The Shops at Main Street

Price: $6,067,000
Sq. Ft.: 30,550
Cap Rate: 9.19%
Built: 2006
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Marcus & Millichap is pleased to offer the opportunity to acquire a 30,550-square foot value-add multi-tenant retail center in Los Lunas, New Mexico. Shops at Main Street is currently 84 percent occupied with 76 percent of the gross leasable area having triple-net leases, providing upside potential. The center has a complementary mix of national and local tenants, including H&R Block, State of New Mexico National Guard, United States Marines, UPS Store, Metro PCS, Bella Vida Health Care Clinic and Medi-Spa, Assured Imaging, Armada Physical Therapy, Sukura Japanese Restaurant, Beverly’s Quality Cleaners, and others. Constructed in 2006, the property consists of two buildings situated on 2.88 acres.

The subject property is located at the signalized hard corner of Main Street and Los Cerritos Road in a dense retail trade area off of Interstate 25. The center is across from Lowe’s Home Improvement and The Home Depot, and other retailers in surrounding area include Famous Footwear, Rue 21, Hibbett Sports, Maurices, Applebee’s, IHOP, Petsense, AutoZone, Starbucks, Wendy’s, Denny’s, Del Taco, Walgreens, Sonic, Walmart Supercenter, Panda Express, Carl’s Jr, Chili’s Grill & Bar, KFC, Discount Tire, and more. Los Lunas High School is northwest of the property. Walmart Distribution Center is less than two miles northwest of the property.

The subject property is also in close proximity to the Facebook data center development, which upon completion will consist of six buildings totaling 2.8 million square feet and have a construction cost of over $1 billion. The massive project has been a tremendous economic stimulator, providing 800-1,000 workers on site per day during peak construction activity with construction crews expected to be on site well into 2023. Once operational, the data center will employ about 300 permanent positions. The Los Lunas Data Center is on target to be one of the most advanced and energy-efficient data center facilities in the world. The entire campus will be powered with 100 percent clean and renewable energy powered by three new solar plants.

The Village of Los Lunas is located 22 miles south of Albuquerque, New Mexico, along the scenic Rio Grande. It is county seat of Valencia County. The village population is 14,835 inside the village limits due to the new housing developments at El Cerro de Los Lunas. The New Mexico Rail Runner Express provides a rail connection to Albuquerque, Santa Fe, and other communities along the Rio Grande.

SALE HIGHLIGHTS 

  • 30,550-Square Foot Multi-Tenant Retail Center
  • Value-Add Opportunity | 84 Percent Occupied | 76 Percent of the Gross Leasable Area has Triple-Net Leases | Pro Forma Cap Rate is 9.19 Percent
  • Complementary Mix of National and Local Tenants | Many Provide Internet Resistant Services
  • Property Consists of Two Buildings on 2.88 Acres
  • Signalized Hard Corner Location in the City’s Main Retail Trade Area
  • Main Street  is Los Lunas’ Major East/West Traffic Carrier with Traffic Counts in Excess of 25,000 Vehicles per Day
  • Across from Lowe’s Home Improvement and The Home Depot with Numerous other National Retailers in the Area
  • Less than Two Miles from the Walmart Distribution Center
  • Approximately Two Miles from the Facebook Data Center Development, Providing Tremendous Economic Impact | Six Buildings Totaling 2.8 Million Square Feet and Total Construction Cost of Over $1 Billion Upon Completion | the Facebook Project is the Most Spent in a Single Location in New Mexico Since the Construction of the Intel Microchip Processing Plant in Rio Rancho 37 Years Ago | Construction Crews of 800 to 1,000 Workers are on Site Daily During Peak Season and Construction Expected to be Steady Through 2023 | 300 Permanent Employees on Site Following Completion
  • The Los Lunas Facebook Data Center will be one of the Most Advanced and Energy-Efficient Data Facilities in the Word | Entire Campus will be Powered with 100 Percent Clean and Renewable Energy Powered by Three New Solar Plants
  • Los Lunas is 22 Miles South of Albuquerque with Rail Connection to Albuquerque, Santa Fe and other Communities Along the Rio Grande River
  • Main St. is Los Lunas’ major west/east traffic carrier with combined traffic counts in excess of 25,000 vehicles per day