G&B-involved group buys Montana mallApril 25th, 2013
A company formed by an affiliate of Spokane-based Goodale & Barbieri Co. and Salt Lake City-based Woodbury Strategic Partners has bought for $11.6 million the Kalispell Center Mall and Red Lion Hotel, in Kalispell, Mont., from Spokane-based Red Lion Hotels Corp.
David Petersen, executive vice president of Goodale & Barbieri, says WSPGB Mall LLC completed its purchase of the property today.
The shopping complex has 38 storefronts and a total of 190,000 square feet of space. Petersen says it's 95 percent occupied, and its tenants include a JC Penney store, a Herberger's clothing store, and a number of smaller retailers.
"Flathead County and downtown Kalispell are flourishing, and we are extremely enthusiastic about the future of the mall and its surrounding area," Petersen says.
As part of the transaction, Red Lion has signed a lease agreement for the 170-guest room hotel portion of the property.
Goodale & Barbieri, founded in 1937, is a real estate development and property management company with properties throughout Washington, Oregon, Idaho, and Montana. Red Lion Hotels has its roots in G&B, and some members of the Barbieri family remain involved in the hotel corporation.