Wood Investments Refinances Montana Shopping Center
Wood Investments Cos. has obtained a $20.3 million loan for Helena Skyway Regional Shopping Center, a 164,121-square-foot retail center in Helena, Mont. Wells Fargo provided the permanent loan for the fully leased property.
The shopping center came online in 2007 on some 23 acres. Shadow-anchored by The Home Depot, Helena Skyway also features a diverse mix of regional and national tenants such as TJ Maxx, Ulta Beauty, Costco, Chilli’s, Bath & Beyond, Staples and Hobby Lobby.
Wood Investments has recently secured new leases at the property with Sierra and Chick-fil-A. Sierra will commence operations on November 9, while Chick-fil-A’s construction is in progress, aiming for a late 2025 opening. These additions have resulted in the center achieving full occupancy.
Located at 2005 Cromwell Dixon Lane, Helena Skyway is at the intersection of Interstate 15 and East Custer Avenue. The property serves more than 72,974 individuals within a 10-mile radius, with the average household income of approximately $105,936, according to Colliers.
Pursuing retail opportunities
Adapting to retail market trends, Wood Investments continues to pursue development opportunities in the Western U.S. and to convert properties into community hubs, according to President & CEO Patrick Wood.
In January, the company obtained a $54 million construction loan from 3650 REIT for a 200,000-square-foot retail project in Ontario, Calif. At the time, most of the space was already preleased, according to Traded.
Wood also secured a $16.5 million in refinancing last year for a 135,732-square-foot shopping center in the Boise, Idaho, and a $22.6 million note for a 197,288-square-foot retail property in the same area.
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