Posted 12 Dec 17 By: No comments yet

Deal of the Week: New retail takes shape near Cottonwood

The skinny

Ground has broken on a new retail development at 10301 Cottonwood Park NW, which is expected to be completed in January.

The numbers

An 8,526-square-foot building will offer space to retailers and restaurants at that spot. NAI Maestas and Ward – No. 2 on our Commercial Real Estate Firms List – is the leasing broker on the property. The firm had $208.58 million in commercial transactions last year and leased 1.57 million square feet.

The details

Artson Properties LLC is listed as the owner of the property, according to the Bernalillo County Assessor's Office. Protek Contractors is the listed contractor for the project, according to building permits records. The project was designed by Jeremy Ortiz with Darren Sowell Architecture.

What's next

The conceptual designs for the project include a brewery and pizza parlor, among other retail spaces. "It's the newest retail project in Cottonwood," NAI Maestas and Ward Adviser Thalia Toha told Albuquerque Business First.

Why it's significant

The development joins other retailers including Walmart; Home Depot; Petsmart; Dick’s; Bed, Bath & Beyond; World Market; Petco; Best Buy; and Michael’s. The creation of a speculative retail development — one without signed tenants announced yet — shows a level of confidence in local retail in a year when brick-and-mortar retail has struggled, both locally and nationally, with longtime retailers announcing closures. A $21 million redevelopment at Cottonwood Mall was announced earlier this year. The redevelopment at the former Macy's location aims to bring new retailers to the space, including "off-price and home furnishing retailers."

By:  Rachel Sams, Real Estate Reporter - Albuquerque Business First

 

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