520,000-SF Shopping Center 50% Preleased

BISMARCK, ND-The Woodmont Company of Forth Worth, TX, has secured the pre-commitments necessary to break ground for Pinehurst Square, a 520,000-sf shopping center here at Interstate 94 and Tyler Parkway. Set to start this summer, the project will be anchored by a 156,000-sf Lowe’s Home Improvement Warehouse and a 96,000-sf Kohl’s department store.Woodmont investment partner David Hutchinson says the 51-acre development also will include six mid-sized national box tenants, and an additional 50,000 sf of local side-shop space. Lowe’s and Kohl’s are tentatively scheduled to open in late summer 2005. The mid-sized box spaces will be developed in future phases.The development will be the largest retail development to break ground in the City of Bismarck in as long as anyone can remember. Moreover, it will be “the only significantly sized center anywhere along the Interstate within the city of Bismarck,” says Hutchinson.Woodmont is a privately held real estate service firm that deals in the development, investment, management and brokerage of retail, office, industrial and land. Hutchinson says the company initially became interested in a development project in Bismarck after it observed a few national tenants that it works with moving into the Dakotas. Woodmont is acquiring the land for the development from Pinehurst Properties. Pinehurst Properties principal Jennifer Anderson tells GlobeSt.com that she wanted to keep some of the out lots and ground lease it to a user, but the deal “didn’t work out that way.” Both parties declined to discuss price paid for the land. Sources at the City of Bismarck tell GlobeSt.com that there has not yet been a transfer of ownership.