March 2019
An Albuquerque based investment group closed on 8801 Horizon Boulevard NE in late 2017. The Class A building was bought out of foreclosure for an undisclosed amount, and C&S represented the Buyer. The Horizon Building was first constructed for a single 130,000 SF healthcare tenant in 1997 but was later successfully multi-tenanted, being over 70% occupied at the time of the sale. C&S Principal Jeff Stuve was part of the original development team and its long-time Property Manager and Leasing Agent. Stuve says the landmark property attracts sophisticated occupants interested in its superior technology infrastructure, convenient North I-25 location for commuters, and upscale image.
Stuve noted that he sees the Horizon transaction as part of a growing trend of local investors purchasing substantial real estate that was once owned by out-of-state groups or institutional investors. He points out that in addition to 8801 Horizon, two large transactions that C&S closed in early 2019 were Uptown Tower and NorthPointe Office Plaza, totaling over 200,000 SF. Both are examples of out-of-state entities selling to local investors. He feels this shift in ownership is happening more and more recently and cited other examples such as One and Two Park Square in Uptown, Bank of the West Center downtown, and San Mateo Corporate Center in North I-25, all large properties purchased by local groups from outside interests. Stuve feels this is a good trend for both owners and tenants, bringing returns closer to home and providing more economic stimulus, plus creating a sense of a more approachable connection that tenants prefer.
