January 13, 2022 9:00 AM
Newmark announces it has been awarded the exclusive leasing assignment for Boulevard Logistics, a planned Class A industrial business park in Nampa, Idaho. The new project, situated on a 36.84-acre site, will commence construction in the summer of 2022 and will feature two Class A industrial buildings totaling 685,260 square feet. It is slated for delivery during the first quarter of 2023.
Newmark Senior Managing Director Sherry Schoen, with assistance from Brokerage Services Coordinator Kasey Smart, will represent the new project on behalf of developer Panattoni, a privately-held, global real estate development company specializing in industrial, office and build-to-suit projects. This is Panattoni’s second project in Greater Boise, following the completion of a 2.65-million-square-foot fulfillment center in Nampa which was delivered to the market in September 2020 and is now fully leased to an e-commerce giant.
“We are impressed by the local business climate, local leadership and the strong interest from companies seeking to locate here,” shared Donnie Belk, Senior Development Manager for Panattoni. “Boulevard Logistics in Nampa is an amazing opportunity to continue our investment in delivering new Class A industrial space to the Greater Boise Metro.”
“We are thrilled to collaborate with Donnie and his team at Panattoni to bring a new Class A industrial project to the greater Boise market,” said Schoen. “Panattoni has designed a best-in-class product that we are sure will receive intense leasing interest from both existing industrial tenants and those who are new to the area.”
The concrete-tilt-up-constructed buildings will be suitable for distribution, manufacturing, warehouse or flex users. Building 1 will measure 266,760 square feet and will feature 36-foot clear height, ESFR fire suppression system, 54-by-50-foot column spacing, 61 dock-high loading doors and 2 grade-level loading doors. Building 2 will measure 418,500 square feet and will feature 36-foot clear height, ESFR fire suppression system, 56-by-50-foot column spacing, 78 dock-high loading doors and 4 grade-level loading doors. The property is situated just minutes from Interstate 84 and Highway 55, with connection to US-95. The location also offers available rail service and just a 5-minute drive to Caldwell Industrial Airport.
According to Newmark Research, industrial supply in the U.S. is not keeping pace with demand for modern industrial space. As of the third quarter of 2021, all 49 industrial markets tracked by Newmark Research had projects under construction, contributing to a total pipeline of 431.7 million square feet. Despite a large and growing supply pipeline, demand has outpaced inventory additions at a sharply increasing pace for four consecutive quarters, with third-quarter 2021 absorption nearly double the amount of new supply.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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