Consolidated-Tomoka Snags 210 KSF Albuquerque Office Property

The asset, fully leased to an affiliate of Fidelity Investments, is located within Mesa del Sol, a 12,900-acre mixed-use master-planned community.
5401 Watson Drive

Consolidated-Tomoka Land Co. has acquired a Class A, single-tenant office building in Albuquerque, N.M., for $44 million or $209 per square foot. The LEED Gold property comprises 210,000 square feet. According to Yardi Matrix, the seller was Forest City Realty Trust. 

Located at 5401 Watson Drive, the two-story asset is situated on 25 acres and is currently fully leased to an affiliate of Fidelity Investments, under a triple-net lease that was recently extended until 2028. Completed in 2009 as a build-to-suit for the tenant, the property serves as one of Fidelity’s call centers and the location of its back-office functions. The building is located within Mesa del Sol, a 12,900-acre mixed-use master-planned community that comprises 1.2 million square feet of industrial, commercial and office development, 250 single-family homes, recreation facilities and a 15,000-seat Isleta Amphitheater. 

The building is within close proximity to Albuquerque International Airport, Kirtland Air Force Base, several University of New Mexico research campuses and the Sandia National Laboratories, as well as interstates 40 and 25. 

In February, Consolidated-Tomoka Land purchased a $28 million retail building in Aspen, Colo. The newly completed property comprises 19,596 square feet. 

Image courtesy of Yardi Matrix