Santa Fe Shopping Center Exclusively Listed by Institutional Property Advisors
SANTA FE, N.M., March 18, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the exclusive listing for sale of College Plaza, a 155,996-rentable-square foot shopping center located on 14 acres in Santa Fe, New Mexico.
“College Plaza is a daily needs retail center located in a world-renowned tourist destination,” said Bill Rose, IPA senior managing director. “In the near-term, an investor can add value through the lease up of existing available space, add drive-thru pads and renew strong-performing tenants at market rent. Long-term, the city is encouraging the addition of apartments in concert with its Midtown District Plan.” Rose and Vince Schwab, senior managing director investments in Marcus & Millichap’s San Francisco office are representing the seller, a San Francisco-based partnership. The center is managed by Waterbury Properties. “Given the historically low interest rate environment, the purchaser may lock in a favorable fixed-rate loan and achieve superior returns compared to alternative investment vehicles with similar risk profiles,” added Anita Paryani-Rice, IPA senior vice president capital markets.
Located 10 minutes from Santa Fe’s central business district, College Plaza has 1,800 lineal feet of frontage along the city’s busiest intersection, the corner of Cerrillos Road and St. Michaels Drive. Cerrillos Road is the major thoroughfare from Interstate 25 into Downtown Santa Fe and St. Michaels Drive is the main arterial connector from St. Francis Drive/State Highway 285. There are 88,000 people living and working within a five-mile radius of the center and the average annual household income is $85,000. Santa Fe Regional Airport is seven miles from the property. “The city’s regional arts, culture and culinary scene draws an average of two million tourists a year,” noted Rose.
Built in 1977 on 14 acres and refurbished in 2021, College Plaza’s tenants include Burlington, Office Depot, Petco, Ace Hardware, Hertz, Sally Beauty, and Cato. Smith’s Food & Drug shadow-anchors the property and may be acquired through a separate transaction. Matthew Reeves is Marcus & Millichap’s broker of record in New Mexico.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com