Medical Arts Plaza (Photo: CBRE Inc.)
The Offering
CBRE is proud to represent the owner for the disposition of this 52,327 SF medical office building located on approximately 5.36 acres in the University Submarket of Albuquerque. This multi-tenant medical office, built in 1953 by architects Flatow and Moore on a promontory overlooking downtown Albuquerque. The property underwent a renovation and redevelopment in 2009 including: energy efficient exterior lighting, water conserving xeriscaping, ADA upgrades, high tech signage and a new contemporary color palate of soft sage greens.
The tenancy includes: UNM Hospital Locum Tenes program, Center for Women’s Health, Concentra, Tri-Core Reference Labs as well as individual medical practitioners. UNM has expressed an interest in expanding.
The location is key; it is within 1 mile of downtown and the city’s 3 regional hospitals – Presbyterian, Lovelace and University of NM. Not only has the location long been the medical hub of Albuquerque, it is located near the “Big “I” where interstates I-40 and I-25 intersect. These logistical benefits will continue to promote Medical Arts Plaza. The property consists of 6 buildings in a park-like design which clusters the buildings around a central parking lot. The design creates maximum accessibility for patients with parking immediately adjacent to suites.
Features
- Prominent location near the Big I (I-25/I-40 Interchange)
- Quick access to 3 regional hospitals and downtown
- Renovated in 2009
- Exceptional tenant retention
- Well established medical hub
- Significant discount to replacement
Offering Information
Price: $5,600,000
Cap Rate: 8.8%
Occupancy: 86%
NOI: $492,340
Building Size: ±52,327SF
Land Size: ±5.36 acres
Year Built: 1953
Year Renovated 2009
For more information, contact:
Hunter Greene
First Vice President
505.837.4914
Joel White, MAI
Senior Associate
505.837.4901
Patti Peixotto
First Vice President
505.837.4907
Serina Gallegos
Client Services Specialist
505.837.4917
For more information on Stoneleigh at Mesquite, please visit our website at
www.cbremarketplace.com/medicalartsplaza
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