Investment Offering
Boise, ID - Westpark Towne Plaza Shops
101 N. Milwaukee Street | Boise, ID 83704
$5,287,000
Price6%
Cap Rate$317,243
NOI20,643
± SF Offering GLADescription
SRS National Net Lease Group in collaboration with NAI Select is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in Westpark Towne Plaza Shops, a two-tenant, 100% occupied, retail property located in Boise, Idaho. The tenant line up consists of Big 5 (NASDAQ: BGFV) and Staging Ladies. Big 5 recently renewed in 2021 and currently has 5 years remaining in their current lease term, demonstrating their commitment to the site. Additionally, Staging Ladies is operating under a gross lease structure allowing a future investor potential upside through conversion to a NNN lease.
Location
The subject property is strategically located near the signalized, hard corner intersection of N. Milwaukee Street and W. Franklin Road, averaging a combined 66,500 vehicles passing by daily. The site benefits from nearby direct on/off ramp access to Interstate 184 (142,000 VPD), a major commuter higher serving the Boise metropolitan area. Additionally, the asset is ideally situated as an anchor to Westpark Towne Plaza, a 330,000 SF shopping center that also includes Petco and Dick’s Sporting Goods. Other major national/credits tenants within the retail corridor include Target, Walmart Supercenter, Costco, The Home Depot, Cabela’s, T.J. Maxx, Best Buy, and more. Strong tenant synergy significantly increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. Moreover, the property is within close proximity to multiple housing communities including Tullride Apartments (107 units / under construction), The Seasons Boise (120 units), and the Lodge at Maple Grove (154 units), providing a direct consumer base from which to draw. The 5-mile trade area is supported by more than 261,500 residents and 191,100 employees with an average household income of $83,436.
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215