Raytheon preps new home at Sandia tech park
Abuilding in the Sandia Science and Technology Park that will soon have Raytheon as a tenant also has a new owner.
The 72,000-squarefoot building at 10800 Gibson SE has been sold to Chicago-based Bubul Albuquerque LLC for $8.7 million, according to a news release. Brokering the deal on behalf of the owner, KTP Holding Co. Inc., was New Mexicobased Argus Investment Realty and the Phoenix office of JLL.
Raytheon, which announced its plans to move into the park back in April, is now improving the facility for a fall 2017 occupancy. That lease went a long way toward enticing a buyer for the building
Built in 2006, the building includes two floors of office space totaling approximately 34,900 square feet and one high bay area adding an additional 37,200 square feet. The building can be expanded by an additional 32,300 square feet of high bay area, with the land to support a corresponding parking expansion, should the tenant desire.
Raytheon Co. has been a major tenant in Albuquerque’s Sandia Science and Technology Park since 2011, recently adding several new contracts that require the company to expand its presence in the area.
“After an exhaustive search for a Class A facility meeting its specific needs, Raytheon concluded that Gibson building was an ideal solution and entered into a lease there,” said Scott Throckmorton, owner and president of Argus. “Raytheon is currently making substantial improvements to the property and plans to occupy the space in the fourth quarter of this year.”
“Raytheon’s exceptional reputation and impressive financial position attracted many investors from across the country to this investment opportunity,” said JLL Senior Vice President Tivon Moffitt, whose team worked closely with Throckroton to represent the former owner. “The building’s excellent location within the Sandia Science and Tech Park, and Raytheon’s ability to continue to grow at this site, only added to that interest.”
Massachusettsbased Raytheon Co. specializes in defense, civil government and cybersecurity solutions. Founded in 1922, the company employs 63,000 and serves customers in more than 80 countries.
The Sandia Science and Technology Park totals more than 300 acres and is home to more than 40 companies and 2,000 employees.
Home sales slow, prices rise
Single-family home sales in New Mexico cooled down in September, but prices continued to rise.
Residential transactions fell 9.7 percent last month from the same month in 2016, according to data from the Realtors Association of New Mexico.
Last month, 1,648 residential properties changed hands at a median price of $200,000 — up $5,500, or 6.9 percent, from a year ago. Median price indicates that half the homes sold for more; half for less. of the transactions were in Bernalillo, Sandoval and Santa Fe counties, according to RANM.
ABQ evictions top national rate
While rents continue to show a slow and steady climb in Albuquerque, a recent study said the city had a higher eviction rate compared to the national average.
Apartment List, an online rental service, used its user data and 41,000 survey responses about evictions to determine Albuquerque has an eviction rate of 3.9 percent, which is above the national average of 3.3 percent of Americans reporting an eviction at some point in the past.
Of the 50 largest metros in the nation, evictions are most prevalent in Memphis, with 6.1 percent of users reporting a prior eviction, according to Apartment List data. In Phoenix, 5.9 percent of renters had prior evictions.
According to Apartment List’s data, 30 percent of single-parent households nationwide report difficulty paying rent within the past three months. And married couples with children are not far behind, with 27 percent struggling to pay rent. One in five renters were unable to pay their rent in full for at least one of the past three months, according to the study.