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December 3, 2023
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New Mexico Retail Property Gets New Owner in $7.5 Mil Deal


Valencia Y Shopping Center, a 51.9k sf shopping center in Los Lunas, NM, traded for $7.5 mil, or $145/sf, in an all-cash 1031 exchange deal.

Located at 2150-2520 Main Street NE in Las Lunas, Valencia Y Shopping Center is situated on a 6.2-acre lot. The center is anchored by Smith’s Food and Drug with inline tenants including Ace Hardware, Pizza Hut, TitleMax Title Loans and Anytime Fitness. Additional nearby tenants include Albertsons Market and Walgreens. The property is located at the high-traffic intersection of New Mexico State Route 47 and Main Street NE.

Steve Julius, Jesse Goldsmith and Chase Dorsett with Newmark, in partnership with Perry Kesler of Sotheby Realty, represented both the seller, Hawkins Companies, and the buyer, Arizona MSK LLC and Garvin Holdings, L.L.C. According to Julius, the property boasted 100% occupancy, low rents, a location next to Kroger-brand grocery store and a cap rate exceeding 7%.

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