Historic Downtown Albuquerque Flying Star Café Building Sold!!
The Ransom-With team just facilitated the sale of a historic 15,900+/- square foot retail/office investment property located at 723 Silver Ave SW. The building is one of Albuqueruqe's best examples of the successful redevelopment and transformation of an urban asset. Known formerly as the the Southern Union Gas Company building, it had been vacant for many years and was redeveloped in 2005 into a landmark Downtown location anchored by one of New Mexico's most well-known restaurants, Flying Star Café.
The property had strong built-in cash flow and offered historic value, as it was designed by famous Santa Fe architect, John Gaw Meem,and was recently introduced to the National & State Registry of Historic Places. There was a long-term lease in place with Flying Star Café and was listed for $1,900,000 ($119/sf).
We worked closely with our in-house marketing and research teams to uniquely position the asset in the marketplace and maximize value for the client. The property was purchased by an undisclosed local investor.