Behind the Deal: Allen Sigmon on why Retailers are Eyeing Los Lunas
By Stephanie Guzman / Albuquerque Business First Reporter, Wednesday, February 3rd, 12:55pm
When Albuquerque’s Allen Sigmon Real Estate Group approached national retailers about a new shopping center development in Los Lunas, most of them knew exactly where the small village was located and about its opportunities.
Lance Sigmon, a principal with the firm, said when his brokers approached retailers about the $3.5 million project, many said Los Lunas was already on their short list.
“Los Lunas seemed like it was already on the radar of retailers we talked to. They just couldn’t find the right center to go into. It was more a lack of existing inventory than lack of education on Los Lunas,” Sigmon said.
Sigmon said Los Lunas is attractive to national restaurants and retailers because it draws from a wide region, not just Los Lunas residents. Many people who live in rural areas stop in Los Lunas for goods and services rather than driving to Albuquerque.
Still, Los Lunas was underserved in soft goods and clothing stores.
“There is no mall in Los Lunas, if you wanted to go shopping it’s either Walmart or driving to Albuquerque,” he said.
Sigmon thinks more retailers, restaurants and developers will eye Los Lunas.
Of the retailers that turned down leases, Sigmon said some expressed a plan to open stores further south of Albuquerque or finish up expansion plans in the Duke City.
“There’s customers to be served out there and money to be made in these markets,” he said.
The development group is also in the process of developing a 1.28-acre pad site on Highway 6, just in front of Lowe’s Home Improvement. Brokers are currently looking for tenants for the site.