Gallup, NM – August 12, 2024 – Faris Lee Investments is pleased to announce the successful $12,900,000 sale of Zecca Plaza, an Albertsons grocery-anchored neighborhood center located in Gallup, NM.
Don MacLellan, Managing Principal, and Chris DePierro, Managing Director at Faris Lee Investments represented the seller and the buyer in the transaction.

Zecca Plaza with 110,593 square feet of gross leasable space on 6.38 acres of land, was sold at $116 per square foot, significantly below replacement costs. The investment was characterized by low anchor rents, averaging under $10psf.

The offering included annual rent increases of 3% for the majority of the shop space combined with increasing current below market rents provided an investor with an exceptional 5.4% CAGR. Notable tenants such as Goodwill and O’Reilly Auto Parts, along with Aaron Rents’ recent expansion and lease extension, underscored the center’s strong market presence and income potential.
Zecca Plaza's strategic location as the only grocery anchored center serving the eastern portion of its trade area, coupled with its visibility and direct access to Historic Highway 66, further enhanced its attractiveness to buyers. The center serves a broad trade area with a population of 192,000 residents and benefits from Gallup’s role as a key hub in the “Four Corners” region, connecting New Mexico, Arizona, Utah, and Colorado, with several rail-served logistics and industrial parks contributing to regional economic growth.

The successful sale of Zecca Plaza demonstrates Faris Lee Investments' ability to transact in secondary markets during challenging market conditions, and attract significant offer activity from Buyers across the United States.

About Faris Lee Investments:

Faris Lee Investments is one of the leading retail investments firms in the US and is one of the original firms specializing in retail investment sales throughout the country. Faris Lee combines underwriting and market research that exceeds industry standards with a custom strategy to maximize values for their clients’ .The firm also serves as high level investment advisors in the areas of dispositions, acquisitions & recapitalizations as well as, distressed asset disposition, portfolio sales, and corporate sale-leaseback. For more information, visit www.farislee.com

Media Coverage: https://rebusinessonline.com/faris-lee-investments-brokers-12-9m-sale-of-zecca-plaza-retail-asset-in-gallup-new-mexico/

Faris Lee Brokers $12.9 Million Sale of Zecca Plaza in Gallup, New Mexico