SPOKANE, Wash., April 25, 2013 – Woodbury Strategic Partners and an affiliate of Goodale & Barbieri Company have announced today that they have purchased the Kalispell Center Mall and Red Lion Hotel, located in Kalispell Montana, from Red Lion Hotels Corporation under the new company WSPGB Mall, LLC. The property is located at the intersection of Main and Center Street/Highway 93 off of Highway 2 and contains over 300,000 square feet of space.
WSPGB Mall, LLC is owned in partnership by Salt Lake City based Woodbury Strategic Partners, an affiliate of Woodbury Corporation and an affiliate of Goodale & Barbieri Company, based in Spokane, Washington. “We are pleased to add this landmark property to our portfolio and align ourselves with Goodale & Barbieri Company,” said Lane Critchfield, Managing Director of Woodbury Strategic Partners, “It is an important part of our mission to own, operate and develop projects that enhance a community.” Kalispell Center Mall is the largest shopping mall in Northwestern Montana, and is anchored by tenants such as JC Penney, Herberger’s, Zumiez, Bath & Body Works, Buckle, Rue 21, Maurice`s, Wakefield’s, Riddle’s Jewelry, and Dairy Queen. The mall also includes a 170-room Red Lion Hotel. “The location is unsurpassed in the region,” said David Peterson, Executive Vice President of Goodale & Barbieri Company, “Flathead County and downtown Kalispell is flourishing and we are extremely enthusiastic about the future of the Mall and its surrounding area.”
As part of the sale agreement, Red Lion Hotels Corporation has signed a lease agreement for the 170-room hotel portion of the Mall and will continue to operate the property as a Red Lion flag location. “This project is positioned to play a vital role in Kalispell as the area continues to grow and prosper,” said Thomas Barbieri, President of Goodale & Barbieri Company. “We very much look forward to supporting the growth of the city and region and building on our relationship within the community from the center of its most vibrant area.” Goodale & Barbieri Company will manage the project operations.
About Goodale & Barbieri Company:
Goodale & Barbieri Company, founded in 1937, is a leading real estate development and property management firm in the Inland Northwest. Goodale & Barbieri is one of the largest developers, agents, and managers with office, retail, residential and recreational developments throughout the Northwest including Washington, Oregon, Idaho and Montana. For more information, please visit the company’s website at www.g-b.com.
About Woodbury Strategic Partners:
Woodbury Strategic Partners (WSP) is a value-add commercial real estate investment vehicle that was formed to acquire and develop commercial real estate assets throughout the western region of the United States. WSP is an affiliate of Woodbury Corporation, who has a 90-year history of acquiring and developing profitable commercial real estate assets in its target market and currently owns and manages over 11 million sq. ft. of commercial real estate located across 12 western states. For more information, please visit WSP’s website at www.woodburystrategic.com or www.woodburycorp.com.
For more information, or to schedule an interview, contact David Peterson, Executive Vice President, by phone at (509) 999.9320 or by email at dpeterson@g-b.com
