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Institutional Property Advisors Exclusively Offers Grocery-Anchored Shopping Center for Sale in Albuquerque

July 26, 2024
ALBUQUERQUE, N.M., July 26, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the exclusive listing for sale of Foothills Center, a 93,302-square-foot Walmart Neighborhood Market-anchored shopping center with a separate half-acre parcel suitable for a drive-through, quick-serve restaurant in Albuquerque, New Mexico. The price is open bid.

“Foothills Center is one of the most frequently visited locations in Albuquerque’s popular Sandia Foothills neighborhood,” said Bill Rose, executive director, IPA. “The center’s gross leasable area features 83% national and regional credit tenants with long-term operating success, and a merchandising mix of everyday essential goods retailers that generates over a million annual visits.” Rose is representing the seller, Red Tail Acquisitions. Ryan Sarbinoff, first vice president and regional manager is Marcus & Millichap’s broker of record in New Mexico.

Sunny Sajnani, executive managing director, IPA Capital Markets stated: “An investor can earn a going-in 8%-plus cash-on-cash return with various financing solutions.”

The center is located at the intersection of Juan Tabo Boulevard and Menaul Boulevard where over 41,000 vehicles travel daily. Downtown Albuquerque and the University of New Mexico, which supports more than 32,300 students and employees, are within a short drive. Major employers in the Albuquerque MSA include U.S. Department of Energy Sandia National Laboratories, Kirtland Air Force Base, and Intel New Mexico.

Foothills Center is 98% occupied by Walmart Neighborhood Market, Harbor Freight, dd’s Discounts, Einstein Bagels, AT&T, GameStop, Sally Beauty, and a soon-to-open Hibbett Sports.

 

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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.

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