Accelerated Development partnered with Q Real Estate to acquire a 143,557 square foot Power Center in Albuquerque, New Mexico. The project is shadow anchored by Target and the group plans to remodel and re-tenant the shopping center. Drawing on a past equity relationship, from their Cypress Equities days, Accelerated sourced the opportunity for its partnership with Q Real Estate of Fort Worth, Texas. Tommy Ellis, who was formerly with The Carlyle Group, now runs Q’s Real Estate investment platform. “We worked well together during our partnership with Cypress Equities West and were pleased to have the opportunity to do so again,” said Pat Sauer, Vice President of Accelerated. “There is a tremendous amount of team work necessary to redevelop a major project. It’s great to have partners that complement one another so well,” he added.
Located at one of the more dominant retail nodes in the Albuquerque Market, the group acquired Market Center East from Lowes Home Centers Inc. Lowes purchased the property just a few years ago with plans to demolish and build a new store. Once they had nearly completely vacated the center, their national expansion plans changed and they decided to sell.
The property is just to the Northeast of the intersection of Interstate 40 and Eubank, in an area known as the entry to Sandia Labs and Kirtland Air Force Base, both mainstays for Albuquerque employment. Other major national retailers in the immediate area include Wal-mart, Sam’s Club, and Costco. Currently, there is over a quarter of a billion of annual retail sales on the intersection. The project will be completely repositioned including redeveloping and updating store fronts, landscape and including a new name and signage.
John Sedberry of Sedberry and Associates represented the Seller and commented on the transaction, “We were glad that Accelerated and Q brought such an aggressive all-cash offer to the table. After being in escrow previously, this group brought Lowes the certainty that they were seeking and performed as promised by closing on-time, on a very quick timeline.”
Sauer commented, “Albuquerque has been a very consistent market and we’re excited to bring energy and new tenants back to this great property.” The group intends to invest significant additional capital into the asset, giving it a facelift and new vitality in a solid market. Sauer added, “This is one of the larger properties we’ve acquired recently and we look forward to closing additional shopping centers across the Southwest.”
