1409 N Renaissance Blvd NE
1409 N Renaissance Blvd NE, Albuquerque, NM, 87107
ID 8bf21798
Overview
Pegasus Group is pleased to offer for sale the fee simple interest (Land & Building) to a prominent two-tenant investment opportunity in Albuquerque, NM. The Galleria @ Renaissance is a shadow anchor shopping center to the dominant Regional Power Center anchored by Home Depot, Costco, Sam’s Club, and Sportsman’s Warehouse. This high-yield investment (7.85% initial return) features rents well below market leaving room for potential upside over time. The subject property is well below replacement cost at $122 PSF.The ODP Corporation, is the parent company of Office Depot/OfficeMax, with headquarters in Boca Raton, Florida. It is a leading provider of business services and supplies, products, and digital workplace technology solutions to small, medium, and enterprise businesses, through an integrated business-to-business (B2B) distribution platform, which includes world-class supply chain and distribution operations, dedicated sales professionals, and technicians, online presence, and about 980 stores. The company has combined annual sales of approximately $8.5 billion and employs about 38,000 people in the US.Dollar Tree, Inc. is an American multi-price-point chain of discount variety stores with two iconic brands; Dollar Tree and Family Dollar. Headquartered in Chesapeake, Virginia. it is a Fortune 500 company and operates more than 16,000 stores throughout the 48 contiguousU.S and Canada. Its stores are supported by a nationwide logistics network of 25 distribution centers. THE COMPANY has combined annual sales of approximately $28.3 billion and employs about 200,000 people in the United States.Strong trade area demographics include a population of approximately 940,000 people within the Albuquerque MSA. The Galleria @ Renaissance is prominently located within the heart of the Albuquerque Metro conveniently located near the I-25 & Montaño freeway exit. As the dominant center of commerce serving the State of New Mexico, Albuquerque is further benefited by significant traffic coming from all directions.
