For Immediate Release
July 24, 2024
CONTACT: (Larry Ilfeld, CCIM, ALC)
(505-265-4401)
MAJOR ALBUQUERQUE LAND PARCEL SOLD
Read the Press Release Here
A major parcel of land in Albuquerque has been sold.
The property, known locally as the Salazar land, is located in the So. West mesa area of the city northeast
of Atrisco Heritage High School, between 98th St. and Unser Boulevard. It is comprised of two tracts
totaling 148 acres. Most of the property is zoned for single-family residential development, with 23 acres
zoned for commercial use, specifically designated for a business park.
Members of two families and one non-related investor owned the property in several land trusts and it had
been offered for sale at various times throughout past years. Several local and national homebuilders
expressed interest in the property but were never able to negotiate a purchase.
Early in 2021 one of the owners filed a lawsuit in the 2nd Judicial District Court of New Mexico to have
the property sold. The case wound its way through the Court system and in October 2023 the property
was ordered to be sold. SVN® Walt Arnold Commercial Brokerage of Albuquerque was selected by the
Court to sell the property.
The property was listed for sale at $7,481,000, a price determined by a Court-ordered appraisal in 2022.
SVN® was able to bring multiple buyers to the table in a short period of time, and after a Court hearing to
determine the purchaser a contract to purchase the property was signed.
Larry Ilfeld of SVN®, the Court-appointed Special Master charged with selling the property declined to
identify the buyer or provide the final sale price but stated that the amount exceeded the advertised asking
price.
The buyer plans to develop the property for single-family residential development and a commercial project
on the 23 acre non-residential tract.
SVN® Walt Arnold Commercial Brokerage is one of New Mexico’s largest commercial real estate companies
with offices in Albuquerque and Santa Fe. The company sells all types of commercial property and is one of
the state’s leading brokerages in the sale of commercial land and large residential tracts for development.
