Home Business Major retailers itching to open at old K-Mart

Major retailers itching to open at old K-Mart

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At least four major national and international retail stores are coming to Hobbs within a year according to a Pegasus Group broker.

Construction activity in the area of the former K-Mart store near Grimes and Bender streets should start in about two weeks, said Steve Lyon, an Albuquerque-based Pegasus Group commercial real estate broker.

Leasing the first four primary spaces are Marshall’s, Famous Footwear, PetSmart and Ross Dress for Less.

After about six months of building and rebuilding the site tenants will take over their parts of the site, adding their own signature flavors, he said.

“Marshall’s is very, very excited. Marshall’s wants to open this time next year,” Lyon said. “We’ll turn the spaces over in the spring to the tenants. Then, they have to do work to open.”

Marshalls is a chain of American off-price department stores owned by TJX Companies. Marshalls has more than 1,000 American stores in 42 states and Puerto Rico, and 61 stores in Canada, according to online reports.

“Famous Footwear wants to open in the early summer,” Lyon continued.

Famous Footwear is a nationwide chain of retail stores in the United States dealing in branded footwear, generally at prices discounted from manufacturer’s suggested prices.

“Pet Smart wants to open in the early summer,” Lyon told the News-Sun.

PetSmart is a privately held American chain of pet superstores, which sell pet products, services, and small pets. As of 2020, PetSmart has more than 1,650 stores in the U.S., Canada, and Puerto Rico. Its stores sell pet food, pet supplies, pet accessories, and small pets. Stores also provide various pet-related services.

Lyon concluded, “Ross will probably open in the fall with Marshall’s.”

Ross Stores, Inc., operating under the brand name Ross Dress for Less, is an American chain of discount department stores headquartered in Dublin, Calif. As of 2018, Ross operates 1,483 stores in 37 U.S. states, the District of Columbia and Guam, according to online reports.

Construction expected to begin in a fortnight involves a smaller building at the front of the property closer to the street, and may include the main building.

“The owner developer plans to start construction in two weeks on the little out-parcel building. That’s the one with T-Mobile,” Lyon said. “Then, we have some space available in that to-be-constructed building. And we’re at the final lease stage with the drive-thru concept.

“We’ve actually signed the lease and there’s a contingency period where they get a chance to make sure they have all their ducks in a row. And it’s a national brand, so we’re days away from being able to have that contingency waived,” Lyon continued. “I’m not able to talk about it, but we’re very, very close. So, that’s good news.”

He added construction on the main building is planned to start very soon.

“I don’t know the exact time frame. (The developer) may start it all at once. I’m not sure,” Lyon added.

The four primary tenants are likely to attract others as they open.

“We have our tenant line-up. We’ve had some interest in the remaining spaces. It’s been a little bit slow with the COVID thing, but we’re still doing it. It’s going to be a great thing for your community,” Lyon said.

The COVID pandemic may have slowed progress, but the Pegasus Group keeps an eye on the opportunities available in Hobbs.

“We will fill the vacancies that we do have,” Lyon expressed confidence. “As we progress out of this virus and people see things taking shape, I think the tenants that we don’t have will appear. The good news, after all the bumps in the road, is we’re still doing it. Yay.”

The Pegasus Group also is working an area near the Texas Roadhouse currently under construction on North Lovington Highway.

“We really feel that corridor along North Lovington is very exciting for the growth of Hobbs,” Lyon said. “From the multi-generational athletic facility (the Center of Recreational Excellence, or CORE), the hotels, the housing, and it’s a commuter road, so there are people going to and from work. Then, there’s a Walmart south of us.

“We really feel like the Joe Harvey and North Lovington intersection is a bookend and as you go north toward the casino that’s a bookend and everything in between is exciting,” Lyon concluded.

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