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4/17/26
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SimonCRE has acquired just over eight acres of university-owned land in Albuquerque, NM for the creation of Lobo Crossing, a 363k sf, open-air retail destination. We’re told the project will be the largest retail center developed in New Mexico in the last few decades, and is the first of several large-scale projects that the developer is commencing in the first quarter of 2026.
Located at the northeast corner of I-25 and Gibson Blvd, Lobo Crossing will be anchored by Target, and will be joined by approximately 11 junior anchors and 45k sf of space for small retail and restaurant operators. Leases have already been secured with major national brands, including Burlington, Marshalls, HomeGoods, Sierra, Boot Barn, Five Below and Michaels, along with others still to be announced.
Located on the west side of University Blvd, north of Gibson Blvd, Lobo Crossing represents a catalytic project for the region. The development acts as a major component of UNM's long-term vision to transform the South Campus into a vibrant sports, entertainment, and innovation district.
Following the prior approval of the land transfer by the University of New Mexico’s Board of Regents, SimonCRE is now able to move forward with the construction of the project. The site had been sitting vacant for a long time due to significant challenges, including an almost 50-foot drop in topography across the property and complex entitlement requirements.
The project was made feasible through the City of Albuquerque and Lobo Development’s creation of a Tax Increment for Development District (TIDD), a mechanism designed to support economic development and infrastructure. Upon completion, Lobo Crossing is expected to be the single largest revenue generator within the South Campus TIDD. Across the efforts of SimonCRE and all the tenants joining the center, Lobo Crossing stands to bring at least a $150 mil total project investment by completion, which will serve a wide range of local traffic.
Neil Board and Ryan Desmond of Western Retail Advisors serve as the leasing brokers for Lobo Crossing, supported by local retail brokerage firm Base 5 Retail Partners.
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