REBusinessOnline

Marcus & Millichap Negotiates Sale of 1,546-Bed Student Housing Portfolio in Idaho

REXBURG, IDAHO — Marcus & Millichap has arranged the sale of an eight-property student housing portfolio located in Rexburg. A Seattle-based firm sold the 1,546-bed portfolio to a Utah-based company for an undisclosed price. The portfolio includes the 288-bed Somerset; the 252-unit Alpine Chalet; the 146-bed Brookside Village; the 238-unit Rockland; the 120-bed Autumn Winds; the 72-bed Georgetown; the 24-bed Birchwood; and the 406-bed Birch Plaza. Although the affiliated school was …

L M Construction Co. Breaks Ground on 119,200 SF Industrial Building in Boise

BOISE — L M Construction Co. has broken ground on a 119,200-square-foot industrial building in Boise. The facility will be located at 8485 Federal Way. The cross-dock, multi-tenant building is a design-build project for Brass Cap Development. The project is currently 50 percent pre-leased. The future tenant, Teffco, is currently headquartered in nearby Nampa. Teff is an ancient grain and the staple of Ethiopian and Eritrean diets. Teffco hires local Idaho farmers to raise Teff for …

City Office REIT Sells Office Campus in Boise for $86.5M

BOISE, IDAHO — City Office REIT Inc. (NYSE: CIO) has sold Washington Group Plaza, a four-building office campus situated on 24 acres in Boise. The Vancouver-based REIT sold the property to St. Luke’s, Idaho’s only nonprofit healthcare system, for $86.5 million. City Office REIT recently executed a 148,000-square-foot lease at the complex with St. Luke’s. The company operates 14 hospitals and medical centers in Idaho, four of which are in Boise. Located at 400 Broadway Ave., 701 …

Albertsons to Buy Drugstore Chain Rite Aid

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 …

Pine Tree Acquires 527,000 SF Shopping Center Near Boise for $78.7M

MERIDIAN, IDAHO — Pine Tree LLC, in partnership with a U.S. state pension fund, has acquired Meridian Crossroads, a 527,000-square-foot shopping center in Meridian, for $78.7 million. DDR Corp. sold the asset, located 11 miles west of Boise. The center is home to tenants such as PetSmart, Pier 1 Imports, Bed Bath & Beyond and Ross Dress for Less. Pine Tree is also working with Albertsons Cos. as they open Market Street Idaho, a 109,000-square-foot experiential grocery store. The new …

Millennial Development Partners Announces Plans for Master-Planned Community in Idaho

POCATELLO, IDAHO — Millennial Development Partners has announced plans for Northgate District, a master planned community located in Pocatello, a city in southeastern Idaho. At completion, the development will feature 10,000 residential units; a 1 million-square-foot office/technology park that will support 6,000 jobs; a medical campus; and a shopping district. The residential portion of the community will include single-family homes, condominiums and apartments. Phase I of the project …

Hunt Mortgage Group Provides $1.8M Refinancing for Age-Restricted Community in Boise

BOISE — Hunt Mortgage Group has provided a $1.8 million Freddie Mac Small Balance Loan to refinance Leisure Villa Apartments, an age-restricted community in Boise. The 57-unit property was built in 1973 and expanded in 2000. The four buildings are located on three acres, and the property also includes a clubhouse. The 10-year, fixed-rate loan features a 30-year amortization schedule and a yield maintenance prepayment

Tropical Smoothie Cafe Opened More Than 100 New Restaurants in 2017

BOISE, IDAHO — Tropical Smoothie Cafe, a fast-casual cafe concept, opened 101 new cafes in 2017 and signed 187 agreements that will grow the brand's footprint in markets nationwide. The company aims to reach 1,000 locations by 2020. In its 20th anniversary year, Tropical Smoothie Cafe reached milestones including the opening of its first location in Idaho, 50th in Michigan and 630th cafe overall. Amidst the ongoing growth throughout 2017, Tropical Smoothie Cafe also appointed six …

Wolff Starts Construction 146-Unit Independent Living Community in Idaho

EAGLE, IDAHO — The Wolff Company has broken ground on Revel Eagle, a 146-unit independent living community in the Boise suburb of Eagle. The property is located within the Eagle River development along the Boise River. It will feature a combination of studio, one- and two-bedroom units. Wolff, an Arizona-based developer, plans to open the three-story community in late 2018. Revel Eagle is the eighth senior living community that The Wolff Company has developed since 2016. The company …

MedEquities Realty Trust Funds $19M Loan to Build Behavioral Health Center in Boise

BOISE — MedEquities Realty Trust has provided a $19 million acquisition and construction loan to fund the purchase and conversion of an existing long-term acute care hospital to a 72-bed inpatient psychiatric hospital in Boise. Haven Behavioral Healthcare operates six inpatient psychiatric hospitals in Arizona, New Mexico, Ohio, Pennsylvania and Texas. The firm provides inpatient psychiatric stabilization and treatment to adults experiencing acute symptoms of depression, anxiety, psychosis …

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