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Posted 12 Nov 19 By: No comments yet

CCIM 2019 Deal of the Year Under 1 Million

2019 CCIM Deal of the Year

 

Engineers Secure Owner-User Investment

RhinoCorps Ltd. has relocated within a building they recently purchased located at 1128 Pennsylvania St. NE, Albuquerque, NM 87110. 

Shelly Branscom, CCIM, and the late Rich Diller, CCIM, SIOR, of NAI Maestas & Ward began representing the building for lease in 2013.  The Seller was a California investor whose spouse passed away just months after purchasing the building.  While Albuquerque has experienced an improvement in the real estate climate over the past several years, some owners have felt the lingering effects of the economic downturn on their properties.  This building was no exception.  Although multiple suites had been leased between 2013 and 2016. When the property was brought to the market to sell in 2014, 1128 Pennsylvania St. NE was in need of updates and additional tenancy to attract a motivated buyer.  After many years of carrying the asset with 20-40% vacancy, the property eventually went back to the bank.  The brokers continued to market the building to several existing tenants.  RhinoCorps expressed interest and the building went under contract in May 2018.

“The Inspection process proved taxing, but we came to a resolution and the buyer expanded in the building, occupying all of the remaining space.” stated Shelly Branscom, CCIM. 

The transaction provided an opportunity for RhinoCorps to become an owner-user.  This small, local firm provides software and simulation engineering services to many government entities including the U.S. Air Force, Sandia National Laboratories, and NASA, among others. 

Representing the seller, Shelly Branscom and Rich Diller worked with the buyer’s broker, Richard Hanna of Hanna Commercial, to finalize the sale of the office property.  Sitting on an acre of land, the 15,800 SF, two-story building has excellent visibility from Pennsylvania St. NE and Mountain Rd NE.   The building boasts many nearby amenities with proximity to Albuquerque’s Uptown and easy access to Interstate-40. 

1128 Pennsylvania was awarded the 2019 CCIM Deal of the Year Under $1,000,000 this past October at the 2019 Intersections Conference held at Sandia Casino. 

NAI Maestas & Ward is a full-service commercial real estate company serving
New Mexico since 1996. The company is a dynamic commercial real estate firm offering best-in-class real estate services in brokerage, property management, asset management, business brokerage and development services.

 

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