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Dominant Retail Corridor Offering Leasehold Interest on Long-Term Ground Lease Memorandum

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Dominant Retail Corridor Offering Leasehold Interest on Long-Term Ground Lease Memorandum High Yielding Center | Dominant Retail Corridor Offering Leasehold Interest on Long-Term Ground Lease Memorandum 2600 San Pedro Dr. NE | Albuquerque, NM 87110 6801 Jefferson St. NE, Suite 200 | Albuquerque NM 87109 office 1 505 878 0001 | www.IPArealty.com A division of NAI Maestas & Ward Cole Flanagan, CPA, MBA Brett Hills Jake Mechenbier cell 505 235 7585 cell 505 998 1648 cell 505 917 5514 [email protected] [email protected] [email protected] Confidential Disclaimer The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving from NAI Maestas & Ward and should not be made available to any other person or entity without the written consent of NAI Maestas & Ward. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. NAI Maestas & Ward has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, NAI Maestas & Ward has not verified, and will not verify, any of the information contained herein, nor has NAI Maestas & Ward conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT A NAI MAESTAS & WARD ADVISOR FOR MORE DETAILS. A division of NAI Maestas & Ward Offering Memorandum | 2 Investment Fiesta Plaza Highlights Significant in-place cash flow (10.00% CAP rate) Leasehold interest on long-term ground lease - Ground lease has about 48.5 years of term Investment Property Advisors is pleased to offer for sale Fiesta Plaza located at 2600 San Pedro Dr remaining, including option periods NE in the dominant Uptown trade area in Albuquerque, New Mexico. The sale includes the improved shopping center on a long-term ground lease with just under 50 years of term remaining, including Long-tenured tenancy the option periods. This shopping center is positioned on the corner of Menaul Blvd and San Pedro - Guitar Center recently signed a new lease for Dr with over 55,600 cars per day at this intersection. The Uptown submarket is one of the strongest an additional 10 years and most desirable retail trade areas in Albuquerque. High-performing intersection with excellent The approximately 49,997 sq. ft. building is situated on about 3.8 acres. The center is currently 96% occupied with 94% of the rental income being generated from national tenants. The property has a visibility mix of national and local tenants; many of which have long-tenures at the property. Guitar Center recently signed a new lease for an additional 10 years. The property has high visibility from both Strategically located at the major intersection of Menaul Blvd and San Pedro Dr with a large, iconic pylon sign. Menaul Blvd & San Pedro Dr with over 55,600 This investment benefits from the significant in-place cash flow, long-tenured tenancy, and visibility Cars Per Day from two main thoroughfares at a signalized intersection. In addition to the significant in-place income, this opportunity is positioned in a dominant retail corridor, which gives an investor long-term Dominant retail corridor - Uptown Trade Area leasability for the center going forward. Current in-place cash flow, combined with the long-term - One of the strongest and most desirable retail ground lease, make this property an opportunity on which an investor can capitalize. trade areas within Albuquerque Dense, in-fill Northeast Heights location Offering Summary Purchase Price $4,690,000 132,000+ 325,000+ Population within a Population within a Price per Square Foot $93.81 3 Mile radius of site 5 Mile radius of site Net Operating Income $469,296 Mix of national and local tenants CAP Rate 10.00% A division of NAI Maestas & Ward Offering Memorandum | 3 Operating Summary Square Footage ±49,997 Amount $/SF Current Rental Income $794,143 $15.88 Expense Reimbursements $141,160 $2.82 GROSS SCHEDULED INCOME $935,303 $18.70 ESTIMATED OPERATING EXPENSES Management Fees $30,154 $0.60 Utilities $17,183 $0.34 Trash Removal $15,467 $0.31 Repairs and Maintenance $13,721 $0.27 Security $24,697 $0.49 Landscaping $4,628 $0.09 Property Taxes $56,401 $1.13 Insurance $8,756 $0.18 Ground Lease $295,000 $5.90 TOTAL OPERATING EXPENSES $466,007 $9.31 NET OPERATING INCOME $469,296 $9.39 