Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LAS CRUCES, NM-A private Dallas partnership ended its hold on the 23,500-square-foot Office Max and 50,428-square-foot Albertson’s by selling the assets to different buyers. The grocery store ended up in ABNK Las Cruces LLC’s portfolio, while Fidelis Realty Partners took possession of the office supply superstore.

Both assets, which were listed at $6 million, are in the Foothills Shopping Center, a suburban retail center on East Lohman Avenue near Interstate 25. The center also has a Target and a Home Depot, neither of which were part of the transaction.

Keith Fisher, vice president with Stream Realty Partners LP’s Dallas office says both properties had been on the market since early 2008. He adds that the Office Max, the only one in Las Cruces, had been under contract to another group before falling out of escrow. “Financing did play a big role in the delay in getting these sold,” acknowledges Fisher, who represented the seller.

Fisher tells GlobeSt.com the Houston-based Fidelis Realty Partners bought the Office Max as a value-add play, as the tenant has three years remaining on its lease. Because it’s the city’s sole Office Max, the tenant will likely not vacate the premises when the lease comes up for renewal, he notes.

As for the Albertson’s, “there are four locations in Las Cruces, and this is their best one,” Fisher comments. He adds that Albertson’s has a long-term ground lease on the property, with an August 2021 expiration and a 40-year renewal option. Additionally, the Boise-ID buyer is in partnership with Albertson’s so the buy made sense. “The buyer liked the location, there was a ground lease involved, so it made sense for them to have the building,” Fisher says.

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?

GlobeSt. NET LEASE Spring 2021Event

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 GlobeSt.com now!

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.