The Project: Heslin Holdings purchased the 123k s.f. former Kmart shopping center for $7,250,000 or $59/s.f. The property was 90% vacant with mostly Mom and Pop tenants occupying the leased suites.
Challenges: Owned by the widow of the original gentleman that developed the center, over time the property suffered from extreme deferred maintenance and massive vacancy. Many developers pursued a purchase of the shopping center which created a bidding war.
Results: Given their proven track record in Albuquerque and leveraging a relationship with the owner, Heslin Holdings was able to purchase the property for a significant discount to market value. Heslin Holdings was able to demise and fully lease the former 100k s.f. Kmart building to Burlington and Conn’s Home Plus who were open and paying rent in less than 11 months. Heslin Holdings was also able to restructure the parking lot to allow for an additional 17k s.f. junior anchor box, along with a re-developed pad building on the corner. The property will be completed in Fall 2017.