Heslin Holdings Appears in Recent News Regarding West Central Plaza in Albuquerque, New Mexico

Located in the heart of the SW Quadrant of Albuquerque, West Central Plaza is a 123,059 SF multi-tenant shopping center. At closing, the center was comprised of a vacant Kmart and several smaller shops and eateries.

West Central Plaza presented multiple value-add opportunities. Due to Albuquerque’s restrictions on constructing new retail spaces over 80,000 SF, West Central Plaza offered a unique opportunity to attract large national credit tenants while satisfying the strong, unmet demand for retail services in that undeserved area of the city.

Present Day: Heslin Holdings demised the former Kmart into two spaces, now occupied by Burlington and Conn’s Home Plus. The previous shop space on the Southwest part of the center has since been converted into Harbor Freight Tools. Heslin constructed an add-on next to the Burlington space, which Dollar Tree now fills. Lastly, the development team constructed a multi-tenant drive-thru pad on the corner which includes Panda Express and T-Mobile. To see the rest of the dramatic transformation, scroll to the gallery below.

Heslin Holdings has appeared in recent news! For further insight click on the articles below:
Albuquerque Journal: Renovations Give West Central Plaza New Life
Albuquerque Business First: California Firm Completes ABQ Shopping Center Renovation
Commercial Property Executive: Heslin Holdings Completes Retail Construction, Renovation
Connect Commercial Real Estate: Heslin Finalizes Albuquerque Retail Redevelopment
Rebusiness Online: Heslin Holdings Completes Redevelopment of West Central Plaza in Albuquerque
Retail Dive: Heslin Holdings Completes Construction and Renovation of West Central Plaza in Albuquerque, New Mexico
Shopping Center Business: Heslin Holdings Completes Redevelopment of West Central Plaza in Albuquerque

Heslin Holdings Announces Completion of Construction on West Central Plaza in NM

Laguna Hills, CA (May 14, 2019) – Heslin Holdings, Inc. a privately owned commercial real estate investment and development firm, announces the completion of construction on West Central Plaza, a 150,000-square-foot retail center in Albuquerque, New Mexico.

When Heslin Holdings first approached the site in 2015, the center consisted of a vacant 100,000-square-foot K-mart, a distressed pad, some mom-and-pop shop tenants, and an abandoned parking lot.

Free-Standing KMart “Before”

“When we looked around at the Albuquerque market, the statistics showed that Albuquerque in general was under retailed with 9-square-feet of retail per person as opposed to the 13-square-feet of retail per person nationally. This was especially true in the Southwest portion of the market where West Central Plaza is located,” said Casey Mckeon, Vice President of Acquisitions for Heslin Holdings.

Before West Central Plaza’s redevelopment, the only major retail that existed in the Southwest market was the shopping center across the street. The Southwest market was significantly under retailed due, in part, to the City of Albuquerque’s restriction on the construction of new retail spaces over 80,0000-square-feet.

Understanding the lack of retail and the prohibition on buildings over 80,000 square-feet, Heslin Holdings recognized the potential demand of big box retailers for an existing building of this size.

In April of 2015, Heslin Holdings acquired the center with plans to invest millions for the redevelopment of the property. Beginning with the former free-standing K-Mart, Heslin Holdings demised the building into two anchor spaces, now occupied by Burlington and Conn’s Home Plus. From there, the team built out an additional 17,000 square-feet of floor space adjacent to Burlington, with Dollar Tree occupying a significant portion. The former shop tenant building in the southwest part of the center was converted into a single tenant building for Harbor Freight Tools.

After: Burlington

The team also constructed a multi-tenant drive-thru pad on the prominent corner of Atrisco and Central, which includes Panda Express and T-Mobile. Heslin Holdings worked diligently to redevelop and re-tenant the center completing their rapid redevelopment in early 2019.

Looking back at the project, McKeon remarked, “We took a once blighted, vacant shopping center and redeveloped the property to include over 150,000-square-feet of new retail tenants that provide significant sales tax dollars and numerous jobs to the local community. The diverse tenant lineup includes national credit tenants such as: Burlington, Conn’s Home Plus, Harbor Freight Tools, Dollar Tree, Panda Express, T-Mobile and Dunkin Donuts which combined create a first class shopping experience with something for every customer from food, hardware, grocery, soft goods and daily needs. We filled the unmet demand in the Southwest market of Albuquerque and are extremely proud of the finished product.”

To see more photos, view the full press release here.

Heslin Holdings Announces Commencement of Construction on Planet Fitness in Tigard, Oregon

Laguna Hills, CA (May 16, 2019) – Heslin Holdings, Inc. a privately owned commercial real estate investment and development firm, announced the commencement of construction of a new Planet Fitness in Tigard, Oregon.

The company first acquired this 50,000-square-foot box, formerly occupied by Haggen Grocery Store, in April of 2016 and is in the process of redeveloping it into two 25,000-square-foot spaces. Planet Fitness is scheduled to open later this year.

When Heslin Holdings first approached the former grocery box in Tigard Towne Square, the team recognized the undeniable value-add potential that this anchor space provided due to its desirable location and surrounding credit tenants such as Starbucks, Marshalls, Dollar Tree, and Rite Aid, to name a few. The team knew that a future fitness tenant in this space would not merely perform well, but flourish.

With construction underway on the 50,000-square-foot redevelopment, Heslin Holdings eagerly anticipates the grand opening of Planet Fitness to bring Tigard, OR access to an affordable, yet top-notch fitness experience.