X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ALBUQUERQUE, NM-Under new ownership, the 327,614-sf Broadbent Business Park here is being subdivided into parcels for resale to tenants and investors.

The new owner of the 17-building flex park is Granite Bedrock Partners II, a joint venture of Newport Beach-based Bedrock Foundations LLC and Irvine-based Granite Industrial Partners LLC. The duo makes a business of acquiring industrial parks and then breaking them up and selling them off either as condominiums or individual parcels. Bedrock Foundations Principal Nicholas Patin says his firm plans to acquire an additional one million sf of similarly configured industrial property this year in the western United States.

The seller is Cook Inlet Region Inc., an Alaskan real estate holding company that acquired the property in 1995 and now will use the proceeds from the sale to invest in something other than real estate, says David Eagle of Grubb & Ellis’ Newport Beach office represented the buyer and the seller. Eagle tells GlobeSt.com that occupancy in the park at the time of sale was below its historical average of 90% due to a recently completed $200-million road construction project that went on adjacent the park for two years. The result is drastically improved access to the park, “but in the interim it created chaos.”

Eagle tells GlobeSt.com that when he was talking to investors about New Mexico, “they got the same look on their face that Columbus must have had looking at a map of the New World. But when they really looked at the dynamics, the property generated quite a number of offers. It’s been a very stable market, and this is the largest and certainly the most attractive property of its type in the state.”

Eagle declined to reveal the acquisition price. Local brokers familiar with the deal tell GlobeSt.com the property sold for around $16 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.