![]() A 9-acre parcel in northwest Albuquerque adjacent to the big Cottonwood Mall is being listed for sale for $15.9 million by a California broker. Located at 10000 Coors Bypass NW, the site encompasses just under 158,000 square feet of retail space that is currently occupied by three well-known chain operations in a building that serves as an an anchor to the larger Cottonwood Mall itself. Opened in the summer of 1996, the Cottonwood Mall is, after the Coronado Center, the second largest mall space in New Mexico and is the last such giant indoor retail space in the state. But the mall has also been financially challenged, with the owner of the building, the Columbus, Ohio-based Washington Prime Group, filing for bankruptcy protection in 2021. In the spring of 2022, a Bernalillo County Judge ordered the Spinoso Real Estate Group to chart a new course for the center. The financial decline of the mall is seen in two figures: in 2014 the mall was appraised for around $175 million. A new appraisal conducted last year came in at just over $95 million. The sale of the site, as listed by Institutional Property Advisers, does not include the mall's retail properties, according to Albuquerque Business First. The listing, however, mentions that the property is located in "one of the city's premiere retail hubs." The three tenants in the adjacent building include Hobby Lobby, which takes up nearly 54,000 square feet; Home Life Furniture at 81,000 square feet; and a Mor furniture store, measuring 23,100 square feet. Based in Calabasas, California, the commercial real estate firm Institutional Property Advisers specializes in retail, office & industrial, and multi-family properties nationally. By Garry Boulard
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