Faris Lee Investments has successfully completed the $16.7 million sale of Zecca Plaza, a 110,660-square-foot grocery-anchored shopping center located in Gallup, New Mexico. The property offers a stable income stream with long-term leases in place for key anchor tenants and is positioned as a high-performing, daily-needs neighborhood center. Notably, it benefits from high foot traffic and was sold at a value below replacement cost.
The seller, Rhino Investments, was represented by the Faris Lee Investments team including Don MacLellan, Jeff Conover, Scott DeYoung, and Chris DePierro. Odeh Investments acquired the asset in what was a competitive process driven by a strategic marketing campaign. Key investment highlights emphasized the center’s strong regional draw, proximity to Interstate 40, and its attractive pricing relative to comparable retail centers.
This transaction is part of a broader trend for Faris Lee in the region, marking the firm’s eighth retail asset sale in New Mexico over the past 24 months, with total transaction volume exceeding $60 million.
