Sun River

The Challenge
In the spring of 1997 a local developer completed a new multi-tenant office building in Rio Rancho across from Intel. The Rio Rancho market was a very small, emerging office market with typically much lower rents than the corresponding Albuquerque market. Due to the cost of the land and new construction pricing, the ownership required a full-service lease rate 20% more than the average rate in the submarket.

The Solution
After announcing this new listing to the area brokerage community, we were met with complete skepticism about the ability to attract such high lease rates in the Rio Rancho market. By specifically directing our marketing efforts toward Intel subcontractors, we were able to achieve 100% occupancy, at the required rental rates, within nine months of beginning the work on this assignment. We then listed the property for sale. Again the brokerage community was extremely skeptical about a sales price that was more than 50% greater per square foot than any other investment sale in the history of Rio Rancho. After exposing this property to the market, we sold Sun River. With the success realized with this building, our team has continued to represent the new owners in the leasing of the project and has successfully back-filled vacancies as they have occurred.

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