Investment Highlights

MULTI-TENANT, GROCERY-ANCHORED CENTER WITH STRONG REAL ESTATE FUNDAMENTALS
» Anchored by Albertsons, which is the dominant grocer in Boise and has had a longstanding history at this location since 1994, including a recent 10-year lease extension, demonstrating continued commitment to the center
» Low price per square foot at $108, well below replacement costs
» Strong leasing momentum, with several new leases and recent extensions
» Full remodel completed by the landlord and Albertsons in 2014
» Potential for additional upside from renovating vacant suites
» Albertsons at below market rent, providing long-term upside and downside protection
» Many long-term tenants within the shopping center (over 10 years)

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Excellent visibility and access to 47,327 vehicles per day at the signalized hard corner of South Five Mile Road and West Overland Road, the primary intersection in the Southwest Boise submarket
» Convenient access to Interstate 84 (127,020 AADT)
» Close proximity to major national retailers and Boise Towne Square, Idaho’s largest mall and a regional shopping destination

GROWING TRADE AREA WITH ROBUST DEMOGRAPHICS
» High average household income of $88,999 within a one-mile radius of the property
» 215,222 residents live and 131,459 daytime employees work within a five-mile radius
» Approximately 2,500 new residential units in various stages of development close to the property
» Between 2010 and 2017, the population within one mile of the property grew over 13%
» Boise’s population has more than doubled in the past 30 years and is expected to reach more than one million by 2040

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Property Description

SOLD

Five Mile Plaza is located at the signalized hard corner of South Five Mile Road and West Overland Road, the primary intersection in Southwest Boise submarket, with excellent visibility and access to 47,327 vehicles per day at the intersection. Overland Road provides convenient access to Interstate 84, the main transportation corridor through the region, which has a high traffic count of 127,020 vehicles per day. The property is located in a prime retail area near notable national tenants. Major tenants directly adjacent to the property include Fred Meyer, Dollar Tree, AutoZone, Walgreens, MetroPCS, and Papa Murphy’s. Several nearby shopping centers are located just down Overland Road, featuring well-known retailers such as Walmart Supercenter, Lowe’s, IMAX, Costco, and many others. The property is also close to Boise Towne Square Mall, the largest mall in Idaho and a regional shopping destination.

The property is centrally located approximately five miles from downtown Boise, Boise State University, and Boise Airport, all of which are major employment centers in the Boise region. As a result, the property benefits from a large customer base of 131,459 daytime employees within a five-mile radius. Additionally, the property is located in an affluent, densely populated submarket with a large, wealthy customer base; the average household income within a one-mile radius is $88,999, and 215,222 residents live within a five-mile radius. The Southwest Boise submarket is also expanding rapidly—with approximately 2,500 new residential units in various stages of development within close proximity to the property—further strengthening the submarket’s robust demographics. Nearby developments include Union Square, a mixed-use residential community with 320 units, and Silverstone, a 312-unit apartment complex that is adjacent to a future housing subdivision.