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Shopping centers anchored by cafes up for sale

ALBUQUERQUE, N.M. — The owners of Flying Star have put two of their restaurant-anchored shopping centers on the market but say they have no plans to close either of the resident cafes.

Jean and Mark Bernstein, the couple behind the local Flying Star cafe chain, have listed the shopping centers they own along Rio Grande Boulevard and Corrales Road to take advantage of what Jean Bernstein said were good market conditions.

The couple own the shopping centers through a company separate from Flying Star, the cafe chain that filed for Chapter 11 bankruptcy protection last year and has since closed three restaurants. Six locations remain open, including the two at the Bernsteins’ shopping centers.

Alfredo Barrenechea of Absolute Investment Realty has listed the couple’s Acequia de Corrales center for $6.528 million, according to a marketing flier. Flying Star’s neighbors in the 17,000-square-foot center include the Studio N hair salon and ABQ Olive Oil Co.

He has the Rio Grande center listed at $5.26 million. That 13,000-square-foot center also houses Bookworks, Pennysmiths Paper, Lilly Barrack and more.

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Bernstein said they have been for sale for a couple of months and “so far, nothing much is happening, but we’ll see how it goes.”

Barrenechea did not return a Journal message Tuesday.

“We will see if the plazas sell close to their asking price. If not, no problem,” Bernstein said in an email.

Bernstein did not comment about the impact of a potential sale on Flying Star’s bankruptcy reorganization.

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