LAGUNA HILLS, Calif.–Heslin Holdings Inc., a privately owned commercial real estate investment and development firm, has announced the acquisition of 1640 Rio Rancho Boulevard, a retail property located in Rio Rancho, a city within the major metropolitan region of Albuquerque, N.M. The firm will redevelop and re-tenant the property as part of a value-add investment strategy. Additionally, the firm has announced plans to invest up to $100 million in commercial properties in 2015.

"This acquisition represents the type of property we seek to acquire -- strong market dynamics coupled with superb value-add potential,” John Belanich, principal of Heslin Holdings, told GlobeSt.com. “We are looking at additional opportunities in Albuquerque and other key Western markets as we ramp up acquisition activity."

The recent Heslin Holdings acquisition is a large portion of the Hilltop Plaza Shopping Center. The property was acquired for $4.4 million from Sutton Place Investments LLC. The acquisition is currently fully leased to Kmart and comprises an 86,479-square-foot single tenant retail space and 405 parking spaces. Heslin Holdings will both enhance the property and add either one or two large national retailers, following the expiration of Kmart's lease in April 2015.

“Demand for leasable space at this property is strong among major credit tenants and was a key factor in this off-market acquisition,” says Casey McKeon, vice president of acquisitions for Heslin Holdings. “The superb fundamentals in this market support this demand and we are pursuing additional opportunities in this region.”

Rio Rancho is the third largest and fastest growing community in New Mexico, and is home to major employers such as Intel Corp., Hewlett Packard and Sprint.

Jeremy Nelson of CBRE represented Heslin Holdings in the transaction.

“The retail investment team at CBRE proved to be extremely knowledgeable about current market trends, activity and the property's potential by providing us with all of the information we needed to make a confident decision to invest in New Mexico,” says McKeon.

Jim Dountas and Lia Armstrong of CBRE represented the seller.

“We continue to pursue commercial acquisitions in all sectors, with an emphasis on value-add retail, with a goal of investing up to $100 million in 2015,” says McKeon.