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.”