ALBUQERQUE, NM-The Albuquerque Center, a 50,000-square-foot, four-building retail asset has sold to a Houston buyer. The property traded for $10.1 million.
Though the buyer and seller were not identified, the Bernillo County Assessment District notes that Westwood Financial Corp. was the property's owner. The retail center at 2004 Wyoming Blvd. is shadow anchored by a Walmart Supercenter (which was not part of the transaction. The property is 100% occupied to regional and national tenants including Radio Shack, Dollar Tree, Furr's, The UPS Store and Krispy Kreme. Colliers Executive vice president Kyle Matthews and senior vice president Patrick Toomey, both of the firm's South Bay office in Torrance, California, represented the seller.
“The fact that the four buildings that make up this center are located in Walmart's shadow demonstrates the power Walmart possesses in many markets to attract consumers to a single location where consumers know they can meet most, if not all, of their buying needs," Toomey says. “In more metropolitan areas, that same clout is diluted, giving consumers more choices when it comes spending their disposable income.”
According to Matthews, another key ingredient for the success of the center was its location on Wyoming Boulevard, the city's major north/south commercial roadway. Additionally, the center is situated within a three-mile radius of a population of 150,000, bringing a significant amount of retail traffic to the property.
“The fact that there are that many people living within a three-mile radius of the center, is another reason investors were so interested in this particular piece of property,” Matthews comments. “It has all the ingredients necessary for retail success -- a densely populated area, a mix of national and regional tenants that are popular with consumers and it sits in the shadow of the world's largest retailer.”
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