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.
Investment Highlights
VERY LOW BASIS - UPSIDE OPPORTUNITIES
- 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
- Potential to develop another 8,000 SF of retail
- IMAX & CHOW Public Market are paying only $4.72/SF on a NNN basis
RAPIDLY GROWING SUBMARKET WITH EXPANSIVE
MULTI-FAMILY DEVELOPMENT
61% of the Boise MSA’s multi-family development (3,164 units) is concentrated within a 5-mile radius of the subject property. Currently, 5,204 multi-family units are under construction or proposed within the Boise MSA. Boise, ID was the 5th fastest-growing city in the US between 2022 and 2023 (according to US News) and saw its population grow by 8% between 2020 and 2022.
CREDIT DRIVEN INCOME STREAM
59.53% of the income generated by the center comes from its two anchor tenants, Regal Edwards and IMAX. Both Regal Edwards and IMAX have been operating at the property for over 20 years. IMAX currently pays $10.11 per square foot on a gross lease and has no remaining fixed-rate options.
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.
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