JLL closes sale of neighborhood center in Albuquerque
The Walmart Neighborhood Market-anchored center is fully leased
DALLAS, October 22, 2019 – JLL announced today that it has closed the sale of Juan Tabo Plaza, an institutional-quality, fully leased, 74,393-square-foot neighborhood shopping center anchored by a Walmart Neighborhood Market in Albuquerque, New Mexico.
JLL marketed the property on behalf of the seller, Phillips Edison & Company, Inc. Samco Properties purchased the asset free and clear of existing debt.
Anchored by a dominant Walmart Neighborhood Market, Juan Tabo Plaza is home to a mix of grocery, hair salon, restaurants, tax preparation and health tenants. The property has been institutionally owned and maintained since the seller acquired it in 2014. Located at 11000 Montgomery Road NE, the center is positioned on the corner of Montgomery and Juan Tabo Boulevards, which is visible to more than 50,900 vehicles per day. It is positioned on the “going home” side of the road and is proximate to multiple area economic drivers, including the University of New Mexico, Kirtland Air Force Base and Intel’s campus. Additionally, the center is in the heart of Albuquerque’s most infill and affluent areas, and more than 118,700 residents earning an average annual household income of $82,569 live within a three-mile radius of the property.
The JLL Capital Markets team was led by Senior Managing Directors Chris Gerard and Ryan Shore, Director Aaron Johnson and Analyst Wesley Gilmer.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Phillips Edison & Company, Inc.
Phillips Edison & Company, Inc., an internally managed REIT, is one of the nation’s largest owners and operators of grocery-anchored shopping centers. PECO’s diversified portfolio of well-occupied neighborhood shopping centers features a mix of national and regional retailers selling necessity-based goods and services in fundamentally strong markets throughout the United States. Through its vertically integrated operating platform, the company manages a portfolio of 336 properties, including 298 wholly owned properties comprising approximately 33.5 million square feet across 32 states (as of June 30, 2019). PECO has generated strong operating results over its 27+ year history and has partnered with leading institutional commercial real estate investors including TPG Real Estate and The Northwestern Mutual Life Insurance Company. The company remains exclusively focused on creating great grocery-anchored shopping experiences and improving the communities it serves one center at a time. For more information, please visit phillipsedison.com.
About Samco Properties
Samco Properties was founded in 1982 and is a privately held commercial real estate company, which acquires and manages commercial real estate. The company specializes in the ownership, operation, acquisition and improvement of neighborhood and community shopping centers, office buildings, and single tenant commercial properties. Visit samcoproperties.com to learn more.