Yellowstone Gateway Shopping Center Billings, Montana
Wood Investments Announces New Tenants
Wood Investments Companies, Inc., announced several new tenants at Yellowstone Gateway shopping center in Billings, Montana. New tenants HomeGoods and Sierra[AM1] are open, and Petco will open later this month in the former Big Bear Sports Center building at 2618 King Avenue West, adjacent to The Home Depot and PetSmart.
Wood Investments purchased the 5.19-acre property in 2021 and redeveloped the 67,000-square-foot Big Bear Sports Center building, converting it into a multi-tenant retail building, branded as Yellowstone Gateway. HomeGoods and Sierra occupy 42,217 square feet and Petco has leased nearly 15,000 square feet. In addition to the anchor tenants, 2,571 to 8,000 square feet of shop and/or endcap restaurant space is available for lease. Michael Walker and Katelyn Panella of NAI Business Properties in Billings are handing the leasing.
HomeGoods and Sierra are both owned by The TJX Companies, Inc. (NYSE: TJX), the leading off-price apparel and home fashions retailer in the U.S. and worldwide. At the end of the first quarter of 2024, the company reported 901 HomeGoods stores in the U.S. and 81 Sierra stores in the U.S. HomeGoods focuses more on furniture and décor and Sierra focuses on active and outdoor apparel, footwear and gear.
Founded in 1965, Petco is a category-defining health and wellness company focused on improving the lives of pets, pet parents and Petco’s partners. Petco operates more than 1,500 Petco locations across the U.S., Mexico and Puerto Rico, including a growing network of more than 100 in-store veterinary hospitals, and offer a complete online resource for pet health and wellness at petco.com and on the Petco app.
Yellowstone Gateway is part of a larger shopping center and is located along the primary retail corridor in Billings and at the busiest intersection in the entire state of Montana. The property is surrounded by national retailers Costco, Home Depot, Walmart, Lowe’s, Best Buy, At Home, Michaels, Old Navy, Ross Dress For Less, Office Depot, AT&T, Pizza Hut, Applebee’s Neighborhood Grill + Bar, Chick-fil-A, and others. These tenants, which create a diverse mix of daily needs retailers, serve as a customer draw. The property also features strong visibility and access from the primary arterial (King Avenue West with approximately 25,000 [AM2] cars per day) and is near Residence Inn by Marriot and Hilton Garden Inn.
Billings was nicknamed the “Magic City” because of the rapid growth from its founding as a railroad town in March 1882. Billings has grown over 5.47% since 2010 and continues to show steady growth. It is the largest city in the state of Montana and is ranked 244th largest city in the United States, with a population estimated at 118,288 as of 2023.
“Billings was a market with a high demand for new retail with multiple tenants missing. Both HomeGoods and Sierra had big crowds at their opening, and we expect the same from Petco,” said Patrick Wood, CEO and president of Wood Investments Companies. “We are looking forward to seeing our retailers mature and grow in the trade area and be good partners within the community.
Wood Investments Companies continues to look for well-located value-add development opportunities in the Western U.S. where the company can incorporate its design and tenant influence to create new grocery-anchored neighborhood shopping centers.
06/12/2023
