Canyon Park East
Orange County-based Wood Investment Cos. is bullish on the Twin Falls, Idaho, retail market. The investment firm recent closed on two retail assets in the market, Canyon Park East and Canyon Park West, which total 300,000 square feet. Both assets are 100% leased and come with significant value-add opportunity through the ability to develop and lease pads on the sites.
"Twin Falls is a market that we had targeted for the last five years," Patrick Wood, managing general partner at Wood Investment Cos., tells GlobeSt.com. "It has a lot of similar and key attributes that all of our other projects have. Those key attributes were the original reason we looked at the assets and a big reason we moved forward. My family has a 40-year relationship with Southern Idaho, and a familiarity to the assets and watching them get built over the years. We look forward to completing the build out and stabilizing the properties for future generations."
Twin Falls has a lot of appealing attributes as a secondary metropolitan with strong demographics. "Twin Falls is the largest metropolitan area and fastest growing city in the Magic Valley region of Southern Idaho," explains Wood. "The Twin Falls Metropolitan Statistical Area has a population of over 106,500. The low cost of living, ease of doing business, and plentiful access to outdoor recreational activities has sparked major growth and corporate investment in Twin Falls over the past decade."
As a result of these strong demographics, the market attracts top, national retail brands, strengthening the retail market and leasing opportunities. "The Twin Falls area has steadily attracted some of the nation's biggest retailers and manufacturers, including Cliff Bar, Glanbia, ConAgra Foods, Amalgamated Sugar, and Chobani, which built the largest yogurt plant in the world in Twin Falls," says Wood. "Twin Falls area has been named a manufacturing community for 'all things food' by the U.S. Department of Commerce."
Wood's recent purchase of Canyon Park East and Canyon Park West were an ideal fit for its business plan and strategy in the market. "It had all of the tenants we love plus the property has a prominent location directly on the canyon rim, which is visible on the highway for miles," says Wood. "We plan on leasing and developing the vacant pads that are currently undeveloped in the Canyon Park West shopping center."
This year, Wood will continue to look for opportunities in this market as well as other mountain states, with an eye on markets west of Colorado. "We like this market amongst others in the Mountain States and also in the Northwest," says Wood. "We are good buyers and partners for the right assets. We are looking for well-located value-add opportunities to incorporate our design and tenant influence to create sustainable and new shopping experiences."
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Kelsi Maree Borland
