The Mooresville, NC-based Lowe's will develop a 150,000-square-foot home improvement center to anchor Armstrong's retail project at Central Avenue and Unser Boulevard. Also on deck for Unser Crossing is a 40,000-sf Defined Fitness facility, which will go up on four acres, and a CVS/Pharmacy on a 1.5-acre pad site. The developments will break ground in January.
Pittsburgh-based Armstrong Development will market the remaining acreage as well as an adjacent 10 acres that it acquired in an earlier transaction. Upon build-out, Unser Crossing will hold about 460,000 square feet.
Armstrong's development manager Diana Rinck says Unser Crossing is the company's first project in New Mexico. She says Armstrong's management is still trying to determine if it will sell or lease the remaining land and accompanying pad sites to major and junior tenants. "For the majors and juniors, we'll likely build the buildings and lease the spaces out," she says.
Rinck tells GlobeSt.com that one of the main impetuses behind the development is Albuquerque's southwest quadrant is underserved by retail. "It's about eight square feet per capita in this part of Albuquerque," she says. "The national average is about 24 square feet per capita. We were able to identify that and when the opportunity came up to buy this parcel, we jumped on it."
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