By Ron Davis – Reporter, Albuquerque Business First
Jun 14, 2019, 5:00pm EDT
Allen Sigmon Real Estate Group has made a play in Rio Rancho. The group, led by principals Brad Allen and Lance Sigmon, acquired Rio West Business Park at 103 Rio Rancho Blvd. NE for an undisclosed price. The property is a nearly 45,000-square-foot location across four buildings in Rio Rancho. The deal closed June 5, according to a news release.
“We are excited about this new project,” Allen said in a statement. “The property was very well maintained and managed by Jim and Ellen King. We couldn’t have asked for better sellers to work with. The business park is in a great location. It’s right off Highway 528, which will make it easily accessible for all the people who work there.” Jim King confirmed the deal in a phone interview Friday.
Allen declined to disclose the cost of the acquisition.
Tenants of the business park include Sherwin Williams, Amazing Grace Personal Care Services and Complete Drywall, among others. As of Thursday, there are two vacancies at the business park.
“It’s also surrounded by a lot of retail, including big names like Starbucks, Target and Wendy’s,” Allen said.
The deal comes a few months after Allen Sigmon purchased a multiunit shopping center at 1400 Main St. SW in Los Lunas. Sigmon said at the time the presence of Facebook and the influence it’s had on the local community gave reasons to do business in Los Lunas. He sees similarities in Rio Rancho, with Intel planning to hire more than 300 employees.
“It’s a great opportunity to be in Rio Rancho now,” Sigmon said.
Earlier this year, Sigmon, Allen and Total Management Systems President Prakash Sundarampartnered to purchase Uptown Tower, a seven-story office building at 2440 Louisiana Blvd., for an undisclosed price.
Allen Sigmon ranked No. 7 on Business First’s List of Largest New Mexico Commercial Real Estate Firms with $46.75 million in commercial transactions volume in 2018.
Originally reported on ABQ Biz First: https://www.bizjournals.com/albuquerque/news/2019/06/14/allen-sigmon-buys-rio-west-business-park.html 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.