CITIVEST

Helena, Mont. – Citivest Commercial Investments, LLC, a real estate developer, owner, and operator that specializes in value-add retail investments, with Sage Investco, has acquired a 116,992 former department store building in Helena, Montana. The asset also includes two pad development opportunities, with one ground lease finalized and another in negotiations, according to Dana Haynes, President of Citivest Commercial.   

The building was formerly occupied by department store chain Shopko and is situated within a larger center anchored by Albertsons, Target, JoAnn, Ross, and other brand name retailers.  

“This acquisition presented a unique value-add opportunity to expand the retail offerings within an already established, highly visible center in a growing market,” says Haynes. “Based on our experience and knowledge of current consumer demands, Citivest Commercial plans to strategically renovate and reposition the existing building into a multi-tenant property and lease it up to three-to-four large retailers that fill a void in this market.” 

Renovations will also include updating paint colors, landscaping, and signage to maximize the center’s value, capitalizing on the growing Helena market. 

“Helena is the 6th largest city in Montana and its population has increased by 21.52% since 2010,” explains Haynes. “This retail center is uniquely positioned to benefit from the region’s high-paying jobs, stable employment growth, and population increases – all of which will contribute to long-term value for tenants and strong return on investment.”  

Helena’s high quality of life and educated workforce has been touted nationally. Money has previously included the city among their list of the Top 100 Places to Live and a strong education system, growing technology sector, and a high share of jobs requiring a college degree contribute to the attractiveness of the area.  

“Steady employment and wage growth have drawn an increasing number of working adults to the Helena area, many of whom bring families with them,” notes Haynes. “The influx of new residents has helped support the housing market, which has grown steadily over the long-term and accelerated in the last year, driving up demand for convenient access to quality retailers.” 

The property is located just a few minutes from Interstate 15 and 2.3 miles from Helena Regional Airport. With traffic counts of over 50,000 cars per day, the center benefits from excellent freeway visibility and an affluent consumer demographic.  

“Overall, the property is situated in a high traffic area with an abundance of recreation and cultural opportunities, in a market that is positioned for long-term growth,” Haynes continues. “These are precisely the fundamentals we look for in assets that we acquire.”  

 

About Citivest Commercial Investments, LLC  

Citivest Commercial Investments (Citivest) is a related company to Citivest, Inc. The Citivest partners are Dana Haynes, Dwight Belden, and Michael Mossman.   

Headquartered in Newport Beach, California, Citivest is a privately held owner, operator and developer of commercial real estate.  The company’s executives, each with over 30 years of retail experience, have an extensive multi-cycle track record in the retail sector with a focus on value-add acquisitions and repositions along with select ground-up development projects.   

Citivest is a proven buyer of value-add and opportunistic retail properties across the Western US, with a particular focus on high barrier to entry submarkets in California. The company’s typical value-add asset strategies leverage the firm’s leasing relationships, development capabilities and overall asset management strength.  To date, the Principals of Citivest have round-tripped $1 billion in value-add/opportunistic retail properties.  

  

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PHOTO CAPTION: Citivest Commercial Investments, LLC, a real estate developer, owner, and operator that specializes in value-add retail investments, with Sage Investco, has acquired a 116,992 former department store building in Helena, Montana.