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Single-Tenant Industrial

Amazon - Last Mile Facility

7300 Meridian Pl NW, Albuquerque, NM 87121

Listing Price: Request For Offer

Gross SF
45,000
Lot Size
8.34 acres
Year Built
2003
Rentable SF
45,000

Investment Overview

Marcus & Millichap is pleased to offer the opportunity to acquire a newly leased Amazon last mile distribution center at a rare, low rental rate and basis. Amazon is one the largest and most admired companies in the world. The Tenant benefits from an extremely strong investment credit rating of A3 from Moody’s and AA- from S&P. This Asset will serve as Amazon’s first last mile distribution facility in the Albuquerque metropolitan area. It is immediately off Interstate 40 and strategically located near their newly built 2.5 million SF distribution center. The last mile facility will service 1.2 million residents in the Albuquerque and Santa Fe MSA. Amazon is investing significant out-of-pocket capital to improve the Asset, including expanding and constructing a parking lot expansion to the project, rebuilding the entire interior, adding conveyor systems, adding covered canopies to van and box truck areas amongst other improvements. Built in 2003, this 45,000 square foot Asset was leased by Amazon in late 2020. To function as both a last mile facility and a hub to serve rural areas, ownership added two land parcels to accommodate Amazon’s parking needs. The total site is 8.3 acres which is a massive parcel for a 45,000 SF industrial building. The Asset will have over an 8/1,000 parking ratio ensuring its viability for the Tenant and providing a long-term value-add because the parking serves as a covered land play for additional industrial expansion in the future. The Asset is strategically located near the new, 2.5 million square foot, Amazon warehouse facility currently under construction just outside of Albuquerque. The 2.5 million SF project is scheduled to be completed in 2021 and is 5 miles and 2 exits away on Interstate 40. The tenant’s initial commitment to this location is for a five-year term with healthy annual increases and renewal options. Amazon rarely vacates existing buildings and their out-ofpocket financial investment in this site provides a safety measure for future renewals. It is challenging for Amazon, e-commerce fulfillment tenants, or other industrial users to secure in-fill industrial sites with expansive parking allocations providing long-term residual value. As a hedge, the improvements and investments made at this site by Amazon ensure the viability of this property as a last mile distribution hub for numerous tenants. Furthermore, the large 8.3 acre parcel size allows for multiple additional buildings should Amazon vacate essentially providing the land at a zero cost basis. Alternatively, the existing building with the parking could be converted to other uses such as a medical facility, education center, back office facility, et cetera. This Asset has direct access to Interstate 40 and is in short proximity to Coors Blvd (NM-45) strategically enabling Amazon to service the entire Albuquerque Metropolitan area within a short amount of time. This submarket is one of the most desirable industrial locations in Albuquerque and features exceptionally low vacancy rates. The Asset’s surrounding area has seen significant industrial demand and is experiencing high annual rent growth with low vacancy. Bunzl expanded out of the subject building into a brand new 80,000 SF industrial building down the street. Ben E. Keith Foods is also under construction on a 261,000 SF refrigerated warehouse campus down the street from the Amazon property. The Property will be conveyed free and clear of existing financing, allowing a new investor to capitalize on today’s historically low interest rate environment.

Investment Highlights

  • High Investment Grade Tenant with Essential Operations
  • Industry Leading eCommerce Company as Tenant
  • Amazon's Commitment to the site & Albuquerque
  • Long-Term Value Add
  • Asset is located in a highly desirable submarket
  • Albuquerque Continues to Experience Considerable Growth
  • Single Tenant Industrial Asset with Desirable Lease Fundamentals & Cash Flow

