| The Property
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The lease was extended and the building was remodeled (including new roof) in the summer of 2010. The lease extension and property improvements demonstrate the tenant's long term commitment to the property. The property is located in the Northeast Heights submarket, one of the strongest submarkets in Albuquerque with regard to demand and available space. The property is situated just south of the intersection at San Mateo and Montgomery Blvd., which boasts traffic counts of 90,000 cars per day. A variety of mixed uses surround the property and are tightly positioned along San Mateo, including a Ross & Burlington Coat Factory-anchored center, San Mateo Corporate Center (a B-class office building), Autozone, and a number of c-stores and restaurants. The main strip along San Mateo is infill with high barriers to entry. |
Property
Description |
Rentable Area: |
8,838 (sf) |
Land Area: |
41,700 (sf) |
No. of Parking Spaces: |
57 (3 handicapped) |
Frontage: |
102' on Homestead NE |
Lease
Terms |
Lease: |
La Petite |
Expiration Date: |
6/30/2017 |
Tenant Responsibilities: |
Absolute NNN |
Landlord Responsibilities: |
None |
Percentage Rent: |
N/A |
Real Estate Taxes: |
$12,688 FY 2009 |
Base Rent: |
$136,380 |
Escalations: |
Annual 1.25% min/CPI |
| Options: |
2, 5-year Options |
Demographics (2009) |
| |
3 Miles |
5 Miles |
| Population: |
109,086 |
307,978 |
| Households: |
50,954 |
136,727 |
| Avg. H. H. Inc: |
59,450 |
61,427 |
About Albuquerque, New Mexico |
The Albuquerque metro area accounts for nearly half of all the economic activity in New Mexico. Fueled by 860,000 citizens living in the Albuquerque Metro, the area's high-tech economy is one of the brightest in the United States.
Major manufacturing companies such as Intel, SCHOTT Solar, General Mills, and Tempur-Pedic all call Albuquerque home, as well as a host of financial, insurance, and healthcare offices. The area is well endowed with large public institutions such as the University of New Mexico, Sandia National Laboratories, and the area's largest employer, Kirtland Air Force Base. |
About
La Petite |
Learning Care Group, Inc. provides early education and care services to children between the ages of six weeks and 13 years under its umbrella of brands: The Children’s Courtyard, Childtime Learning Centers, La Petite Academy, Montessori Unlimited and Tutor Time Child Care / Learning Centers. Today, the company is the second largest for-profit child care provider in North America. Learning Care Group operates 1,061 schools (corporate and franchise) across 36 states, the District of Columbia and internationally. |
Building & Site Analysis |
Freestanding, single-story building consisting of a wood frame with stucco exterior walls and a flat, built-up roof that is currently being operated as a childcare center. The 6,600 SF main portion of the building was constructed in 1989. An addition was completed in 1993 adding approximately 2,238 SF.The property has one point of access off of Homestead, as well as one point of access off of the alley (to the east of the building). Homestead is easily accessible from San Mateo when heading either northbound or southbound.
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