$50.9 Million Sale of Canyon East by Newmark Knight Frank
Newmark Knight Frank’s Retail Investments Team of Executive Managing Director Paul Sleeth, Executive Managing Director Billy Sleeth and Investment Associate Patrick Allen, representing Seller Geronimo LLC, have completed the two property sale of Canyon Park East and Canyon Park West, in Twin Falls, Idaho. The properties sold on December 13th, 2019 for $50,950,000 to Wood Investments Companies Inc.
Located just off Highway 93 and across from Magic Valley Mall at 2068 Bridgeview Blvd and 1945 Fillmore Street, its easy to see why the strong line up of national credit tenants that anchor these properties remain committed to the location. Both retail centers are 100% leased and offer the new owners a stable income stream with additional GIA to be developed. The asset’s impressive tenant line up includes recognizable names such as Ross, ULTA, Bed Bath & Beyond, Petco, Dick’s Sporting Goods, Home Goods, TJ Maxx, Best Buy, Michael’s, Sportsman’s Wearhouse, and Famous Footwear.
“Canyon Park East and West are in the heart of the most dominant retail trade area in all of south-central Idaho, and benefits from 100% occupancy, high-quality construction, and remaining developable land. the property requires minimal management,” Billy Sleeth, Executive Managing Director for NKF commented. “This is a solid investment for the new owners.”
Twin Falls is the largest metropolitan area and fastest growing city in the Magic Valley region of Southern Idaho. The Twin Falls MSA has experienced exceptional economic growth over the past decade and has become recognized as a strong, stable and expanding economy. The low cost of living, ease of doing business, and plentiful access to outdoor recreational activities will continue to attract a stable customer base for these assets to flourish for years to come.
About Newmark Knight Frank: Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.sleethretail.com.
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