Pocatello Square
1710-1844 Hurley Drive, Pocatello, ID 83202
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Description
Pocatello Square is located in the heart of the Pocatello/Chubbuck MSA retail hub serving a combined population of over 97,000 people. Nearby retailers include Petsmart, Ashley Furniture, Costco, Home Depot, Lowe's, Hobby Lobby, and Walmart.
Pocatello Square is lender owned and will be auctioned on RealINSIGHT Marketplace May 15-17, 2023. Please fill out the confidentiality agreement to access the full offering memorandum, Argus file, and due diligence materials. Please visit the auction website to register: https://rimarketplace.com/auction/1472/pocatello-square
Highlights
RECENT LEASING ACTIVITY
Two new leases with Grocery Outlet and Maurices were signed in 2022 at $14/SF NNN bringing the property to 100% occupancy. The existing tenant’s average rent is currently at $7.93/SF providing upside in future fair market value rates.
HIGH VISIBILITY & FREEWAY ACCESSIBLE
Pocatello Square is located along Yellowstone Highway (US-91), a primary thoroughfare in the trade area, with average traffic counts of 24,550 vehicles per day. The property is only a half block from Interstate 86 with average daily traffic counts of 28,500 vehicles and less than 2 miles from Interstate 15 the main north-south route from Salt Lake City.
HIGH QUALITY CONSTRUCTION & CURB APPEAL
Constructed in 2006, Pocatello Square is an attractive and well-maintained shopping center. The property benefits from freeway visible pylon signage.
BOOMING POPULATION
Pocatello and the surrounding MSA have experienced population growth of 15.7% over the last 5 years making it the 17th fastest-growing area among the top 381 U.S. metro areas.
LARGE TRADE AREA DRAW
All tenants benefit from a large trade area with no same chain stores within a 50-mile radius. Pocatello Square is part of a 67-acre power center that serves as the main shopping destination for Bannock and Southern Bingham counties with a population of 194,231 residents.
STRONG NATIONAL TENANT MIX
Four of the six tenants are publicly traded companies: Dick's Sporting Goods, Ross Dress for Less, Grocery Outlet, and Old Navy (Gap Inc.). Maurices is owned by OpCapita, a British private equity firm specializing in the retail, consumer, and leisure industries. JOANN Fabric and Crafts is owned by Leonard Green & Partners. Latest revenue figures: Dick's Sporting Goods: $12.368 billion (twelve months ending January 31, 2023) Ross Dress for Less: $18.69 billion (2022 annual) Grocery Outlet: $3.57 billion (fiscal year 2022) Old Navy (Gap Inc.): $15.89 billion (fiscal year 2022)