The $20 million sale of the Northgate Shopping Center to VAC Development, a Las Vegas investment company, will maintain a community retail outlet while highlighting investor confidence in the Boise, Idaho, retail market during an era of ecommerce and shifting consumer patterns.
For those reasons the transaction earned a CoStar Impact Award, as judged by real estate professionals familiar with the market.
Northgate will continue in its present form as a retail center.
The transaction required creative deal structuring and collaboration between brokers and investors in an increasingly competitive market.
About the project: Northgate Shopping Center is a 163,000-square-foot retail building located along West State Street and West Paint Street in Boise. The open-air mall serves as a community anchor. It is a mix of dining, retail and service-oriented tenants anchored by Albertsons.
What the judges said: "We see very few large shopping centers trade hands in the Boise market, so this is a standout sale/acquisition,” said Kelly Schnebly of Colliers Retail Brokerage Services. “We now have the opportunity to work with a well-capitalized ownership group to bring new life to the retail environment at the State & Glenwood intersection by filling the vacancies with interesting, high-quality tenants."
They made it happen: Several officials from Colliers and Rosen Harbottle Commercial Real Estate guided the sale to completion. From Colliers, they are Charlie Finn, retail associate; Kelly Schnebly, partner, Retail Brokerage Services; and Logan Wheeler, associate, in Boise. From Rosen Harbottle, they are Jerry Harbottle, principal; Jack Rosen, broker; and Brian Stewart, managing broker, in Bellevue, Washington.