Bow River Capital has secured a $70.3 million refinancing note for Park84, a 605,570-square-foot industrial park comprising seven buildings in Nampa, Idaho. JLL Capital Markets arranged the debt placement.
The loan retires a $65.9 million construction note issued by BMO Bank in 2022, according to Yardi Research Data. The debt was due to mature this October. Park84 debuted last year. General contractor ESI Construction and designer Grey Wolf Architects were in charge of the project’s development.
Located on nearly 48 acres at 8400 Birch Lane, the industrial park is roughly 20 miles west of downtown Boise, Idaho, while Interstate 84 runs within less than 3 miles from the property. The Caldwell Executive Airport operates within approximately 5 miles.
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Park84 features 32-foot clear heights, 480V power, as well as outdoor storage and trailer parking. Its warehouses range between 72,360 and 130,910 square feet, while also providing divisibility going as low as 16,917 square feet. The property is leased to a range of global, national and regional tenants, including HVAC and energy solutions company Trane.
Bow River Capital is active in the Rocky Mountain West and Southwest regions, having a combined real estate transaction volume of more than $7 billion across transactions ranging from $25 million to $150 million.
The firm is on track to relocate its headquarters, after inking a lease for 30,000 square feet at Magnetic Capital’s 100,000-square-foot office project dubbed 2nd & Adams in Denver. Completion of the workplace property is slated for this quarter.
Its current base of operations is also in The Mile High City, at Sagard Real Estate’s 76,249-square-foot Financial House, located within walking distance from its up-and-coming headquarters, Yardi Research Data shows.
JLL Senior Managing Director and Denver Office Co-Head Leon McBroom, together with Director Rob Bova and Senior Analyst Ellie Savage, arranged the refinancing loan on behalf of Bow River Capital.
Boise’s industrial vacancy grows despite strong leasing activity
Greater Boise’s industrial leasing activity clocked in at 1.1 million square feet during the first half of the year, according to a report by Cushman & Wakefield. That marked an increase of 77.8 percent over the second half of 2024.
Despite the solid leasing activity, the market’s vacancy rate stood at 8.6 percent in June, marking a 220-basis-point growth year-over-year, the same source shows. At a national level, the increase was just 100 basis points during the same interval.
This spike was due to a recent surge in speculative industrial completions, which is expected to continue as the brokerage firm anticipates 1 million square feet of such space to debut by year’s end. Meanwhile, asking rents reached $0.88 per square foot in July, marking a 1.1 percent drop year-over-year.