Address: 3090 and 3080 Gentry Way, Meridian, Idaho
Square Footage: 21,834 & 25,725 Square Feet
Year Constructed: 2000 (Building #1) and 2001 (Building #2)
Project Type: 2 story Multi-Tenant Buildings with concrete tilt-up construction
and an embedded brick veneer
Saint Luke’s Family Health (SLFH) approached RMC to develop new locations throughout the Treasure Valley. One preferred area was the Eagle Road corridor near Interstate I-84. Several land parcels were on the market, however, the acreage was substantially larger than SLFH needed or could afford independently.
RMC researched the market conditions and utilized its network of direct tenant contacts and broker relationships to assess the demand for new office product. The strategy they explored was the potential to purchase a larger parcel and complete a phased, speculative development with SLFH as the first Tenant. After detailed analysis, RMC felt confident that SLFH could lease part of the building and additional tenants could be secured for the balance of the first building. The second building would be constructed as dictated by tenant demand. RMC moved forward with the purchase of the land with SLFH occupying the building and leasing the balance of the building in only 9 months, which exceeded the forecast.
The success and quick absorption of the first building encouraged RMC to construct the second phase, Eagle Road Professional Center II. Like before, this leased extraordinarily quickly and shortly after 100% occupancy, an unsolicited offer to purchase the project was presented by a local broker. Upon reviewing merits of holding the assets long term or redeploying this capital elsewhere, the offer was accepted.