SolarCity Moves to Sandia Distribution Center

SolarCity Moves to Sandia Distribution Center

One of the largest multi-tenant industrial buildings in Albuquerque is now 100% leased! The owner of the state-of-the-art, 200,000+/- square foot distribution complex located at 8000 Bluewater NW just inked a 19,000+/- square foot lease with...

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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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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.

Tiger Logistics Inks 24,500 SF Lease

Sandia Distribution Center, located at 8000 Bluewater NW, has completed a new lease with Memphis, TN based, Tiger Logistics. Tiger is a privately-owned company that provides logistics and transportation solutions for shipping companies throughout the US. 

Tiger has procured a new contract with Ross Dress for Less to supply their NM-based retail stores. Their expansion into the 24,500 square foot state-of-the-art high bay space at Sandia Distributions Center will enable them to efficiently handle, process and distribute Ross' retail goods throughout our market. The space has 8 dock-high loading areas, 24' high ceilings and offers secured yard storage, which is an amenity that few multi-tenant buildings in the Meridian Business Park area can provide.

Sandia Distribution Center, which totals 200,000 square feet, is one of New Mexico's largest multi-tenant industrial facilities. The asset is owned by EJM Development Co, which is a family-run company that has grown to its current status as one of the leading industrial/commercial developers in the western states of California, Nevada, Arizona, New Mexico and Utah. EJM’s portfolio currently consists of over eleven million square feet of existing space with another 1.7 million square feet of space under development.

The Ransom-With team has the listing assignment for the property and we are extremely fortunate to work with EJM who is a very experienced and capable ownership entity.

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Sold!! - 50,000 SF VCC Eagle Ranch Portfolio

Sold!! - 50,000 SF VCC Eagle Ranch Portfolio

Completed in 2008 by San Francisco-based developer, Venture Corporation, VCC Eagle Ranch is one of Albuquerque's premier office/flex industrial parks, consisting of approximately 72,000 total square feet and situated on 5 acres of land. The unique, tilt-up concrete project includes 30 business properties that...

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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. 

Highlights

- “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)

Brickleys Property Solutions Purchases VCC Eagle Ranch Condo

Brickleys Property Solutions has purchased a ±2,900 square foot professional business condominium unit at Venture Commerce Center (VCC Eagle Ranch).  The new location will offer Brickleys the opportunity to transition from being a tenant to an owner-occupier, with an opportunity to build equity. Brickleys is full-service residential real estate and property management company that serves Albuquerque, Rio Rancho, Corrales & Bernalillo. 

 

Construction of the 5-building, 30-unit VCC Eagle Ranch office/flex complex was completed in 2008. It was developed as a 100% speculative project by a CA developer and currently sets the bar for modern architectural design and quality. The ownership of the property has transitioned from the developer to the lending entity and units are now being marketing as "Lender-Owned" and are priced aggressively for sale. VCC Eagle Ranch offers an excellent opportunity for a small business to own its real estate at a price point well below replacement cost and often for much less than renting a comparable property. 

The Ransom-With team has sold nine (9) units in the complex over the past several months and activity continues to improve. In addition, we have sold eight (8) office condo units in the Corrales Overlook and Rio Rancho Executive Plaza developments during this period signaling a significant upward trend in owner-user interest in the market.