ALBUQUERQUE, N.M.– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Towne Park Plaza, (top right photo) a 201,906-square foot shopping center in Albuquerque. The sales price was $20 million.
Scott Hook, a vice president investments and senior director of Marcus & Millichap’s National Retail Group, represented the seller, Towne Park Plaza LP of Southern California.
Hook, in conjunction with Sam Medford, a senior associate in the firm’s Santa Fe office, and the broker of record for New Mexico, represented the buyer, Los Angeles-based Towne Park Plaza LLC.
“This was an excellent opportunity for the buyer to acquire a well-maintained shopping center with a tremendous mix of national and regional tenants, 99 percent of which are credit tenants,” says Hook.
“Towne Park Plaza is the only dominant center located in the southeast quadrant of Albuquerque and will continue to be a dominant center, with traffic driven by the Presidio Housing Development, which has more than 220 condos and townhomes directly behind the shopping center,” adds Medford.
Located at 300-370 E
ubank Blvd., the multi-tenant shopping center is situated on 15.1 acres, just off Interstate 40 and with a traffic count of 46,700 cars per day. Tenants in the center include Sam’s Club, Office Depot, PetSmart, Sally Beauty Supply and Game Stop.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
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