Albuquerque Business First
By Damon Scott / Reporter
PUBLISHED: Dec 2, 2014, 10:56am MST
The CBRE New Mexico retail and investment team strikes again.
Laguna Hills, California-based Heslin Holdings has purchased a large piece of Rio Rancho’s Hilltop Plaza Shopping Center for $4.4 million. CBRE’s Jeremy D. Nelson, who represented Heslin, said there are plans to redevelop it and bring in new tenants. CBRE’s Jim Dountas and Lia Armstrong represented the seller — Sutton Place Investments LLC.
For Heslin, the purchase is a starting point in its Albuquerque-area retail market retail plans. The company said it plans to invest up to $100 million in additional commercial properties and says Albuquerque is a top market in its view for 2015.
Hilltop Plaza, located at 1640 Rio Rancho Drive SE, is now leased to Kmart and consists of about 87,000-square-feet and 405 parking spaces. However, Kmart’s lease expires in April 2015, when it has said it will close. The CBRE team has other former Kmart spaces in work for potential deals. They include the 109,000-square-foot space in the South Valley’s West Central Plaza Shopping Center and an already converted former Kmart at the Sierra Vista Shopping Center on the southwest corner of Eubank and Montgomery boulevards, which now boasts a Stein Mart and Hobby Lobby. Nelson says that although Kmart is closing a number of locations nationally, the real estate opportunities left behind are valuable.
In Rio Rancho, many in the retail sector say there is continued opportunity. The city has just 19 square feet of retail per capita, compared to the national average of 40 square feet.
Heslin, a commercial real estate and development firm, was founded in 2003. The company and its affiliates oversee a real estate portfolio of 1.5 million square feet of investment properties.
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