This retail property in Meridian, Idaho, is well-positioned to capitalize on population increases in this Boise suburb, which was in the top 15 fastest-growing cities in the nation, according to a May 2022 report from the U.S. Census Bureau. This could be why its trade was chosen as best sale of the year by a panel of local real estate experts for CoStar's 2023 Impact Awards.
The 16,900-square-foot retail building at 2310 E. Overland Road in Meridian, known as Majestic Marketplace East, went on the market for $5.95 million, according to a marketing brochure from the TOK Commercial real estate, which represented the seller. It was 91% leased when it went up for sale.
Several factors put Majestic Marketplace East on the front lines of Meridian's population boom. It is just off Interstate 84 on Meridian's south edge, where much new development is taking place.
Majestic Marketplace East is a shadow to a larger retail development immediately to its west, which is anchored by a movie theater, Cinemark Majestic Cinemas, and a Harley Davidson dealership. Immediately to its east is a large tract of undeveloped land, which could dramatically increase the customer base for Majestic Marketplace East when and if it is developed.
The property sold on May 17, 2022 for $5.5 million, according to CoStar comps. The brokers involved did not disclose who the buying and selling parties were, but noted in their award application that the property was renting at below-market rates and was located in Idaho's fastest-growing city. Those two factors will likely allow the new owner to increase rents there.
About the project: Majestic Marketplace East is a 16,900-square-foot strip mall at 2310 E. Overland Road in Meridian, Idaho. It was constructed in 2006 and has a tenant lineup that includes Happy Teriyaki, AAA Oregon/Idaho and a restaurant called Griddle, among others.
They made it happen: Julia Jones of Boise Premier Real Estate represented the buyer or buyers. Brianna Miller and John Stevens of TOK Commercial Real Estate in Boise represented the seller.