Heritage Real Estate acquires ‘iconic’ Nob Hill shopping center

Albuquerque’s historic Nob Hill Business Center has sold to new owners who plan to breathe fresh life into the landmark while preserving its vintage character.

Heritage Real Estate Co., which purchased the shopping center, owns some of New Mexico’s most well-known luxury office spaces and specialty properties, including the Downtown Albuquerque WaFd building — the tallest building in the state — Sawmill Market and Park Square.

The real estate company acquired the 47,315-square-foot Nob Hill property in an off-market transaction that closed on March 19, according to Jim Long, CEO and founder of Heritage Cos.

“This is one of the most iconic buildings in New Mexico. The Nob Hill district is going through an exciting period of change, and it’s our hope to preserve and revive the historic shopping center through this evolution,” Long told the Journal. “We have many months of thoughtful planning ahead, and we look forward to sharing more information with the community in time.”

Long didn’t disclose the purchase cost, but said financing was provided through Southwest Capital Bank, which is being acquired by U.S Eagle Federal Credit Union.

Previous owners of the property were John Sedberry and Mark Gorham, who Long called “great stewards ... despite the many challenges they faced during the extended ART bus construction project, followed by COVID closures.”

The property isn’t Heritage’s first in Nob Hill. The company also purchased and renovated the area’s former Monte Vista Fire Station, a historic building on Central and one of the first fire stations built in New Mexico, Long said. The old fire station is now a lounge venue called The Smoky Note.

The CEO said Heritage’s acquisition of the Nob Hill Business Center is “an indication of our commitment to the Nob Hill district.”

The U-shaped business center, built between 1946 and 1947, houses roughly a dozen tenants, including a New Mexico United shop, Gecko’s Bar & Tapas, La Montañita, Scalo and Organic Books, according to the center’s website. The center is 90% occupied, Long said.

The center — the first modern suburban shopping center in New Mexico, according to its website — was added to the New Mexico State Register of Cultural Properties in 1983 and then the National Register of Historic Places in 1994.

“As we always do, Heritage will carefully study the site to look for opportunities to maximize its historic and cultural significance,” Long said.