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5/26/22
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A newly renovated 78k sf, industrial/flex/cold storage building situated on over three acres in the city of Boise, ID traded for $17.75 mil, or $227.50/sf. Located at 11193 Emerald St, the property was fully leased to four tenants.
The seller had made numerous interior and exterior improvements to the property, including a new/repaired insulated roof, upgraded office and restroom space, extensively upgraded freezer/cooler space (currently not being utilized), resurfaced and restriped parking lot, new and upgraded dock door systems, and more. The property also has five roll doors.
The property is also easily accessible from Interstate 84 and 184 and located near several amenities including the Boise Towne Square shopping center.
Cushman & Wakefield’s Jennifer McEntee, Bree Wells and DJ Thompson represented the seller, Emerald Town LLC, in the transaction. The team also brokered the four leases currently in place at the property, all of which were signed in the last year during Emerald Town LLC’s ownership.
“This was an all-around success story for the property and all parties involved plus the greater community,” commented McEntee. “The seller initially acquired the building fully vacant in 2019 and then made a significant capital investment to upgrade the facility inside and out. Subsequent to the recent renovation, the seller, together with Cushman & Wakefield, fully leased the building to the existing tenants before executing on the latest sale.
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