BUSINESS
Longtime Albuquerque staple Casa de Benavidez up for sale
The Benavidez family plans to move on from the restaurant after more than 50 years in business
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A piece of Albuquerque food history and its authentic New Mexican recipes 鈥� developed by the same family for decades 鈥� are up for grabs.
Casa de Benavidez 鈥� the restaurant, the name and its North Valley real estate, situated at 8032 Fourth NW 鈥� is on the market for nearly $2.8 million, according to a Commercial Association of Realtors New Mexico . Berkshire Hathaway HomeServices New Mexico Properties CEO Jim Pitts and Associate Broker Marissa Garcia listed the restaurant earlier this month.
It鈥檚 the restaurant鈥檚 second time on the market. It previously listed for $3 million last year; Pitts and Garcia took it off the market just a week before relisting at the reduced price.
The listing describes the property鈥檚 availability as 鈥渁 momentous opportunity to be a part of a historic New Mexican restaurant that boasts a proven track record of success, quality and rich history.鈥�
The restaurant and property are owned by the Benavidez family, who the business more than 50 years ago. The family declined to comment, but Garcia said they are looking to retire.
鈥淭hey put a lot of love into this business, and they鈥檙e ready for somebody else to take it on now and carry on the legacy and the name,鈥� Garcia said.
Casa de Benavidez started as a humble carry-out operation with only three tables inside a 1,200-square-foot Adobe structure built in 1958. Within the first decade of opening, the family expanded the restaurant to the 8,591-square-foot space it is now.
The restaurant has established itself as a local staple for authentic New Mexican cuisine, serving up popular favorites such as sopapilla burgers, enchiladas, tacos and margaritas.
The ideal buyer, Pitts said, is a local who has experience running a New Mexican restaurant. Garcia said someone who understands the restaurant鈥檚 history would also be a good fit.
The owners are open to selling both the property and business to someone who wants to continue Casa de Benavidez, but are also willing to sell only the building to someone who wants to create their own restaurant, Garcia said.
鈥�(It鈥檚) a fabulous building, great location and a turnkey situation where they (can) just open up the next day with everything in place,鈥� Pitts said.
The listing shows that the historic property features spacious dining and serving areas for small and large parties, 30 parking spaces, two kitchens and two large walk-in freezers. The restaurant sits on more than 2 acres, offering serene patios with koi ponds, gardens and the lush trees and foliage synonymous with the North Valley.
The $2.8 million price tag factors in the restaurant鈥檚 longevity, history, established liquor license, acreage, profitability and location, Pitts said.
鈥淪omething that is packaged together like this comes up very rarely,鈥� Pitts said. 鈥淗istoric building; historic name; long time, New Mexican restaurant; very recognizable; and in the North Valley on prime land. It doesn't happen all the time.鈥�
The brokers have not received any written offers yet, but the online listing has received views from people across the nation, Pitts said. Several business owners have also called to inquire, Garcia added.
Commercial transactions often take longer to finalize than residential ones, meaning it could take roughly 12 months or so before Casa de Benavidez sells, Pitts said. The owners plan to keep the restaurant open with business occurring as usual throughout the listing and selling process, Pitts added.
Helping the family move on to their next chapter is a meaningful role for the two listing brokers, who both have eaten many meals at the restaurant.
鈥淭hat was my mom's favorite restaurant growing up, so I actually have eaten there as a little girl, from 10 years old to in my teens and now in my 30s,鈥� Garcia said, adding she vividly remembers dining at the outdoor patio and watching the koi fish swim as she listened to the pond waterfall after church on Sundays.
鈥淚t鈥檚 a super comfortable feeling when you're eating there,鈥� she added. 鈥淓verybody is super friendly. The staff is great, and it just feels like you've known them for a very long time.鈥�
Kylie Garcia covers retail and real estate for the Journal. You can reach her at kgarcia@abqjournal.com.
