Anyone who has lived in Albuquerque for a while knows Laramie Square. It’s that old fashioned strip mall on San Mateo and Candelaria, right across from Peter Piper Pizza. It’s baby blue sign sparks instant recognition from Albuquerque natives.
Well, it now has a new owner. The Allen Sigmon Real Estate group recently bought the 40,666-sqaure-foot mall, and it has big plans for the space.
In 60 to 90 days, according to a news release, construction will begin on a new facade and roofing. Even that baby blue monument sign will get an overhaul. All tenants will get new signs that will be similar in style.
“It just gives a more professional look,” said David Miles, director of marketing. “We want to help these businesses as much as we can.”
Laramie square has 25 tenants and is at 90 percent capacity, according to the release. “Small business is the backbone of our economy,” said Brad Allen, principal at Allen Sigmon. “If our tenants succeed, then our local community will benefit as well.”
Tenants at Laramie Square include Freedom Tax Service, Illest Cuts and Instant Signs.
The 25 small businesses now in Laramie Square will be retained, and Allen Sigmon hopes to attract new tenants when construction is complete, according to Miles. Construction will take about a year.
According to the release, Allen Sigmon purchased Laramie Square because it feels that the high traffic — 39,000 cars per day — makes it ideal for shoppers. But the Real Estate Group also purchased the property because it feels the Square is “a cultural feature in Bernalillo County,” according to the release.
Allen Sigmon would not disclose the cost of the purchase and renovations.
Jeremy Nelson with Absolute Investment Realty represented the seller in the deal.