Albuquerque, NM – Crunch Fitness, a nationwide gym concept infusing fitness and entertainment, has announced their first location in Albuquerque. The location will be filling a Hastings vacancy, the first shopping center to be filled since the store’s regional closing announced July of 2016. Hastings vacated fourteen retail centers across the state in 2016, in addition to the announcements of Sports Authority, Sears, JCPenney’s and Macy’s, among other big and junior box retailers. While many landlords across the state have considered subdividing the empty large retail anchor suites, this center represented by Rob Powell, Jeff Martinez, Daniel Kearney and Austin Tidwell of Allen Sigmon Real Estate Group has received national tenant attention. Crunch Fitness expects to be open for business early 2018.
The Manzano Shopping Center, owned by the Eisenberg Manzano LLC and is located at the intersection of Juan Tabo Blvd and Lomas Blvd, will be the home of this new-to- market fitness concept. The shopping center was an obvious choice as it displays high traffic counts from the signalized intersection, plenty of walk by traffic from the nearby Manzano High School and Wilson Stadium, great Northeast Heights demographics and its close proximity to Interstate 40. The vacated anchor suite was 22,529 square feet with a wide open floor plan, high ceilings, and large west-facing windows.
The Albuquerque retail market has had its struggle in the last year, to say the least. In quarter 1 of 2017 the vacancy rate has climbed to 12.6% as the big and junior box vacancies start to add up. According to the CBRE Q1 Report, thirty big-box spaces were vacated in 2016 due to bankruptcy or cost reduction efforts. The Northeast Heights was no exception as it is sitting at a 9.5% vacancy rate. There are retailers in addition to Crunch Fitness that are finding opportunity in the down market, such as Ross Dress for Less and Sketchers Shoe Outlet, and are starting to find good visibility anchor suites at a discounted rate.
The Allen Sigmon brokerage team have been leasing up the Manzano Shopping Center since 2014 and took on the property at a 73% occupancy rate. Since that time, the shopping center has seen Dr. Dental, Metro PCS, Liberty Tax, Rustic Tea, and others fill in the inline shop space even before Crunch Fitness decided to fill the former Hastings. With the new anchor, the Manzano Shopping Center will be 86% occupied with a few opportunities for new tenants to benefit from the new draw. The team is looking for tenants that could benefit from the vibrancy of the new to market gym concept and the demographic they draw.
About Allen Sigmon Real Estate Group
Allen Sigmon Real Estate Group is a full-service commercial real estate company with an expertise in acquisitions, brokerage, development, and property management. Based in Albuquerque, NM, we pride ourselves on knowing the New Mexico commercial market and fostering relationships in the local community.
Our office works with every kind of commercial property from office and industrial, to retail, land, and multi-family. As investors of commercial property ourselves, the Allen Sigmon Real Estate Group understands the needs and concerns of our clients.
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