By Steve Sinovic / Albuquerque Journal Writer, Thursday, June 2nd, 2016 at 2:21pm
ALBUQUERQUE — The Allen Sigmon Group Real Estate Group of Albuquerque has sold a 150,000-square-foot industrial property that it owned in Rio Rancho to a California investor for undisclosed terms.
The property, which is located at 4091 Rockaway Blvd. NW, had been listed by the firm for $8.2 million.
“We are rarely sellers; we are typically buy-and-hold guys,” said company co-owner Brad Allen of the property, which is 70 percent leased to Aero Mechanical, a firm that refurbishes airplane parts to current FAA standards.
Allen and the late Roger Cox purchased the 10-acre site in 2004 and later made improvements.
The partners in 2006 financed a build-to-suit addition of 50,000 square feet for Source One Spares, a business that distributes refurbished flight control surfaces and airframe components for commercial aircraft operators worldwide. The business has relocated to Arkansas and Allen Sigmon will help the new owner on leasing the excess space. The new owner had invested in another warehouse in Albuquerque, which he sold in December and used the proceeds to purchase the Rockaway property.
Allen said the building basically had no debt on it.
“At some point (as an investor) you take those funds and redeploy them elsewhere where the growth potential is higher,” he said.
“We are actively looking at other opportunities, preferably the purchase of another office-warehouse type of product,” he said of the rest of the company’s partners, which includes Lance Sigmon, Robert Powell and Jeff Martinez.
The firm is taking a broad approach as investors and developers.
Total Management Systems and Allen Sigmon signed an agreement in April with Aggie Development Inc. to build and run a four-story, 122-room hotel on 2.7 acres of university land next to the Las Cruces Convention Center.
Total Management also worked with partners from the Allen Sigmon last year to finish and open the Home2 Suites by Hilton hotel near the Big-I.