Gateway Shopping Center for Sale

Shopping Center for Sale
Catylist Listing ID: 30717933
Property Subtypes: Neighborhood Center, Strip Center
Building Size (RSF): 162,902 SF
Gross Building Area: See Agent
Sale Price: $11,250,000
Unit Price: $69.06 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Gateway Shopping Center
Sale Terms: Cash to Seller
Cap Rate: 10.9%
Last Updated: 7/19/2021

Overview / Comments

Investment Highlights:

NAI SunVista is pleased to offer for sale a ground lease that will terminate on December 31, 2023. The owner of the ground lease will obtain possession of the improvements on January 1, 2024. This shopping center is minutes away from the interchange of I-25 and I-40. It is positioned on the Northeast corner of Menaul & Carlisle Blvds. with over 57,100 cars per day. The approximately 162,902 square foot shopping center is situated on about 13.61 acres. The Gateway Shopping Center has seven access points, four prominent monument signs, with approximately 1,200’ frontage on Menaul Blvd. and 600’ frontage on Carlisle Blvd. Zoned MX-M allowing for a wide variety of uses. The property has a diverse mix of tenants with long tenures at the property. The tenants at the property are operating under NNN leases except Furniture City and Sergio’s Hair Salon. There is a 2,394 square foot pad available, a 10,070 square foot stand-alone building available, and 3,285 square feet of inline space available, which corelates to a vacancy of 9.13%. These vacancies create a nice upside to the owner of the ground lease. This investment benefits from the strong, stable tenancy with most of the current tenants being in the shopping center for ten plus years. In addition, the investment is priced below replacement costs and below market value. The attributes listed above combined with the location and current tenant mix, make this property an opportunity in which an investor can buy the ground lease today and take control of the shopping center on January 1, 2024 with tremendous upside potential.

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Northeast
Tax ID/APN: 101705906729620110
Zoning: MX-M - Mixed-use: Moderate Intensity

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 16,169 143,991 331,570
Median Age: 36.38 36.47 37.84
Households: 7,512 64,369 144,222

Contact

Photograph of Listing Agent

Dave Hill CCIM, SIOR

NAI SunVista CARNM CIE Member
Photograph of Listing Agent

DJ Brigman

NAI SunVista CARNM CIE Member
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