By Ron Davis – Reporter, Albuquerque Business First
September 15, 2021
The show will go on at Montgomery Plaza.
More than a year after Cinemark Movies 8 announced it was closing at Albuquerque’s Northeast Heights shopping center, Icon Cinemas will take over the space at 4591 San Mateo Blvd. NE later this year.
Scott Goodman, a vice president at Goodman Realty Group, which is the landlord of Montgomery Plaza, confirmed the deal to Business First.
“When the word was that this [property might be coming back on the market], [Icon] jumped on it immediately … because how many times does a vacant movie theater come on the market for sale when you’re trying to expand a movie theater?” Goodman said.
Goodman anticipates Icon will open in late November or early December as some minor renovations are completed.
NAI SunVista’s Keith Meyer, Alex Pulliam and Jim Wible were the listing brokers and represented Goodman Realty in the transaction. Pulliam confirmed to Business First that Icon closed on its deal earlier this month.
Keith: “This was a challenging opportunity in that the location, zoning and parking were very desirable, but the special purpose building with the sloping floors to facilitate the cinema use made it difficult to determine if the property could cost effectively be redeveloped or if it should be torn down. Ultimately that decision didn’t have to be made as the Buyer was looking to expand with their novel cinema offering. The good news is that the Buyer and Seller and the consumer will all be beneficiaries of this opportunity. “
NAI SunVista is a full-service commercial real estate company serving New Mexico since 1996. The company is a dynamic commercial real estate firm offering best-in-class real estate services in brokerage, property management, asset management, business brokerage and development services.