ALBUQUERQUE-Accelerated Development and Q Real Estate have joined forces to acquired the 143,557-square-foot Market East from Lowes Home Centers Inc. The Dallas-Fort Worth area partners plan to remodel, rename and re-tenant the shopping center.

Located at the intersection of Lomas and Eubank Boulevards, the property had been acquired by Lowes a few years ago. The home improvement company had planned to demolish and build a new store, however, when national expansion plans changed, Lowes opted to sell.  John Sedberry of Sedberry and Associates represented Lowes.

Drawing on a past equity relationship, from their Cypress Equities days, Accelerated sourced the opportunity for its partnership with Q Real Estate of Fort Worth. Tommy Ellis, who was formerly with Carlyle Group, now runs Q's Real Estate investment platform. “We worked well together during our partnership with Cypress Equities West and were pleased to have the opportunity to do so again,” says Pat Sauer, vice president of Accelerated in a pres release. “There is a tremendous amount of team work necessary to redevelop a major project. It's great to have partners that complement one another so well."

The property is just to the northeast of the intersection of Interstate 40 and Eubank, in an area known as the entry to Sandia Labs and Kirtland Air Force Base. The project will be completely repositioned, with store fronts, landscaping and signage updated. 

“Albuquerque has been a very consistent market and we're excited to bring energy and new tenants back to this great property,” Sauer comments, going on to say that the partners plan to invest significant additional capital into the asset, giving it a facelift and new vitality in a solid market. “This is one of the larger properties we've acquired recently and we look forward to closing additional shopping centers across the southwest,” he says.