Office Building Investment - SOLD!!

The two-building office complex located at 2107-2115 Wyoming Blvd NE has been sold by the original owner/developer to a new investment partnership. Both the selling and buying entity are based in Albuquerque.

The 7,503 square foot investment property has frontage on one of Albuquerque’s busiest thoroughfares and has an excellent occupancy history. At the time of sale, the property was leased to five businesses; Lee Michael Homes, Hong Massage, EXP Realty, Edward Jones and Tax & Accounting Solutions.

Listed at an asking price of $908,859 ($121/SF), the property generated approximately $77,000 of annual Net Operating Income, which equates to an 8.5% capitalization "cap" rate. A cap rate is also known as a "free and clear return" because it is the return to an investor if the property was purchased all-cash.

The Ransom-With Team was awarded the listing assignment in March of this year with the goal to market the property both locally and regionally and create a competitive bidding environment from qualified investors. The majority of the marketing effort was focused toward local investors that already own investment properties similar in size. Multiple offers were received and considered, however, the ultimate buyer was selected because it had experience in the market and funds that were immediately available for the purchase. The demand for well-located commercial real estate investments remains strong and is expected to continue throughout the next several quarters. 

100% Leased Investment Opportunity

100% Leased Investment Opportunity

We are pleased to market the opportunity to invest in a 100% occupied, ± 7,503 square foot, two-building office complex located on one of Albuquerque’s busiest thoroughfares, Wyoming Blvd NE. This far northeast heights office complex enjoys an excellent occupancy history and is currently leased to five successful businesses.

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3.2 Acres of Land on Paseo del Norte Purchased by MVG Development and Morningstar Senior Living

3.2 Acres of Land on Paseo del Norte Purchased by MVG Development and Morningstar Senior Living

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.

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New City Church to Move to Far North Shopping Center

New City Church to Move to Far North Shopping Center

Albuquerque Commerical Real Estate - New Lease!

New City Church will have a new home soon at Far North Shopping Center, located at 6300 San Mateo NE. New City will be leasing a 7,846 square foot space in the corner of the shopping center, previously occupied by retailer, Tuesday Morning. The location is ideal as it will provide New City with an expanded sanctuary area, along with meeting and educational space designed to serve its members. 

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Page 1 Bookstore Moving to Mountain Run Shopping Center

Congratulations to Steve and Vivian Stout on securing a new location for their Page 1 Bookstore, which has been in business in Albuquerque since 1981 - that's over 30 years!! Page 1 is a local, independently owned and operated bookstore that offers new and used books to its customers, as well as magazines, greeting cards and gifts.

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In case you haven't been following Page 1's blog, or haven't stopped by the store lately, their current location at the southwest corner of Juan Tabo and Montgomery is going to be re-tenanted by Wal-Mart Neighborhood Market in early 2014. 

In January of next year Page 1 Bookstore will be opening in a new 7,500+/- square foot space located at Mountain Run Shopping Center located at 5850 Eubank Blvd NE (southeast corner of Juan Tabo and Eubank). Timing of the move will coincide with the facelift the owner will be completing for the shopping center to include parking lot resurfacing and architectural accents and colors on the buildings.

The Ransom-With Team represented Page 1 Bookstore in the transaction. Remember to Buy Local!

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SIOR New Mexico Chapter Presents at NAIOP & N-I25 Business Association Meetings

The SIOR New Mexico Chapter recently hosted its Industrial and Office Market Update at the November 25th NAIOP luncheon held at the Uptown Marriott hotel. Tim With, Jim Smith and Tom Jenkins were the presenters at this year's event. Click Here to download a copy of their powerpoint presentation.


Key Presentation Points

  1. Industrial vacancies Albuquerque-wide now are about 9%, with large variations in 
    submarkets
  2. Unemployment rates are dropping but vacancy rates are staying the same or 
    increasing
  3. Class A office space is starting to recover because lessees are trading up, while the 
    price and vacancy delta between Class A and Class B spaces is widening.
  4. There appears to be an undersupply of high quality space and newer industrial 
    space.
  5. Albuquerque's Central Business District (downtown) has the highest vacancy rate 
    in the country, although with smaller square footages than many cities.
  6. When Gap leaves downtown in late 2014, the CBD will have a 65% occupancy 
    rate unless some other tenant moves downtown.
  7. Of the top 10 real estate projects recorded in 2013, only one was new 
    construction.
  8. The negative trend of tenants moving out seems to have hit bottom.
  9. For industrial space, tenants are looking for 24-foot and higher ceiling heights, 
    high pressure (ESFR) fire suppression systems, and a trailer parking to dock 
    door ratios of 2 or 3 to 1. Most older spaces do not meet these requirements.
  10. Unknown if the move to building ownership from leasing will continue as the 
    economy strengthens.
  11. Possible that lease rates for desirable properties could be as much as 20% 
    higher.
  12. Predicting a 3 to 4% growth in rental rates annually.
  13. Infrastructure/utility limitations in some areas, particularly South I-25, could push 
    down land prices and growth in the industrial sector.
  14. The pattern of office use has changed -- no more atrium lobbies, marble entries, 
    and large executive offices.
  • Trend for office space now is high density - 500 people in a 100,000 square foot building 
    that previously housed 300.
  • Increased density has impacts for restroom facilities, HVAC capacity.
  • Of the 14.1 million square feet of office space in Albuquerque, the higher quality 
    office space is found:
    • 34% North I-25 area
    • 21% Uptown
    • 1% Downtown
  1. Why consider new development of high quality space?
    • he market currently has a limited amount of the higher quality space 
      many tenants require
    • Because other high quality spaces have been absorbed, there are fewer high quality spaces available
    • Companies looking to relocate here will require multiple space options with large floor plates.
  2. Predictions for the office sector:     
    • Office users will continue to migrate to high quality space
    • Rental gaps will increase between Class A, B, and C spaces
    • We will see redevelopment and repurposing of existing spaces
    • At least two new, substantial office buildings will be developed in the near future.

Habitat for Humanity Purchases 4900 Menaul Blvd NE

The 24,710+/- square foot, freestanding retail building located at 4900 Menaul NE has been acquired by Habitat for Humanity for its ReStore operation. ReStore will be moving from its current location at 200 San Mateo SE, where it has resided since 2003. The new Menaul location will provide ReStore with a larger showroom/warehouse space and extensive exposure from Menaul Blvd. 

The  Ransom-With Team initially sold the building in 2006 for the Westfall family (former owners of Allied School and Office Products) to retailer, Learning is Fun, which specialized in the sale of children's learning and teaching supplies. 

The 4900 Menaul NE property was listed by the Ransom-With Team and ReStore was represented by Mark Edwards of Edwards Commercial Realty.  Wells Fargo was the primary lender for the buyer in the transaction. The property was listed for $2,025,000 ($82/SF).

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Bank of Oklahoma sells 11,995 SF Office Building to Keller Williams Realty

Bank of Oklahoma sells 11,995 SF Office Building to Keller Williams RealtyKeller 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...

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The Ransom-With Team Sells 23,000+/- SF Investment Property

The 23,000+/- square foot Minato Square, located at 10701 & 10721 Montgomery NE, closed escrow last week. The property consists of a 17,211 square feet of multi-tenant office building and a 6,379 square foot, free-standing restaurant that is currently leased to Pacific Rim. The transaction was very complex due to the multi-tenant nature of the project and the fact that the buyer...

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