Deal Of The Week: Local Development Group Makes Uptown Buy
By Rachel Sams – Editor-in-Chief, Albuquerque Business First Friday, March 1st, 2019
A local development group has made a big purchase in Uptown.
Allen Sigmon Real Estate Group announced last week that principals Lance Sigmon, Brad Allen and Total Management Systems President Prakash Sundaram have partnered to buy Uptown Tower, a seven-story office building at 2440 Louisiana Blvd.
The terms of the deal were not disclosed, nor was the seller of the property. Lease prices at Uptown Tower begin at $18.50 per square foot, according to a news release. Current tenants of the building include Lewis University, ABQ Skin Care, John Thomas Jewelers and True Heath New Mexico.
The building will be redeveloped with new exterior finishes, architectural elements and lighting. A new lobby will be added.
“We are excited to get to work,” said Sigmon in a statement. “Not only are we going to improve the Uptown Tower for the current tenants, we are going to modernize the facade and add some great architectural elements. We want this building to stand out as a cool, unique piece of architecture that makes a statement.”
Why it’s significant
Uptown has become a well-known location for shopping and offices in Albuquerque, but it still has a pretty high vacancy rate: 19.5 percent, according to a CBRE report. So it always catches our eye when a local development group buys an Uptown building with makeover plans. We previously reported on The 24s@Uptown project, which transformed the former 86,000-square-foot Main Bank building into a mixed-use property with luxury condominium units and retail. A few years back, Heritage Hotels & Resorts CEO Jim Long and a group of investors bought both One Park Square and Two Park Square office towers in Uptown. (Full disclosure: Business First’s office is located in Two Park Square.)
Want to Lease Office Space at ABQ Uptown Tower?
If you’re interested in office space at ABQ Uptown Tower, contact Allen Sigmon Associate Broker Jordan Shipley. The great thing about this building, besides the awesome location, is that it is primed for a company’s growth. A tenant could take up half a floor now, and in a couple of years expand to the entire floor or even take up multiple floors. This is unique for the Albuquerque Uptown Area. The business owners I have talked to have stated that this is a huge differentiator.
Story originally reported on Albuquerque Business First: https://www.bizjournals.com/albuquerque/news/2019/03/01/deal-of-the-week-local-development-group-makes.html
About Allen Sigmon
Allen Sigmon Real Estate Group is a full-service commercial real estate company based in Albuquerque with an expertise in acquisitions, brokerage, development, and property management. As a local company, we pride ourselves in our knowledge of the New Mexico commercial market and the relationships we are able to foster compared to larger national firms. Our office works with every kind of commercial property; including office, industrial, retail, land, and multifamily.
Our understanding of client needs and concerns not only comes from our experience as an office but also as owners and investors of commercial property ourselves. We have an excellent team in place that is eager to work on your behalf; our results speak for themselves