Los Lunas to get $3.5 Million Retail Project

by | Feb 2, 2016 | Brokerage News, Company News, Development News | 0 comments

Los Lunas to get $3.5 Million Retail Project

By Steve Sinovic / Albuquerque Journal Staff Writer, Monday, February 1st, 2016 at 4:29pm

ALBUQUERQUE, N.M. — Los Lunas Investors said it will break ground this month on a $3.5 million project called The Shops@Los Lunas.

The developers saw a need for soft-goods merchants in the burgeoning commercial district anchored by the Lowe’s Home Improvement store along Los Lunas’ Main Street.

Rue 21, Hibbett Sports, Maurices and Famous Footwear have signed long-term leases in the 20,000-square-foot development near the Interstate 25 and N.M. 6 interchange. Construction is scheduled to be completed by the end of June.

It is the first ground up project for the development partners, Provident Realty and the Allen Sigmon Real Estate Group.

They are the latest development players in a fast-growing retail area, which, in addition to Lowe’s, includes Applebee’s, IHOP, Buffalo Wild Wings and PetSmart, as well as banks and gas stations.

He said the retail area draws customers from Belen, Albuquerque’s South Valley and even as far away as Socorro.

“The interest from (potential tenants) so far has been outstanding,” Martinez said of the next phase, which has the placeholder name of “Shops Phase 2.”

Prospective tenants include national names that might want to take up the whole space. The development also could nicely accommodate a multi-tenant scenario, he added. Los Lunas Investors is also eyeing another 1.7-acre pad site for future development, said Jeff Martinez, a partner with Allen Sigmon.

 

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