P. O'B Montgomery & Company Purchases Fairbanks, Alaska Property for new Aurora Center

Dallas, TX: Dallas-based P. O'B Montgomery & Company recently completed the purchase of land for its first development project in Alaska. The Fairbanks development, to be christened "Aurora Center" will feature a 124,000 square foot retail center, anchored by a 45,000 square foot Sportman's Warehouse a 26,000 square foot Barnes & Noble, a 15,000 square foot Petco and an 18,800 square foot Old Navy. Construction on the project is scheduled for a May 1 start, with substantial completion expected by the end of 2005. Key personnel for P. O'B Montgomery & Company in the acquisition were Phil Montgomery and David Irwin.

The project is located on Johansen Expressway just west of Old Steese in Fairbanks. Along with the four major tenants in the center, there will be approximately 12,000 square feet of smaller shop space. The undertaking will be a key component in what is being termed the "biggest retail development in Fairbanks". Other portions of that development, located adjacent to the property, are a new Wal-Mart store, Lowe's Home Improvement Center and Fred Meyer store. According to Chris Stephens of Bond, Stephens & Johnson, the leasing agent for the P. O'B Montgomery & Company development, "This will be part of what will become the major retail center for Northern Alaska. We expect that the center will draw from as much as 350 miles."