Lowe's Outparcel New Retail Strip | 10 Year Lease Terms | Hobbs, NM

Retail-Commercial for Sale
Sale Pending
Catylist Listing ID: 30516146
Property Subtypes: Free-Standing Building
Status: Pending
Building Status: Under Construction
Building Size (RSF): 6,630 SF
Gross Building Area: See Agent
Sale Price: $3,083,200
Unit Price: $465.04 PSF
Property Use Type: Net Leased Investment (NNN)
Sale Terms: Cash to Seller
Cap Rate: 6.75%
Last Updated: 2/23/2021

Overview / Comments

Marcus & Millichap is pleased to exclusively offer for sale an new construction 3-tenant strip center in Hobbs, New Mexico. The property is fully leased to high-quality, stable tenants – Aspen Dental, Signet Jewelers, and Domino’s Pizza. Each tenant’s primary term is ten years in length with 10% rental increases every five years. Additionally, each lease contains extension options – Aspen Dental, 3 x 5 Years; Signet Jewelers, 2 x 5 Years; Domino’s Pizza, 3 x 5 Years.

Situated along Joe Harvey Boulevard, Hobbs’ primary retail and service corridor, this property boasts excellent visibility. Outparcel to Lowe’s Home Improvement, this strip center provides buyers with a rare investment acquisition opportunity within a dense and bustling trade area.

Trade area tenants include Walmart, Starbucks, McDonald’s, Home Depot, Buffalo Wild Wings, Freddy’s Steakburgers, Taco Bell, AT&T, Verizon, Walgreens and many more. Additionally, there is a +/- 200,000 square foot shopping center planned along North Lovington Highway, less than a mile from the subject property set to include the likes of Ross Dress for Less, Ulta Beauty, Marshalls, PetSmart and more.

Attachments & Media

Additional Details

Nearest MSA: Hobbs
County: Lea
Tax ID/APN: 4990519111127

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,529 30,819 38,977
Median Age: 36.3 32.81 31.83
Households: 2,124 11,108 13,776


Photograph of Listing Agent

Matthew Reeves

Marcus & Millichap CARNM CIE Member
Photograph of Listing Agent

Michael W Reneau

Marcus & Millichap CARNM CIE Member
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