Cushman & Wakefield and CBRE are pleased to offer for sale the ±68,800 sq. ft. Quality Custom Distribution Building on a ±5.27 acres site in Albuquerque, New Mexico. ±29,300 sq. ft. (43%) of the building is temperature-controlled. The building is fully leased to Quality Custom Distribution, Inc. (“QCD”) with a remaining term of 7 years and 6 months years (expiring July 31, 2031). The lease has 1.50% annual rent increases with the next increase occurring August 1, 2024.
The lease is absolute NNN.
QCD’s primary customers are Starbucks and Chick-fil-A. QCD will use the facility for its storage and distribution of coffee, food, and beverages to Starbucks stores in the Albuquerque metro area.
QCD is a large subsidiary of Golden State Foods Corporation (“GSF”), which is the 101st largest privately held company in the U.S. with 2022 Revenues estimated by Forbes to be $5.1 Billion. GSF is one of McDonald’s largest suppliers of protein and liquid products. Representative customers of GSF include the following companies.
Albuquerque is the largest city in an immense area bounded by Denver, Oklahoma City, Fort Worth, El Paso and Phoenix. Albuquerque has a city population of approximately 562,000. The surrounding metro area has a population of approximately 923,000. Albuquerque is the commercial, industrial and cultural center of New Mexico State. The primary economic drivers for the metro area economy are the Intel Semiconductor Manufacturing Plant, Sandia National Laboratories, Kirtland Air Force Base, and the University of New Mexico.
