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Posted 30 Jan 18 By: No comments yet

Las Estancias looks to cast wide retail net

ALBUQUERQUE, N.M. — Las Estancias, the massive mixed-use commercial development in the South Valley, is expecting to welcome more newcomers this year and in 2019.

High-profile national tenants on their way to the center include a well-known off-price retailer who has committed to a junior box site. Brokers would not reveal the name of the discounter, citing confidentiality agreements. Arts and crafts retailer Hobby Lobby also plans to open in the center, according to ABQ Business First.

One regional player that recently opened is a Whataburger restaurant, which does business alongside McDonald’s and Starbucks. “All are doing exceptionally strong (sales),” said Keith Meyer, of NAI Maestas & Ward Commercial Real Estate, whose leasing team inked the tenants.

A strong lure for prospects are the established homeowners in the trade area of 150,000 people and plans for new home communities by D.R. Horton and LGI Homes. “Retail follows rooftops,” said Meyer. “That’s an old maxim, but when we tour retailers in the area, they get the big eyes” when they see new homes going up.

For many South Valley residents, visiting the doctor’s office, knocking out grocery lists, hitting the gym at Planet Fitness and making a coffee run can now be done in nearly one fell swoop at the $70 million mixed-use development at Rio Bravo and Coors boulevards.

Not only does it include a Walmart, restaurants and retailers, but also medically focused tenants, who increasingly are drawn to the density and high traffic at the 80-acre development where new storefronts await them, as well as available land to buy and build on their own.

Brokers say they’ve already reached 40 percent of a projected 550,000 square-foot buildout and are equally interested to draw marquee names as well as small business owners looking to set up shop.

In the latter category is an Albuquerque day care provider called 123 Child Development. The new business will be next to a Lovelace Health System primary clinic, which opened last year, and has a strong focus on OB/GYN services.

On the healthcare front, Presbyterian Healthcare Services is planning to open a clinic with a strong pediatric component in spring 2019 to serve its growing South Valley patient base. Presbyterian will break ground on the 35,000-square-foot facility this year on a five-acre site it owns, a spokeswoman said. The name of a construction partner will be available in about 30-60 days.

For microbrew lovers, brokers are looking to line up a tap room purveyor, said Randall Parish, an adviser with NAI Maestas & Ward, who, with Meyer and Clayton King, handle leasing at the center for Albuquerque developers Steve Maestas and Mike Mechenbier. Parish said he’s “had two excellent meetings” with prospective tenants.

By:  Steve Sinovic, Real Estate Reporter - Albuquerque Journal

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