An intriguing $9.4 million commercial real estate package deal is on the market at the intersection of Old Santa Fe Trail and Paseo de Peralta.
The Dos Caminos Plaza retail center with Kaune’s Neighborhood Market, Plaza Bonita across the street and the neighboring food truck lot are being marketed as an “exceptional development opportunity.”
They add up to 2.1 acres and are all owned by Sonny Otero, who has held the properties on both sides of Old Santa Fe Trail for about 10 years.
“The seller is just retiring and selling real estate,” said Sotheby’s International Realty agent Darlene Streit, the top-volume broker in Santa Fe County since 2010.
The three lots — listed as 511 Old Santa Fe Trail, 518 Old Santa Fe Trail and 0 Santa Fe Trail — were listed Oct. 14 with Streit.
All three can be bought as one purchase, or a buyer can just purchase Plaza Bonita and the food truck lot. But Dos Caminos with Kaune’s will not be sold without the other two lots, Streit said.
Streit has two listings, one with all three properties and one with just Plaza Bonita and the food truck lot.
“There is nothing like it,” Streit said about the properties across from the state Capitol. “The location is fabulous.”
The land is worth about three times more than the buildings — Dos Caminos was built in 1950 and Plaza Bonita in 1969 — with the vacant lot hosting the food trucks accounting for $1.4 million in the asking price, Streit said.
The Santa Fe County Assessor lists the 2018 market value of Dos Caminos Plaza, Plaza Bonita and the food truck lot at $5.4 million. The vacant lot is valued at $1.12 million.
“There is one group that might be somewhat more interested [in purchasing the properties],” Streit said. “There are parties interested in building on the vacant lot and keeping the rentals. It’s possible to build on the entire site. I would expect anyone to want the tenants to stay.”
Streit said some years ago, the property was approved for an office building with underground garage.
The primary development potential is the nearly half-acre food truck lot at the corner of Paseo de Peralta and Old Santa Fe, across from the Capitol.
The owners of Kaune’s and Nambe Drugs don’t believe they are in jeopardy.
“We’re with anybody else waiting to see what happens,” said Cheryl Pick Sommer, who has owned Kaune’s since 2003. “We’re not expecting to close anything. We expect to be here.”
Kaune’s has been at the same location since Dos Caminos Plaza was built in 1950.
“When Sonny first came in, he indicated it probably would remain the same,” Nambe Drugs owner Tom Lovett said. “People who buy retail properties want long-term tenants. I have six more years on my lease.”
Lovett bought Fraser Pharmacy at Dos Caminos in 2005 but lost the lease in 2006. In 2010, he bought Nambe Drugs in Pojoaque with his wife, Frances, and moved it to Dos Caminos in November 2015.
“I’m not going to worry about it,” Lovett said.