Overview
Institutional Property Advisors (IPA), a division of Marcus and Millichap, is pleased to offer the opportunity to acquire a trophy quality ±45,000 SF single tenant last mile distribution center with surplus parking on ±8.34 acres, located at 7300 Meridian Place NW & 7201 Bluewater Rd NW Albuquerque, NM 87121 (“Asset” or “Property”). The Asset is 100% leased to Amazon.com Services, LLC, (“Tenant” or “Amazon”). with a corporate guarantee from Amazon.com, Inc. While the Tenant recently renewed their lease, the Asset’s strong fundamental qualities offer considerable value to future owners, as the underlying real estate maintains substantial intrinsic worth regardless of the current tenancy.
Investment Highlights
EXTREMELY STRONG INVESTMENT GRADE TENANT
- 100% leased to Amazon.com Services, LLC, with a corporate guarantee from Amazon.com, Inc.
- Amazon carries investment grade credit ratings of AA- from Fitch, AA from S&P, and A1 from Moody’s’
- Amazon is the world’s largest online retailer and marketplace as well as the world’s largest cloud computing service
IMPORTANT LAST MILE HUB FOR AMAZON
- Serves as Amazon’s first last-mile distribution center in the Albuquerque and Santa Fe MSA, supporting over 1.2 million residents
- Strategically positioned off Interstate 40, just six (6) miles from Amazon’s 3.0 million SF of fufilllment centers, creating seamless connectivity across their network and in proximity to Amazon’s 1.0 million SF facility just south of Albuquerque in Los Lunas
- Ownership enhanced the site by adding two land parcels to meet Amazon’s extensive parking and fleet requirements
EXCPETIONAL LEASE FUNDAMENTALS
- 100% leased to an investment grade tenant
- Tenant recently utilized its first renewal option extending the lease expiration to March 2031
INCREDIBLE UNDERLYING LAND FUNDAMENTALS
- The Asset is situated on ±8.34 acres in a prime infill location, strengthened by Amazon’s significant investment in site improvements that have created a highly functional last-mile distribution facility
- Ability to develop one (1) or two (2) additional buildings totaling approximately 90,000 SF or positioning for IOS use without the development capital outlay
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