Heslin Holdings, Inc. Acquires Retail Property in Albuquerque, NM for Planned Redevelopment
Firm to Invest $100 Million in Value-Add Commercial Properties in 2015
Laguna Hills, CA (December 2, 2014) – Heslin Holdings, Inc., a privately owned commercial real estate investment and development firm, today announced the acquisition of 1640 Rio Rancho Boulevard, a retail property located in Rio Rancho, a city within the major metropolitan region of Albuquerque, New Mexico. The firm will redevelop and re-tenant the property as part of a value-add investment strategy. Additionally, the firm has announced plans to invest up to $100 million in commercial properties in 2015.
“Our core strategy is investment in class B and C commercial properties with high upside potential,” said John Belanich, Principal and CFO of Heslin Holdings. “This property offers a superb value-add opportunity.”
The recent Heslin Holdings acquisition is a large portion of the Hilltop Plaza Shopping Center. The property was acquired for $4.4 million from Sutton Place Investments LLC. The acquisition is currently fully leased to Kmart and comprises an 86,479-square-foot single tenant retail space and 405 parking spaces. Heslin Holdings will both enhance and re-tenant the space, with either one or two large national retailers, following the expiration of Kmart’s lease in April 2015.
“Demand for leasable space at this property is strong among major credit tenants and was a key factor in this off-market acquisition,” said Casey McKeon, Vice President of Acquisitions for Heslin Holdings. “The superb fundamentals in this market support this demand and we are pursuing additional opportunities in this region.”
Rio Rancho is the third largest and fastest growing community in New Mexico and is home to major employers such as Intel Corporation, Hewlett Packard, Sprint, US Cotton, Rio Rancho Public Schools, Presbyterian Health Care Services and Medical Group, Alliance Data, and many others. The city holds 19 square feet of retail per capita, as compared to the national average of 40 feet per capita, indicating demand for available lease space.
Jeremy Nelson of CBRE represented Heslin Holdings in the Albuquerque transaction. “The Retail Investment team at CBRE proved to be extremely
knowledgeable about current market trends, activity and the property’s potential by providing us with all of the information we needed to make a confident decision to invest in New Mexico,” said McKeon. Jim Dountas and Lia Armstrong of CBRE represented the Seller.
“We continue to pursue commercial acquisitions in all sectors, with an emphasis on value-add retail, with a goal of investing up to $100 million in 2015,” said McKeon. “We look at value-add opportunities in Western U.S. growth regions where market fundamentals such as positive employment, housing and retail indicators support our value-add investment strategy.”
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