Allen Sigmon Real Estate Group is looking to capitalize on Los Lunas’ new boom.
The group, led by principals Brad Allen and Lance Sigmon, purchased a multiunit shopping center at 1400 Main St. SW in Los Lunas, across the street from a retail center that Allen Sigmon developed years ago. The purchase, which consists of a variety of tenants, currently has one 800 square-foot-space for rent. In total, Allen Sigmon‘s newest acquisition has about 30,000 square feet of retail space.
“With the developer-friendly mentality from the city and the demand from the market out there, we decided we’d like to spend more money and more resources in Los Lunas,” Sigmon said. “We saw a property that was in a great location. It had some great tenants in it, but it needed a little work, remodel, refreshing and a little love.”
Sigmon said the long-term vision for the property is to resurface the parking lot, add landscaping and modernize the exterior of the building and continue to lease it to a mixture of national and local tenants.
“Facebook and the other developments going on the west side of the freeway, play a huge influence in our desire to be in Los Lunas because they create that demand,” Sigmon said. “I see this potential for new retailers and new industry being attracted in coming into the market, so I think it’s a good time to be there.”
Sigmon declined to disclose the cost of the acquisition but said Nusenda Credit Union was Allen Sigmon‘s lender on the acquisition.
Earlier this year, Sigmon, Allen and Total Management Systems President Prakash Sundaram partnered up to purchase Uptown Tower, a seven-story office building at 2440 Louisiana Blvd located across the street from Coronado Mall for an undisclosed price.
Allen Sigmon ranked No. 5 on Business First’s List of Largest New Mexico Commercial Real Estate Firms with $90 million in 2017 commercial transactions volume.
Originally reported on ABQ Biz First:
Allen Sigmon Real Estate Group is a full-service commercial real estate company based in Albuquerque with an expertise in acquisitions, brokerage, development, and property management. As a local company, we pride ourselves in our knowledge of the New Mexico commercial market and the relationships we are able to foster compared to larger national firms. Our office works with every kind of commercial property; including office, industrial, retail, land, and multifamily.
Our understanding of client needs and concerns not only comes from our experience as an office but also as owners and investors of commercial property ourselves. We have an excellent team in place that is eager to work on your behalf; our results speak for themselves.