Institutional Property Advisors Brokers Grocery-Anchored Power Center Ground Lease Sale in New Mexico
SANTA FE, N.M., Sept. 9, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the 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.
“This is the most highly valued grocery-anchored power center deal in New Mexico,” said Bill Rose, IPA senior managing director. “We generated multiple offers for the asset from a broad range of investor profiles seeking institutional-quality real estate.” Rose and Matt Reeves, Marcus & Millichap’s broker of record in New Mexico, represented the seller, Truzaf L.P., the original landowner and developer of the project, and procured the buyer, Benderson Development. The leases commenced in two phases, one in 1998 with the region’s only Target store and a newly refurbished Albertson’s Market Street, and the second in 2000 with the opening of TJMaxx, Ross, BestBuy, Michaels and PetSmart.
Located at the intersections of Cerrillos Road, Zafarano Drive and Rodeo Road, the center 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. U.S. Interstate 25, formerly historic U.S. Route 66, is three miles from the property and Santa Fe’s central business district, with a daytime workforce of 40,000 employees, is within a 15-minute drive. Major nearby employers include ConocoPhillips Co., the State of New Mexico, the Board of Education and St. Vincent Hospital.
Plaza Santa Fe’s tenants 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