A former Kmart at 1500 Shoreline Drive in Boise, Idaho, has found new life supporting local manufacturer Micron Semiconductor as the local office of Tokyo Electron.
The single-level building with 100,000 square feet of office space has a long history outside of retail, including as the administrative office of a local hospital. More recently, a California-based contact center had leased the space and invested millions in new finishes and furniture, but never moved in. Instead, the company bought out its lease and left town when the COVID-19 pandemic broke out.
Sitting vacant and newly renovated, the building’s owner had plans for the property that ranged from office to retail and even multifamily. But when technology hardware manufacturer Micron announced plans for a major expansion, Tokyo Electron, a Micron partner and supplier of semiconductor manufacturing equipment, began seeking a local office to handle the increased level of business from Micron's growth.
The brand-new furniture and open layout appealed to many of Tokyo Electron’s employees who vetted the property. It also stood out for its location near the Boise River, proximity to downtown, and easy access to the freeway connector.
Developer Derick O’Neil and partners were equally eager to win Tokyo Electron’s lease, excited about the potential for a long-term tenant who could anchor and participate in their plans for new retail, housing and green space. Tokyo Electron’s corporate office agreed and signed a long-term lease for nearly half the building.
The company expects to move in soon. The deal has been selected as a 2024 CoStar Impact Award winner for lease of the year for Boise City/Nampa, as judged by a local team of real estate professionals familiar with the market.
About the Deal: Tokyo Electron’s lease includes 47,020 square feet of office space. Shortly after the signing, another tenant entered a lease for the remaining portion of the building.
What the Judges Said: "It’s a great way to help serve Micron and provide high-quality jobs," said Brandon Rawlings, principal broker, JLL.
They Made it Happen: Greg Gaddis at Tenant Realty Advisors along with Kendall King and Stan Erwin at HPI represented the tenant. Mike Greene, Peter Oliver, and Nick Schuitemaker at TOK Commercial represented the landlord.