650 Mixed-Use Acres On Tap in South Valley

ALBUQUERQUE-South Valley land that has been in a local family for generations is now on the market as a potential mixed-use development. To date, 49 acres have been sold and a contract's in hand for 200 of the 650-acre tract.

Schwartzman Properties Inc. is parting with ready-to-build land, which has utilities and sewers in place plus boasts rail service and highway frontage. The family has controlled the farmland about 100 years.

Schwartzman has hired the Grubb & Ellis/New Mexico Real Estate Advisors Inc. senior vice presidents, Bill Robertson, who's also a principal, and Tim MacEachen to market the land. The estimated sell-out time is 18 to 24 months.

Depending on potential use and location, the acreage is priced at $2.95 per sf to $12.50 per sf. "But like with everything else, if you're in the way of progress, your land suddenly becomes valuable," Robertson tells GlobeSt.com, "and that's why it's now on the market."

Bordered by Interstate 25 on the east, Rio Bravo Boulevard on the south and the Rio Grande River on the west, the brokers predict that 40% of the build-out will be single-family and high-density multifamily housing. They estimate 15% will be used for retail development and the balance earmarked for showroom and warehouse uses.

One of the driving forces behind Schwartzman's decision to sell the land is the booming development of the 13,000-acre, mixed-use Mesa del Sol, now under development by Forest City Covington NM LLC, a joint venture between the Cleveland-based Forest City Enterprises Inc. and a local firm. The Schwartzman land is north of Mesa del Sol.

"Suddenly, we're an infill parcel and getting all the attention," MacEachen says. "We've had multiple offers on a lot of different parcels." He says they've recently sold 44-acre and five-acre tracts. And he's holding the 200-acre contract, but also has another deal potentially ready to close.