August 22, 2022 9:00 AM
Newmark announces it has completed the $6.5 million sale of a single-tenant net leased Ashley HomeStore in Farmington, New Mexico. The property traded from Johnston Real Estate Farmington, LLC, a private real estate investor, to an undisclosed public REIT. Newmark’s Net Lease Capital Markets group comprising Vice Chairman Matt Berres, Director Samer Khalil and Associate Karick Brown represented the seller in cooperation with John Ransom of Colliers.
Ashley HomeStore is the largest retail furniture store brand in North America and one of the world’s best-selling furniture store brands with more than 2,000 locations in 60 countries. The property is under a long-term passive double net lease to the retailer.
“With interest rates continuing to rise, we are seeing select big box tenants becoming increasingly attractive to net lease investors given the compelling risk-adjusted returns,” said Berres.
Located at 5200 E. Main Street in Farmington, the property is situated along E. Main Street and Highway 516, the major retail and commuter thoroughfare in the area, which sees an average of 33,849 vehicles per day. Major nearby tenants include Lowe’s, Target, Walmart Supercenter, Sam’s Club, Albertsons, Home Depot, Dillard’s, JC Penney, Ross Dress for Less, Hobby Lobby, Best Buy, T.J. Maxx and Safeway.
Situated in San Juan County in northwestern New Mexico, Farmington is the industrial and retail center of the entire Four Corners region. The region is aptly named for its proximity to the Four Corners National Monument, which marks the quadripoint in the Southwestern US where the states of Arizona, Colorado, New Mexico and Utah meet. It is the only point in the US shared by four states. The area is proximate to numerous national parks including Bryce Canyon, Zion, Arches, Canyonlands and Capital Reef in Utah, and White Sands and Carlsbad Caverns as well as national historical parks Chaco Culture and Pecos in New Mexico. Farmington is proximate to the Chaco Culture National Park, which hosts a dense concentration of pueblos.
Farmington offers outdoor enthusiasts an ideal jumping off point to explore the greater four corners region and enjoy the numerous outdoor activities available throughout the area. The Four Corners region is the traditional homeland of several Native American tribes including: Navajo, Jicarilla Apache, Ute, Mountain Ute, Southern Ute and Hopi nations.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 6,500 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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Newmark Completes Sale of Net Leased Ashley HomeStore in Farmington, New Mexico
August 22, 2022 9:00 AM