Faced with aging infrastructure and an outdated facility, New Mexico homeware retailer American Home Furniture and Mattress was looking for a local property to call its own. A nearby, long-vacant former Kmart that offered the retailer a chance to enter a growing region in Albuquerque and revitalize its brand turned out to be the solution.
The deal was selected for a 2024 CoStar Impact Award for lease of the year in Albuquerque, as judged by real estate professionals familiar with the market.
Located at 2100-2110 Carlisle Blvd. NE, American Home Furniture's new, 65,000-square-foot location dates back to the 1960s and sits in a retail complex anchored by grocer Whole Foods. American Home Furniture is updating the property, allowing the company to help inject a languishing site with economic potential.
About the Project: American Home Furniture is expected to move into the 65,000-square-foot complex in April following renovations and updates.
What the Judges Said: "American Home Furniture is a mainstay company in the market," said Conner Marshall, associate managing director at Colliers Valuation and Advisory. "With this deal AHF was able to stay in the market and relocate essentially across the street to the new location. This deal created a win all around--AHF stays in the market and upgrades its image and the former Kmart site has been activated to its highest and best use, not to mention that the former AHF site is now primed for redevelopment as well." Kelly Schmidt senior advisor at SVN | Walt Arnold Commercial Brokerage said the new development will have "a significant and positive impact for many years to come. "
They Made It Happen: Tom Jenkins of Real Estate Advisors; David Chavez and Kino James of Base 5 Retail Partners.
Market Manager Benjamin Freeman contributed.