Peterson Acquires Simms Building for $1.75M and Begins Renovations
By Anca Gagiuc, Associate Editor
Bearing the hallmark of the city’s first modern, International Style skyscraper, the Simms Building was built in 1954 and listed on the National Register of Historic Places in 1998. Over the years, the building with the windowless brick walls on the east and west sides and glass curtain walls on the other two faces, has served Albuquerque’s commercial sector.
The property is located at 400 Gold SW in Downtown Albuquerque (Gold Ave and 4th
Street) and has 13 floors with retail and restaurant space on the first floor. Office and executive suites are on the upper levels, and garage parking is available on 11 levels.
The 113,699 rentable square feet office building was acquired in February by Peterson Properties at its list price of $1.75 million from Maestas & Ward. Now, the renovation process has begun. The listing agent John M. Henderson III, one of NAI Maestas & Ward directors, had estimated renovation costs between $3.5 million to $5 million. Peterson Properties confirmed the latter figure for the upgrades to the building, partly because no significant renovation has ever been done.
The general contractor on the renovations is Wilger Enterprises, Peterson’s collaborator for over 20 years and the financer is BBVA Compass. Three architects are responsible with different phases of the project – Martin Grummer Architect will take care of the HVAC and water system replacement, cherry/see/reames will supervise historical tax credits and compliance, and the third is Kells + Craig Architects.
“We’ve never owned a high-rise or remodeled one,” Doug H. Peterson, principal at Peterson Properties, told Albuquerque Business First. “We’re approaching it with humility and want to do it right. The tenants here have been very loyal.” Simms was about 60 percent vacant at the time of acquisition, but new ownership already brought new tenants, Rebel Donut and Camp & Elmore law firm.
“This is not a project where we’re going to put lipstick on it and flip it. We’re in it for the long haul,” Peterson concluded.
Photo credits www.petersonproperties.netTags: Development, leasing, retail