Wood Investments Secures 42 KSF Retail Tenant Near Boise

PGA Tour Superstore. Image courtesy of Wood Investments Cos.

Wood Investments Cos. has signed a 10-year lease with golf retailer PGA Tour Superstore for 42,212 square feet of retail space at Gateway Marketplace in Meridian, Idaho.

A Cushman & Wakefield team brokered the lease on behalf of the landlord, while Colliers Executive Vice President Stuart Thain represented the tenant.

The location, situated near Boise and previously occupied by Rosauers grocery store, will become a PGA Tour Superstore. The store will offer custom fitting services for golf equipment and apparel, along with on-site practice bays for golf lessons and clinics.

A robust tenant roster near Boise

Wood Investments acquired Gateway Marketplace in November 2021. At the time of the acquisition, the center was only about 40 percent leased and anchored by Trader Joe’s. Since then, Wood Investments has signed more than 80,000 square feet of new leases, including this lease with PGA Tour Superstore, as well as agreements with WaFd Bank and Chicago Fire Pizza. Mecca Gym, Land Ocean, Apricot Lane Boutique and Nekter Juicer Bar are among the other tenants at the property.

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The Boise-based Cushman & Wakefield retail brokerage team overseeing leasing at Gateway Marketplace includes Executive Directors Andrea Nilson and LeAnn Hume, Senior Director Travis Dunn, Senior Associate Julie Kissler and Associate Braydon Torres.

A retail center in a growing suburb

Located 7 miles from Boise, Meridian is the second-most populous city in Idaho, with a population of 125,963 as of 2021, according to the U.S. Census Bureau. Over the past decade, Meridian has experienced a consistent increase in population, rising by 55.4 percent since 2010.

As a result of Meridian’s rental demand steadily increasing, Gateway Marketplace will be welcoming additional new tenants in the coming months, Wood said in a prepared statement. Thanks to the recently secured leases, the retail center is fully occupied.

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Over the past year, Meridian employment expanded by 3.6 percent, with a projected job growth rate of 57.5 percent in the next ten years, according to Cushman & Wakefield. In the five-year period between the second quarter of 2013 and the second quarter of 2018, Meridian saw a substantial increase in employment, with the addition of 11,885 new jobs across various sectors such as construction, retail trade and professional and food services, representing a 34 percent rise in overall employment.

A one-stop shop for the local and nearby communities

The 135,732-square-foot grocery-anchored Gateway Marketplace is located at 2986 N. Eagle Road. The property lies within the Treasure Valley trade area and is exposed to more than 64,000 vehicles daily, Cushman & Wakefield reveals. Eagle Road, the primary retail thoroughfare in Meridian, serves as a connector for communities throughout Ada and Canyon counties and is the primary route for commuters traveling to and from Ada County and weekend resort destinations.

Gateway Marketplace is located near big box retailer Lowe’s, as well as several schools, parks, local businesses and medical facilities. Wood Investments also owns the neighboring CentrePoint Marketplace, a 197,288-square-foot community shopping center. The property features anchor tenants Kohl’s, Hobby Lobby, Dick’s Sporting Goods and Walgreens, in addition to Qdoba Mexican Eats, Panera Bread and Wingers Restaurant & Alehouse.