Benderson Development Buys 450,000-Square-Foot Power Center Ground Lease in Santa Fe, New Mexico

Santa Fe, N.M. — Benderson Development has acquired two tracts of land ground-leased to Plaza Santa Fe, a 450,000-square-foot power center in Santa Fe. Truzaf LP sold the asset for an undisclosed price. The leases commenced in two phases, one in 1998 with the region’s only Target store and a newly refurbished Albertsons Market Street, and the second in 2000 with the opening of TJ Maxx, Ross Dress for Less, Best Buy, Michaels and PetSmart. Located at the intersections of Cerrillos Road, Zafarano Drive and Rodeo Road, the retail center has more than 1,000 lineal feet of street frontage on Cerrillos Road and 3,000 square feet of footage on Zafarano Drive. Target, Best Buy, Albertsons, Ross Dress for Less, TJ Maxx, Michaels, PetSmart, Ulta Beauty, Total Wine & More, Panera Bread, Five Guys and Buffalo Wild Wings are tenants at the center. The tracts’ combined 1.2 million gross square feet of land includes 717 parking stalls. Bill Rose of Institutional Property Advisors and Matt Reeves of Marcus & Millichap represented the seller and procured the buyer in the transaction.