Local law firm makes Louisiana (office building) purchase
By Ron Davis, Albuquerque Business First reporter | April 29, 2019 Its name was already on the building, but the title is now in Will Ferguson & Associates' name.
The Albuquerque law firm purchased a 47,000-square-foot office building at 1720 Louisiana Blvd NE, Will Ferguson, the president of the law firm, confirmed the purchase to Business First in a phone interview Monday.
The firm purchased the building from commercial real estate investment firm Gemini Rosemont. Ferguson said the firm spent in the "high $3 million-mark" to make the purchase. The deal closed at the end of March. Gemini Rosemont confirmed the sale.
Cole Flanagan and Jake Mechenbier of Investment Property Advisors, a division of NAI Maestas & Ward, were the brokers on the deal. Main Bank was the lender for the transaction and was "remarkably smooth" to work with, Ferguson said.
Will Ferguson & Associates had been in the building for 15 years and began pursuing outright ownership for over five years when it first made an offer. Ferguson said the deal came together in a matter of months before closing March 29.
His plans for the building include adding additional "cool" landscaping around the building and revamping the inside to look "a little less commercial" and "a little more nice."
Will Ferguson & Associates' building purchase comes a little more than two months after Allen Sigmon Real Estate Group announced principals Brad Allen, Lance Sigmon and Total Management Systems President Prakash Sundaram partnered up to purchase Uptown Tower — a seven-story office building at 2440 Louisiana Blvd. located across the street from Coronado Mall.
Uptown's vacancy rate is 19.5 percent, according to a market report by CBRE.
Earlier this month, Business First reported Gemini Rosemont relocated its headquarters from Santa Fe to Los Angeles. In January, Business First reported Duke City Management LLC had purchased Gemini Rosemont's Albuquerque property management operations for an undisclosed amount.
Will Ferguson & Associates ranked No. 14 on Business First's list of New Mexico law firms.Investment Property Advisors is a division of NAI Maestas & Ward. The team has the backing of NAI Global, which extends their investment reach internationally. For more on the IPA Team and their available investment properties visit www.iparealty.com