Exclusively Listed By

  • Peter Bauman

    Senior Vice President Investments

    (602) 687-6685

    Email Peter

    License(s): AZ: SA647389000, NV: S.0186153

    Phoenix

  • Tivon Moffitt

    Senior Vice President Investments

    (602) 687-6688

    Email Tivon

    License(s): AZ: BR639369000, NV: S.0186027, UT: 11178542-AB00

    Phoenix

Broker of Record

  • Matt Reeves

    Senior Associate

    License(s): NM: 19583

    New Mexico

Single-Tenant Industrial

Amazon - Last Mile Facility

Listing Price: Request For Offer

Gross SF
45,000
Lot Size
8.34 acres
Year Built
2003
Rentable SF
45,000

Investment Highlights

  • High Investment Grade Tenant with Essential Operations
  • Industry Leading eCommerce Company as Tenant
  • Amazon's Commitment to the site & Albuquerque
  • Long-Term Value Add
  • Asset is located in a highly desirable submarket
  • Albuquerque Continues to Experience Considerable Growth
  • Single Tenant Industrial Asset with Desirable Lease Fundamentals & Cash Flow

Investment Overview

Marcus & Millichap is pleased to offer the opportunity to acquire a newly leased Amazon last mile distribution center at a rare, low rental rate and basis. Amazon is one the largest and most admired companies in the world. The Tenant benefits from an extremely strong investment credit rating of A3 from Moody’s and AA- from S&P. This Asset will serve as Amazon’s first last mile distribution facility in the Albuquerque metropolitan area. It is immediately off Interstate 40 and strategically located near their newly built 2.5 million SF distribution center. The last mile facility will service 1.2 million residents in the Albuquerque and Santa Fe MSA. Amazon is investing significant out-of-pocket capital to improve the Asset, including expanding and constructing a parking lot expansion to the project, rebuilding the entire interior, adding conveyor systems, adding covered canopies to van and box truck areas amongst other improvements. Built in 2003, this 45,000 square foot Asset was leased by Amazon in late 2020. To function as both a last mile facility and a hub to serve rural areas, ownership added two land parcels to accommodate Amazon’s parking needs. The total site is 8.3 acres which is a massive parcel for a 45,000 SF industrial building. The Asset will have over an 8/1,000 parking ratio ensuring its viability for the Tenant and providing a long-term value-add because the parking serves as a covered land play for additional industrial expansion in the future. The Asset is strategically located near the new, 2.5 million square foot, Amazon warehouse facility currently under construction just outside of Albuquerque. The 2.5 million SF project is scheduled to be completed in 2021 and is 5 miles and 2 exits away on Interstate 40. The tenant’s initial commitment to this location is for a five-year term with healthy annual increases and renewal options. Amazon rarely vacates existing buildings and their out-ofpocket financial investment in this site provides a safety measure for future renewals. It is challenging for Amazon, e-commerce fulfillment tenants, or other industrial users to secure in-fill industrial sites with expansive parking allocations providing long-term residual value. As a hedge, the improvements and investments made at this site by Amazon ensure the viability of this property as a last mile distribution hub for numerous tenants. Furthermore, the large 8.3 acre parcel size allows for multiple additional buildings should Amazon vacate essentially providing the land at a zero cost basis. Alternatively, the existing building with the parking could be converted to other uses such as a medical facility, education center, back office facility, et cetera. This Asset has direct access to Interstate 40 and is in short proximity to Coors Blvd (NM-45) strategically enabling Amazon to service the entire Albuquerque Metropolitan area within a short amount of time. This submarket is one of the most desirable industrial locations in Albuquerque and features exceptionally low vacancy rates. The Asset’s surrounding area has seen significant industrial demand and is experiencing high annual rent growth with low vacancy. Bunzl expanded out of the subject building into a brand new 80,000 SF industrial building down the street. Ben E. Keith Foods is also under construction on a 261,000 SF refrigerated warehouse campus down the street from the Amazon property. The Property will be conveyed free and clear of existing financing, allowing a new investor to capitalize on today’s historically low interest rate environment.

Exclusively Listed By

  • Peter Bauman

    Senior Vice President Investments

    (602) 687-6685

    Email Peter

    License(s): AZ: SA647389000, NV: S.0186153

    Phoenix

  • Tivon Moffitt

    Senior Vice President Investments

    (602) 687-6688

    Email Tivon

    License(s): AZ: BR639369000, NV: S.0186027, UT: 11178542-AB00

    Phoenix

Broker of Record

  • Matt Reeves

    Senior Associate

    License(s): NM: 19583

    New Mexico

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