South Cole

Acquired a 20-unit, three building multi-tenant industrial portfolio located in Boise, Idaho. The project was sourced off-market with below market rents and deferred maintenance. It was originally developed in phases between the 80’s and 90’s and is very functional but needed heavy capex. Well located on S Cole Road, the buildings are within a tight submarket with sub 1% vacancy and little construction planned for product with smaller units like the subject property. Planned capital improvements include installation of a new roof, substantial asphalt work, new landscaping, new facade, construction of trash enclosures and exterior paint that will all be completed over the first year of ownership. Prior to the capital improvements being implemented both new leases and renewals have been executed with increases as high as 50% over prior lease rates. The project is anticipated to be a 3-5 year hold with an ultimate disposition after the reposition has been executed.