JLL closes $9M sale of Albuquerque office building
The single-tenant building is net leased on a long-term basis to a strong investment-grade credit tenant
PHOENIX, December 9, 2019 – JLL announced today that it has closed the $9 million sale of 4330 Picabo Street, a 76,768-square-foot, single-tenant, net-leased office building in the Albuquerque-area community of Rio Rancho, New Mexico.
JLL marketed the property on behalf of the seller, North Albuquerque Office DST, and procured the buyer a Chicago-based private investor. The sale does not impact current business operations of the tenant.
The property is located at 4330 Picabo Street in Rio Rancho at the junction of Pat D’Arco Highway and Highway 550, which provides convenient access to Interstate 25 and the entire Albuquerque metropolitan area. The Rio Rancho community is a highly sought-after location for corporate users and offers plentiful amenities, including numerous restaurants and service-related retail, the Hyatt Regency Tamaya Resort & Spa and the Santa Ana Star Casino and Hotel. Renovated in 2008, 4330 Picabo Street is 100% net leased to an industry-leading, investment-grade tenant that has been in occupancy at the property for approximately 20 years. The net-leased building features abundant parking and is positioned on an oversized 14-acre parcel that provides an opportunity for future development.
The JLL Capital Markets team representing the seller was led by Senior Vice Presidents Tivon Moffitt and Peter Bauman. Local market expertise was provided by President Scott Throckmorton of Argus Investment Realty.
“This is the third single-tenant office and industrial property sale we’ve completed in Albuquerque in the last couple of years,” said Moffitt. “This market has strong momentum with job and wage growth. Investors are excited to place capital in the greater Albuquerque market.”
“We are seeing diverse capital sources eager to enter into the Albuquerque market and other growing Sunbelt markets,” Bauman added. “We are seeing demand from both institutional and private capital investors.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About ARGUS Investment Realty
ARGUS Investment Realty is a full-service brokerage and development firm in the Albuquerque metropolitan area. Tenant and landlord representation, investment services, and development and redevelopment are specialized services that ARGUS has provided its clients for more than 30 years. Its unparalleled knowledge about the Albuquerque real estate market allows ARGUS to make critical insights and give informed, thoughtful advice for any investment or real estate need.