Hayden Beverage – Industrial Redevelopment-to-Suit
Address: 6335 Integrity Way, Post Falls, Idaho
Year Acquired: 2013
Project Type: Industrial Redevelopment
Square Footage: ±90,514 SF / ±20 Acres
The RMC Answer
Working with Hayden Beverage and Senior Management, RMC researched the market to identify all available parcels and developed proformas to determine the total project costs and rent for new a ground up facility. One of the significant challenges was the relatively limited supply of industrially zoned land was expensive at $3.00 – $5.00 per square foot. This combined with the costs of new construction created a rent that was significantly higher than they were paying in the existing facility, which was undesirable. As part of our process, RMC explored the inventory of available industrial properties that Hayden had previously ruled out. One property had 90,514 square feet of industrial space in multiple buildings. One 35,000 square foot building, with surplus land for future expansion, met its needs relatively well but the project was dismissed as too large.
RMC identified that purchasing the entire 90,514 square feet of buildings on 20 acres and redeveloping the 35,000 square foot building for Hayden’s use was significantly less expensive than building a new ground up 35,000 square foot facility on 5 acres. Based on this information, Hayden selected this facility. RMC negotiated to purchase the property and assisted in the redeveloped of the facility for Hayden.