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Posted 24 Nov 20 By: No comments yet

CCIM Deal of the Year (over $1M)

By Riley McKee, NAI Maestas & Ward Advisor
November 13, 2020

A conundrum commercial real estate brokers will face from time to time involves balancing the anticipation of an exciting opportunity with the unfortunate realities that brought it about. Such is the case with 8301 Broadway Blvd. SE, a 20,000 square foot heavy manufacturing facility on 10 acres in Albuquerque’s South Valley, which was brought to market by Rich Diller and Shelly Branscom of NAI Maestas & Ward in November of 2018.

Under ordinary circumstances, the opportunity to market a facility of this scale would be met with complete enthusiasm. But when it’s the result of a company ceasing operations—and the swift loss of dozens of high paying jobs—those involved feel a sober responsibility to restore those losses quickly by finding a new company to occupy the space. That’s the story here.

As part of a corporate reorganization, a California-based manufacturer of industrial grade steel tanks decided to close its Albuquerque branch in late 2018 and consolidate the clientele and customer base it served to other facilities across the United States. The property was put on the market while operations wound down and was ultimately vacated in March 2019.

Due to its unique layout, large scale, and location on the south end of town, the marketing timeline was lengthy and laborious. Shelly Branscom and Riley McKee (who was brought on to assist after Rich Diller’s tragic passing) searched far and wide for a buyer who could make use of the facility and hopefully bring employment opportunities with them. Interest was consistent, but several promising leads fell through due in large part to the property’s location.

Roughly one year of vigorous marketing efforts later in the spring of 2020, Equipment Share, a construction and heavy equipment dealer, entered the market. Represented by Jim Wible and Keith Meyer of NAI Maestas & Ward, they were spurred to look in the area in part by Wagner Equipment Company’s recent relocation to the South Valley. 8301 Broadway presented an opportunity that the company eagerly jumped at: high bay warehouse space, frontage on Broadway Blvd., efficient interstate access, and an extensive land area to store inventory. After a quick negotiation of terms and brief due diligence period, the property sold on July 3, 2020, roughly 90 days after going under contract.

The final transaction indeed proved to be straightforward, but its mere occurrence underscores the value of commercial real estate brokers. Not only did the seller and buyer benefit from effective marketing and skilled representation, but the wider community saw the restoration of jobs that had been unexpectedly lost.

In the age of COVID-19, those in the commercial real estate industry increasingly find themselves on the front lines of the fight to keep businesses alive and jobs in place. By marketing, selling, and leasing space they ensure that commercial buildings remain inhabited by productive companies that contribute to the city and state’s economic health. The sale of 8301 Broadway is but a microcosm of what respected colleagues throughout the industry do every single day.

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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