CBRE Arranges Sale of 5401 Watson Drive SE in Albuquerque
19 Nov 2018
CBRE completed the sale of 5401 Watson Dr. SE a 216,089-square-foot Class A office building located in the Mesa del Sol community in Albuquerque, New Mexico. The buyer, Consolidated-Tomoka Land Co., purchased this single-tenant, built-to-suit property from Mesa Innovation Park Building Two, LLC.
Tom Jenkins, Dan Newman, Debbie Dupes and Barbara Cuoco with CBRE Capital Markets Investment Properties in Albuquerque, along with Will Pike and Matt Mountjoy of the Net Lease Property Practice represented the seller in the transaction.
“The combination of our national Net Lease platform coupled with our Albuquerque Capital Markets colleagues led to an optimal outcome for the client,” said CBRE Vice Chairman Will Pike.
Since it was built in 2009, 5401 Watson Dr. SE has been fully occupied by Fidelity Investments, which recently extended its lease. The property is LEED Gold Certified and is custom-designed to suit the needs of Fidelity Investments, while still retaining the flexibility to be adapted to a multi-tenant building.
“5401 Watson Dr. SE represented an excellent opportunity for an investor to add an attractive, well-maintained campus to their portfolio,” said CBRE’s Tom Jenkins.
The property is situated in the Mesa del Sol community featuring 1.2 million sq. ft. of industrial, commercial and office development across 12,900 acres. As one of the largest master-planned developments in the United States, Mesa del Sol offers great development opportunities in the Albuquerque market. Additionally, Mesa del Sol has devoted over 4,400 acres for residential and retail purposes, 3,400 acres for open space and parks and roughly 800 acres for schools and universities.
Mesa del Sol is the site of Netflix’s first production hub, as the California-based streaming-video giant recently purchased ABQ Studios, a large full-service studio facility with eight sound stages. Netflix is expected to generate 1,000 new jobs per year for New Mexico and is investing over $1 billion over the next 10 years into the production hub.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.