A high trafficked, high profile site development opportunity at the SEC of the I-40 and Rio Grande Blvd interchange in the tourist area of Albuquerque, NM. Zoned C-2 Commercial, the 60,000+ SF site is currently being operated as a service station/convenience store operation. The lease with the service station operator has less than 12 months remaining and could potentially be terminated earlier. In addition, there are two additional rent components on the property – a cell tower lease with multiple 5-year options currently @ $1,209/mo located at NEC of property and an ATM lease with Wells Fargo @ $943/mo, which is set to expire January 2013. The owner is looking to sell this property with a deed restriction prohibiting the site from future use as a service station/convenience store. The site has good accessibility, including a left-in and left out onto Rio Grande Blvd. Furthermore, there is a 50’+ pylon sign that creates extensive freeway visibility for east and westbound I-40 traffic with I-40 traffic flows at close to 145,000 cars/day in this stretch of I-40 and over 27,000 cars/day along Rio Grande Blvd. In addition, there are some strong activity generators in the immediate area with Hotel Albuquerque (a full service hotel development) and the Old Town tourist district. Potential reuses include hotel development, sit-down and fast food restaurants and other service retailers. The ability exists to create two 30K+/- pad sites. In addition, my client would also consider build-to-suit and/or ground lease.
The property can be conveyed with removal of underground tanks and building improvements and a clean bill of health. - Tenancy: Multiple Tenants
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