Grocery-Anchored Power Center Ground Lease Exclusively Listed by Institutional Property Advisors in New Mexico
SANTA FE, N.M., May 12, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the exclusive listing for sale of two tracts of land ground leased to Plaza Santa Fe, a 450,000-square-foot grocery-anchored power center in Santa Fe, New Mexico. The price is open bid.
“The offering is a core opportunity to acquire fee simple interest in two unsubordinated ground leases to Plaza Santa Fe, the most dominant regional shopping center within a 50-mile radius,” said Bill Rose, IPA senior managing director. “The leases commenced in two phases: Tract B in 1998 with the region’s only Target store and a newly refurbished Albertson’s Market Street, a specialty brand within the Albertsons family; and Tract A in 2000 with the opening of TJMaxx, Ross, BestBuy, Michaels and PetSmart.” Rose and Matt Reeves, senior associate, and Marcus & Millichap’s broker of record in New Mexico, are representing the seller, Truzaf L.P. the original landowner and developer of the project.
The shopping center is located on 33 acres at the intersections of Cerrillos Road, Zafarano Drive and Rodeo Road, three miles from historic U.S. Route 66, now U.S. Interstate 25. Santa Fe’s central business district, with a daytime workforce of 40,000 employees, is within a 15-minute drive. Plaza Santa Fe has 1,000-plus lineal feet of street frontage on Cerrillos Road, which sees 51,000 cars per day, and 3,000 feet of frontage on Zafarano Drive, which has 24,000 cars per day. Rodeo Road has an additional traffic count of 32,000 cars per day. Within a three-mile radius, the population is 55,690 and the annual average income is $77,000. Major nearby employers include ConocoPhillips Co., the State of New Mexico, the Board of Education and St. Vincent Hospital.
Tenants at Santa Fe are Target, BestBuy, Albertsons, Ross, TJMaxx, Michaels, PetSmart, Ulta Beauty, Total Wine & More, Panera, Five Guys, and Buffalo Wild Wings. The tracts’ combined 1,257,839-gross-square-feet of land includes 717 parking stalls.
# # #
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