Rio Rancho, N.M. — The property is currently fully leased to Kmart.
Heslin Holdings Inc. has purchased a portion of the Hilltop Plaza Shopping Center, located in Rio Rancho, a city within metro Albuquerque, New Mexico, for $4.4 million. The firm will redevelop and re-tenant the property as part of a value-add investment strategy. The property was acquired from Sutton Place Investments LLC. The property is currently fully leased to Kmart and comprises an 86,479-square-foot single-tenant retail space and 405 parking spaces. Heslin Holdings will both enhance and re-tenant the space, with either one or two large national retailers, following the expiration of Kmart’s lease in April 2015. Jeremy Nelson of CBRE represented Heslin Holdings in the transaction. Jim Dountas and Lia Armstrong of CBRE represented Sutton Place.