LAGUNA HILLS, Calif.–Heslin Holdings Inc., a privately owned commercial real estate investment and development firm, has announced the acquisition of 1640 Rio Rancho Boulevard, a retail property located in Rio Rancho, a city within the major metropolitan region of Albuquerque, N.M. The firm will redevelop and re-tenant the property as part of a value-add investment strategy. Additionally, the firm has announced plans to invest up to $100 million in commercial properties in 2015.

"This acquisition represents the type of property we seek to acquire -- strong market dynamics coupled with superb value-add potential,” John Belanich, principal of Heslin Holdings, told GlobeSt.com. “We are looking at additional opportunities in Albuquerque and other key Western markets as we ramp up acquisition activity."

The recent Heslin Holdings acquisition is a large portion of the Hilltop Plaza Shopping Center. The property was acquired for $4.4 million from Sutton Place Investments LLC. The acquisition is currently fully leased to Kmart and comprises an 86,479-square-foot single tenant retail space and 405 parking spaces. Heslin Holdings will both enhance the property and add either one or two large national retailers, following the expiration of Kmart's lease in April 2015.