Idaho Industrial Facility Lands $53M in Acquisition Financing
A joint venture acquired the asset.
Brennan Investment Group and RGA ReCap Inc. (ReCap Real Estate Investments) on behalf of Reinsurance Group of America Inc. have secured a $52.5 million five-year acquisition loan for three buildings totaling 439,600 square feet in the Fuller84 Business Park, in Nampa, Idaho.
JLL Capital Markets secured the financing from a life insurance company. Bow River Capital sold the assets.
Fuller84 is a 439,600-square-foot, 28-acre industrial property completed in 2023. The buildings are 94 percent leased to five tenants representing the advanced manufacturing, technology and distribution sectors, with a weighted average lease term of seven years.
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The buildings feature 32-foot clear heights, 118 dock-high doors, 12 drive-in doors and 2,500-amp, three-phase electrical service.
The buildings are located at 5200, 5250 and 5300 E. Franklin Road. The park is half a mile from Interstate 84 and 1 mile from the State Highway 16 expansion currently under construction.
The JLL Capital Markets team was led by Senior Managing Directors Leon McBroom and Matthew Schoenfeldt, Managing Director Lucas Borges, Senior Director Rob Bova and Analyst Caden Cramer.
Growing industrial strength
JLL noted that Nampa’s manufacturing sector accounts for more than 17 percent of the local workforce, almost double the national average. Further, the Boise-Nampa metro area is experiencing robust growth, with average annual population growth estimated at 1.3 percent over the next five years.
In addition, the region’s economy is being boosted by Micron Technology’s $50 billion semiconductor manufacturing expansion, the largest private investment in Idaho’s history and expected to create more than 15,000 jobs when production begins next year. The move is part of a broader trend of manufacturing reshoring across the country.
Last year, Bow River Capital secured a $70.3 million refinancing loan for Park84, a seven-building, 605,570-square-foot industrial park about 4 miles from Fuller84. In that deal, too, JLL Capital Markets arranged the debt placement.
