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Jun. 5, 2013

8.4K SF Medical Office Center Nears Completion

By Anca Gagiuc, Associate Editor

The 8,470-square-foot phase one of a new medical complex is nearing completion. Mark Edwards, the leasing agent of the project and president of Edwards Commercial Realty, said the project should be completed by the end of June.

“This serves an underserved area,” Edwards said. “Urology was underserved. A medical complex creates flexibility and versatility for Corrales, Rio Rancho, Albuquerque’s west side and even north Albuquerque. We want this to be a one-stop medical clinic development.”

Named Pinnacle Point, the medical office center is located at 4410 Irving Blvd, near Eagle Ranch NW. Other neighboring centers are the Presbyterian Rust Medical Center and Lovelace Westside Hospital. It’s designed to total approximately 16,000 square feet on 1.7 acres with a calculated cost of $1.3 million. Phase two consists of a development of about 7,300 square feet.

The anchor tenant, Albuquerque Urology Associates, will occupy 5,290 square feet. The remaining 3,167 square feet are divided into two offices and will be available for lease for other medical practices. Leasing discussions with medical labs, dentists, ophthalmologists and dermatologists have been initiated, reported Edwards. “We are focused on leasing units or structuring leases with purchase options that could be exercised as early as mid-2016,” he said.

The office space can be leased in an unfinished, heated shell form starting at $16 per square foot. For special improvements the rental rate can jump up to $21 per square foot, but tenants also have the option to hire contractors to build out the interior. The option to lease the space through loans is also available. Suits range from 1,368 to 7,228 square feet.

The architect is Tijeras-based AKT Architects and the general contractor is local Richardson & Richardson.

Photo credits www.cabq.gov/