Albuquerque, N.M. — The buyer, Columbus Pacific Properties, plans to renovate the property to house multiple new anchors.
Alburquerque, N.M. — Columbus Pacific Properties has acquired Sierra Vista Shopping Center, a 173,537-square-foot retail property located at the southwest corner of Montgomery and Eubank boulevards in Albuquerque, N.M. Tenants at the center include Marshalls, Panda Restaurant Group and Bridgestone Firestone. Kmart vacated its more than 84,000-square-foot space in September 2013, presenting a value-add opportunity for the buyer.
Columbus Pacific Properties will redevelop Sierra Vista Shopping Center in order to house multiple new anchors. Plans include expanding the former Kmart building by 33,000 square feet, as well as remodeling the center's facade.
Jim Dountas, Lia Armstrong and Jeremy Nelson with CBRE brokered the transaction. CBRE has also been retained to market and lease the property.