Idaho

Albertsons to Buy Drugstore Chain Rite Aid

by Nellie Day February 21, 2018

BOISE, IDAHO — Boise-based grocery chain Albertsons Cos. has agreed to acquire Rite Aid Corp. (NYSE: RAD), one of the nation’s largest drugstore chains, for an undisclosed sum. The integrated company will operate about 4,900 locations, 4,350 pharmacy counters, and 320 clinics across 38 states and Washington, D.C., serving 40 more than million customers per week. The majority of Albertsons’ pharmacies will be rebranded as Rite Aid. The company will continue to operate Rite Aid standalone pharmacies. The Rite Aid merger will allow Albertsons to go public. Under the terms of the agreement, in exchange for every 10 shares of Rite Aid common stock, Rite Aid shareholders can receive either one share of Albertsons common stock plus about $1.83 in cash, or 1.079 shares of Albertsons stock. Depending upon the results of cash elections, upon closing of the merger, shareholders of Rite Aid will own a 28 percent to 29.6 percent stake in the combined company, while current Albertsons shareholders will own a 70.4 percent to 72.0 percent stake in the combined company on a fully diluted basis. The combined company plans to seek expanded opportunities in Albertsons’ many brands, including O Organics and Lucerne, along with its manufacturing and …

February 21, 2018

Idaho Retail Western

NAS Named Commercial Property Management Consultant for Boise Retail Asset

by Nellie Day November 1, 2016

BOISE, IDAHO — National Asset Services (NAS) has been named as management consultant for BODO, an urban retail asset located in the downtown city center of Boise. BODO, which opened in 2007, is located on Broad Street between Capitol Boulevard and 9th Street. The 130,000-square-foot development features an Edward’s, theater complex, P.F. Chang’s China Bistro, Office Depot, Urban Outfitters, White House Black Market, Ann Taylor LOFT, Jos. A. Bank, Five Guys Burgers and Fries, Meraki Greek Street Food and Idaho Trust Bank, among other tenants.

November 1, 2016

Idaho Market Reports Western Market Reports

Boise and Twin Falls are experiencing new development.

by admin September 7, 2012

The Idaho retail market is showing signs of growth. Boise and Twin Falls are experiencing new developments breaking ground and national retailers are expanding or moving into the area. Much of this new development is coming in from California, Utah, Colorado and Arizona. Tenants are making deals again. Anchor tenants in second-generation space are looking in that $8-per-square-foot to $11-per-square-foot range for larger spaces. Shop spaces in A+ locations are still demanding high $20 per square foot lease rates and even into the low $30 per square foot for the higher-end projects like Meridian Town Center and the Whole Foods/Walgreens developments in Boise. Local and regional retailers are making a strong push to secure prime space as they are seeing lease rates start to rise. Many tenants are more willing to lock into longer lease terms if they can keep a lower rate. Landlords are beginning to provide tenant improvement allowances so long as the lessees can prove financial stability. Idaho is also experiencing retail market trends that are similar to the rest of the country. Larger healthcare facilities are driving the expansion of surrounding retail developments in Nampa and Twin Falls. Additionally, a few of the big box retailers …

September 7, 2012

Idaho Market Reports Western Market Reports

Vacancy rates falling in some areas.

by admin August 3, 2012

The end of last year ushered in an increase of activity, a higher absorption of existing space and lower overall vacancy rates for Boise’s office market. In 2008, the economy went into a tailspin. It led to an increased supply of vacant commercial space in Boise as companies retrenched and downsized. Jobs and customers were also lost throughout the region. Unfortunately, there were a few submarkets that were dramatically affected. In fact, the Boise CBD (central business district), or downtown core, was the only local market that didn't experience a significant increase in vacancies or a huge drop in rents. Other areas listed below were negatively affected: The area near the intersection Cloverdale and Chinden, adjacent to the Boise HP campus that is known as the Boise Research Center, was hit particularly hard. HP downsized, re-trenched it operations and its sub-contract suppliers cut back. This created a vacancy rate of almost 30 percent. The Boise Research Center region was also hit by the bankruptcy of DBSI, a large real estate investment firm that put about 75,000 vacant square feet back into the local market. The area known as Eagle River, between the new Eagle bypass and the Boise River, experienced …

August 3, 2012

Idaho Market Reports Western Market Reports

Long-delayed Meridian Town Center to break ground this year

by admin February 17, 2011

There is a visible upside to the Boise retail market as we begin 2011. Major employers such as Micron Technology, Hewlett-Packard and Albertsons seem to be holding their own after some layoffs in recent years. A number of national retailers are considering smaller store footprints, which has led them to consider smaller markets like Boise. And pedestrian friendly downtown Boise endured the economic downturn reasonably well, remaining an employment and cultural center that’s home to dozens of local shops and other small businesses. In addition to art galleries, restaurants, coffeehouses, jewelers, wineries, salons, apparel shops and gift shops, national tenants such as The North Face, Anthropologie, Urban Outfitters and Office Depot are well located in the city. After a brutal 2009 and soft 2010, the Boise retail leasing market is showing signs of recovery, despite that the greater Boise area posted negative absorption of about 100,000 square feet last year due to a few large move outs. One long-delayed major lifestyle retail project is moving ahead and is a positive sign that confidence is returning to the market. After a 3-year delay, CenterCal Properties is breaking ground later this year on the 90-acre mixed-use Meridian Town Center in the growing …

February 17, 2011

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