By Steve Sinovic / Albuquerque Journal Writer, Monday, May 16th, 2016 at 12:02am
HOBBS – The Allen Sigmon Real Estate Group recently sold an 85,000-square-foot shopping center in Hobbs that it acquired in 2014.
The Albuquerque-based firm, which is busy with hotel and retail projects in Albuquerque, Las Cruces and Los Lunas, originally bought the Bel Aire Shopping Center as an investment among the company’s partners Lance Sigmon, Brad Allen, Jeff Martinez and Rob Powell.
The partners sold to an out-of-state buyer after the group improved the center and kept occupancy high despite a decline in Hobbs’ economy due to low oil prices. Allen Sigmon declined to divulge financial terms, nor did the firm provide the name of the buyer. The center has big box stores Big Lots and Family Dollar, and smaller storefronts and restaurants including Verizon and Japanese Steakhouse and Sushi Bar. Only 3,000 square feet of the center is vacant.