Wood Investments Companies, Inc., a commercial real estate investment and management company specializing in retail, announced Thursday (June 17, 2021) the acquisition of a 67,000-square-foot retail building formerly occupied by Big Bear Sports Center located in the heart of Billings, Montana’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.
According to Greg Vujnov, Wood Investments Companies’ chief operating officer, the building represented a great value-add opportunity for the company and, by the close of escrow, Wood Investments had secured signed 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.