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Former metro-area Kmarts slated for redevelopment

kmartlogoFBALBUQUERQUE, N.M. — Kmart has shuttered three of its four metro-area stores in the last two years.

One of those big-box vacancies has since been filled, and now new owners hope to do the same with the other two.

Heslin Holdings, a California-based commercial real estate development and investment firm, this week purchased the former Kmart at Central and Atrisco SW. The same company bought the old Kmart building in Rio Rancho last fall.

Casey McKeon, Heslin’s vice president of acquisitions, said the company will give each property “the requisite facelift” so that it can bring in new retailers.

“We’re trying to bring the properties back up to their potential,” he said.

Heslin acquired the empty 104,000-square-foot Kmart at 4208 Central SW, plus a few other small buildings at the center for a total of about 125,000 square feet, according to Lia Armstrong of CBRE. Armstrong and colleagues Jeremy Nelson and Jim Dountas represented the seller in the deal.

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The team will also spearhead leasing at the center, which Armstrong said already looks promising. She said interest is high among potential retailers who want to be part of the South Valley market.

“It’s thriving, and retailers are really paying attention,” she said.

CBRE is also marketing the old Rio Rancho Kmart for Heslin.

The same team worked with a different California ownership group to revitalize the Sierra Vista Shopping Center at Eubank and Montgomery after Kmart closed shop there in late 2013. The quick turnaround included the addition of Hobby Lobby and Stein Mart.

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