A division of NAI Maestas & Ward Offering Memorandum | 4 Tenant Highlights Staples is an office supply retailer with Guitar Center is the world’s largest Navy Federal Credit Union is an armed Hot Pink Thai Cuisine is a local over 1,200 stores in North America. musical instruments retailer. Guitar forces bank serving the Navy, Army, restaurant serving authentic Thai Staples offers office supplies, school Center offers the world’s largest Marine Corps, Air Force, Coast Guard, food. The restaurant offers quite the supplies, furnishings, electronics, selection of guitars, basses, amplifiers, veterans, Department of Defense and variety of options spanning curries, technology, and printing services both keyboards, drums, microphones, and their families. Navy Federal Credit rice dishes, noodles, and soups. The in store and online. Staples was studio gear. The company has grown Union was founded in 1933 and has restaurant has a loyal following and is founded in 1986 and is headquartered from its original store in Los Angeles grown from seven members to over a local Thai favorite to many. in Framingham, Massachusetts. to over 260 stores nationwide. seven million members. The Nail Spa Great Clips is a hair salon franchise that is headquartered in Minneapolis, World Finance has been helping Southwest Financial has been serving The Nail Spa is a locally-owned nail Minnesota. Great Clips has over 3,700 individuals borrow money for over the financial needs of Albuquerque salon. The Nail Spa offers a full menu locations across the United States 50 years and was founded in 1962. residents for 30 years. Southwest of services which include manicures, and Canada with system-wide sales Financial offers personal loans from exceeding $1 billion. The first Great World Finance offers fast approvals pedicures, and eyebrows. The nail $500 to $15,000 with payment Clips opened on September 22, 1982 for fixed rate and payment loan salon has a loyal following attributed and in early 1983 Great Clips started to solutions. The company has more schedules from nine to 48 months. to their quality service and reasonable expand and franchise. The company than 1200 locations nationwide. Southwest Financial also offers retail rates. is known for no-appointment, no-frills financing, auto financing, and a number salons that provide customers with of other products. affordable haircuts. A division of NAI Maestas & Ward Offering Memorandum | 5 Uptown Retail Trade Corridor ABQ Uptown Winrock Town Center Louisiana Blvd. Louisiana San Pedro Dr. Pedro San SITE Menaul Blvd. 35,400 Coronado Mall ABQ 20,200 Uptown Coronado Center Winrock Town Center 40 149,600 A division of NAI Maestas & Ward Offering Memorandum | 6 Site Aerial Phoenix Ave. St. John’s SITE United Methodist Church San Pedro Dr. San Pedro Arizona St. Arizona St. Louie’s Barber Shop All of State Floors & 20,200 Gold & Izzy’s Furniture Silver Tailor Solid Exchange Shop Rustic Furniture 35,400 Menaul Blvd. A division of NAI Maestas & Ward Offering Memorandum | 7 Site Plan & Signage Monument Sign Iconic Monument Sign Suite G 1,300 SF Suite E 850 SF Menaul Blvd. Monument Sign San Pedro San Pedro Dr. Menaul A division of NAI Maestas & Ward Offering Memorandum | 8 Drone Photography Winrock ABQ Coronado Mall Mall Uptown San Pedro Solid All of State Rustic Izzy’s Furniture Floors & Furniture Tailor Gold & Shop Silver Menaul Blvd. NE Exchange Louie’s Barber Shop SITE A division of NAI Maestas & Ward Offering Memorandum | 9 Site Photos A division of NAI Maestas & Ward Offering Memorandum | 10 Site Photos A division of NAI Maestas & Ward Offering Memorandum | 11 Demographic andDe DeIncmomoomgragerap Prohpihcifile cand andDe Inc moIncomgomrae peProh Proicfile andfile Income Profile 2600 San Pedro Dr NE, Albuquerque,2620600 San0 San Ne Pew droPe Mdroex Drico, DrNE, NE,87 Albuquerque,110 Albuquerque,2600 San Ne Pe Newdro Mwex MDrico,ex NE,ico, 87 Albuquerque,87110110 Prepar Needw by M exEsriico, 87110 PrepPreparedared by by Esri Esri Prepared by Esri Ring: 1 mile radius RinRg:in g:1 mi3 mile lrae diusradius Ring: 5 mile radius Latitude: 35.11004 Latitude:Latitude: 35. 35.1100411004 Latitude: 35.11004 Longitude: -106.57748 Longitude:Longitude: -106.57 -106.57748748 Longitude: -106.57748 1 Mile 3 Miles
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