Peterson Properties snaps up another piece of real estate
Peterson Properties has acquired its fourth commercial property this year.
The Albuquerque-based landlord acquired Autry Plaza, located at 1330 San Pedro Drive NE, for $1.1 million, said President Doug Peterson.
"It's nearby our office so it should be easy for us to manage," he said.
The 16,540-square-foot Class B office building was half occupied when purchased. Peterson said he's signed a lease since closing on the property last week. Peterson said he plans to do some exterior improvements to the property. Peterson Properties acquired the property from a local owner.
Peterson Properties also has closed on Penn Mont office building near Montgomery Boulevard and Pennsylvania Street, a two-story office building off Morris Street and Montgomery Boulevard and a building near Juan Tabo Boulevard and Spain Road.
"We're always looking to add to our portfolio in our hometown," Peterson said. "These properties seem to be the types of properties that don't get the attention of other investors."
Started in 1971, Peterson Properties has developed 5 million square feet of commercial real estate and owns over 40 properties totaling over 1.2 million square feet, according to the company.By: Christopher Ortiz, Managing Editor - Albuquerque Business First