MISSOULA – Southgate Mall in Missoula has been sold to an Ohio-based real estate investment group for $58 million.
The mall, which was built in 1978, was owned by the Lambros family. Peter Lambros, managing partner of Southgate Mall Associates, says they will now focus on a multi-family development on land near the mall.
The deal with Washington Prime Group Inc. closed on April 24. The group owns about 100 shopping centers across the country.
Lambros says over the past couple of years the mall has been evolving into a mixed-use town center and Washington Prime will continue that transition.
The mall includes a new nine-screen, dine-in theater and the former Sears building has been turned into a grocery store. The Herberger’s store is holding a going-out-of-business sale.