MISSOULA – The deal is final and Southgate Mall will be under new ownership.
Back in February, it was announced Southgate Mall Associates had reached a deal to sell the mall to the Washington Prime Group for $58 million. The deal comes as Southgate’s original owners are wrapping up a two-year effort to revamp the southern end of the mall, adding the new Lucky’s Market and AMC Theater, which will be complemented by additional businesses in the near future.
On Wednesday, NKF Capitol Markets announced the transaction was finalized.
Washington Prime officials have said Southgate’s new “hybrid open and enclosed town center” redevelopment position it well for future growth. The current mall over 447,000 square feet.
The deal allows developer Peter Lambros and his partners to turn their attention to building new residential structures in a planned area adjacent to the southwest corner of the mall.