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 self-storage units. The property was built in 2008 and features best-in-class construction and amenities.
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; kitchenette and spa suites; family-friendly rooms; and ADA rooms. Amenities include in-room mini refrigerator, microwave, television and high-speed internet. The hotel consists of three buildings and a leased restaurant on approximately 1.2 acres. Joseph Kennedy, president of CIP, led the CIP team in the deal.
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 Commercial Real Estate represented the buyer. The seller was Centrepoint Marketplace LLC, a Utah limited liability company.
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 used to retire existing debt and rebalance leverage across the portfolio. The portfolio consists of four grocery-anchored shopping centers, one power center and one retail strip asset, all leased to a mix of national and credit-worthy tenants across various retail sectors. Kevin MacKenzie, Bruce Ganong, Paul Brindley, Sam Godfrey and Spencer Bergthold of JLL represented the borrower in the financing.
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 completion in November 2022, LOCAL Boise will comprise a six- and seven-story mid-rise building offering 252 apartments, approximately 11,200 square feet of amenity space, 7,100 square feet of retail space and 356 parking spaces. Located across from the 90-acre Julia Davis Park, LOCAL Boise is immediately adjacent to two upscale supermarkets and a half mile from the core of Boise’s business district. LOCAL Ventures and Appian Capital purchased the development site from WinCo Foods in November 2020, and construction of LOCAL Boise started in January 2021.
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, 39-foot to 40-foot clear heights, an ESFR sprinkler system and five acres of excess paved yard that can accommodate modern distribution requirements, including employee, van and trailer parking. LDK plans to reposition the property as a Class A distribution center. The site also includes 16 acres of undeveloped land that can accommodate an additional 250,000 square feet of industrial space. The buyer plans to proceed with entitling the parcel for an industrial development with a planned construction start in 2021. Devin Ogden and Michael McKnight of Colliers International represented the buyer, while Gavin Phillips of TOK Commercial represented the seller in the deal.
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 this year. The addition of LIHTC Advisors will broaden Berkadia Affordable’s market presence and support long-term strategic growth under the leadership of David Leopold, senior vice president and head of Berkadia Affordable. “This is a huge step forward in Berkadia’s goal of expanding our affordable housing team, another investment in this critical space,” says Berkadia CEO Justin Wheeler. In 2019, Berkadia’s loan origination volume was $27 billion, while its investment sales platform totaled $9 billion.
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 borrower.
IDAHO FALLS, IDAHO — Granite has been awarded a $245 million subcontract by Fluor Marine Propulsion for the concrete placement construction of the Naval Spent Fuel Handling Facility near Idaho Falls. The work includes providing all labor, equipment and materials in order to backfill the excavation site from all bedrock up to the elevation that will support super-structure foundations. The backfill will include approximately 10 million pounds of rebar and 300,000 cubic yards of concrete materials. Construction is underway and the concrete placement phase is slated for completion by summer 2021.
BOISE — Berkadia has facilitated the sale of Central Pointe, a garden-style apartment property in Boise. Monarch Investment and Management Group sold the community to an undisclosed entity. The acquisition price was not released. Located at 1334 N. Liberty St., Central Pointe features a mix of one-, two- and three-bedroom floor plans with private balconies or patios. Community amenities include a fitness center, pool, playground, clubhouse, sundeck, laundry facilities, covered parking, an outdoor area with grilling stations, and a dog park. Kenny Dudunakis, David Sorensen and Ben Johnson of Berkadia’s Seattle office, along with Alex Blagojevich of Berkadia’s Chicago office and Michael Sullivan of the firm’s Kansas City office, represented the seller in the deal.