Kidder Mathews’ Mike King, Erik Swanson, Darren Tappen, Peter Beauchamp, and Nathan Thinnes represented CWCapital in selling Pocatello Square in Pocatello, Idaho. The fully leased, lender-owned retail center was sold through CWCapital’s online auction platform, RI Marketplace.
Pocatello Square is a 139,064-square-foot grocery-anchored community retail center built in 2006. The tenant roster boasts national brands including Dick’s Sporting Goods, Grocery Outlet, Ross, JOANN Fabric and Crafts, and Old Navy. Situated on 13 acres, the property is conveniently located in the retail district of Pocatello along U.S. Highway 91.
“Given the strong tenancy, the offering garnered substantial interest from a national buyer pool including private capital and institutional investors,” said King. “The combination of having a fully leased, grocery-anchored retail center in the 17th fastest growing metro area in the U.S. proved to be appealing to retail investors.”
The RI Marketplace team notes that these types of asset sales have become mainstream on their auction platform, a contrasting viewpoint around auctions as a method to sell distressed properties. “The Pocatello Square transaction demonstrates why auctions are a proven method for buying and selling assets of any category, not simply distressed or REO,” said RI Marketplace COO & President Jim Shevlin. “By taking Pocatello Square to auction and running our marketing process, we increased the pool of qualified buyers that could close the sale in an accelerated timeframe as opposed to that often seen in a traditional sales process. We are seeing an uptick in assets at auction similar to the Pocatello Square property, and its outcome proves why.”
Located at 1710-1844 Hurley Drive, the center is part of a 67-acre power center that serves as the main shopping destination for the surrounding 194,000 residents. “Pocatello Square has a unique leasing advantage that allows for consistently high occupancy — the large trade area has no same chain stores within a 50-mile radius,” said Tappen.
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with over 900 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $12 billion in transactions, manages 53 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.
About RI Marketplace
RI Marketplace is the leading auction platform for commercial real estate transactions, bringing buyers, sellers, and brokers together to efficiently list, market, and close deals. The platform allows local, national, and global investors the opportunity to quickly review and bid on assets throughout the country. Marketplace is managed by a dedicated team of commercial asset experts with more than $11 billion in online real estate sales. Since its inception in May 2017, the platform has completed more than $4.1 billion in transactions. For more information, visit RI Marketplace.
