RIO RANCHO, NM-Making its first New Mexico land play, a New York City and Florida company have joined forces to acquire 47 acres in the 443-acre mixed-use Loma Colorado project. The plan is to build a 350,000-sf retail center with an all-in development cost of roughly $50 million.

“Rio Rancho has been experiencing tremendous population growth, but there’s a lack of retail shopping alternatives. Everyone has to drive the 15 minutes to Albuquerque,” says Joshua Pristaw, managing director with GoldenTree InSite Partners of New York City, which is the equity partner for Midland Development Group of Jacksonville for the project. He says that a ground-breaking date on the still-unnamed center at Northern Boulevard and 40th Street has not yet been determined.

Pristaw tells that a specific tenant mix hasn’t been determined for the center, but the developers are receiving inquiries from big-box retailers as well as smaller boutique shops and restaurants. He expects construction and stabilization to take about 18 months. “We’re optimistic there will be sufficient tenant demand to build the whole project at once rather than in phases,” he adds. “We like the demographic profile of Albuquerque and would be interested in investing more capital there.”

The master-planned Loma Colorado, just north of Albuquerque, is being developed by Pulte Homes of New Mexico. The developer has 33 additional acres earmarked for non-residential projects in the 443-acre development.

The land sale was brokered by Albuquerque-based Grubb & Ellis/New Mexico’s SVP and principal Bob Feinberg and vVP Tom Jones. A project architect, general contractor and leasing manager have not been selected.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.