DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has been named to market for sale De Vargas Center (top right photo) in Santa Fe and The Plaza at Cottonwood (top left photo) in Albuquerque, New Mexico, two shopping centers totaling 333,993 square feet.HFF senior managing directors Doug Hazelbaker (middle right photo) and Jim Batjer (middle left photo) and managing director Ryan Shore will lead the investment sales team exclusively on behalf of the seller, Weingarten Realty Investors.
The properties are offered for sale individually or as a portfolio without a formal sales price. Both properties are free and clear of debt.
De Vargas Center has 249,671 square feet of retail space that is 95% leased to tenants including Sunflower Farmers Market, Office Depot, Ross Dress for Less, Hastings and CVS Pharmacy.Located along Highway 84/St. Francis Street, the property is less than one mile northwest of downtown Santa Fe as well as the Santa Fe Plaza.
De Vargas Center serves a regional trade population of more than 221,000 people and is the dominant retail center in the affluent northern side of Santa Fe,” said Hazelbaker.
“The center boasts some of the top national chains, such as Santa Fe’s first Sunflower Farmers Market, as well as very successful local shops.”The Plaza at Cottonwood is located across from the Cottonwood Mall along Coors Boulevard Bypass and Seven Bar Loop Road in the “West Mesa” area of Albuquerque.
Completed in 1999, the property has 84,322 square feet that is fully occupied by tenants including Staples, PetSmart, Party City, Avenue and Men’s Warehouse.
“The Plaza at Cottonwood is exposed to more than 60,000 commuters daily and is located in the most rapidly expanding section of Albuquerque that features high-end neighborhoods with average household incomes of $91,244,” added Batjer.
As one of the largest real estate investment trusts listed on the New York Stock Exchange, Weingarten Realty (NYSE:WRI) is celebrating its 60th anniversary as a commercial real estate owner, manager and developer, formed in 1948.
Focused on delivering solid returns to shareholders, Weingarten is actively developing, acquiring, and intensively managing properties in 23 states that span the United States from coast-to-coast.
The company’s portfolio of 409 properties includes 329 neighborhood and community shopping centers and 80 industrial properties. Including tenant-owned square footage, the company’s portfolio currently totals approximately 74 million square feet under management.
Weingarten has one of the most diversified tenant bases of any major REIT in its sector, with the largest of its 5,400 tenants comprising less than 3% of its rental revenues. To learn more about the company’s operations and growth strategies, please visit http://www.weingarten.com/.
HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, loan sales and commercial loan servicing. http://www.hfflp.com/.
Contacts:
Doug Hazelbaker, HFF Senior Managing Director, (214) 265-0880, dhazelbaker@hfflp.com
Jim Batjer, Senior Managing Director, (214) 265-0880, jbatjer@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing (713) 852-3500, krmurphy@hfflp.com
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