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Expand retail offerings

Developer purchases Helena Shopko building, announces plans

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Helena's Shopko

Helena's Shopko department store at 3101 N. Montana Ave. is pictured in 2019. The building has been purchased by a developer.

The 116,992-square-foot building that formerly housed Shopko at 3101 N. Montana Ave. in Helena has been purchased by a developer that specializes in retail investments, it was announced Friday.

The purchase by Citivest Commercial Investments along with Sage Investco includes two pad developments, with one ground lease finalized and another in negotiations, Dana Haynes, president of Citivest Commercial, said in a news release.

Citivest Commercial, which is based in Newport Beach, California, plans to turn the building into a multi-tenant property and lease it to three to four large retailers that it said will “fill a void in this market.”

The building is within a larger center at Custer and North Montana avenues anchored by Albertsons and includes Target, JoAnn Fabrics, Old Navy and Ross Dress for Less. Haynes noted the purchase includes pad development opportunities on excess parking space.

The purchase price was not disclosed.

Helena's Shopko store closed in 2019. 

The property is close to 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, Haynes said.

Haynes said the property is in a high traffic area “with an abundance of recreation and cultural opportunities, in a market that is positioned for long-term growth,” Haynes.

“These are precisely the fundamentals we look for in assets that we acquire.”

“This acquisition presented a unique value-add opportunity to expand the retail offerings within an already established, highly visible center in a growing market,” Haynes said in an email.

“Helena is the sixth largest city in Montana and its population has increased by 21.52% since 2010,” he said.

He said this retail center is 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.”

Assistant editor Phil Drake can be reached at 406-231-9021 or philip.drake@helenair.com

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