January 22, 2020 — Wood Investments Companies, Inc., a leading California commercial real estate investment and management company specializing in retail, announced today the acquisition of a two-property retail investment totaling nearly 300,000 square feet and 31.7 acres in Twin Falls, Idaho.
“These two properties, Canyon Park East and Canyon Park West shopping centers, represented a unique opportunity to acquire two, 100%-leased, institutional-quality, retail assets with a value-add opportunity,” said Managing General Partner Patrick Wood of Wood Investments Companies. “We plan on leasing and developing the vacant pads that are currently undeveloped in Canyon Park West.”
Wood adds, “Both centers benefit from an exceptional tenant line-up, excellent visibility, quality construction, curb appeal and a strong location in the heart of the Twin Falls retail core. We are looking forward to implementing our development plan and growing the NOI.”
Located at 2068 Bridgeview Blvd., the 154,692-square-foot Canyon Park East shopping center includes tenants Sportsman’s Warehouse, TJ Maxx, Michaels, HomeGoods, Best Buy and Famous Footwear. The acquisition also included two freestanding net-leased pads with successful national restaurant chains Outback Steakhouse and Johnny Carino’s.
The 143,835-square-foot Canyon Park West shopping center is located at 1945 Fillmore St. and includes Dick’s Sporting Goods, Ross Dress for Less, Bed Bath & Beyond, Petco and Ulta Beauty.
Canyon Park West and East are situated along the Sank River Canyon immediately south and west of Perrine Bridge in the retail hub of Idaho’s popular Twin Falls, adjacent Magic Valley Mall. Magic Valley Mall is the only regional enclosed shopping center in the eight-county Magic Valley region and has been serving Southern Idaho since 1986.
Twin Falls is located between Boise and Salt Lake City and is the largest metropolitan area and the fastest-growing city in the Magic Valley region of southern Idaho. The two shopping centers are served by major highways including US Route 93 and US Route 30.
Paul Sleeth, Billy Sleeth and Patrick Allen of Newmark Knight Frank represented the seller, Geronimo, LLC, a Utah limited liability company and Base Jumper, LLC, an Idaho limited liability company (collectively as owner). Wood Investments Companies represented itself.