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."