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6/16/23
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Here’s news of a retail property that has just been put on the market. The property, Cottonwood Collection, is a 157.9k sf structure that is 100% occupied by Hobby Lobby, Home Life Furniture, and Mor Furniture. The asset, an anchor to Cottonwood Mall in Albuquerque, NM, is listed for $15.89 mil. In addition, a half-acre out-parcel suitable for development is available for an additional $800k.
The property, occupied by a 53.8 sf Hobby Lobby, an 81k sf Home Life Furniture, and a 23.1k sf Mor Furniture, is located on a nine-acre parcel at the intersection of State Highway 45/Coors Bypass Blvd, State Route 528, and Coors Rd. The properties are easily accessible from multiple ingress and egress points on State Hwy 45 and Coors Rd.
“The super-regional Cottonwood Mall, which serves over 350,000 consumers annually, is New Mexico’s second-largest shopping center,” said Bill Rose, IPA senior director. “Leases for major tenants Hobby Lobby, Home Life Furniture and Mor Furniture contain multiple renewal options that generate a fully extended weighted average term of 20 years with scheduled rent escalations.” Rose and Philip Levy, with Marcus & Millichap, are representing the seller, Washington Prime Group.
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