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OFFERING PRICE:
$5,898,000
PRICE PSF:
$20
OCCUPANCY:
41%
IN-LINE OCCUPANCY:
81%
ACRES:
33.33
LAND PSF:
$4
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INVESTMENT HIGHLIGHTS
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CBRE, Inc. is pleased to exclusively offer for sale North Plains Mall (North Plains). The ±300,624 SF regional mall anchors the Clovis, NM retail trade-area serving its 52,000 residents. Wholly owned, the ±33.3-acre project includes owned anchors JC Penney and North Plains Cinema (7-Screens), with complementary national tenants such as Rue 21, GNC, Maurices, Buckle, Zales, Red Lobster, Hibbett Sports, Taco Bell (NAP), and Bath & Body Works.
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High Performing, Central Location – North Plains Mall is part of a large ±33-acre site. Vibrant during weekends and prime shopping hours, the property is integral to the community and a major point of destination for the over 52,000 residents in Clovis’ trade area
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Deep Discount to Replacement Cost – In the anticipated pricing range at(approximately $20 PSF), North Plains Mall will trade at less than a tenth of the estimated replacement cost of $245 PSF
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Strong NOI Growth – Lease up of current vacant space, stabilization of license/temporary tenancy, low existing rents and embedded increases drive projected Net Operating Income approximately 140% over a 10-year hold
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Owned Anchors, Single-Level Project – Unlike many projects of similar type and vintage, North Plains Mall is wholly owned and a single-level asset on grade with complete landlord control. No vertical conveyance or second level space to lease! No adjacent anchor approvals required for property level improvements or redevelopment.
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Strategic New Mexico/Texas Border Location – North Plains is located approximately 111, 109 and 100 miles from Roswell, Amarillo and Lubbock, respectively. The property serves as the retail core of Clovis along with serving the nearby border towns of both New Mexico and Texas
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16,800 Military and Civilian Personnel – Nearby Cannon Air Force Base hosts 16,800 people within its base comprised of active duty (4,719), family members (5,481), civilian (620), and retirees (5,980); creating a boon for the North Plains Mall which benefits from the patronage of those who call Cannon AFB home |
CLICK HERE TO DOWNLOAD OFFERING MEMORANDUM
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FOR MORE
INFORMATION
PLEASE CONTACT:
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THIS IS A MARKETING COMMUNICATION
We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.
CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners, and the use of such logos does not imply any affiliation with or endorsement of CBRE.
All of CBRE's COVID-19 related materials have been developed with information from the World Health Organization, the Centers for Disease Control & Prevention (and similar global organizations), public health experts, industrial hygienists, and global subject matter experts across CBRE and our strategic suppliers. Our materials may not be suitable for application to all facilities or situations.
Ultimately, occupiers and landlords must make and implement their own reopening decisions for their individual stakeholders and facilities. CBRE's guidance is intended to help facilitate those discussions and expedite the implementation of those decisions once made by the client. We make no representations or warranties regarding the accuracy or completeness of these materials. CBRE cannot ensure safety and disclaims all liability arising from use of these materials.
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