Sold!! - 50,000 SF VCC Eagle Ranch Portfolio
Completed in 2008 by San Francisco-based developer, Venture Corporation, VCC Eagle Ranch is one of Albuquerque's premier office/flex industrial parks, consisting of approximately 72,000 total square feet and situated on 5 acres of land. The unique, tilt-up concrete project includes 30 business properties that range in size from 1,225 to 3,205 square feet, in five separate buildings.
Our Team exclusively represented Venture Corporation on the initial acquisition of the site and worked with the developer on all project pre-marketing and front-end unit sales. In 2010, the developer's equity position was relinquished to the project lender, Lehman Brothers Holdings, Inc., which the bankruptcy court directed to manage and dispose of the remaining condo units within the asset.
Following a 12+ month period where the VCC project was transitioned over to Lehman, the Ransom & With team was again awarded the listing and began an intense marketing campaign to reposition the property and sell individual condo units with an aggressive pricing strategy. Despite a very soft financing and owner-user market, we successfully sold one-third of the units within the project, at combined value of almost $2 million.
Finally, with the initiative to assist Lehman with maximizing the remaining value of the asset, we convinced their management team to offer the balance of the park (20 remaining units) for sale as a bulk package. We created a detailed marketing strategy and financial model for the 50,000 square foot bulk offering, and solicited multiple bidders within a short timeframe. Once the final bidder was selected, the closing of the asset was completed in less than 75 days. The list price of the property was $3,000,000 and it was purchased all-cash by a local investor group that plans to offer the units for lease.