Heslin Holdings Acquires Kmart Retail Space for $4.4M
- Dec 11, 2014
California-based Heslin Holdings, an investment and development firm, recently announced the purchase of a large piece of Rio Rancho’s Hilltop Plaza Shopping Center. The acquisition represents the retail space currently leased to Kmart, which nears the end of its lease agreement.
Heslin paid $4.4 million for the 86,479 square feet in the retail center located at 1640 Rio Rancho Drive SE, reports Albuquerque Journal. CBRE’s senior associate, Jeremy Nelson, and a small retail investment team, represented the seller, Sutton Place Investments LLC, in the transaction. The deal has been about 100 days in the making, said Nelson.
“More times than not, you’ll see new development in a path of growth, trying an existing piece of property already surrounded by a lot of homes and additional shopping,” added Nelson. “It’s much more appealing to other tenants, so this was a great opportunity to get a larger box in a dense part of Rio Rancho/northwest Albuquerque.”
Renovations are planned for the newly acquired space. However, the extent of the upgrade depends on the future tenants. The goal is to open the space for shoppers by the end of 2015.