Santa Fe Place
Santa Fe, New Mexico
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 renovations and upgrades to the physical plant, as well as a transformation of the property from an outmoded 80’s-vintage mall into a hybrid project which would offer the best of traditional, mall-based retail, dining, entertainment, big-box category retailers and professional services. It would also connect the project with the community to establish Santa Fe Place as a true centerpiece of greater Santa Fe, where residents and tourists alike can visit and participate in year-round activities, events and innovative programming.
Transformation By The Numbers
Transformation Through Leasing
- Converted a nearly 45,000 SF area of long-term vacant space to a long-term permanent deal with both 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 exponential growth in their new location at Santa Fe Place.
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 demand at their new location, they have added lunch hours in addition to dinner hours of operation.
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.
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 expenses with improved lighting
- Renovated flooring, painting, lighting
Permanent Leases Completed
Completed 20+ permanent long-term leases, totaling 200,000 SF.
Permanent Lease Renewals
Completed 37 permanent lease renewals at the property.
- Replaced vacant SEARS with Hobby Lobby, which features a mall entrance (increased income by 250%).
Sample Mix of New National Tenant Deals by SREG:
Increased Mall Shop psf sales by 50%
Increased NOI by 124%
Occupancy by 68%
Increased Specialty Income by 43%
Completed and managed over $6M capital improvements and renovations to the shopping center including, but not limited to: Common Area enhancements; remodeling of mall entrances, Pylon sign upgrades, HVAC Replacements, Roof Repairs, Soft Seating, and 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 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.