Overview
Institutional Property Advisors is pleased to offer the Boise Spectrum, a Regal Edwards anchored entertainment center in Boise, ID. The subject property sits on a large 20.63 acre site with freeway access.
The center currently has several leases that are well below market. Substantial value can be created by stabilizing these suites at market rates and/or developing/redeveloping portions of the center, taking advantage of the current mixed-use zoning.
The city of Boise is strongly encouraging multi-family within city limits, and 61% of Boise MSA’s multi-family development (3,164 units) are concentrated within a 5-mile radius of the subject property.
A conceptual plan is included the Offering Memorandum, showing how 112 units can be added to the development under current zoning requirements, while utilizing existing parking.
Investment Highlights
REGAL/EPR PLANNING SIGNIFICANT REMODEL
- The permit to complete a $3,000,000 remodel was recently approved
- IMAX Theater will be moved inside larger facility
- Larger reclining seats will be added
- Auditoriums, hallways, ramps and the projection room will be updated
VERY LOW BASIS - UPSIDE OPPORTUNITY
- $17.64 - Price Per SF (Land Basis) / $102 - Price Per SF (Improvements)
- Average In-Place Rents (excluding ground lease) of only $11.58 on a NNN Equivalent Basis
- Unused Drive-Thru on endcap (currently occupied by Realty One Group) allows for higher paying QSR uses in the future
- Given the current mixed-use zoning and an acquisition basis of less than the land value, a wide variety of uses are viable for future development/redevelopment
CHICK-FIL-A UNDER DEVELOPMENT ADJACENT TO CENTER
A new Chick-Fil-A is currently under development and will drive significant traffic to the site. In addition, the subject property currently has a drive-thru lane & window that is currently not in use. This future drive-thru opportunity is directly across from the under development Chick-Fil-A.
DESTINATION ENTERTAINMENT CENTER
The Boise Spectrum is the largest movie theater complex in the state of Idaho and features the state’s only IMAX theater. The property is located only four miles from the Boise airport. There are 597 hotel rooms within walking distance of the center, creating a captive market for mant business travelers. Additional tenants include a variety of restaurants that complement the entertainment offerings of the two theaters.
HEAVILY TRAVELED BOISE CORRIDOR
The Boise Spectrum benefits from exceptional visibility and access to the entire Boise metropolitan area through three primary thoroughfares: I-84, W Overland Rd, and S Cole Rd. These thoroughfares collectively accommodate an estimated 147,000 vehicles per day. I-84 serves as the principal east-west interstate in Boise.
Photo Gallery
Sales Team
