Accelerated Development partnered with Q Real Estate earlier this year to acquire a 143,557 square foot Power Center in Albuquerque, New Mexico. The project is located at the northeast corner of Interstate 40 and Eubank and is shadow anchored by Target. The new ownership plans are underway to transform the shopping center into an energetic retail destination for east Albuquerque.
“The property is located in a proven retail intersection in Albuquerque. With many national retailers already at the intersection we believe that with our specific repositioning strategy we can bring the center back to 100% occupancy,” said Pat Sauer, Vice President of Accelerated Development. After bringing on local commercial real estate expert, John Sedberry of Sedberry & Associates to spearhead the leasing efforts, the next order of business is to rename the shopping center from Market Center East to Market Center Crossing.
“The shopping center name is important to properly position the project with the retailers who will be leasing in the project. The name ‘Market Center Crossing’ helps provide a more of a sense of place to the tenants. Our vision is to provide a place for people to meet, shop, and enjoy various restaurants while at the center,” said Dave Cheatham, Managing Principal of Accelerated. “With all of the changes planned for the shopping center, it is only fitting that it has a new name as well,” added Cheatham.
In addition to the new name, the ownership group will be remodeling the 48 foot pylon sign along Interstate 40 which will showcase the new shopping center name and provide tenants in the center improved identity. “The enhancements to the pylon are a huge advantage to the tenants and we believe it will play a big part in attracting quality retailers to the shopping center,” added Sauer.
The group will be announcing updates on the leasing in the near future as leases become finalized.