Pavilions at San Mateo (Old Navy & Xfinity Anchored)

Highlights:

• Old Navy - Strong National/Investment Grade Tenanat - Largest Subsidiary of Gap publicly traded on NYSE: GAP since 1976
• XFinity - Strong National/Investment Grade Tenant - Comcast Division
• Regional Daily Needs Shopping Center that typically perform well regardless of the economic cycles and are not as exposed to the e-commerce threat.
• Well below replacement costs - Under $358/SF
• Strong population with over 116,000 people within 3 miles
• Well positioned property within 4 miles of Downtown Albuquerque - leading MSA of New Mexico

Description:

New Mexico Broker of Record LEE LANGEN - REMAX - License No. 19241
Faris Lee Investments is pleased to offer the rare opportunity to acquire the fee-simple interest in the premier national junior anchor and inline retail component of The Pavilions at San Mateo in Albuquerque, New Mexico. The offering features an exceptional lineup of destination retailers, anchored by a prominent 15,210 SF Old Navy, which recently executed a 5-year lease extension. Illustrating tremendous leasing momentum and intense retailer demand. Regional favorite Boofy’s Best for Pets signed a new 5-year lease to facilitate center expansion. In total, ownership has successfully extended over 7,000 square feet of inline shop space, ensuring high occupancy and institutional stability. Multitenant retail portions within dominant centers continue to be a highly sought-after product type, driven by necessity-based demand and an internet-resistant merchandising mix.

This retail asset benefits from massive, built-in consumer synergy by being directly shadow anchored by a top-performing Walmart Grocery, which drives heavy daily cross-traffic to the immediate parcel and recently extended its commitment through 2036. The center itself welcomes over 2.2 million visitors annually (Placer.ai). This investment delivers an exceptionally stabilized, high-yielding asset profile backed by a resilient corporate tenant roster that ensures defensive, predictable revenue and favorable returns. The hands-off nature of the leases enables streamlined operations, while full building ownership provides
a premier vehicle for a 1031 exchange buyer seeking to maximize tax benefits through cost segregation and accelerated depreciation.

Logistically, the property features uncompromised regional accessibility, positioned near the on/off ramp of Interstate 40 (over 206,300 VPD) and located at the high-traffic intersection of San Mateo Blvd NE and Cutler Ave NE (over 48,000 VPD) with multiple dedicated points of ingress/egress. The asset sits in the heart of Albuquerque’s premier commercial corridor, just one mile from major super-regional retail drivers including the Coronado Center Regional Mall and Winrock Town Center. The surrounding trade area boasts excellent demographic fundamentals, supported by a dense population of over 116,000 residents, 54,000 households, and a daytime workforce of 113,000 employees within a 3-mile radius, guaranteeing a highly reliable and stable consumerbase for years to come.

---

Report Listing This listing was syndicated through: