Retail hits & misses
As the summer approaches, retail activity has increased. Favorable space continues to move quickly and large tenants have been active in the market. Winrock Town Center continues to add tenants to its lineup. Men’s Warehouse announced that it would be relocating from 6307 Menaul Blvd NE to a free standing pad at Winrock. The retailer will occupy 6,000 square feet and leave nearly a 7,500 square foot vacancy at the former Menaul location. Skechers will also be closing its location at the Pavilions at San Mateo to open a new 11,000 square foot store at Winrock. The new store will take a portion of Winrock’s former Sports Authority location.
Just across the freeway from the Pavilions at San Mateo, K-Mart has announced that it will be closing its last Albuquerque location at 2100 Carlisle Blvd NE. The location is anticipated to close by September 2018, leaving a 110,000 square foot vacancy on a 10 acre parcel. With a change in zoning under the city’s new IDO, the parcel could be redeveloped for mixed-use purposes. K-Mart’s parent company, Sears, will also be closing its 93,000 square foot Cottonwood Mall location. These closures are among over 70 locations that were closed across the nation. We anticipate both properties to attract significant national tenant attention. ly advanced training and accordingly offer higher than average pay.
Key factors this quarter
- Two large national anchors announced their closures during the second quarter. Sears will leave 93,000 square feet vacant at Cottonwood Mall and K-Mart will vacate 110,000 at 2100 Carlisle.
- Winrock and the new Andalucia shopping center on the Albuquerque Westside have added several new tenants.
- Food and craft brew market leaders are expanding. Bosque Brewing has added a new headquarters location, Bernalillo tap room and brewing facility and have also announced a new pizza concept, Restoration.