Santa Fe Place

Santa Fe, NM

This asset was purchased with a Private Equity partner. Santa Fe Place was only 30% occupied at Acquisition and in need of a major renovation. Project goals included renovate and upgrade the physical plant as well as transform the property from an outmoded 80's-vintage mall into a hybrid project which would offer the best of traditional, mall-based retail, dinning, entertainment, big-box category retailers and professional services. Also, connect project with the community to establish Santa Fe Place as true centerpiece of greater Santa Fe where residents and tourists alike visit to attend and participate in year-round activities, events and innovative programming.

Transformation By The Numbers

Occupancy

26%

Increase

Sales

30%

Increase

NOI

124%

Increase

Long-Term Vacancy

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SF

  • Converted nearly 45,000 SF area of long-term vacant space to a long-term permanent deals with Bed Bath & Beyond and Cost Plus World Market.
  • Cost Plus relocated from a former location 6 miles from Santa Fe Place.
  • Bed Bath & Beyond relocated from a former location 1.5 miles from Santa Fe Place
  • Both Bed Bath & Beyond and World Market have experienced exceptional growth in their new location at Santa Fe Place
 
 

Before

 
 

After

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SF

Converted a 26,000 SF area of long-term vacant and specialty shops to a long-term permanent deal for a new-to-market prototype H&M store.

 
 

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After

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SF

Converted a 16,000 SF area of long-term vacancy into a long-term permanent new-to-market prototype Forever21 Red store.

 
 
 

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After

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Victoria's Secret relocated and expanded into a new long-term lease with a state-of-the-art prototype buildout. In addition, the PINK store was added and a current prototype buildout was created.

 
 

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After

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SF

Recruited Outback Steakhouse to relocate from within the market to Santa Fe Place on a new long-term ground lease.

Outback sales dramatically increased and due to demant at their new location have added lunch hours in addition to dinner hours of operation.

 

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After

Mall Entrance Renovation

Renovated and upgraded mall entrances consisting of an updated design, locally-sourced material, water features and an updated wayfinder and identifier system.

 
 
 

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After

Common Area Enhancements

Renovated common areas and center court throughout mall:

  • Updated soft seating throughout
  • Newly-built functional fireplace in center court
  • Converted existing lights to updated interior LED fixtures and lights, achieving dramatic reduction of operating expense with improved lighting
  • Renovated flooring, painting, lighting
 
 

Before

 
 

After

  • Completed 20+ Permanent Long-Term Leases totaling nearly 200,000 square feet
  • National Tenants include but not limited to: H&M, Forever 21, Francesca's, Skechers, Regal Cinema, Bed Bath & Beyond, Cost Plus World Market, Victoria Secret, Pink, Shoe Department Encore, Hibbetts Sports, Outback Steakhouse, Lids, Kay Jewelers, Zales, Children's Place, Boba Tea, Boot Barn.
  • Completed 37 permanent lease renewals at the property
  • Increased Small Shop sales per square foot by more than 30% (to date)
  • Increased Occupancy by 26% (and growing!)
  • Increased Specialty Income by 43%; even though available spaces for Temp rent decreased considerably
  • Increased NOI by 124%
  • Replaced vacant SEARS with Hobby Lobby which features a mall entrance (increased income by 250%)
  • Completed and Managed over $6M capital improvements and renovations to the shopping center including but not limited to Common Area enhancements; remodeling of the mall entrances, Pylon sign upgrades, HVAC Replacements, Roof Repairs, Soft Seating, Parking Lot replacements/repairs.
  • Negotiated with the City and REA’s over the expansion of the shopping center. Received approval from both at no cost to landlord.
  • Upgraded the mall interior and exterior lighting to LED fixtures and lights. Initial Capital outlay of $114k with a $37K Rebate, $84K annual savings in electricity and labor equal to approximately $70K. Less than a one-year ROI with substantial improvement to interior and parking lot lighting.