Key Takeaways
- • Bow River Capital completed the sale of Fuller84 Business Park on June 30, 2026, marking a successful disposition from its Real Estate Fund II.
- • Fuller84 is a 439,600-square-foot, three-building Class A industrial portfolio located in Nampa, Idaho (Boise MSA), which was 94.2% leased at time of sale to institutional-quality tenants.
- • The asset features institutional-grade specifications including 32-foot clear heights, ESFR sprinkler systems, oversized truck courts, and 2,500A power service, positioned a half mile from Interstate 84 and one mile from SH-16 highway extension.
- • The investment thesis centered on Micron Technology's $50 billion semiconductor expansion in the Boise region, which is expected to generate thousands of jobs and drive multi-decade industrial demand and absorption in the Nampa submarket.
- • Drew Lacey, Director of Bow River's Real Estate platform, characterized the sale as reflecting the firm's "continued discipline in identifying high-conviction industrial opportunities in supply-constrained, high-growth markets."
Summary
Bow River Capital, a Denver-based private alternative asset firm, has successfully exited Fuller84 Business Park through a sale that closed on June 30, 2026. The transaction represents a significant milestone for the firm's Real Estate Fund II and reflects disciplined capital deployment in supply-constrained industrial markets experiencing secular tailwinds.
Fuller84 Business Park comprises three newly constructed, rear-load Class A industrial buildings totaling 439,600 square feet in Nampa, Idaho, within the greater Boise metropolitan statistical area. At the time of sale, the portfolio maintained a 94.2% occupancy rate with a roster of institutional-quality tenants. The asset is equipped with institutional specifications typical of premium industrial facilities, including 32-foot clear heights, ESFR fire suppression systems, oversized truck courts, and 2,500A power service. Strategically positioned a half mile from Interstate 84 and one mile from the newly constructed SH-16 highway extension, the property benefits from direct access to major transportation corridors servicing the region.
The investment thesis underpinning Fuller84 centered on Boise region fundamentals, particularly Micron Technology's announced $50 billion semiconductor expansion. According to Bow River management, this investment is expected to catalyze a "multi-decade flywheel of job growth, supplier co-location, and industrial demand." The Nampa submarket has already experienced outsized industrial absorption driven by semiconductor sector expansion, positioning Bow River's early-stage positioning in the market as strategically advantageous. Drew Lacey, Director of Bow River's Real Estate platform, noted that Fuller84 captured this thesis "in a best-in-class, institutionally leased asset," and the firm is positioned to deliver meaningful returns to limited partners. The exit demonstrates Bow River's capacity to identify and execute value-creation strategies within industrial real estate tied to structural economic transformations in high-growth regional markets.
Fuller84 Business Park comprises three newly constructed, rear-load Class A industrial buildings totaling 439,600 square feet in Nampa, Idaho, within the greater Boise metropolitan statistical area. At the time of sale, the portfolio maintained a 94.2% occupancy rate with a roster of institutional-quality tenants. The asset is equipped with institutional specifications typical of premium industrial facilities, including 32-foot clear heights, ESFR fire suppression systems, oversized truck courts, and 2,500A power service. Strategically positioned a half mile from Interstate 84 and one mile from the newly constructed SH-16 highway extension, the property benefits from direct access to major transportation corridors servicing the region.
The investment thesis underpinning Fuller84 centered on Boise region fundamentals, particularly Micron Technology's announced $50 billion semiconductor expansion. According to Bow River management, this investment is expected to catalyze a "multi-decade flywheel of job growth, supplier co-location, and industrial demand." The Nampa submarket has already experienced outsized industrial absorption driven by semiconductor sector expansion, positioning Bow River's early-stage positioning in the market as strategically advantageous. Drew Lacey, Director of Bow River's Real Estate platform, noted that Fuller84 captured this thesis "in a best-in-class, institutionally leased asset," and the firm is positioned to deliver meaningful returns to limited partners. The exit demonstrates Bow River's capacity to identify and execute value-creation strategies within industrial real estate tied to structural economic transformations in high-growth regional markets.
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