Albuquerque Business First also recently had a story about an Arizona real estate company buying Cottonwood Corners.
https://www.bizjournals.com/albuquer...nix-group.html
Quote:
A Phoenix-based commercial development group acquired a 19.2-acre property Oct. 23 on Albuquerque's Westside.
SimonCRE purchased Cottonwood Corners at 3741 Ellison Road NW from Gibson-Cottonwood LLC, et al, according to the Bernalillo County Assessor’s Office. SimonCRE CEO and Founder Joshua Simon declined to disclose the purchase cost.
SimonCRE hasn’t had a presence in the Albuquerque area since before the Covid-19 pandemic. A property in Las Cruces is SimonCRE’s only other presence in the state, Simon said.
Cottonwood Corners has a total leasable area of 218,144 square feet. Current tenants include Barnes & Noble, Best Buy, Michaels and New Balance. The strip center still has 29,233 square feet of big-box space and 4,679 square feet of shop space available.
Base 5 Retail will handle the ongoing property leasing, according to a SimonCRE news release.
SimonCRE is actively working to add to its footprint in Albuquerque within the next six months, Simon said.
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Before this story I had came across an interesting request before the Environmental Planning Commission back in September by the company to change the zoning for one of the parcels of Cottonwood Corners to allow for a future grocery store. They have the support of the neighbors for the zone change, with many saying they look forward to having a new grocery store in the area.
https://documents.cabq.gov/planning/...orners_ZMA.pdf
I do wonder what grocery store may be interested in locating here.
There are already two Smith's locations fairly nearby and an Albertsons location very nearby as well. Walmart, Sam's Club, Costco, Target and Sprouts are all also very nearby in the Cottonwood Mall area. The only brands or stores that I can think of that aren't nearby are Trader Joe's and Whole Foods, both of which are highly coveted and desired by people on the Westside and Rio Rancho. I'm also hoping/wondering whether Aldi might finally be expanding to Albuquerque and New Mexico at this location.
The story says that they have about 29,000 sq ft of vacant big box space, which I'm guessing is the space next to Michaels. I looked it up and Aldi stores seem to have an average size/minimum requirement of 22,000 sq ft.
https://corporate.aldi.us/real-estat...-requirements/
Trader Joe's stores I know are usually smaller than that and around the 15,000 sq ft range. Whole Foods stores average about 40,000 sq ft, with new Whole Foods stores tending to be quite a bit larger at about 50,000 sq ft, but it's not at all unusual for them to be smaller, especially their older locations. A 29,000 sq ft Whole Foods store would certainly not be unusual, I think.
I suppose it could also be a case of an existing store moving to new and renovated space, but it will certainly be interesting to find out what the grocery store will be. I hope it's revealed soon! By the way, the EPC did grant the zoning change request.
https://documents.cabq.gov/planning/...2024-00043.pdf