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Old Navy & XFinity Anchored Investment 4900 Cutler Ave NE 40,787 SF 100% Leased Retail Building Albuquerque, NM 87110 $20,630,694 CAD ($505.82 CAD/SF) 6.75% Cap Rate
Investment Highlights
- Old Navy - Strong National/Investment Grade Tenanat - Largest Subsidiary of Gap publicly traded on NYSE: GAP since 1976
- Regional Daily Needs Shopping Center that typically perform well regardless of the economic cycles and are not as exposed to the e-commerce threat.
- Strong population with over 116,000 people within 3 miles
- XFinity - Strong National/Investment Grade Tenant - Comcast Division
- Well below replacement costs - Under $358/SF
- Well positioned property within 4 miles of Downtown Albuquerque - leading MSA of New Mexico
Executive Summary
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.
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.
Property Facts
Sale Type
Investment NNN
Property Type
Building Size
40,787 SF
Building Class
B
Year Built/Renovated
1997/2025
Price
$20,630,694 CAD
Price Per SF
$505.82 CAD
Cap Rate
6.75%
NOI
$1,392,608 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.24
Lot Size
3.90 AC
Zoning
MX-M - Mixed Use - Moderate Intensity
Parking
481 Spaces (11.79 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Freeway Visibility
- Pylon Sign
- Restaurant
- Signage
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 1-017-059-389122-4-02-11 | Improvements Assessment | $189,658 CAD |
| Land Assessment | $123,599 CAD | Total Assessment | $313,256 CAD |
Property Taxes
Parcel Number
1-017-059-389122-4-02-11
Land Assessment
$123,599 CAD
Improvements Assessment
$189,658 CAD
Total Assessment
$313,256 CAD
Contacts
-
Donald MacLellan -
Jeff Conover -
Scott DeYoung -
Greg Lukosky -
Faris Lee Investments
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Old Navy & XFinity Anchored Investment | 4900 Cutler Ave NE
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