The company responsible for redeveloping a now-bustling West Side shopping center is ready to tackle a new project in Northeast Albuquerque.
California-based Columbus Pacific Properties has purchased the Sierra Vista Shopping Center located at the intersection of Eubank and Montgomery, according to CBRE.
The new owners plan to augment the center by adding 33,000 square feet to the old Kmart space.
A representative from Columbus Pacific Properties was not immediately available for comment.
CBRE broker Jim Dountas — who teamed with Lia Armstrong and Jeremy Nelson to market and sell the property — said such a big-box vacancy is ripe for redevelopment given retailers’ increasing interest in existing space.
Dick’s Sporting Goods, Gordmans and Total Wine & More all have entered the Albuquerque market in the last few years by snapping up empty stores left behind by the likes of Wal-Mart and Circuit City.
“Since the economic downturn, Albuquerque has not experienced a single new retail box space constructed in the market. This lack of new construction has placed significant pressure on demand for existing retail box opportunities and underscores the enormity of possibilities for a redevelopment of this property,” Dountas said in a news release.
Columbus Pacific Properties purchased Cottonwood Commons near N.M. 528 and Ellison NW in 2010. The center has since added several national retailers, including Dick’s, Gordmans and Panera Bread.
According to the company’s website, CPP sold Cottonwood Commons earlier this year.