By Shelby Perea/ Albuquerque Business First Thursday, June 15th, 2017 7:47am
Albuquerque, NM – An old gas station in Nob Hill is about to be pumped up in a different way.
The former Circle K on Coal Avenue will be converted into an Anytime Fitness, according to Allen Sigmon Associate Broker Daniel Kearney. The building had been vacant for two and a half years, Kearney said.
Located at 4212 Coal Ave., the property will undergo a major renovation, which will include the removal of underground gas tanks and an addition of nearly 1,000 square feet, according to the owner of the property Tim Borror. Sierra Hacienda Builders LLC will be working on some of the design and will be handling the tenant improvements.
Borror said tenant improvement will cost over $100,000. Borror bought the property for $315,000.
Kearney said he originally marketed the property to other gas stations but had to branch out his strategy to different retailers. He and his team initially reached out to a brewery, among others, but the tenant and Allen Sigmon couldn’t come to terms with the price, according to Kearney.
Borror got an SBA loan from Stearns Bank out of state, he said, because getting that type of loan in New Mexico was a challenge. He said Albuquerque lacks expertise in SBA loans and that’s why he had to seek an out-of-state option.
He closed on the property in early June, according to Kearney.
Borror said he was sure he wanted to buy the property but wasn’t sure what he would develop. He received suggestions about a gym and started to look into different franchises that would be a good fit.
The 4,000-square-foot gym is expected to open in about three months, according to Kearney.
Story originally reported on Albuquerque Business First: http://www.bizjournals.com/albuquerque/news/2017/06/15/whats-replacing-nob-hills-old-gas-station.html
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