CBRE sells Albuquerque retail center — again

Dallas — CBRE’s National Retail Investment Group www.cbre.com has arranged the sale of Cottonwood Commons on behalf of Columbus Pacific Properties www.columbuspacific.com. The 191,893-sq.-ft. Class A retail center in Albuquerque sold to Cole Real Estate Investments www.colecapital.com.

In 2010, CBRE marketed the then 84,545-sq.-ft. center in a short sale to Columbus Pacific. At the time, the center was 84% occupied. Since then, Columbus Pacific has expanded the center with the purchase of an adjacent 99,000-sq.-ft. building. The center now consists of four buildings — two large multi-tenant buildings and two single-tenant buildings. In addition to the expansion, Columbus Pacific improved the center with a new façade and pylon sign.

Over the last 12 months, Cottonwood Commons has added Dick’s Sporting Goods, Gordmans, Panera Bread and La Montanita Natural Foods Market, bringing the center’s occupancy to 96.7%.

 

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