Los Angeles, CA (PRWEB) February 22, 2010
Tallen & Keshen Holdings announces the latest addition to its commercial real estate portfolio, a newly opened Walgreens project, strategically located directly adjacent to a 66 acre hospital complex currently under construction in the high growth market of Rio Rancho, NM.
Terrence Tallen and Anne Keshen, the founders and owners of Tallen & Keshen Holdings, LLC (TKH) are expanding the company's focus in 2010 into new markets with sustained business climates and projected population growth.
"The development challenges; entitlement hurdles; and complex legal, leasing, and capital requirements we've successfully addressed in our projects in the San Francisco Bay Area, on the Monterey Peninsula and in Los Angeles County, provide a strong foundation for expanding our acquisition of investment properties as well as our track record in the acquisition, value creation and revitalization of under-performing retail assets," comments Anne Keshen, Esq.,
co-founder and co-owner.
The Tallen & Keshen new Walgreens project will benefit from the area's continued population growth, its strategic location and most notably, from the 340,000 SF Presbyterian Rio Rancho Medical complex currently under construction.
The 66 acre hospital complex and the Tallen & Keshen Walgreens property will both serve the growing health care needs of Rio Rancho and adjacent Albuquerque communities.
"We evaluated close to 200 Walgreens and CVS Investment Opportunities, due to the strong location, store size and transaction structure, we believe we've acquired one of the best Walgreens projects in the US," remarks Terrence Tallen, co-founder and co-owner.
"The City of Rio Rancho is a vibrant community whose median household income exceeds the national average by 20% and is projected to be the fastest growing city in New Mexico over the next five years," comments Nathan Capelo, Tallen & Keshen Holdings' Legal & Project Coordinator. "The area continues to create new jobs and attract new businesses and technology companies, including Intel and Hewlett Packard."
In addition to its advantageous location, store sales at the project will be bolstered by a drive through pharmacy, a full liquor department and eventually fresh food selections, based on Walgreens' recent announcement that stores will begin carrying fresh foods and prepared meals in a strategy to retain time-starved shoppers.
Tallen & Keshen Holdings has a leading track record in retail asset value creation, the redevelopment of dark retailer properties as well as the strategic redevelopment of under-performing retail projects, working collaboratively with municipalities and its long standing tenant relationships. TKH's expertise in leasing, entitlements and the resolution of complex legal and operating challenges have generated unsurpassed returns on investment.
Tallen & Keshen Holdings
Select Recent Projects:
In 2007, Tallen & Keshen Holdings acquired, redeveloped and opened in record time the first Walmart project on the Monterey Peninsula, entitling and redeveloping a blighted 10 acre former Kmart project, creating local jobs and much needed sales tax revenue;
Commencing in 2003-2008, TKH initiated the acquisition, transaction structure and co-directed the revitalization of The Gateway Marin Center, a 182,000 SF power center just North of the Golden Gate Bridge in affluent Marin County, CA; recognized by the San Francisco Business Times as a Bay Area Noteworthy Retail Project. Tallen & Keshen Holdings' redevelopment efforts, and local community and municipality dealings greatly enhanced the Marin Gateway's profile in the community and substantially increased asset value. TKH successfully repositioned the project and negotiated leases with strong national and regional credit tenants including: Babies R Us, Dollar Tree, Starbucks, Panda Express and many others;
In August 2009, Tallen & Keshen Holdings sold a 15 acre project it owned in Ukiah, CA, the Northern Gateway to the Napa and Sonoma Wine Country. The City Redevelopment Agency acquired the property as TKH had completed new entitlements and generated user interest to fill a shopping and sales tax revenue void;
For over a decade, Tallen & Keshen Holdings has acquired and successfully redeveloped surplus retailer and municipality properties in markets throughout CA with a highly successful track record in achieving critical entitlements and securing new credit tenants to assure exemplary returns on investment;
Tallen & Keshen Holdings successfully redeveloped with an auto dealership owner, a former Land Rover and Infiniti dealership located on Hwy 101 in Northern, CA into multi-tenant retail projects;
Tallen & Keshen Holdings is a privately owned Los Angeles and San Francisco based entrepreneurial retail development company with multi-disciplinary expertise in making well priced acquisitions in strong retailer locations and in the innovative development and ownership of retail and mixed use projects in urban, suburban and under-served communities.
# # #