Inland Private Capital Sells Albuquerque Office Building
- Nov 27, 2019
Inland Private Capital Corp. has sold its leasehold interest in a 76,768-square-foot office building in Rio Rancho, N.M., to an undisclosed buyer for $9 million. A subsidiary of the seller facilitated the transaction on behalf of North Albuquerque Office DST, one of REIT’s 1031 investment programs. The original investment program also included a 377,332-square-foot office asset in Hunt Valley, Md., which recently traded for $99.3 million.
The property previously changed hands in 2008 and provided a 9.76 percent average annualized return to investors. Additionally, the current transaction generated a total return to the investors of 208.45 percent.
Located at 4330 Picabo St. N.E., the single-story building is close to several dining and retail options and roughly 24 miles north of downtown Albuquerque. Completed in 1998 on a 14-acre site, the asset is fully leased to Bank of America, which will continue to occupy the property. Per Yardi Matrix information, the building has access to almost 19,000 people with a median household income of roughly $55,000 within a three-mile radius.