Windsor Fund Pays $16M for Eight-Building Park

Richard Ross, acquisitions director for GID Investment Advisers LLC's western region, says the eight-building flex business park, situated on 11 acres at 2320-2420 Comanche Rd., was acquired from a partnership with ties in Texas and the Midwest. He says there are no major improvements needed for the seven-year-old buildings.

Ross tells GlobeSt.com that the park was 95% occupied at sale time, with just minimal lease rollover in the coming year. "It's a pretty steady property," he says. "It's centrally located, at the crossroads of two major interstates in Albuquerque and with some good upside.

Robert Fessler, president of the GID's flex industrial group, says Comanche Business Center that "I'd slot as more of a solid value property." The Windsor fund is targeting core and value-add flex buildings from 50,000 sf to 100,000 sf with office components between 15% and 90%. Projected holds are four to seven years.

Fessler says the fund, which has spent about $200 million on existing space and developments, has funneled a good chunk of its capital into the Southwest. "We like the Southwest," he stresses. "We like the population growth, the job creation that's going on there and we think it'll be a long-term trend." The fund's life span is eight years.

To date, the fund has bought the 384,174-sf Stonehollow Business Center at MoPac Highway and State Highway 183 in Austin; 30-acre Stellar Business Park in Chandler, AZ; and 91,451-sf Legacy Business Center in northwest Houston. It's also joint venturing with Dallas-based Jackson-Shaw Co. on the 200,000-sf Cascades at the Colony in far north Dallas.

David Genrich, principal with Real Estate Advisors in Albuquerque, represented the Comanche Business Center's sellers. GID's in-house team negotiated the buy along with Arthur Patterson, an independent broker in Albuquerque.