Highlights
•Two leases executed with corporate tenants •Shadow-anchored by Costco, Home Depot, and Sam’s Club •High-yield investment with a 7.85% capitalization rate •Attractive low-cost acquisition at $122 per square foot •Two-tenant NN leased property •Both tenants currently paying below-market rents •Strong trade area demographics, with over 235,000 people within a 15-minute drive •Located in Albuquerque, NM, the leading metropolitan statistical area in the state
Description
Pegasus Group is pleased to present for sale the fee simple interest (land and building) in a notable two-tenant investment opportunity in Albuquerque, NM. The Galleria @ Renaissance serves as a shadow-anchored shopping center to the major Regional Power Center, which is anchored by Home Depot, Costco, Sam’s Club, and Sportsman’s Warehouse. This high-yield investment offers a 7.85% initial return, with rents currently below market, providing potential upside over time. The property is valued well below replacement cost at $122 per square foot. ODP Corporation, the parent company of Office Depot/OfficeMax and headquartered in Boca Raton, Florida, is a leading provider of business services, office supplies, products, and digital workplace solutions to small, medium, and enterprise businesses. ODP operates through an integrated B2B distribution platform that includes supply chain and distribution operations, dedicated sales teams, technicians, an online presence, and approximately 980 stores. The company generates annual sales of around $8.5 billion and employs roughly 38,000 people in the U.S. Dollar Tree, Inc. is a Fortune 500 company headquartered in Chesapeake, Virginia, operating two major discount store brands: Dollar Tree and Family Dollar. With over 16,000 stores across the contiguous U.S. and Canada, the company is supported by a nationwide logistics network of 25 distribution centers. Dollar Tree has annual sales of approximately $28.3 billion and employs about 200,000 people in the U.S. The property benefits from strong trade area demographics, with a population of approximately 940,000 within the Albuquerque MSA. The Galleria @ Renaissance is prominently positioned in the heart of the Albuquerque Metro area, near the I-25 and Montaño freeway exit. As the state’s primary commercial hub, Albuquerque draws significant traffic from all directions, enhancing the center’s visibility and customer accessibility.
Listing Details
- Cap Rate
7.85%
- Tenancy
Multi
- Space Type
retail
- Sub Category
strip-centers
- Date Listed
11/19/2025
- Investment Type
Net Lease
- Net Operating Income
$382,876
Property Specifics
- Property Name
Galleria @ Renaissance
- Building Size
40,000 SF
- Lot Size
3.65 AC
- Zoning
MX-M
- Occupancy
100%