REBusinessOnline

California’s Population Exodus Arrives in Idaho

There has been much anecdotal discussion lately of Californians fleeing high-cost, high-density, high-traffic living for greener pastures, especially as COVID-19 made working from home a possibility for California’s high-tech workforce. This trend is not just a rumor for the residents of Idaho. Idaho is the second-fastest growing state in the nation[1], and Californians make up nearly 46 percent[2] of a new population influx that the state has experienced over the past five years.What is …

Institutional Property Advisors Brokers Sale of 28-Property Fred Meyer Portfolio in Pacific Northwest

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale-leaseback of a 28-property portfolio of net-leased Fred Meyer stores in the West. While the price was not disclosed, Marcus & Millichap’s research department claims that the sale is the largest retail transaction since the beginning of the COVID-19 pandemic. Fred Meyer is a wholly owned subsidiary of Kroger (NYSE: KR) and features a superstore-style format. Benderson …

Marcus & Millichap Arranges Acquisition of 167-Unit StorageBay Rexburg in Idaho

REXBURG, IDAHO — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the purchase of StorageBay Rexburg, a self-storage facility located at 322 W. Fourth South in Rexburg. Terms of the transaction were not released.Jordan Farrer and Adam Schlosser of Marcus & Millichap, with Paul Ryan of Marcus & Millichap serving as the broker of record, procured the buyer in the deal.Situated on nearly one acre, StorageBay Rexburg consists of 12,652 net rentable square feet totaling 167 …

Crystal Investment Property Brokers Sale of 68-Room La Quinta Inn in Sandpoint, Idaho

SANDPOINT, IDAHO — Crystal Investment Property (CIP) has arranged the sale of La Quinta Inn by Wyndham Sandpoint, a hotel located at 415 Cedar St. in Sandpoint. Terms of the transaction, including the seller, buyer and acquisition price, were not released.La Quinta Inn by Wyndham Sandpoint features 68 guest rooms, a lobby with fireplace, gift shop, fitness center, indoor spa and seasonal outdoor swimming pool. The guest room mix includes a selection of queen- and king-bed rooms; …

Wood Investments Acquires CentrePoint Marketplace in Meridian, Idaho for $35M

MERIDIAN, IDAHO — Wood Investments Cos. has purchased CentrePoint Marketplace, a community shopping center located on 19.3 acres at 3319 N. Eagle Road in Meridian.Built in 2007, the 197,288-square-foot property was fully occupied at the time of sale. Tenants include Kohl’s, Dick’s Sporting Goods, Walgreens, Qdoba Mexican Eats, Panera Bread, Wingers Restaurant & Alehouse, Downeast Home, Hobby Lobby, Moxie Java and 360 Wireless.Chad Moore of Salt Lake City-based Mountain West …

JLL Capital Markets Arranges $274.4M Refinancing for Six-Property West Coast Retail Portfolio

SEATTLE; BOISE, IDAHO; AND SALT LAKE CITY — JLL Capital Markets has secured $274.4 million in financing for a six-property portfolio of core-quality retail properties totaling 2.7 million square feet across Seattle, Boise and Salt Lake City.The borrower is a joint venture between CenterCal Properties and a large pension fund and its advisors Principal and PCCP. The financing includes five separate 10-year, fixed-rate, non-recourse CMBS loans provided by JP Morgan Chase. Loan proceeds were …

LOCAL Ventures Receives Development Financing for Apartment Project in Downtown Boise

BOISE, IDAHO — LOCAL Ventures has received joint venture equity and construction financing for the development of LOCAL Boise, a residential property located at 250 E. Myrtle St. in downtown Boise.Appian Capital and Argos Capital Partners provided the equity, while Old National Bank provided the loan for construction financing.Steve Kohn, Chris Moyer, Zachary Kraft and Matt Naumann of Cushman & Wakefield Equity, Debt & Structured Finance represented the borrower.Slated for …

LDK Ventures Enters Idaho Market with Acquisition of Boise Logistics Center

BOISE, IDAHO — California-based LDK Ventures has purchased Boise Logistics Center located at 1001 E. Gowen Road in Boise. Terms of the transaction were not released.The vacant property, which Shopko occupied until 2019, is one of the largest industrial buildings in the Boise metropolitan area and is the only facility to more than 100,000 square feet of available distribution space in the Treasure Valley industrial market, according to LDK.The building features three loading sides, …

Berkadia Acquires LIHTC Advisors, Expands Affordable Housing Presence

BOISE, IDAHO — New York-based Berkadia has acquired LIHTC Advisors, a Boise-based brokerage firm that serves apartment investors with a focus on affordable housing.Jeff Irish and Brandon Grisham, formerly principals of LIHTC Advisors, will lead the new team in Boise. Prior to the merger, Irish and Grisham were involved in the sale of more than $2 billion of affordable housing assets throughout the country. In 2019, Irish and Grisham closed 53 transactions and are expected to exceed that …

Arbor Realty Funds $1.9M Fannie Mae Financing for Arbor Court Apartments in Idaho Falls

IDAHO FALLS, IDAHO — Arbor Realty Trust has provided $1.9 million in financing through the Fannie Mae Small Loan program for Arbor Court Apartments in Idaho Falls.Built in 1953, the two-story, six-unit property features a playground, laundry facility and on-site parking. Geoffrey Platt of Arbor’s New York City office originated the loan for the undisclosed

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