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3025-3033 Paxson StMissoula, MT 59801

High-Occupancy Shopping Center in Missoula, MT

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional 55,143-square-foot shopping center in Missoula, Montana, presents a compelling core-plus investment opportunity. Strategically located across from Scheels, a leading sporting goods retailer, and shadow-anchored by the Southgate Mall, this property boasts a prime location within a thriving commercial and medical hub. The center is 100% occupied by a diverse tenant mix, including Providence Health Services, a major healthcare provider with a recently signed 10-year lease for 21,691 square feet, and Do It Best, a prominent home improvement cooperative, also under a new 10-year lease encompassing 15,954 square feet of indoor space plus an additional 9,269 square feet of outdoor space. Cost Plus World Market, a significant tenant, recently extended its lease for five years. The weighted average lease term (WALT) stands at a strong 8.8 years, providing excellent long-term stability. The property sits on a 4.9-acre lot and operates under a triple-net (NNN) lease structure. This investment offers a rare combination of strong tenancy, a desirable location, and a long-term lease profile, making it an attractive addition to any portfolio. The Southgate Mall's extensive trade area, spanning over 540 square miles, further underscores the property's exceptional market position. Providence Health Services' investment-grade credit rating ("A" from Fitch Ratings) adds another layer of security to this investment. The current rental rates vary, with Cost Plus World Market currently paying below-market rent, while Providence Medical and Do It Best pay an average of $18.88 per square foot.

Highlights

  • 55,143-square-foot shopping center in Missoula, Montana, shadow-anchored by Scheels and Southgate Mall.
  • 100% occupied with a diverse tenant mix, including Providence Health Services (21,691 sq ft, 10-year lease), Do It Best (15,954 sq ft indoor + 9,269 sq ft outdoor, 10-year lease), and Cost Plus World Market (5-year lease extension).
  • Providence Health Services, Montana's largest healthcare provider, boasts an "A" credit rating from Fitch Ratings.
  • Do It Best, the second-largest home improvement co-op, occupies significant space.
  • Cost Plus World Market's lease is below market rate ($10.14/SF), while Providence and Do It Best pay an average of $18.88/SF; 8.8-year weighted average lease term (WALT).

Property Details for 3025-3033 Paxson St

Property type
Lifestyle centers, Power centers
Square Feet
55,143 SF
Lot Size (sq. ft)
213,444 SF

Location Insight

City
Missoula
County
Missoula
State
Montana
Latitude
46.84327594
Longitude
-114.03009242
3025-3033 Paxson St, Missoula, Montana

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3025-3033 Paxson St
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