Institutional Property Advisors Exclusively Offers Albuquerque Hobby Lobby Home Life Furniture and Mor Furniture for Sale
“The super-regional Cottonwood Mall, which serves over 350,000 consumers annually, is New Mexico’s second-largest shopping center,” said Bill Rose, IPA senior director. “Leases for major tenants Hobby Lobby, Home Life Furniture and Mor Furniture contain multiple renewal options that generate a fully extended weighted average term of 20 years with scheduled rent escalations.” Rose and Philip Levy, executive managing director investments with Marcus & Millichap, are representing the seller, Washington Prime Group. “The property offers reliable annual income, and the pad site provides future upside potential,” said Levy.
The 53,830-square-foot Hobby Lobby, 81,000-square-foot Home Life Furniture, and 23,100-square-foot Mor Furniture are located on a nine-acre parcel at the intersection of State Highway 45/Coors Bypass Boulevard, State Route 528, and Coors Road. The properties are easily accessible from multiple ingress and egress points on State Highway 45 and Coors Road. Cumulative traffic counts at the intersection exceed 73,400 vehicles per day. Major employers in the Albuquerque MSA include the U.S. Department of Energy’s Sandia National Laboratories, Center for Nuclear Science, Kirtland Air Force Base and Intel. The University of New Mexico, which supports more than 32,300 students and employees is 14 miles from the Cottonwood Mall. Ryan Sarbinoff, first vice president and regional manager 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.