MERIDIAN, Idaho (CBS2) — A California commercial real estate investment and management company announced Tuesday it bought the CentrePoint Marketplace in Meridian for $35 million.
CentrePoint has 20 stores, including DICK'S Sporting Goods, Hobby Lobby, Kohl's U.S. Bank Branch, Verizon, Walgreens, Wingers Restaurant & Alehouse, and Panera Bread.
“We had been looking for acquisitions in this market for over five years and CentrePoint Marketplace checked all of the boxes for us,” said managing General Partner Patrick Wood, of Wood Investments Companies. “The center has a synergistic mix of strong essential-needs tenants that will create a top-tier customer draw and an ideal crossover-shopping environment in the middle of a more mature Meridian market.”
Meridian’s population was estimated at 114,161 in 2019, which is over 100,000 more than the population 1990. Currently, there are nearly 244,000 people within a five-mile radius of CentrePoint Marketplace.
This will be the Wood Investments Companies’ second largest purchase in Idaho. In December 2019, the company also purchased Canyon Park East and Canyon Park West, a two-property retail investment of nearly 300,000 square feet and 31.7 acres in Twin Falls.
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