Single-Tenant Industrial
Costco-Innovel
5921 Midway Park Blvd NE, Albuquerque, NM 87109
Listing Price: $4,800,000
Investment Overview
Marcus & Millichap is pleased to offer the fee-simple interest in a +/- 36,000, single tenant industrial building (the “Asset”) occupied by Costco-Innovel Properties (the “Tenant”) located in Albuquerque, New Mexico. Innovel Solutions, a logistics company, was acquired by Costco Wholesale Corp. (“Costco”) in 2020 and is a wholly owned subsidiary. Costco is the world’s third largest retailer in the world.
Costco holds the highest credit rating with S&P, with a rating of A+*. The Tenant recently signed a five-year lease extension, demonstrating their commitment to this Asset. The Tenant has occupied the property since 2014. The lease is a favorable lease structure, requiring minimal landlord obligations of roof, structure, parking lot and HVAC.
In 2020, Costco completed the acquisition of Innovel Solutions, a leading provider of third-party end-to-end solutions with nationwide capabilities. Costco had been a customer of Innovel Solutions since 2015 and purchased the company for $1 billion. Costco currently operates 786 warehouses, including 547 in the United States and Puerto Rico, 100 in Canada, 39 in Mexico, 29 in the United Kingdom among other countries across Europe and Asia.
Constructed in 1990 and sitting on 2.2-acres, the facility has an 18’ clear height warehouse with seven dock high doors in the back and three drive-in doors in the front for a cross access configuration, and single-story office, to accommodate the Tenant’s onsite workforce. The warehouse consists of 90% of the total building square footage. In June 2020, Costco did a significant rebuild of the inside layout upon acquisition of Innovel Solutions. While the Asset is currently being served by one tenant, due to its highly functional space, the Asset could be multi-tenanted in the future and was originally separated in three bays. Recent improvements to the Asset completed in July 2024 include resurfacing of the entire parking lot and driveways around the building.
The Asset is in a deep infill pocket within the Albuquerque MSA and strategically located less than one mile from Interstate 25, the main north/south arterial in the city. This Asset is located within close proximity to three Costco Warehouse retail locations, measuring 1.5 miles, 5 miles, and 7 miles in distance.
Costco-Innovel
Investment Highlights
- Desirable lease fundamentals with a recent 5-year extension and minimal landlord responsibilities
- High caliber tenant, Costco-Innovel Properties, which is a wholly owned subsidiary of Costco Wholesale Corporation, the world's third largest retailer
- High-quality +/- 36,000 SF warehouse/distribution space with seven (7) dock high doors, three (3) drive-in doors, and an 18' clear height
- Great access to Interstate 25, which is one mile from the Asset and is the main north/south arterial running through Albuquerque
Listing Price: $4,800,000
Investment Highlights
- Desirable lease fundamentals with a recent 5-year extension and minimal landlord responsibilities
- High caliber tenant, Costco-Innovel Properties, which is a wholly owned subsidiary of Costco Wholesale Corporation, the world's third largest retailer
- High-quality +/- 36,000 SF warehouse/distribution space with seven (7) dock high doors, three (3) drive-in doors, and an 18' clear height
- Great access to Interstate 25, which is one mile from the Asset and is the main north/south arterial running through Albuquerque
Investment Overview
Marcus & Millichap is pleased to offer the fee-simple interest in a +/- 36,000, single tenant industrial building (the “Asset”) occupied by Costco-Innovel Properties (the “Tenant”) located in Albuquerque, New Mexico. Innovel Solutions, a logistics company, was acquired by Costco Wholesale Corp. (“Costco”) in 2020 and is a wholly owned subsidiary. Costco is the world’s third largest retailer in the world. Costco holds the highest credit rating with S&P, with a rating of A+*. The Tenant recently signed a five-year lease extension, demonstrating their commitment to this Asset. The Tenant has occupied the property since 2014. The lease is a favorable lease structure, requiring minimal landlord obligations of roof, structure, parking lot and HVAC. In 2020, Costco completed the acquisition of Innovel Solutions, a leading provider of third-party end-to-end solutions with nationwide capabilities. Costco had been a customer of Innovel Solutions since 2015 and purchased the company for $1 billion. Costco currently operates 786 warehouses, including 547 in the United States and Puerto Rico, 100 in Canada, 39 in Mexico, 29 in the United Kingdom among other countries across Europe and Asia. Constructed in 1990 and sitting on 2.2-acres, the facility has an 18’ clear height warehouse with seven dock high doors in the back and three drive-in doors in the front for a cross access configuration, and single-story office, to accommodate the Tenant’s onsite workforce. The warehouse consists of 90% of the total building square footage. In June 2020, Costco did a significant rebuild of the inside layout upon acquisition of Innovel Solutions. While the Asset is currently being served by one tenant, due to its highly functional space, the Asset could be multi-tenanted in the future and was originally separated in three bays. Recent improvements to the Asset completed in July 2024 include resurfacing of the entire parking lot and driveways around the building. The Asset is in a deep infill pocket within the Albuquerque MSA and strategically located less than one mile from Interstate 25, the main north/south arterial in the city. This Asset is located within close proximity to three Costco Warehouse retail locations, measuring 1.5 miles, 5 miles, and 7 miles in distance.
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