El Mercado Plaza is a 50,295-square-foot, Harbor Freight-anchored shopping center strategically located along U.S. 491 in Gallup, New Mexico. The property is 92 percent occupied and features a diverse mix of national, regional and local tenants, including T-Mobile, Little Caesars, Wingstop, AT&T, Regional Finance and Compassus. The center is situated on approximately 4.8 acres and consists of three separate parcels, providing ownership with flexibility for potential future parcel sales or alternative disposition strategies. With 3,979 square feet of existing vacancy across two suites, the property also provides an immediate opportunity to increase occupancy through lease-up.
El Mercado Plaza is strategically positioned along U.S. 491 within Gallup’s primary retail corridor, benefiting from excellent visibility and convenient access near Interstate 40. U.S. 491 carries approximately 23,218 vehicles per day, while nearby Interstate 40 carries approximately 26,026 vehicles per day. Gallup’s position at the intersection of these major transportation corridors supports its role as a regional commercial destination serving local residents, surrounding communities, the Navajo Nation and travelers throughout the Four Corners region.
HARBOR FREIGHT-ANCHORED | ESTABLISHED NATIONAL TENANCY
El Mercado Plaza is a 50,295-square-foot shopping center anchored by Harbor Freight, which occupies approximately 30 percent of the property. The tenant mix is complemented by nationally recognized brands including T-Mobile, Little Caesars, Wingstop, AT&T and Regional Finance, providing a diversified mix of retail, service and restaurant uses.
92% OCCUPIED | IMMEDIATE LEASE-UP OPPORTUNITY
The property is currently 92 percent occupied with just 3,979 square feet of vacancy across two suites, providing an immediate opportunity to increase cash flow through lease-up.
SIGNIFICANT RENT SPREAD | MARK-TO-MARKET POTENTIAL
In-place rents vary significantly across the tenant roster, with several tenants paying substantially below the rents achieved by T-Mobile, Little Caesars and Wingstop, providing potential long-term mark-to-market upside as leases roll.
THREE-PARCEL CONFIGURATION | FUTURE FLEXIBILITY
The offering consists of three separate parcels, providing ownership with flexibility for potential future parcel sales, redevelopment or alternative disposition strategies.
STRATEGIC POSITION ALONG GALLUP’S PRIMARY RETAIL CORRIDOR
Positioned along U.S. 491 with approximately 23,218 vehicles per day, El Mercado Plaza benefits from proximity to Rio West Mall and a substantial concentration of national retailers, restaurants, hotels and other regional demand drivers.
REGIONAL RETAIL DESTINATION | BROAD TRADE AREA
Gallup’s strategic position along Interstate 40 and U.S. 491 supports its role as a regional commercial destination serving local residents, surrounding communities, the Navajo Nation and travelers throughout the Four Corners region. The market is further supported by a diverse employment base spanning healthcare, government, education, retail and hospitality.
