Albuquerque-Area Office Asset Changes Hands

This is the first time the 45,000-square-foot Rio West Business Park in Rio Rancho, N.M., changed ownership since 2005.
Rio West Business Park. Image via Google Maps

Allen Sigmon Real Estate Group has acquired a 45,000-square-foot business park in Rio Rancho, N.M., per Albuquerque Business First information. The seller was a local investor and the asset last traded in 2005, according to Sandoval County public records. The county assessor’s office most recently evaluated the two-parcel property at a roughly $2.5 million.   

Located at 103 Rio Rancho Blvd. in a dense residential area, the four buildings are spread across a 5.1-acre site. The asset is adjacent to highway 528 and is surrounded by several self storage properties and service-providing businesses. Additionally, the Rio West Business Park is close to retail options such as Target and dining establishments like Subway, Wendy’s and Applebee’s, while downtown Albuquerque is less than 20 miles away.  

Another office asset traded in the area late last year. Consolidated-Tomoka Land Co. paid $44 million for a 210,000-square-foot property in Albuquerque, N.M., within the Mesa del Sol mixed-use community.