SOLD - 26,000+/- SF, NNN Investment Property

www.4801Alameda.com

www.4801Alameda.com

4801 Alameda Blvd NE is a 91.5% occupied, retail/showroom building located in Albuquerque, New Mexico's desirable North I-25 Corridor submarket. The property includes 26,638+/- square feet of physical improvements situated on 2.02 acres, plus an additional 1.06-acre vacant parcel of adjacent, separately-platted land. Six of the seven total retail units in the building were leased to a diverse mix of tenants with staggered lease terms, which offered stable and predictable income with minimal management oversight. Tenants included Subway, Planet Fitness, Lorenco's Salon, California Closets, Creative Lighting, and Roasted Pepper Design.

The property was listed for sale by the Ransom-With Team in December of 2013 and was formally introduced to the market in February of this year, and successfully closed on May 27. The buyer was a local investor represented by John Lewinger of Colliers International. The property was listed for $4,225,000 and had a net operating income of approximately $275,000.

4801 Alameda Blvd NE was initially developed by a local investment group in 1999. Owner-broker, John Ransom, was an investor in the project and was responsible for all leasing activities during the course of ownership. Initially named as the New Mexico Design Center, the property was tailored to tenants in the residential construction and remodeling industry. When the housing market dipped 2009, the ownership group repositioned the center into a more diverse, general commercial property to better serve the area's housing and employment base. 

Bosque Brewing Co. Expands into Nob Hill / UNM District

 
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The Bosque Brewing staff, from left, Jared Michnovicz, Gabe Jensen, Jotham Michnovicz, and Kevin Jameson.

The Bosque Brewing staff, from left, Jared Michnovicz, Gabe Jensen, Jotham Michnovicz, and Kevin Jameson.

Albuquerque-based, Bosque Brewing Company has signed a new lease at the southeast corner of Central Ave and Girard. The building, formerly occupied by Hollywood Video, is located at 106 Girard Blvd SE, across to the east from the new Panera Bread restaurant/bakery. This will be Bosque's second location, following their initial opening in 2012 at 8900 San Mateo NE

The new location will have an exceptional bar and indoor/outdoor seating areas. A unique attribute of the new tap room it that it is located at the crossroads of the Nob Hill and University of New Mexico districts, which affords Bosque a unique opportunity to cater to a broad customer base. The new location will have a modern design, abundant parking and will be within walking distance for many pubcrawlers.

Bosque is awaiting their final liquor license approval and expect to open the new pub in mid-2014.

Bosque was started by four friends — Kevin Jameson, Gabe Jensen, Jared Michnovicz and Jotham Michnovicz (pictured above) — who all love craft beer and, in college, became interested in the possibility of opening their own brewery. With help of local lender, ACCION, they have grown to become one of Albuquerque's most well-known local breweries offering hand-crafted beers.

The Ransom-With Team assisted Bosque with site selection and transaction negotiations on both locations. We are very excited about their recent successes and look forward to visiting the new location!

The Hutton Company Purchases Site for Family Dollar Development

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Chattanooga, TN based developer, The Hutton Company, has closed on 1+/- acre site on Albuquerque's southwest Mesa. The property is located within a master-planned commercial development located at the southeast corner of Sage and Unser. The Hutton Company has completed over 735 development projects for various retailers across the country, 7 of which have been completed within New Mexico.

The Ransom-With Team assisted Hutton with the site selection, negotiated the terms and purchase agreement and helped carry the transaction through to a successful closing. The keys to the transaction were finding an entitled vacant parcel of land with utility infrastructure and zoning in place. In addition, the price structure of the deal had to be aggressive enough for Hutton to deliver a fully-improved retail building to Family Dollar at a reasonable lease rate. 

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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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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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Historic Downtown Albuquerque Flying Star Café Building Sold!!

Historic Downtown Albuquerque Flying Star Café Building Sold!!

The Ransom-With team facilitated the sale of a historic 15,900+/- square foot retail/office investment property located at 723 Silver Ave SW. The building is one of Albuqueruqe's best examples of the successful redevelopment and transformation of an urban asset. Known formerly as the the Southern Union Gas Company building, it had been vacant for...

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