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.