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LDK Ventures Picks Up Vacant 350k sf Industrial Asset in Boise, Idaho

11/02/20

LDK Ventures has purchased Boise Logistics Center, a vacant, 350k sf industrial building located at 1001 E. Gowen Road in Boise, ID. The transaction was financed with a $19.4 mil loan provided by PCCP LLC, which will also go towards the renovation and lease-up of the property.

The facility consists of a front and side-loaded 310k sf warehouse component and a connected 56-door, truck terminal facility, as well as an adjacent 16.2-acre land parcel for future industrial development.

LDK plans to immediately embark on a renovation plan that includes a full roof replacement and adding skylights, new paving, repairs and repositioning of dock doors, prepping the building for multi-tenant electrical, and adding exterior lighting and signage. Once complete, the facility will be able to accommodate from one to three users.

Located within Boise’s Airport submarket, Boise Logistics Center was built in two parts, with the majority of the warehouse and truck terminal built in 1992 and an expansion of the warehouse completed in 2000. The property has several desirable features including 39’ and 42.5’ clear heights, ESFR sprinklers, ample truck and trailer parking, a 5,000-sf truck wash and maintenance building, and a secured, gated entry.

“The growing Boise market continues to experience strong user demand for distribution facilities,” said Dorian Farhang, Vice President with PCCP. “This facility is one of the only large blocks of space within the market and is currently the only available, existing building over 150k sf.”

The Boise industrial market totals approximately 40 msf with a large portion of its inventory base occupied by owner-users. As of 2Q20, Boise’s Airport submarket had a vacancy rate of 3.4%. Despite the low vacancy, there are only a handful of ongoing speculative development projects across the market. With a population of approximately 749,000, Boise is the largest metro-area in Idaho and is the third largest city in the Pacific Northwest. It is also one of the fastest growing cities in the country with an average of 2.4% year-over-year population growth since 2010 (compared to the national average of 0.7 percent).






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