Retail activity continues to be the dominant industry segment in the Billings market. Several projects have centered around redevelopment of existing properties with net new buildings appearing in Shiloh Crossing with the building of Riddle’s Jewelry/Turley Dental, Popeye’s, Five Guys and Jiffy Lube (under construction). Domino’s has made two moves on the west end; Shiloh Crossing and 2802 Grand Avenue (former Valet Today Cleaners Building). We continue to have three large vacancies in the market which is rare for Billings. Kmart (105,000 SF), The Sports Authority (40,000 SF) and Hastings (25,000 SF). There are tenant prospects looking at all of these locations. We have seen an increase in tenant interest for downtown Billings which is encouraging and needed. The Billings Heights area has seen some new development lead by Town Pump with three projects in various stages. Hardee’s has also opened and Altana Federal Credit Union is under construction. Cap Rates are as low as they have been since 2007. Credit tenant investment product is trading below 6% cap rates and strong non-credit retail trades between 6%-7%.