Buyer Londen Land Co. is fine-tuning plans for the newly acquired property. Bob Feinberg, senior vice president and principal with Grubb & Ellis Co./New Mexico Real Estate Advisors Inc., says a mixed-use project could begin to rise in the near future at the junction of Interstate 40 and Northwest Loop Road.
"Right now, they're in the investment phase," Feinberg, who worked with Londen on the transaction, tells GlobeSt.com. "They saw a great buy, saw the opportunity for a strong site, not only for themselves, but for the people they might ultimately sell to or work with." John Black with Westwood Realty of Albuquerque represented Kent Investment.
Feinberg says he isn't surprised Phoenix developers and investors like Londen are heading to New Mexico for opportunities because they can find plenty of acreage at reasonable costs. "Northwest, west and southwest are the growth patterns here," he adds. "The west area is adjacent to Albuquerque and that's where much of the activity is taking place." Feinberg adds that, while the transaction is Londen's first in New Mexico, it's likely to be involved with future deals in the region.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.