansion for Grant Creek Town Center and Quality Construction of Missoula is the general contractor. Hutchinson has set up a Woodmont office on site.

Woodmont acquired the three-year-old center from seller of record, LV Investors Inc., culminating talks that have been under way since October 2000, according to Coslik. Protective Life Insurance Co. of Birmingham, AL provided the financing. At sale time, Grant Creek Town Center was just 72% occupied.

The 16-acre Grant Creek Town Center is located in the one million-sf plus Reserve Street Corridor. Woodmont’s neighbors in the retail corridor are Costco, Target, Barnes & Noble, Best Buy, Staples and a soon-to-be-constructed Lowe’s.

Though not part of the acquisition, the 140,000-sf Bridges Peak Town Center in Bozeman, MT, another Hutchinson holding, is in line for a 250,000-sf expansion. Woodmont is guiding the effort.

Coslik confides that more buys are in the works. He’s not doing a lot of talking about the negotiations, but did reveal that Woodmont is in talks with three more development companies to do ground up retail projects in Montana. The cities of Bozeman and Kalispell are in the line-up while lips are sealed about the third location.

Coslik says Missoula and Montana as a whole are underserved by national soft goods retailers. He was scouring for sites for Famous Footwear when he stumbled upon Grant Creek Town Center, spinning the site selection process into an acquisition. The deal solidifies changes put into play at Woodmont roughly two years ago to incorporate purchases into asset services. “Grant Creek is the first, but like all firsts, there were some baby steps in between,” says Coslik.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.