Santa Fe’s Popular Marketplace, Part of the Larger Popular Santa Fe Rail Yard, is Up for Sale

One of the most prominent commercial retail spaces in New Mexico is up for sale for $17.5 million.

The Market Station is part of the larger 50-acre Santa Fe Railyard that includes art gallery and performance art space, along with the northern terminus of the New Mexico Rail Runner Express line.

Owned by the Santa Fe-based 500 Market LLC, the Market Station has housed Bosque Brewing, ice cream shop La Lecheria, the Opuntia Cafe, and the specialty outdoor apparel and gear store REI, among other tenants.

Sources say that 500 Market, which purchased a majority portion of the building in the summer of 2019, has always intended to be a short-term owner of the Market Station. In the last two years 500 Market has upgraded the property, while also bringing in new tenants.

To date, the company improved the Market Station’s occupancy from around 60% to nearly 100%.

Listed by NAI Sun Vista, which has offices in Albuquerque and Santa Fe, the Market Station with nearly 60,000 square feet of space, has a ground lease with the City of Santa Fe until the year 2057.

Reflecting its increased value as a property, the Market Station in 2017 was listed for sale for $11.5 million.

The Market Station was built in 2008 and weathered its first challenging Great Recession years to become a retail mainstay.

The larger railyard was opened with a train station in 1880, eventually serving as a popular farmer’s marketplace. Work redeveloping the property for its commercial, retail, and public space potential launched some 15 years ago.

By Garry Boulard

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