September 12, 2022 9:00 AM
Newmark announces it has completed the $7.5 million sale of Valencia Y Shopping Center, a 51,892-square-foot shopping center in Los Lunas, New Mexico. Newmark Senior Managing Directors Steve Julius and Jesse Goldsmith and Director Chase Dorsett, in partnership with Perry Kesler of Sotheby Realty, represented both the seller, Hawkins Companies, and the buyer, Arizona MSK, LLC and Garvin Holdings, L.L.C. The property traded in an all-cash 1031 exchange.
“The buyer was seeking good real estate fundamentals and reliable cash flow,” said Julius. “Valencia Y Shopping Center provides both, with 100% occupancy, low rents, a location next to Kroger-brand grocery store and a cap rate exceeding 7%.”
Julius added, “Our team has now transacted multiple shopping center investment sales in the New Mexico market. We’ve found that properties in New Mexico attract similar investors as our Phoenix and Tucson listings. Those buyers are primarily based California or Arizona, seeking yields that are higher than the coastal markets.”
Located at 2150-2520 Main Street NE in Las Lunas, Valencia Y Shopping Center is a 51,892-square-foot center situated on a 6.2-acre lot. The center is anchored by Smith’s Food and Drug with inline tenants including Ace Hardware, Pizza Hut, TitleMax Title Loans and Anytime Fitness. Additional nearby tenants include Albertsons Market and Walgreens. The property is located at the high-traffic intersection of New Mexico State Route 47 and Main Street NE.
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 6,500 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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Newmark Executes Sale of All-Cash Trade of Shopping Center in Los Lunas, New Mexico
September 12, 2022 9:00 AM