One of the last remaining commercial land parcels in the east Paseo del Norte corridor has been sold to a Denver-based development partnership between MVG Development and MorningStar Senior Living. The 3.2 acre property, located at just east of Wyoming Blvd on the south side of Paseo del Norte, is one of the largest contiguous parcels in the immediate area and is desirable due to its visibility and proximity to a high density of medium income households.
The MVG/Morningstar development group plans to build a 2-story, 65,000+/- square foot 80-bed senior living and memory care facility. The general contractor is Albuquerque-based, Bradbury Stamm, who commenced construction the day after closing. Completion is expected to be in late 2015. The project will reside on the eastern end of the property representing 2.3 acres, while a .91-acre portion of excess land at the west end of the property, which is currently listed by the Ransom-With Team, will eventually be sold or developed. Ideal uses for the remnant land are medical/dental offices or commercial. (Click here for a marketing brochure).
The seller of the property was a local investment partnership that was represented by the Ransom-With Team of Colliers International. Our team marketed the property and solicited several offers during the listing period. In addition, we helped to advise both parties during the lengthly due diligence process and move the transaction toward a successful closing. The seller also owns 3+ acres of commercial land currently listed by Colliers International, located further east behind Walgreens, at the southwest corner of Paseo del Norte and Ventura (Click here for a marketing brochure).
Aerial photo of the subject property.