Bob – Walt, what do you have for us this morning?
Walt – Good Morning Bob, I have some updates for you in the Albuquerque commercial market.
First of all, some good construction news, Admiral Beverage is going to build a 219,000 square foot building at Rio Bravo and Prince. The $15 million dollar project will employ at least 55 contractors and add 20 permanent jobs in addition to the 185 current employees. So that is good news!
Admiral Beverage acquired Maloof Distributing in 2010. Admiral will start on 24 acres for its warehouse and delivery operation. The remaining 17.5 will be for future use.
In the retail world ABQ Uptown has a couple of new tenants for the Lifestyle Center. J. Crew and North Face will take space in the former Border’s location. There will be one remaining space in the 20,000 square foot building and when that space gets leased the center will be 100% occupied.
J. Crew and North Face could also create additional retailers to start to look at the Albuquerque market. As retailers see that J Crew and North Face have selected the Albuquerque market it will entice others to look at the opportunities in the Albuquerque retail market for opening stores in ABQ Uptown, Coronado or the Winrock project.
J. Crew and North Face are two strong retailers with successful platforms and will add to the strength of ABQ Uptown. As more retailers continue to make there way to Albuquerque it continues to open the door for additional retailers and also higher end specialty retailers.
It’s like the story of the Burger King real estate department. The story is it was just one person. The task was to find where McDonald’s was building a restaurant and buy the land next door and build a Burger King. All the heavy site analysis and demographics was done, which is similar for retailers, as more retailers look to invest in specific locations and other retailers are already there and doing well, the risk of putting in a store begins to ease.
Bob – Anything else and how can our listeners contact you regarding commercial real estate?
Walt – Thanks Bob, Sperry Van Ness is a full service commercial real estate company in 160 markets across the country. We have specialists in sales and leasing of office, industrial and retail properties. We help Tenants find space through our Tenant Representation platform, we have a full service professional property management company and we have disciplines in loan sales, bank Real Estate Owned sales through our Asset Recovery Team, Auction Services, Investments sales, and Loan Workouts through a strategic partner. We have what’s required to make the right choice in commercial real estate.
If you have any commercial real estate requirements we have solutions.
Direct line for me, Walt Arnold is 505-256-1255, our website is www.waltarnold.com. Give me a call to discuss the Sperry Van Ness difference in commercial real estate.