Office Building in Rio Rancho is For Sale for $5M
- Aug 16, 2013
A 50,000-square-feet complex located 16 miles north of Albuquerque has been listed for sale for $5 million. The five-story building, located at at Quantum Road and NM 528, used to belong to AMREP Southwest which is now the main tenant.
The listing agent for the sale is John Morrow from West Wood Realty, reports Albuquerque Business First. According to the sales representative, the property is a bargain. “For a building of this quality and stature and location, it’s a very competitive price; especially when considering the many recent upgrades and improvements.”
The property was built in 1986 for AMREP Southwest, one of the most prominent home builders of New Mexico at the time. In 1960 the company had paid $10 million to acquire 55,000 acres of what later became the City of Rio Rancho. The building was then in the heart of the development of what became the state’s third-largest municipality. AMREP now owns approximately 8,000 acres in Rio Rancho.
In 2006 the office building was purchased by AFEP which invested in the building, upgrading the heating and cooling unit and installing remote temperature and ventilation controls. Energy-efficient lighting and a fiber-optic cables have also been installed. In 2007 the roof was replaced and the common areas refurbished.
The market in the area is improving. The Northern Boulevard NM 528 is scheduled to undergo a widening from four to six lanes.
Photo courtesy of New Mexico