Albuquerque Commercial Real Estate Report 5.17.10: The latest on BGK Group & others

From Walt Arnold, CCIM, SIOR – Albuquerque, NM

>>> Click here to listen to the Commercial Real Estate Report for 5-17-10! <<<

Bob Clark, News Radio 770 KKOB: Walt there was some news last week about BGK Group, can you give us some details?

Sure good morning Bob.  BGK Group, which is the largest holder of commercial real estate in New Mexico with over 2 million square feet, was purchased by New York’s Rosemont Real Estate.  Rosemont acquired a 51% controlling interest and will rename the company Rosemont Realty LLC.  The headquarters will remain in Santa Fe.

The deal gives BGK a needed cash and management infusion.  The sale also helps with a succession issue as BGK leader, Eddie Gilbert is 88 years old.

The New Mexico holdings include 19 Albuquerque office buildings, 6 properties in Santa Fe and one in Hobbs. BGK is Rosemont’s first major acquisition.

Bob: Walt, what’s going on with La Bella Spa at ABQ Uptown, are they back in there space?

Yes, that’s an interesting deal and a sign of the times when a tenant vacates a property over a year ago; the space remained vacant until La Bella worked out a deal with the Landlord to go back into ½ of their original space.  The balance of the space will be leased to another retail tenant.  This is a creative approach to solving a problem by both the tenant and landlord to fill some vacant space.  Both Hunt Development and La Bella are happy to be back in ABQ Uptown.

Bob: What else do you have for us today?

I want to briefly mention a couple of listings.  The first one is a multi-tenant property at Marble Office Plaza which is on Marble just west of San Pedro.  We have various sizes, competitive pricing with a convenient location just south of Uptown. The second is Corrales Overlook in Rio Rancho.  We have had a price reduction to $119/sf for a shell.  The original price was $172/sf, so a substantial price discount on brand new office condos.

Bob: How can people reach you?

Thanks Bob, call Walt Arnold at 256-1255, our website is  Sperry Van Ness is a full service commercial real estate company able to help you in commercial sales, leasing, property management, tenant representation and site selection.  We have a group of experienced and professional broker’s ready to go.

One quick reminder.  If you have reviewed you property tax assessment the time to protest is rapidly approaching. Don’t miss the opportunity to possibly reduce your property taxes.  Thanks Bob and have a great week.

Visit my blog or visit my radio show library!

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