Diverging Fortunes in Treasure Valley Retail
The retail investment landscape in Eagle and Meridian is increasingly bifurcated. Single-tenant NNN pad sites are trading at cap rates that rival multifamily, while legacy big-box anchored centers face rising vacancy.
The Pad-Site Thesis
What's driving sub-5.5% cap rates for pad sites along Eagle Road, Ten Mile Road, and Meridian Road?
- Rooftop density: Eagle and Meridian are among the fastest-growing cities in the U.S.
- Absolute NNN leases: Investment-grade QSR tenants sign 10–20 year absolute NNN leases
- Limited land: High-visibility corner positions at signalized intersections are not being replaced