Wildflower Floral leased 1,488 square feet of retail space located at 2753 W. State Street in Boise.
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MAG Medical Equipment, LLC Renews Lease
MAG Medical Equipment, LLC renewed their 2,700 square feet of industrial space located at 216 W. 38th Street in Boise.
Industrial Market Welcomes Ravenswood Solutions
A new company is coming to the Boise market. Ravenswood Solutions, a California-based company that specializes in GPS-based mobile instrumentation systems for the military, is expanding its operations to the Airport submarket, where industrial vacancy is currently 2.6%.
The company is moving into 105,000 square feet of industrial space at 645 East Gowen Road and plans to use the facility to maintain and test equipment. Tenant improvements at the site are currently underway. Ravenswood Solutions expects to be hiring throughout 2019.
Scoria Vineyards Leases Space at Tenth & Main
BoiseDev wrote a great article covering the tasting room that Scoria Vineyards will open at Tenth & Main in downtown Boise. Thornton Oliver Keller's retail brokerage specialist, Brianna Miller, facilitated the transaction.
Office Building Sold in Caldwell
David Stattner purchased a 5,500 square foot office building located at 1002 Blaine Street in Caldwell.
Idaho Falls 2018 CRE Market, A Brief Summary
2018 was a good year for office construction, which experienced an increase of 62,000 more square feet than in 2017. The top 3 projects contributing to this increase were 27,500 SF at 3302 Valencia Dr. (Bingham Memorial Hospital); 22,973 SF at 1460 Elk Creek Dr. (Connections Therapy); and 35,000 SF at 1207 S. 25th (CAL Ranch).
Office Market Trends - Downtown Boise
The Foothills School of Boise (https://www.foothillsschool.org/) purchased the 22,500 square foot former Creamery Building in Downtown Boise last month. The building, located at 9th & Miller Streets, had been vacant since Sage International School moved out in 2016 to their new location on Parkcenter Blvd.
TruHIT Fitness Leases Space in Star
TruHIT Fitness leased 3,112 square feet of office space in Seneca Springs Office Park, located at 50 Seneca Springs in Star.
BPM Investments, LLC Acquires Industrial Building
BPM Investments, LLC purchased a 10,632 square foot industrial building on 2.04 acres, located at 1854 E. Lanark in Meridian.
Evaluating the "Shopko Effect"
The overall retail vacancy has oscillated in the mid-7 to mid-8 percentage range for the last 2 years. However, the next two months will witness large back-to-back vacancy increases with the closure of the three Treasure Valley Shopko sites. The 95,000 SF Shopko on Fairview will close this March. In April, the Nampa and Broadway Shopkos are also expected to close, totaling 191,000 SF.
In addition to increasing the vacancy rate, these large vacancies will also dramatically decrease net absorption which is currently -83,000 SF for 2019.