Accelerated Development Renames Retail Center

ALBUQUERQUE, NM-Accelerated Development partnered with Q Real Estate earlier this year to acquire a 143,557 square foot Power Center here, and the new owners are renaming the center. The property is located at the northeast corner of Interstate 40 and Eubank and is shadow-anchored by Target. The new ownership plans to transform the shopping center into an energetic retail destination for east Albuquerque.

“The property is located in a proven retail intersection in Albuquerque. With many national retailers already at the intersection we believe that with our specific repositioning strategy we can bring the center back to 100% occupancy,” said Pat Sauer, VP of Accelerated. After bringing on local commercial real estate expert, John Sedberry of Sedberry & Associates to spearhead the leasing efforts, the next order of business is to rename the shopping center from Market Center East to Market Center Crossing.

“The shopping center name is important to properly position the project with the retailers who will be leasing in the project. The name 'Market Center Crossing' helps provide a more of a sense of place to the tenants. Our vision is to provide a place for people to meet, shop, and enjoy various restaurants while at the center,” said Dave Cheatham, managing principal of Accelerated. “With all of the changes planned for the shopping center, it is only fitting that it has a new name as well,” added Cheatham.

In addition to the new name, the ownership group will be remodeling the 48 foot pylon sign along Interstate 40 which will showcase the new shopping center name and provide tenants in the center improved identity. “The enhancements to the pylon are a huge advantage to the tenants and we believe it will play a big part in attracting quality retailers to the shopping center,” added Sauer.

Accelerated Development is a subsidiary of Velocity Retail Group, and continues its interest in build-to-suit and buy-to-suit opportunities for retailers looking to expand in markets where there may not be quality real estate available. They have primarily focused their efforts on the markets in the Southwest from Texas to California.