Journal Center Office Building Sells to Local Financial Institution
One of the Tiburon Office Park buildings located within the Journal Center has been sold to Bank of New Mexico (comprised of Grants State Bank / Gallup State Bank / Sunrise Bank of Albuquerque). The property has a physical address of 7401 Jefferson St NE and was the second freestanding building that was completed within in the 3+/- acre master-planned development in 2007.
The Ransom-With Team sold the 6,340+/- SF cash-flowing investment in 2008 to a long-standing local client, LeeCarvel Enterprises, LLC. The space was originally leased and occupied by Irwin Union Bank and was subsequently re-tenanted by Southwest Securities FSB (SWS), whose lease was scheduled to expire in the first quarter of 2015.
In September of 2014, we learned that SWS was to be acquired by Hilltop Holdings, Inc. who expressed an interest in moving out of the building into a smaller space. Due to the anticipated vacancy by SWS the partnership authorized our team to offer the office building to the market for sale at a price of $1,675,000, or for lease for $16.50/SF, NNN. Our client was interested in retaining the building if a creditworthy tenant was secured in a timely fashion, however, it agreed to sell if it could maximize the price of the asset by selling to a financial institution that could realize the value of the existing banking infrastructure. Due to the high quality of the building and low supply of small, freestanding office properties in the Journal Center corridor, our team marketed the property aggressively to owner-occupiers such as lending institutions and other professional practices (ie. attorneys, CPA's, engineering firms, etc).
The property listing was immediately presented to Bank of New Mexico by Colliers International broker, Richard Vigliano, who has a strong relationship with the bank president and assisted the bank with its prior commercial real estate needs. Mr. Vigliano advised his client through an expedited due diligence process and a successful closing on the 2nd day of the New Year!
Bank of New Mexico recently acquired Sunrise Bank of Albuquerque in order to enter the ABQ market.
- Freestanding, single-story building
- Prestigious Journal Center location with Jefferson St. frontage
- Extensive amenities and services within walking distance
- Excellent Jefferson St. exposure and signage opportunities
- 4.1:1000 parking ratio, including 10 covered spaces
- Beautifully-landscaped courtyard
- Separately-platted, .6204 acre parcel
- Constructed in 2007