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New Mexico

Chick-fil-A
Faris Lee InvestmentsGeorgiaInvestment salesLouisianaNew MexicoNews

Faris Lee Arranges $13.9 Million Sale of Four Chick-fil-A Properties Across Southeast, New Mexico

by Julia Sanders

Albuquerque, NM., Conyers, Ga., and Mandeville and Marrero, La. — Faris Lee Investments has arranged the $13.9 million sale of four properties ground leased to Chick-Fil-A. Jeff Conover and Scott DeYoung of Faris Lee Investments represented the sellers, local developers from both the Southeast and Southwest regions of the United States. Faris Lee also procured the 1031 exchange buyers, who were based out of the West Coast, Southwest and Northeast regions. The properties are occupied under an average 15-year lease term and are located in Albuquerque, New Mexico; Conyers, Georgia; …

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Plaza Sante Fe
Investment salesNew MexicoNews

Benderson Development Buys 450,000-Square-Foot Power Center Ground Lease in Santa Fe, New Mexico

by Julia Sanders

Santa Fe, N.M. — Benderson Development has acquired two tracts of land ground-leased to Plaza Santa Fe, a 450,000-square-foot power center in Santa Fe. Truzaf LP sold the asset for an undisclosed price. The leases commenced in two phases, one in 1998 with the region’s only Target store and a newly refurbished Albertsons Market Street, and the second in 2000 with the opening of TJ Maxx, Ross Dress for Less, Best Buy, Michaels and PetSmart. Located at the intersections of Cerrillos Road, Zafarano Drive and Rodeo Road, the retail center …

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The Shoppes at Alameda
Investment salesNew MexicoNews

Quantum Real Estate Negotiates $6.6 Million Sale of Multi-Tenant Shopping Center in Albuquerque

by Julia Sanders

Albuquerque, N.M. — Quantum Real Estate Advisors has arranged the sale of The Shoppes at Alameda, a retail property located at 3410 Highway 528 in Albuquerque. A Florida-based private real estate investor acquired the asset from a California-based private real estate investment firm for $6.6 million. At the time of sale, the property was 100 percent occupied. Current tenants include Jason’s Deli, Starbucks Coffee, The Joint, Baskin Robbins, uBreakiFix, Minerva Canna and other local retailers. Chad Firsel and Jason Lenhoff of Quantum represented the seller in the transaction.

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DevelopmentNew MexicoNews

Connell Underway on $400 Million Mixed-Use Redevelopment in Berkeley Heights, New Jersey

by Katie Sloan

Berkeley Heights, N.J. — New Jersey-based developer The Connell Company is underway on The Park, a $400 million mixed-use redevelopment project in the Northern New Jersey community of Berkeley Heights. The development spans 185 acres and will feature office, hospitality, residential and retail uses, as well as a network of jogging and nature trails, upon completion in 2023. Connell is set to begin construction this year of The District, a phase that will include some 300 apartments, as well as retail and entertainment space. The previous phase featured office space that …

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Investment salesNew MexicoNewsRetailers

Phillips Edison Sells 74,393-Square-Foot Juan Tabo Plaza in Albuquerque

by Alex Tostado

Albuquerque, N.M. — Phillips Edison & Co. has completed the sale of Juan Tabo Plaza, an institutional-quality shopping center located at 11000 Montgomery Road NE in Albuquerque. Samco Properties purchased the asset for an undisclosed price free and clear of existing debt. Anchored by Walmart Neighborhood Market, Juan Tabo Plaza features 74,393 square feet of institutional-quality retail space in a mix of grocery, hair salon, restaurants, tax preparation and health tenants. The property has been institutionally owned and maintained since the seller acquired the asset in 2014. Chris Gerard, Ryan …

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DevelopmentNew MexicoNewsRetailers

Heslin Holdings Completes Redevelopment of West Central Plaza in Albuquerque

by Alex Tostado

Albuquerque, N.M. — Heslin Holdings has completed the redevelopment of West Central Plaza, a retail center located at 4208 Central Ave. SW in Albuquerque. Retailers at the property are now open for business. The company originally acquired the 150,000-square-foot retail center in 2015 with a large, vacant, single-tenant space. The multimillion-dollar renovation included the division of the largest freestanding building at the property, formerly occupied by Kmart, into two anchor tenant spaces now occupied by Burlington and Conn’s Home Plus. Heslin Holdings also added 17,000 square feet of floor space …

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