Thank you for your interest in The Waterfront at Lake Harbor. The property is located in BOISE Idaho and is one of two office buildings that sits on a lake overlooking the Boise River. It is a spectacular retail, office and business environment. The building is broken up into East & West building as well as a 4,500 Sq Ft freestanding Restaurant
Emerald Assets purchased the building for $4.5M in the Fall of 2005. We invested another $1M in improvements thru 2007. The building is approximately 77,500 Sq feet and sits on the main East / West artery into and out of Downtown BOISE on State Street, approximately 10 minutes from downtown.
Many weddings and events are held on an annual basis at the property. We have been recognized for many years as being one of the top three settings for events, which include weddings. We have retained a full-time events and wedding planner who is a tenant in the building and on property for immediate bookings. Currently, we are working to host quarterly events which are July 4, Fall Harvest Festival, Christmas can drive for the needy and a Spring Farmers Market which draws many patrons to the property and increases awareness of the asset.
We are offering percentage ownership in the property as a Tenant In Common for $400,000 investment. We would offer a preferred return (in addition) which will accrue until building starts cash flow.
Income & Expense
There is plenty of upside in this asset. Currently the building is 35% occupied. We have new brokerage and leasing coming on to assist with the building. We feel it will take 12 to 18 months to get the property positively cash flowing and back over 50% occupancy.
We are one of only a few buildings in the corridor that can offer 25,000 Sq Ft contiguous and we are marking to large users, which would bring occupancy up very quickly.
We just paid down the mortgage $400,000. The current loan balance is approximately $3.3M. The loan was recast at 30 years and is current. The monthly payments will pay down principal and interest.
Current leases are short term asking $12 annual. We are signing leases between $9 and $12 with the plan to get back to $15.25 rents estimated to be years 2012 and early 2013.
Emerald Assets LP (NV) owns the building. Emerald Assets is owned by Diane Keith (ILA, Inc. 50% Limited Partner), Jeffrey Lowden (J&J Lowden Family Trust 49% Limited Parnter) and Sky West Brokerage, Inc (1% General Partner).
For additional information please contact:
Emerald Assets, L.P. (NV)