A short sale buyer has successfully flipped a 191,893-square-foot retail center located in Albuquerque to Cole Real Estate Investments, which is based in Phoenix.
The selling price for this transaction was not released.
In 2010, the real estate services company
Columbus Pacific also purchased an adjacent 99,000-square-foot building while buying the retail center, therefore expanding the property size.
Currently, the retail center is made up of four buildings: two large multi-tenant buildings and two single-tenant buildings.
Besides expanding the facility, Columbus Pacific made improvements to the visibility of the center with a new façade and pylon sign.
Within the last year, new tenants at Cottonwood Commons include Dick’s Sporting Goods, Gordmans, Panera Bread and La Montanita Natural Foods Market. The current occupancy for the center is now 96.7%.
“When we sold Cottonwood Commons in 2010, the property had tremendous potential, but required a buyer with the right expertise and tenant relationships to maximize value,” Gerard said. “We absolutely chose the right buyer in Columbus Pacific Properties. Their team worked tirelessly and flawlessly to transform Cottonwood Commons into the dominant shopping center it is today.”
CBRE has been marketing the upgraded retail center since March. Representing CBRE in this transaction was Chris Cozby, senior vice president, Chris Gerard, first vice president, and Kevin Holland, vice president. Also, Scott Lewis, first vice president within CBRE’s debt and equity finance group, led the team of Matt Ballard and Patrick Benoist who secured the financing for the transaction on behalf of the borrower.
