Target to Anchor Massive Lobo Crossing Retail Development in Albuquerque

The $150 million project will transform University of New Mexico's South Campus into a new shopping hub.

Apr. 7, 2026 at 9:53pm

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A miniature, stylized 3D illustration of a modern retail shopping center with various store facades, walkways, and a central park area, representing the conceptual Lobo Crossing development in a playful, editorial way.The Lobo Crossing Shopping Center will transform a long-underutilized part of Albuquerque, bringing a vibrant new retail and dining destination to the University of New Mexico's South Campus.Albuquerque Today

Arizona-based developer SimonCRE has officially closed on the purchase of 38 acres of land on the University of New Mexico's South Campus, paving the way for the Lobo Crossing Shopping Center. The 363,000-square-foot, open-air retail and dining development will be anchored by a new Target store and feature a lineup of major national tenants including Sierra, HomeGoods, Marshalls, Michaels, Burlington, Boot Barn, Five Below, Spencer's, and Jersey Mike's Subs.

Why it matters

The Lobo Crossing project represents a major milestone for the University of New Mexico and the surrounding Southeast Albuquerque community, which has long struggled to attract significant retail and commercial development to the underserved South Campus area. The $150 million project is expected to be the single largest revenue generator for UNM's South Campus Tax Increment Development District, helping to transform the region into a vibrant hub of activity.

The details

SimonCRE agreed to purchase the 38-acre property from UNM for $11.75 million. The developer plans to break ground on Lobo Crossing this month, with the goal of opening the majority of the project by fall 2027. In addition to Target, the shopping center will welcome a lineup of major national retailers and restaurants, with leases already signed for tenants like Sierra, HomeGoods, Marshalls, Michaels, Burlington, Boot Barn, Five Below, Spencer's, and Jersey Mike's Subs. SimonCRE is also in talks with a national cellular company, dental office, cable provider, national dessert company, and breakfast tenant to fill the remaining spaces.

  • The sale of the land from UNM to SimonCRE closed on April 7, 2026.
  • SimonCRE plans to break ground on the Lobo Crossing project this month.
  • The developer aims to open the majority of Lobo Crossing by fall 2027.

The players

SimonCRE

An Arizona-based real estate development company that is the new owner of the 38-acre Lobo Crossing site and will be responsible for developing the $150 million shopping center project.

Lobo Development Corp.

The real estate arm of the University of New Mexico, which has been working with SimonCRE on the Lobo Crossing project for about two years and helped facilitate the land sale.

Target

The national retail giant that will serve as the anchor tenant for the Lobo Crossing Shopping Center, occupying a portion of the 363,000-square-foot development.

Tom Neale

The chief operating officer of Lobo Development Corp., who has been instrumental in the university's efforts to transform the underserved South Campus area.

Josh Simon

The founder and CEO of SimonCRE, the developer behind the Lobo Crossing project.

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What they’re saying

“This is also the first major retail center in Albuquerque in over two decades, and we're really proud that it's in the South Campus and it's helping out the southern tier of the city.”

— Tom Neale, Chief Operating Officer, Lobo Development Corp.

“I think a lot of people in town were doubting if this thing was even going to happen. We've been working on this project for several years, and there's been plenty of times where I thought the same. So I think it's great to finally see this first hurdle pass, now that we've closed on it.”

— Josh Simon, Founder and CEO, SimonCRE

What’s next

With the land sale complete, SimonCRE plans to break ground on the Lobo Crossing project this month and aims to open the majority of the shopping center by fall 2027. The developer will now focus on securing leases with local and regional businesses to fill the remaining retail and restaurant spaces.

The takeaway

The Lobo Crossing development represents a significant investment and transformation for the University of New Mexico's underutilized South Campus, bringing much-needed retail, dining, and economic activity to a part of Albuquerque that has long been underserved. The project's anchor tenant, Target, and the impressive lineup of national chains it has already attracted demonstrate the strong demand for new commercial development in this area, which the $150 million Lobo Crossing project aims to fulfill.