California retail-focused firm Wood Investments Companies Inc. recently acquired CentrePoint Marketplace, a 100 percent-occupied 197,288-square-foot community shopping center in Meridian, the second-largest city in Idaho. The purchase price was $35 million, representing a cap rate of 8 percent.
The property, which was built in 2007, is located on 19.26 acres at 3319 N. Eagle Rd. at the intersection of East Ustick and Eagle roads.
CentrePoint Marketplace features some of the strongest retailers in the industry including Kohl’s, Dick’s Sporting Goods and Walgreens along with food tenants Panera Bread and Wingers Restaurant & Alehouse. Tenants Downeast Home, Hobby Lobby, Moxie Java and 360 Wireless have all exercised options, showing a continued commitment to the center, according to Patrick Wood, managing general partner of Wood Investments Companies. Across the street from CentrePoint Marketplace are a Lowe’s-anchored center and a Trader Joe’s-anchored center.
“We had been looking for acquisitions in this market for over five years and CentrePoint Marketplace checked all of the boxes for us,” said Wood. “The center has a synergistic mix of strong essential-needs tenants that will create a top-tier customer draw and an ideal crossover-shopping environment in the middle of a more mature Meridian market.”
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.