IRVINE, Calif., November 5, 2021 - Faris Lee Investments arranges the sale of a 116,992-square-foot former department store, in Helena, MT. The asset included several pad development opportunities, with one ground lease finalized and another in negotiation.
Shopko formerly occupied the building, which is situated within a larger center anchored by Albertsons, Target, JoAnn, Ross Dress for Less, and other retailers.
Faris Lee Investments represented a Southern California developer who purchased the property. The buyer plans to backfill the former department store with junior anchors while implementing a renovation program, including updating paint colors, landscaping, and signage to maximize the center’s value.
After generating multiple offers, the transaction closed at the contract price, within the seller’s needed timing expectations.