Santa Fe Place Outparcel Restaurant

Highlights:

• Irreplaceable Cerrillos Rd restaurant location as an outparcel of the Santa Fe Place Mall
• Strong retail trade area adjacent to the Plaza Santa Fe (Target, Albertsons, Ross, TJ Maxx, Best Buy), Sam’s Club and San Isidro Plaza (Sprouts, Lowe’s Home Improvement)
• Santa Fe features high average household incomes ($96,575), dense population (58,214) within 3 miles and over two million tourists per year
• Less than 3.5% vacancy for retail product in Santa Fe with even fewer existing options for second generation restaurants

Description:

PROPERTY OVERVIEW
Applebee’s has elected not to renew their lease here at 4246 Cerrillos Rd and the property will be available to purchase or lease May 1, 2027. Please do not disturb tenant. This second generation sit-down restaurant was constructed in 1997, fully renovated in 2022 and represents a prime Santa Fe Place Mall outparcel opportunity that has been locked down for decades. The property features an oversized parking lot with over 10:1 parking sitting on 1.52 acres and easy ingress/egress from Cerrillos Rd and through the mall up to Rodeo Dr.

LOCATION OVERVIEW
This building sits right in the epicenter of the national retail trade area of Santa Fe, identified as an outparcel of the Santa Fe Place Mall and located just south of the Plaza Santa Fe and San Isidro Plaza. Santa Fe features less than 3.5% retail vacancy with few restaurant opportunities among them and new construction occurring along this stretch of Cerrillos. Santa Fe is known for its high demographics with a population of nearly 90,000 and an annual tourist count of more than two million people.


Sale Price: $1,946,000 ($300 PSF)
Lease Rate: $32.37 PSF Absolute NNN

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