ALBUQUERQUE, N.M. – West Central Plaza Shopping Center, a 123,048-square-foot retail center in Albuquerque, has sold to Heslin Holdings for $12 million. The center is located at 4208 Central Ave. SW. The property was formerly home to Kmart, which vacated the space last year. It also includes a number of smaller retail tenants in an adjacent multi-tenant building. A restaurant occupies a third building.
Heslin will re-tenant the 104,000-square-foot facility vacated by Kmart. The company will likely re-configure the space to accommodate multiple tenants. The smaller buildings will also be upgraded and expanded.
The seller, West Central Plaza, was represented by CBRE’s Jeremy Nelson, Lia Armstrong and Jim Dountas. The CBRE retail team was retained by Heslin to assist in the center’s leasing and redevelopment efforts. The firm made a $12-million investment in the property, which includes the costs of acquisition, redevelopment and re-tenanting, as part of a value-add investment strategy.