Chipotle & Stanton Optical
Farmington, NM
| Price | $2,700,000 |
| Cap Rate | |
| NOI | $173,791 |
| Lease Term | Various |
| Lease Type | NNN |
| Rental Increases | Various |
| Year Built | 2018 |
| Building Size | 5,078 SF |
| Lot Size | 0.7 Acres (30,492 SF) |
| Status | Sold |
| Lead Broker Information | Michael T. Yuras, CCIM Cushman & Wakefield 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Senior Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Vincent Aicale Cushman & Wakefield 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Cushman & Wakefield 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Kevin Held Vice President 858.546.5428 kevin.held@cushwake.com Brett C. Preston, CCIM Managing Partner 915.843.8888 brett.preston@cushwake.com NM RE License #19206 CA RE License #01240358 Cushman and Wakefield Inc. LIC. # 00616335 This property is listed in conjunction with New Mexico-licensed real estate broker Cushman & Wakefield, Inc. |
Investment Highlights
100% LEASED TWO-TENANT RETAIL CENTER
» New long-term leases to corporate tenants
» Both tenants have scheduled rental increases in primary term and options
» Low rent with diversification of tenant mix
HIGH-TRAFFIC LOCATION IN FARMINGTON’S PRIMARY RETAIL CORRIDOR
» Excellent visibility and access to 41,849 vehicles per day on East Main Street/ U.S. Highway 516
» U.S. Highway 516 serves as the primary retail corridor for Farmington
» Located across from Animas Valley Mall, a 490,000 square foot regional shopping mall serving a trade area of more than 170,000 people
» Surrounded by notable national tenants, including Walmart Supercenter, Target, Lowe’s Home Improvement, Home Depot, Sam’s Club, Albertsons, and many others
STRATEGIC LOCATION WITH STRONG DEMOGRAPHICS
» Main Street (U.S. Highway 516) serves as the primary east/west thoroughfare for Farmington
» 1.5 miles east of San Juan College, with more than 15,000 students
» Farmington serves as the commercial hub for most of northwest New Mexico, as well as the Four Corners market of New Mexico, Colorado, Arizona, and Utah
» Daytime population of approximately 7,400 within a one-mile radius
» Average household income of $92,020 within a one-mile radius
NEW 2018 CONSTRUCTION
» New building with an original 15-year roof warranty, limiting near-term deferred maintenance or capital costs
» State of the art construction, outparcel to Target, which has been operating
Property Description
SOLD
The property is strategically located at the signalized hard corner of East Main Street (Highway 516) and English Road, with excellent visibility and access to over 41,800 vehicles per day. Highway 516 serves as the main east/west thoroughfare for Farmington and connects the city to Flora Vista, Spencerville, and Aztec. Located in a dense retail corridor, the property is surrounded by major national retailers and large shopping centers. The property is across from Animas Valley Mall, which features Dillard’s, Sears, Ross, Dollar Tree, and a 10-screen movie theater, and several other national tenants. The property is also located 1.5 miles east of San Juan College, home to over 15,000 students annually. Other notable tenants near the property include Home Depot, Walmart Supercenter, Lowe’s, Target, Albertsons, Dick’s Sporting Goods, and many others.
