SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Joe’s Pasta House investment property located in Rio Rancho, NM (Albuquerque MSA) . The tenant, Joe’s Pasta House, recently signed a brand new 5-year lease extension through May 2024 with a 1 (5-year) option to extend, demonstrating their continued commitment to the site. The restaurant has been open and operating at this location since 1998, a testament to the strength and demand in the area. The property is a low-management, NNN leased investment opportunity for a passive investor with landlord responsible for roof and structure.

Joe’s Pasta House is located directly along and fronting Southern Boulevard SE with clear visibility and access to 21,900 cars passing by each day. The asset is strategically located as a pad to Country Club Center, a 57,600 SF shopping center anchored by Elevate Trampoline Park, Dollar General, and Planet Fitness (NAP) increasing exposure for the restaurant. Southern Boulevard SE is a primary east/west retail thoroughfare serving the city of Rio Rancho, with nearby national/credit tenants such as a 24-hour Walmart Supercenter, Rio Rancho Premiere 14, Goodwill, Dollar Tree, CVS, Walgreens, and more, increasing consumer traffic to the area. The property is also just 2-miles from Intel’s Fab 11X fabrication facility, one of the largest semiconductor facilities in the world, featuring over 1 million SF and 400,000 SF of clean room space where chips are made. Intel invested $135 million in its facility in 2018 and has grown 53% over the prior year. Joe’s Pasta House further benefits from adjacent apartment/residential communities such as Entrada Point Apartments (209 units), The Greens Condominium Complex, Fairways Condominiums, and Club Rio Rancho, a 62-acre former country club with proposed development of 270 new homes and a renovated golf course, providing the site with a direct residential consumer base from which to draw from. The 5-mile trade area is supported by a population of over 144,700 residents with an average household income of $80,000. Rio Rancho is the 3rd largest city in New Mexico, the fastest growing community in the state, and one of the fastest growing in the southwest.