BOISE, IDAHO — Seven Hills Realty Trust (Nasdaq: SEVN) has provided an $18 million first mortgage floating-rate bridge loan to refinance Curtis Junction, a 112-unit apartment community in Boise. The loan has a three-year initial term with two one-year extension options. Berkadia arranged the loan through Tremont Realty Capital, SEVN’s manager, on behalf of the borrower, Newport, Calif.-based RanchHarbor.
MERIDIAN, IDAHO — MJW Investments has purchased Verraso Village, a Class A build-to-rent townhome community in Meridian, from an undisclosed seller in an off-market transaction. Built in two phases in 2016 and 2018, Verraso Village offers 96 two-level homes that average 1,840 square feet with attached two-car garages. Ninety-five percent of the units are three-bedroom and 3.5-baths and each townhome offers an individualized exterior façade. The acquisition marks MJW’s first entry into the Boise MSA. The company acquired the asset with a moderately low-leveraged agency loan assumption with 3.2 percent fixed-rate financing and more than five years remaining on the loan term.
MOSCOW, IDAHO — A public-private partnership between the University of Idaho, Gilbane Development Co. and Rocky Mountain Cos. is set to begin a $162.8 million renovation and expansion of the university’s campus in Moscow. The project will include the renovation and redevelopment of the university’s South Hill and Elmwood Apartments, the Wallace Residence Center and the Theophilus Residence Building. “We continue to see enrollment growth as we prove again and again the University of Idaho’s value,” says Scott Green, university president. “Our on-campus housing is an important piece of that value, and our students need and deserve modern living and learning facilities.” The development team for the project includes Lydig, Integrus and Design Collective. A timeline for the project was not announced.
BOISE, IDAHO — A joint venture between Lincoln Property Co. and One Investment Management (OneIM) has broken ground on EastPort Logistics, a multi-phase industrial development situated on 78 acres in Boise’s Airport submarket. Phase I of EastPort will include 685,000 square feet across four buildings, ranging in size from 12,500 square feet to 378,560 square feet. Upon full build-out, EastPort Logistics will feature seven buildings with clear heights up to 32 feet, more than 1,300 car parking spaces, 168 trailer parking spaces and 196 dock doors. Additional site features will include landscaping and a berm to alleviate light and/or noise from within the site. The project team for phase I includes Mackenzie as architect of record, Kimley Horn as civil engineer and McAlvain as general contractor. TOK Commercial is handling marketing and leasing for the development.
RUPERT, IDAHO — Mart Frozen Foods, a subsidiary of The Mart Group, has opened a $65 million high-tech food manufacturing facility in Rupert. Situated in Southern Idaho’s Magic Valley region, which leads the state’s agribusiness industry, the 100,000-square-foot plant produces and packages frozen, fully baked Idaho potatoes known as OH!Tatoes. The new facility is adjacent to The Mart Group’s headquarters, bringing the company’s total employment in Rupert to more than 230 people. The new Mart Frozen Foods facility will directly create 80 full-time jobs and have an estimated annual economic impact of $11.5 million.
— By Devin Pierce, industrial specialist, TOK Commercial in Boise — In recent years, Boise’s industrial market has become a focal point for investors and developers drawn to the region’s economic growth and location. With demand for industrial space on the rise, the market has experienced an unprecedented wave of new construction aimed at meeting the needs of both local businesses and national tenants looking to expand their operations. This surge in development activity reflects Boise’s growing prominence as a logistics and manufacturing hub. However, as new projects come online, the market is also grappling with the challenges of balancing supply and demand, particularly in the wake of fluctuating economic conditions. Speculative Construction Drives Vacancy Surge Boise’s industrial market saw a considerable number of projects completed during the first half of 2024, with more than 2.2 million square feet of new construction delivered. Speculative construction accounted for more than 86 percent of these projects, totaling nearly 2 million square feet and marking a record high for mid-year. Top spec projects included nearly 1 million square feet at Red River Logistics Center; three new buildings (totaling 292,000 square feet) at Park84 in Nampa; and 396,000 square feet at Sky Ranch Logistics. This …
NAMPA, IDAHO — Indiana-based Thompson Thrift is entering the Idaho market with the construction of The Logan, an apartment property in Nampa, approximately 20 minutes southwest of Boise. Construction is slated to begin this month with completion scheduled for winter 2025. Located on 12 acres at 2516 W. Karcher Road, The Logan will offer 264 one-, two- and three-bedroom apartments spread across three-story buildings. Units will feature stainless steel appliances, glass-top ranges, hardwood-style flooring, a walk-in shower and multiple smart home capabilities. Additionally, select apartments will feature cabinetry with soft-close doors, a deluxe closet system with shelving, premium lighting, a dry bar and advanced smart home capabilities. Private patios, balconies, yards and detached garage options will also be available. Community amenities will include an outdoor entertainment kitchen and grilling areas, a 24-hour fitness center, resort-style heated swimming pool, electric firepits with seating areas, a billiards and shuffleboard area, dog park, bike storage and a Starbucks Coffee bar. The property will also offer focus suites, community-wide Wi-Fi, an onsite service team, valet trash service and a user-friendly mobile app.
NAMPA, IDAHO — LDK Ventures has completed the disposition of Building C at Madison Logistics Center in Nampa to Marlay Partners for $21 million. The facility sits approximately 21 miles west of Boise, Idaho via I-84. Building C is one of the industrial park’s three 115,008-square-foot buildings, which in total offer 345,024 square feet of industrial space. At the time of sale, Building C was fully occupied by tenants including a Fortune 50 retailer, UTZ Quality Foods and Carroll’s. Madison Logistics Center features 32-foot warehouse clear heights, an ESFR sprinkler system, ample dock doors, trailer parking stalls and roofing prepped for solar panels.
NAMPA, IDAHO — The Zett Group, led by Blake Bozett, has arranged the sale of Streamside Assisted Living and Memory Care in Nampa, approximately 20 miles west of Boise. The property features 79 total units. A regional owner-operator based out of Oregon sold the asset to a national owner-operator from California looking to expand its footprint in the state Idaho. The price was not disclosed.
— By Holly Chetwood, Retail Specialist, TOK Commercial — The Boise MSA retail market had one of its strongest quarters on record with net absorption reaching 559,000 square feet at the end of March of this year. Multiple big-box spaces were backfilled in the first 90 days of the year including the former K-Mart and Gordmans spaces in Nampa as well as both Bed, Bath, and Beyond locations in Boise and Meridian. In addition, the highly anticipated Scheels opened its first Idaho store at Ten Mile and I-84 in Meridian. Along with a healthy level of net absorption, nearly 100 transactions were recorded, the highest number of deals seen in a quarter since 2021. The top five deals of the quarter were all over 25,000 square feet, however, leasing activity continues to be primarily driven by tenants in spaces below 2,000 square feet. These deals have accounted for 52 percent of transactions over the past 12 months. As demand stayed high, vacancy continued to tighten throughout the first 3 months of the year. Total vacancy ended the quarter at 4.4 percent, its lowest level in nearly a year. The majority of submarkets are seeing vacancy remain between 2 to 4 percent. …
