BARRINGTON, IL ….GK Development, Inc., a Chicago real estate acquisition and development company specializing in retail properties, has acquired Holiday Village Mall in Great Falls, Montana.The acquisition of the 579,200-square-foot mall marks the firm’s entry into the Montana market.The property is located at 1200 10 th Avenue South, just three miles from I-15, the primary retail artery of Great Falls.^.

"Given our experience in the development, leasing and management of retail properties, we see an outstanding opportunity in Holiday Village Mall to add value to an already strong property. North central Montana’s steady growth, diversified economy and quality of life were key factors in our decision," said Garo Kholamian, president of GK Development.

"This transaction fits our strategy for acquiring properties where we can be a leading player," Kholamian added. "Holiday Village Mall is the only enclosed regional mall within a 75- mile area, providing a shopping venue for nearly 162,000 consumers. We expect to retain that position."

Holiday Village Mall, the only enclosed regional mall located on the I-15 corridor between Helena and the Canadian border, is one of five enclosed regional malls in the state. The mall’s location along 10th Avenue South near 9th Street has the state’s highest average daily traffic count of over 41,000 cars, affording superior visibility for the shopping center. Convenient regional access is via US Highway 87 (10th Avenue South) and I-15, which originates in Los Angeles and ends at the Canadian border.

Great Falls, as the regional social and economic center for central and northern Montana, is experiencing steady economic growth, fueled by expansion in the medical and transportation sectors. The city is also home to Malmstrom Air Force Base, the 341st Space Wing and a FedEx cargo hub for the northwestern U.S.

The city boasts an affordable 91.5 percent cost of living index, as well as historic and scenic vistas including the great falls of the Missouri, first viewed by Captains Meriwether Lewis and William Clark in 1805.

"Using our experience, we’ll analyze all opportunities for their potential to enhance the shopping experience at Holiday Village Mall. In an effort to strengthen the mall’s position, we will look at adding new retailers and exciting amenities to the existing mix," said Kholamian.

The regional shopping center, which opened in 1959 and was renovated in 1979 and expanded in 1991, has three major department stores and 37 specialty stores in a split level facility. Major tenants are Herberger’s, JC Penney and Sears.

Long time mall tenant Scheel’s Sports is constructing a new 50,000-square-foot store on the mall’s north side. The store is expected to open in the first quarter of 2007. An adjacent open-air component has an Osco Drugs, the current Scheel’s store, and a new Ross Dress for Less, currently under construction. The 30,000-square-foot store is expected to open in the first quarter of 2007.

"The investment by Scheel’s and Ross Dress for Less are positive signs from regional and national retailers that Holiday Village is a robust retail venue," said Kholamian.

The company has retained the property’s management staff, who will become employees of GK Development.