HOBBS PAVILION

1901 W Joe Harvey, Hobbs, NM 88250
$3,090,176

Cap Rate
6.75%
Occupancy
100%
Leasable Area
5,249 SF
NOI
$208,586
Property Type
Shopping Centers

INVESTMENT HIGHLIGHTS:

  • Top 7% Walmart – Walmart Supercenter sits directly across the street and currently ranks in the 93rd percentile, leaving only 7% of the stores generating more foot traffic nationwide.
  • Favorable Rental Increases – All 3 tenants have rental increases of either 10% every 5 years or 2.5% annually.
  • Recent Construction – Subject property was constructed less than 10 years ago in 2015.
  • Massive Growth Market – Since 2010, the population within 1 to 3 miles has jumped from 14.2% to 20.5%, and more growth is expected ahead. The population should see another 4.5% to 5.3% boost in the next five years. Plus, with residents around this area earning between $88,000 and $112,000, the disposable income circulating in the market is growing as well.
  • Championship Golf Course – Hobbs boasts the Rockwind Community Links, featuring a championship 18-hole course, a 9-hole par-3 course, and an abundance of practice areas. Recently, it served as the proud host for the 2022 New Mexico Open, organized by the Sun Country PGA.
  • National Tenant Mix – This property houses R. Greenleaf, a leading cannabis retailer in New Mexico whose lease is guaranteed by Schwazze, a publicly traded company with $141.3M in annual revenue. It also houses long-standing tenants like AT&T and Wingstop, both of which have occupied their spaces since the building was first completed.
  • Main Retail Hub – Joe Harvey Blvd, stretching between Highway 18 and N Grimes St, is home to the majority of the national retailers in the city. This includes big names like Walmart, The Home Depot, and Lowe’s, as well as smaller stores such as Walgreens, Cotton Patch Cafe, Aspen Dental, Taco Bell, McDonald’s, Starbucks, and many others.
  • Largest AT&T Retailer – The tenant, Spring Communications Inc., reportedly operated 1,248 locations before its acquisition by Prime Communications LP in 2019. Post-acquisition, Prime Communications boasts approximately 2,000 AT&T retail outlets across the country.

Broker of Record

  • Kyle Matthews
  • License No. 19601 (NM)
  • (866) 889-0550
  • Matthews Real Estate Investment Services
  • 1600 West End Ave,
    Suite 1500 Nashville, TN 37203