LDK Ventures Acquires 350 KSF Boise Warehouse

PCCP LLC provided a $19.4 million financing package for the acquisition, remodeling and lease-up of the vacant facility.
Boise Logistics Center. Image courtesy of PCCP LLC

LDK Ventures has completed the acquisition of Boise Logistics Center, a 350,000-square-foot vacant warehouse in Boise, Idaho. LCN Capital Partners sold the property, according to public records. PCCP LLC originated a $19.4 million mortgage for the purchase, capital improvement and lease-up of the property. An adjacent 16-acre development site was included in the deal.

The asset previously changed hands in 2015, as part of a $63.3 million portfolio transaction from Spirit Realty Capital, according to DataTree. Silverpeak provided a $50.6 million acquisition loan at the time.

Located on 50 acres at 1001 E. Gowen Road, the single-story facility was completed in 1992 and expanded in 2000. The property encompasses a 310,000-square-foot building and a connected 56-door truck terminal. Additionally, the warehouse has clear heights between 39 and 42.5 feet, an 11,946-square-foot office component and an ESFR sprinkler system. The site also houses a 5,000-square-foot truck wash and repair building.

The Boise industrial sector encompasses nearly 40 million square feet and a sizeable part of the inventory is occupied by owner-users, according to PCCP data. As of the second quarter of 2020, Boise’s Airport submarket had a 3.4 percent vacancy rate.

In June, a partnership between PCCP and Dermody Properties closed the $62.5 million disposition of LogistiCenter at 33, a 475,800-square-foot warehouse in Easton, Pa. Black Creek Group purchased the property.