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. 

Office Market Trends Report - 3rd Quarter 2014

Albuquerque Office Market Update

The 60 basis point jump in vacancy this quarter was a modest increase and within normal ranges. Unfortunately this increase brought the office vacancy into record territory and is at the highest level yet since the new millennium began. A majority of the increase is attributed to just over 90,000 square feet of space being vacated by two companies. Cardinal Health and Lovelace Health Plan both shuttered their operations as a result of a business unit transfer and an acquisition by another health plan. 

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Davis Advisory Group & Espinosa & Associates, P.C. Move to One Sun Plaza

Personal retirement planning firm, Davis Advisory Group, LLC, and law firm, Espinosa & Associates, P.C., have moved within Albuquerque's Journal Center from the Marshall Building to One Sun Plaza located at 100 Sun Plaza NE.

For many years, both users had been subletting approximately 3,000 square feet of space within the Marshall Building. As a result of an expansion by the largest tenant in the building, HUB International, Davis and Espinosa had no options to relocate at their current location and needed to move immediately.

The Ransom-With Team worked with Davis and Espinosa to quickly survey the marketplace to find 3,500-4,000 square feet of move-in ready office space that needed to be occupied within 30 days. This was a challenge due to the lack of such space available in and around the Journal Center.  Together, we quickly identified a suitable space on the 2nd floor of One Sun Plaza that was mostly furnished and required only new carpet and paint. Due to Mr. Espinosa's experience in negotiating contracts, the lease was finalized and executed in an efficient manner.


100 Sun Plaza is a six floor, steel frame office building containing 183,000 square feet of rentable space. One Sun Plaza one of the finest Class A  office buildings in the southwest United States.






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 
  2. Unemployment rates are dropping but vacancy rates are staying the same or 
  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 
  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 
  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% 
  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.

Ransom / With / Bandoni Team Sells 8,000 SF Otono Plaza Office Building

Ransom / With / Bandoni Team Sells 8,000 SF Otono Plaza Office Building

The Ransom/With/Bandoni team successfully sold the 7,000+/- square foot, freestanding office building located at 4910 Alameda Blvd NE. Built in 2004, the building is part of the very successful Otoño Plaza 6-building office park...

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Two More Condo Units Sold at VCC Eagle Ranch!

Two More Condo Units Sold at VCC Eagle Ranch!

Our Team has the exclusive listing assignment for the 72,000 square foot, 5-building VCC Eagle Ranch condo project. Over the past couple of years the property has transitioned from a speculative, developer-owned project to a lender-owned asset. The construction quality is...

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VCC Eagle Ranch Priced for Bulk Sale

The Ransom-With team has been retained as the exclusive agent to implement the sale of one of Albuquerque's premier office/flex developments, Venture Commerce Center (VCC Eagle Ranch). The offering is for five (5) newly-constructed buildings comprised of twenty (20) total units, consisting of approximately ±50,232 square feet. This master-planned development is situated on 5.08 total acres.

Download Marketing Brochure

<Contact Tim With (505-880-7092) or John Ransom (505-880-7011) for info>

Built in 2008, the property is extremely well located within Albuquerque’s prominent West Mesa submarket, adjacent to the Cottonwood Mall on Eagle Ranch Road NW. Venture Commerce Center is a landmark property, representing a rare opportunity to acquire a high-quality office/flex campus with true upside potential. 


- “Lender-Owned” and priced at only $3,000,000 ($59.72/SF)
- Opportunistic investment in a historically stable market
- Unique value creation opportunity priced well below replacement cost
- New inventory, mostly “Market Ready”
- Class-A office/flex buildings
- Condominium Association in place
- Constructed of steel-reinforced, raised concrete panels
- 21’ warehouse clear height with 10’ x 12’ roll up doors
- 10 units with frontage of Eagle Ranch Rd. (representing 25,843 SF)

3rd Quarter Market Trends Reports Now Available

Off Trends.q3 2012.png

Demand for office space is directly correlated to employment levels. Albuquerque's job growth has not been high enough to make a positive swing in the occupancy rate. In addition, office tenants are utilizing space more efficiently and the remote workforce is expanding as employees in many companies are starting to work from home. The office market is expected to be stagnant throught the balance of 2012, but will hopefully improve in early 2013 if we see more vibrant job growth. Click Here to download the 3rd Quarter 2012 Office Trends Report>>

Ind Trends.q3 2012.png

Albuquerque's industrial market is holding steady, however, the vacancy rate for older, functionally obsolete buildings is significantly higher than for more modern facilities. Many tenants are "right-sizing" their space requirements and occupying warehouses in a more efficient manner than in previous years. Most recent activity is in the 2,000-5,000 square foot range and is primarily from medical supply companies and service-based businesses. Industrial spaces that have less than 25% office build-out tend to have better occupancy levels than those with higher office concentrations. Click Here to download the 3rd Quarter 2012 Industrial Trends Report>>