Bespoke Holdings Lands Financing for Idaho IOS Duo

April 9, 2025

The Boise properties span a combined 17 acres.

Exterior shot of the IOS facility at 4620 S. Apple St. in Boise, Idaho. — The property at 4620 S. Apple St. is undergoing a redevelopment and improvement program. Image courtesy of JLL

In separate transactions, Bespoke Holdings has obtained $6.2 million in financing for two industrial outdoor storage facilities totaling nearly 750,000 square feet in Boise, Idaho.

The lender was Heritage Bank, according to Ada County public records. JLL’s Director William Haass arranged both deals on behalf of the borrower.

Spanning a combined 17 acres, the facilities are approximately 4 miles apart at 4620 S. Apple St. and 2171 E. Danzee Drive within the Southeast Boise area. Both properties provide easy access to Interstate 84 and are close to Boise Airport.

The 10.9-acre property at 4620 S. Apple St. is currently undergoing a $2 million improvement and redeveloping program that will add three rentable lots. Part of the financing proceeds facilitated its acquisition, that closed in late February. BME Fire Trucks was the seller, public records also show.

The second loan refinanced the 264,932-square-foot facility at 2171 E. Danzee Drive. This IOS property is fully occupied by Conmas Construction and Capital Lumber Co.

Both industrial assets are slated for more improvements. Upgrades are to include the construction of fenced and lighted storage yards with surfaces that would support heavy industrial use.

A good period for the IOS sector

Since the start of the year, multiple deals involving IOS portfolios have closed across the U.S.

Earlier this month, Catalyst Investment Partners sold and recapitalized an 18-property IOS portfolio valued at $163.5 million. The collection comprises more than 75 sites in seven supply-constrained markets across the East Coast.

In March, a joint venture between Cerberus Capital Management and Outour Storage Investments obtained financing for a 2.3 million-square-foot portfolio from Clarion Partners Real Estate Income Fund. The IOS facilities are in Chicago, Phoenix, Las Vegas, Houston, the Inland Empire, Dallas-Fort Worth and Atlanta metros.

And in February, Alterra IOS landed $189 million for 49 IOS sites across 22 states. All properties were acquired through the Alterra IOS Venture III fund that closed last year with $925 million in total commitments.