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Albuquerque Journal, N.M., Commercial Real Estate column: Second phase of Sun Valley work to start
(Albuquerque Journal (NM) (KRT) Via Thomson Dialog NewsEdge) Jan. 21--Construction is scheduled to begin next month on the first two buildings of five planned in the second phase of Sun Valley Commercial Center on Osuna NE.
Sun Valley's second phase is a speculative office condominium project, although Jim Rogers of Albuquerque-based Sunland Development said there are commitments from potential buyers for some of the space.
The two one-story buildings will each be 5,300 square feet and set back from Osuna, west of the existing office buildings near the corner with Edith. They should be ready as shell or unfinished space by August, Rogers said.
Three slightly larger one-story buildings, ranging from about 7,650 to 8,320 square feet in size, are planned next to Osuna. The $8 million second phase will have a total of 34,209 square feet of office condos when completed.
Sunland's Rogers and partner Jeff Jesionowski bought the roughly 3.5 acres from the original developers of Sun Valley, which was started in 1999 on the site of the former Treeland Nursery.
Brothers Bob, Gary and Mackie Kitts developed the initial phase in the northern New Mexico architectural style, preserving the large trees and quaint courtyard from the site's nursery days.
Phase two will continue the architectural style. "You wouldn't want to do anything else," Rogers said.
Acknowledging demand for office condos may be softening in the broader market, Rogers described Sun Valley as a niche product geared to business owners from the North Valley.
"We think it's a good little market for people who live in that area who need access to the highway (Interstate 25), to Downtown, to the Journal Center," he said.
The buildings are being marketed by Stacey Nenninger and Scott Throckmorton of Argus Investment Realty at an asking price of $205 a square foot for unfinished space.
The buildings can be divided into smaller condo spaces, said Throckmorton, explaining, "We'll go down under 2,000 (square feet) once we're trying to top off a building."
Sunland Development is best known for developing the Oxbow residential subdivisions that surround St. Pius X High School.
Five-story 'tower' planned
Rio Rancho and the West Side in general are on deck to see what could be described as the area's first mid-rise building.
Presbyterian Healthcare Services has preliminary plans for a five-story "tower" for inpatient care at its proposed Rio Rancho hospital.
There are at least a couple four-story buildings on the west side of the Rio Grande, such as the AMREP building in Rio Rancho and Ladera Senior Housing across the street from Albuquerque's Ladera Golf Course.
But there's no five-story buildings. Sperry Van Ness' Pat Frerkes and West Wood Realty's Roderick Smith couldn't think of any either.
Presbyterian's planned hospital will have about 330,000 square feet on a 50-acre site at Unser and Westside Boulevard, said spokeswoman Elizabeth Brophy.
The hospital has not been named yet and the design hasn't progressed to the point of an architect's rendering or image being available yet.
Construction is expected to begin later this year, with completion in 2010.
A three- to four-story physician's office building with 120,000 square feet is planned next to the hospital in Rio Rancho, Brophy said.
Richard Metcalf covers commercial real estate for the Journal. You can reach him at 823-3972 or rmetcalf@abqjournal.com.
To see more of the Albuquerque Journal, or to subscribe to the newspaper, go to http://www.abqjournal.com.
Copyright (c) 2008, Albuquerque Journal, N.M.
Distributed by McClatchy-Tribune Information Services.
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