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Heslin Holdings acquires retail property in Albuquerque for planned redevelopment


Laguna Hills, Calif. — Heslin Holdings, Inc., a privately owned commercial real estate investment and development firm, has purchased 1640 Rio Rancho Blvd., aretail property located in Rio Rancho, a city within the major metropolitanregion of Albuquerque, N.M. The firm will redevelop and re-tenant the property as part of a value-add investment strategy. Additionally, the firm has announced plans to invest up to $100 million in commercial properties in 2015.

“Our core strategy is investment in class B and C commercial properties with high upside potential,” said John Belanich, principal and CFO of Heslin Holdings. “This property offers a superb value-add opportunity.”

The recent Heslin Holdings acquisition is a large portion of the Hilltop Plaza Shopping Center. The property was acquired for$4.4 million from Sutton Place Investments LLC. The acquisition is currently fully leased to Kmart and comprises an 86,479-sq.-ft. 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.

“Demand for leasable space at this property is strong among major credit tenants and was a key factor in this off-market acquisition,” said Casey McKeon, VP of Acquisitions for Heslin Holdings. “The superb fundamentals in this market support this demand and we are pursuing additional opportunities in this region.”

Jeremy Nelson of CBRE represented Heslin Holdings in the Albuquerque transaction. Jim Dountas and Lia Armstrong of CBRE represented the seller.

“We continue to pursue commercial acquisitions in all sectors, with an emphasis on value-add retail, with a goal of investing up to $100 million in 2015,” said McKeon. “We look at value-add opportunities in Western U.S. growth regions where market fundamentals such as positive employment, housing and retail indicators support our value-add investment strategy.”

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