Heslin Holdings acquires West Central Plaza; redevelopment on tap

Albuquerque, N.M. -- Heslin Holdings, Inc. announced the acquisition of West Central Plaza Shopping Center, a retail property located in Albuquerque, New Mexico. The firm plans to invest more than $12 million -- for both the acquisition and to redevelop and re-tenant the property -- as part of a value-add investment strategy.



The 123,048-sq.-ft. retail center sits on 12.9 acres at 4208 Central Avenue SW, and is the former site of a Kmart, which occupied the largest single-tenant space onsite until the retailer vacated last year. Additionally, the center features a number of smaller retail tenants in a separate, adjacent multi-tenant building, as well as a restaurant occupying a third building. About 650 parking spaces are included in the outdoor parking lot.



As part of the planned rehabilitation and renovation, Heslin Holdings will re-tenant the 104,000-sq.-ft. facility vacated by Kmart. The company expects to re-configure the space to accommodate multiple tenants. The plan will also likely include expansion and upgrading of the smaller buildings.



“We have already received inquiries from multiple credit tenants looking to occupy space here,” said John Belanich, principal and CFO of Heslin Holdings. “Retailers in this area tend to outperform the national average, with year over year sales trending higher and higher. This is due in part to the strong demand coming from the downtown Albuquerque area, but is also likely attributed to the city’s strong employment and housing growth.”