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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FDIC Sells 15,000 SF Office/Warehouse Located in Rio Rancho

FDIC Sells 15,000 SF Office/Warehouse Located in Rio Rancho

Rio Rancho Office / Warehouse / Showroom

Grace Outreach Center in Rio Rancho has purchased the former JC Tile building located at 1016 Rosarito Dr. SE. The approximately 15,000 square foot, retail/showroom building, situated on 1.12 acres of land, was constructed in 2008 by JC Tile. The commercial property was liquidated by the FDIC. The Ransom-With Team had the local listing assignment for the Rio Rancho commercial building.

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FDIC Property for Sale- 1016 Rosarito Dr SE, Rio Rancho, NM

This is a Rio Rancho property with showroom & warehouse space. The total building size is 15,600 +/- square feet on a lot of 1.12 acres. The property is zoned Commercial Mixed Use (CMU).

Office/Showroom/Warehouse space

  • Constructed in 2008
  • FDIC-owned property
  • $863,500 ($55.35/SF)
  • Ceiling Heights: 14-16'
  • Fully sprinklered building
  • Drive-in door & exterior loading dock ramp
  • 52 on-site parking spaces
  • 3 roof-mounted combination heating/air units Improvements instructed using SABS (Saebi Alternate Building System)

Ransom/With/Bandoni Team Leases and Sells 9,200 SF Rio Rancho Investment Property

The Colliers International team of John Ransom, Tim With and Keith Bandoni fully-leased and sold a 9,168 square foot, freestanding office building located at 2300 Grande Blvd in Rio Rancho, across from the Intel campus. In 2005, the team sold the Rio Rancho asset and the 60,000+/- square foot office/flex complex, Albuquerque Trade Center, to the seller, Kemper Insurance.

For the first five years following construction, the 2300 Grande office building was 100% occupied by Waste Management who, upon expiration of their term, vacated the building. Our team immediately began marketing the property for sale or lease. 

2300 -grande-rio-rancho.png

The Ransom/With/Bandoni team successfully leased 7,138 square feet of the building to its Santa Fe-based client, Presbyterian Medical Services, while simultaneously negotiating a purchase of the property by Dr. Steven S. Wrege, DPM. The new owner plans to owner-occupy 2,030+/- square feet of space in the building and utilize the rental income received by PMS to offset its debt service. 

The building was listed for $1,100,000 ($120/SF). 

Property Description

  • Rio Rancho Executive Plaza includes five buildings totaling 47,967 SF
  • Near Intel and close to New $200+million Presbyterian Hospital
  • Buildings are of southwest, Scottsdale design

Ransom-With Team Leases and Sells ±4,300 SF Office Property

This week, a local investor purchased a ±4,300 square foot office property which was leased to the New Mexico Heart Institute ("NMHI") for a 7-year term. The subject property is a condominium within a larger 12,000 square foot building, which had been vacant since 2007. Over the past several months the Ransom-With team has been working to sell the individual units to owner-users and/or investors. A turnkey lease structure was negotiated with NMHI which created a long-term income stream for the landlord. As soon as the lease was inked, another Grubb & Ellis|New Mexico brokerage team submitted an all-cash offer to purchase and close on the property once the tenant improvements were completed.

The property address is 2240 Grande Blvd, which is located just a couple of minutes east of the new state-of-the-art, Presbyterian Rust Medical Center, which opened in late 2011. Constructed in 2007, Rio Rancho Executive Plaza is a 5 building commercial condominium complex containing 47,967 total square feet situated on 4.59 acres of land. The development is one of the city's largest multi-tenant business parks.

The Ransom-With team has the listing assignment for the remaining lender-owned units in the park, which are asset-managed by Oasis Loan Advisors based in Las Vegas, NV. In recent months, our team has sold four units totaling approximately 11,000 square feet. According to John Ransom, CCIM, SIOR, "We have worked in parallel with the asset manager to help create value for the property investors despite a soft economic and financing climate. A combination of strategic marketing and efficient decision making has been the key to moving the remaining units in the park."