Newmark Knight Frank Completes $27.5 Million Sale of Major Shopping Center in Bozeman, MT
Newmark Knight Frank recently brokered the sale of the 158,319 SF Gallatin Center in Bozeman, Montana. Revesco (USA) Properties, LP purchased the center on December 20th, 2019 from Gallatin TR, LP, who was represented by NKF’s Executive Managing Directors Paul and Billy Sleeth and Investment Associate Patrick Allen.
The Gallatin center is located at the southwest quadrant of I-90 and North 19th Street, a main arterial into town, with excellent freeway visibility. Shadow anchored by Costco, Target and Winco and boasting a bevy of big name retail tenants including Ross, Michaels, Bed Bath and Beyond, PetSmart, and Staples, the Gallatin Center is the primary regional shopping destination for all of Bozeman.
“Bozeman has a lot to offer; a robust economy with a strong up and coming tech industry, world class university, an international airport and sales tax free shopping,” Paul Sleeth of NKF’s Retail Investments Team commented. “Gallatin Center is the dominant shopping center in the trade area with a line up of successful tenants at sustainable rents. It attracts affluent consumers, and that translates to steady returns to the investor.”
In 2018, Bozeman ranked #1, as the fastest growing ‘micropolitan’ city in the U.S. Gallatin County has the third largest population in Montana and continues to rise. The Bozeman area continues to mature as a high-tech center for the state of Montana. The future looks prosperous for this major retail hub in southwest Montana.
About Newmark Knight Frank: Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.sleethretail.com.
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