Accelerated Development Services in partnership with Q Investments has finalized a lease with Texas-based At Home Stores. The project is located at the northeast corner of Interstate 40 and Eubank and is shadow anchored by Target. At Home will occupy 87,915 square feet of the former Sports Authority and Michael’s spaces.
“Not only is At Home a new retailer to the Albuquerque market, they are one that will drive more shopping traffic to this center. At Home will be a catalyst to bringing a heartbeat back to this key retail shopping area,” said Darren Pitts, executive vice president with Velocity Retail Group, who brokered the transaction.
“This year Accelerated Development Services established several key benchmarks in Albuquerque. We partnered with Q Investments to purchase this shopping center, and we opened a local brokerage and property management office. Additionally, by securing At Home in this long-time vacant and neglected shopping center, we are able to help improve the surrounding community to bring jobs, vibrancy and a sense of place to this important area of Albuquerque,” said Dave Cheatham, president of Accelerated Development Services.
In addition to securing leases from new tenants for the remaining 20,500 square feet of shop space, the ownership group is redeveloping and improving the shopping center, which includes new façade and storefronts, improved landscaping, parking lot resurfacing and striping and new pylon sign. These improvements complement the existing shadow-anchored tenants which include Target, Conn’s Appliances and Babies ‘R Us.