REXBURG, IDAHO — Greystone has provided a $28.2 million Fannie Mae DUS loan for the acquisition of Northpoint Apartments, a student housing property in Rexburg. Dale Holzer of Greystone’s Newport Beach, Calif., office originated the loan for the undisclosed borrower. The loan carries a 10-year term, fixed rate and five years of interest-only payments. Built in 2014, the 154-unit property serves the Brigham Young University-Idaho population with 1,024 student beds. On-site amenities include a private gym, theater, music rooms and community-sponsored activities, such as pizza parties and game nights.
MERIDIAN, IDAHO — Aries Conlon Capital has arranged a $5.3 million refinancing for Candlewood Suites Boise-Meridian, a 120-key hotel located at 1855 S. Silverstone Way in Meridian. The 10-year loan features a fixed interest rate and a 25-year amortization schedule. The borrower, TNB Hotels, used the loan to monetize accrued equity and take cash out. Suraj Desai of Aries Conlon Capital originated the transaction, and Rushi Shah, also of Aries Conlon Capital, placed the financing. Additionally, Heather Madsen and Prabhat Jayara of Aries Conlon Capital assisted with the underwriting and closing for the transaction.
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 not named, the small city of Rexburg is home to Brigham Young University Idaho. Danny Shin and Brock Zylstra of Marcus & Millichap represented the seller and procured the buyer in the deal.
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 these communities, supplying them with American-grown teff. The concrete tilt-up building boasts a clear height of 30 feet and includes an ESFR fire sprinkler system. The balance of the project’s divisibility can be as small as 14,900 square feet or as large as 59,600 square feet. The facility is scheduled for completion this October. It is situated directly across the street from Micron Technology and is visible from Interstate 84.
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 Morrison Drive and 720 and 800 Park Blvd., Washington Group Plaza is situated within walking distance to Boise State University, Boise River the Ada County Courthouse and Idaho’s only Whole Foods Market. The recently renovated campus spans 557,510 square feet and features 1,050 structured parking spaces and 896 surface spaces. Amenities include an on-site cafeteria, fitness center and a 250-seat auditorium. “The four office buildings that comprise Washington Group Plaza were contributed to City Office as part of the initial public offering in April 2014,” says Greg Tylee, chief operating officer and president of City Office REIT. “Since that time, we have implemented substantial operational improvements and cost savings.” City Office REIT will use proceeds from the sale to repay approximately $32.1 million …
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 …
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 store is expected to open at Meridian Crossroads later this year.
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 is set to include a retail center, the beginning stages of an Office IT Park and between 500 and 1,000 residential units. Groundbreaking on a new interchange and Phase I of the development is scheduled for later this year. Millennial has selected Coldwell Banker Commercial Advisors to lead commercial sales and leasing efforts for the development. The company has also partnered with Geomancer, a real estate investment startup that blends market analytics, GIS mapping services and data visualization via a software platform. Salt Lake City-based Millennial Development Partners specializes in multifamily, office, industrial, retail and master planned developments. The company has completed 100 real estate projects. — Katie Sloan
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 schedule.
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 industry veterans including Rob Collins as chief marketing officer, Pete Ward as general counsel, Paul Marsden as chief financial officer, Jaime Denney as senior vice president of operations, Cheryl Fletcher as vice president of franchise development strategy and Kristi Kingery as vice president of supply chain.