Dylan Ortuno • Albuquerque Business First • April 9, 2026
Phoenix-based real estate firm SimonCRE announced April 7 that it has closed the sale for almost 40 acres of University of New Mexico-owned land to build a retail center.
The $11.75 million purchase from UNM was first approved by the school’s Board of Regents on July 2, 2025.The 38.06 acres of land near University and Gibson Boulevards in Albuquerque will be home to a 363,000-square-foot, open-air retail center called Lobo Crossing. Business slated to be in the center include Target, Burlington, HomeGoods, Marshalls, Sierra, Boot Barn, Five Below and Michaels. In addition to the businesses with signed leases, SimonCRE announced they have “seven additional retailers finalizing leases” at the space.
The firm added the shopping center already has 90% of its upcoming space fully leased before the sale closed, 5% of leases out to potential tenants and the remaining 5% of the space left available for lease upon the start of construction.The retail center is expected to be “the single largest revenue generator within the South Campus” Tax Increment Development District, according to the firm. Lobo Crossing’s project investment is set to be at least $150 million by the time it’s complete.
The retail space will also prioritize walkability for students from Lobo Village, giving them access to groceries and dining without needing a car.With the sale now being closed and the prior Board of Regents approval, SimonCRE will begin construction of the open air retail space.
“Lobo Crossing reflects The University of New Mexico’s commitment to strengthening communities and expanding opportunity across our state,” said UNM President Garnett S. Stokes. “This development brings essential services, drives economic growth, and advances our vision for a vibrant South Campus that serves students, neighbors and all of Albuquerque.”
“Activating a site with this level of topographical complexity and history requires a shared vision and a refusal to back down from a challenge,” Founder and CEO of SimonCRE Joshua Simon said. “Where others saw obstacles in the grade changes and entitlement process, we saw an opportunity to unlock a dormant piece of land. We are proud to partner with UNM to finally turn this vision into a reality.”
Western Retail Advisors brokers Neil Board and Ryan Desmond, who handled leasing for Lobo Crossing, said the center will benefit the surrounding area.“Lobo Crossing pairs one of the nation’s premier retail developers with a site at the crossroads of population growth, university expansion, and unmet consumer demand,” Board said. “The timing couldn’t be better to attract top brands to an area that has long lacked essential retail and dining options. We look forward to delivering a tenant lineup here that will serve the university and the broader community for decades.”
Board and Desmond were additionally supported by Base 5 Retail Partners in the transaction.
Matt Butkus and Trevor Hatchell of CBRE represented UNM’s Lobo Development Corporation in the transaction.
