Keller Williams Realty (KW), one of Albuquerque's largest residential real estate firms, has purchased a 11,995+/- square foot, freestanding office building located at 6703 Academy Rd NE within Academy Office Park. KW will be relocating its residential and commercial agents from 9201 Montgomery Blvd NE once the interior renovation of the new building is completed sometime this summer.
The subject property will be ideal for their sales activities due to the visibility from over 22,000 vehicles per day on Academy Rd and the synergy from other real estate-based businesses located in the park. KW's acquisition of the building is well orchestrated as they reposition their business operations at a time when the residential sector is beginning to rebound. In addition, they are making a substantial capital investment in their real estate and transitioning from being a tenant to an owner-user.
Built in the early 1990's, Academy Office Park includes 27 buildings and contains over 157,000 square feet of total office space. Major businesses in the park include Coldwell Banker Legacy, Wells Fargo Home Mortgage, Bank of the West, Legacy Mortgage, Stewart ReMax Masters, and many more.
John Ransom, CCIM, SIOR and Tim With, CCIM, SIOR represented the seller, Bank of Oklahoma (BOK), on the transaction. BOK's local operation, Bank of Albuquerque, was very instrumental in financing the initial development of the park and still has many relationships with many current building owners.