Heslin Properties VP of acquisitions Casey McKeon tells us the Laguna Hills-based firm has embarked on the acquisition of at least $100M of Class-B and -C properties in the Western US this year. He says the time is right to buy value-add properties in all sectors in markets with strong enough housing, employment and retail fundamentals (which, remarkably, are still being overlooked by investors).
As part of its foray into value-adds, the company recently closed on West Central Plaza Shopping Center, a 123k SF property in Albuquerque. Heslin plans to invest more than $12M—for both the acquisition and to redevelop and re-tenant the property—as part of a its value-add strategy. Heslin CFO John Belanich says the property affords the company a chance to tap the unmet demand for retail services in this part of the city, especially because of Albuquerque’s restrictions on constructing new retail spaces over 80k SF.
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