Q2 2012 Albuquerque, New Mexico Office Property Sales Analysis

CRE Resources

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Q2 2012 Albuquerque, New Mexico Office Property Sales Analysis


Activity has been minimal. In the first investment transaction meeting Reis’ reporting criteria completed since 2008, Easterly Partners Real Estate Advisors LLC paid Titan Development $51.5 million ($269 psf) for the 191,175-square-foot Journal Center Business Park along I-25 in northeast Albuquerque in November last year. One deal, for $5.3 million, was completed during the first quarter of 2012. None followed the quarter after.

Since the quarter ended, the West Tower at 5301 Central NE and the adjacent Two Park Central Tower at 300 San Mateo NE, with a combined total of 254,317 square feet, have been placed up for sale, GlobeSt.com reported in August. The two properties have been listed for $19.25 million. “The buildings were foreclosed earlier this year by GE Capital.” In July, as reported previously, PNM Resources’ 250,000-square-foot office campus at 415 Silver Avenue SW in Alvarado Square in downtown Albuquerque has been put up for sale, New Mexico Business Weekly reported at the time. The asking price is $11.1 million ($45 psf), “a bargain price that could draw interest from both developers and owner/users.” Albuquerque Plaza Associates LP is the seller.