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The New Mexico Bank & Trust Building is an iconic 14-story Class B office building located in Downtown Albuquerque, NM. The building features great views, an on-site bank with a free-standing drive thru, a snack bar, and on-site parking.
• Near-term upside potential
• Secure in-place cash flow
• Well-positioned in the pathway of redevelopment
• Significant runway for investors entering the market
• New Mexico Bank & Trust anchor tenant with ±23,571 square feet (22%)
• Tenancy comprised of national and local professional firms
THE OFFERING
ALBUQUERQUE, NEW MEXICO 87102
320 GOLD AVE SWCBRE CAPITAL MARKETS | INVESTMENT SALE OFFERING
OFFERING SUMMARYNet Rentable Area ±106,942 RSF
Leased 88.64%
In-Place Cap Rate 10.16%
Building Details14-story Class B office building located in Albuquerque Downtown
Year Built 1967 - Major Remodel 1985
Typical Floor Sizes ±7,605 RSF
Site ±1.33 Acres
On-Site Parking±3.17 per 1,000Secured parking structure For more Information visit:
www.320gold.comClick Here to
Sign CA
INVESTMENT HIGHLIGHTS
Near-Term Upside Potential• Lease-up of current vacancy –12,150 total SF. Vacant suites range from 295 sf to
3,840 sf
• Market-to-market of near-term rollover – Near-term leases rolling in next 18 months average rent below current market rents
• Decrease operating expenses and maintenance costs while increasing building efficiencies with replacement of HVAC system
Secure In-Place Cash Flow• Diversified rent roll – The current rent roll consists of 31 tenants from various
industries including banking, engineering, insurance and legal
• Loyal long-term tenants with 10.72 years weighted-average lease term from inception
• Limited large tenant exposure – Average size tenant of 2,950 sf
Submarket• This Downtown location has a walkscore of 95 out of 100 due to the numerous
restaurants, bars, hotels, gyms, and shops located right outside the building’s door
• The building is well-positioned in the pathway of redevelopment in the South of Central (SOCE) Downtown neighborhood
• Directly across the street from Alvarado Square which is undergoing a $50 million-dollar redevelopment for the new Bernalillo County Administrative Complex
• Emphasis by the current City administration to redevelop the 47-acre Albuquerque Railyards, less than a ¼ mile to the west of the building which includes the Central New Mexico College Film School
Economic Strengths• Class A & B Multi-Tenant Office Market vacancy rates are at their lowest in the last
decade
• Stable employment market with large government and oil/gas employment sectors
• No new construction in the office market providing a significant runway for investors entering the market
• Recent diversification with growing tech, movie and tv show production and tourism
320 Gold Ave SW | Albuquerque, NM3Lead Ave320 Gold Ave SW | Albuquerque, NM
Lead Ave
DISTRICTCOURT
METRO COURT
BERNALILLO COUNTY
COURTHOUSE
CITY HALL
CIVIC PLAZA
PUBLIC LIBRARY
PUBLIC LIBRARY
Convention Center
KIMO THEATER
FEDERAL COURTHOUSE
Alvarado Transit HUB
Gold Ave
Central Ave
Tijeras Ave
2n
d S
tree
t
3rd
Stre
et
4th
Stre
et
5th
Stre
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6th
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Silver Ave
ALBUQUERQUE, NEW MEXICO
320 GOLD AVE SW
10 Cities with Cleanest Air in America – Thrillist
OverviewAs the most dynamic city and largest urban area in New Mexico, Albuquerque is the state’s major commercial center, serving as a hub for business, trade, finance, industry, and government. With a substantial labor force, the Albuquerque metro area accounts for nearly 45% of the state’s total employment. With a young population and the presence of the University of New Mexico, the Albuquerque metro area will continue to provide employers with an abundant, diverse, and well-educated work force.
As a heavily government centered economy, Albuquerque continues its slow and steady growth. This provides a stable employment base which is a hedge against swings in the private sector base.
Albuquerque also continues to enjoy the benefits of low costs of living and doing business. These cost benefits, along with an exceptional quality of life, continue to provide the Albuquerque market with significant, long-term competitive advantages.
Top 50 Places to Live– US News and World Report
One of America’s Favorite Places– Travel + Leisure survey
Top Cities to Retire– Forbes
Top 10 Best Places to Live and Work as a Moviemaker– Moviemaker Magazine
Top 10 Cities for Summer Travel– www.wallethub.com
Most Creative Mid-Sized City in the U.S.– Thrillist
ALBUQUERQUE OVERVIEW
ALBUQUERQUE MSA DEMOGRAPHICS2019 ESTIMATED POPULATION 938,434
2024 PROJECTED POPULATION 990,109
GROWTH 2010-2019 0.61%
GROWTH 2019-2024 1.08%
AVERAGE AGE 37.8
2019 ESTIMATED AVERAGE HOUSEHOLD INCOME $71,777
2024 PROJECTED AVERAGE HOUSEHOLD INCOME $79,282
2019 % OF POPULATION WITH BACHELOR’S DEGREE+2019 AVERAGE HOUSEHOLD INCOME
NEW MEXICO NEW MEXICO$66,458 27.2%
ALBUQUERQUE ALBUQUERQUE$71,777 31.5%
Source: Esri
USA USA$87,398 32.5%
POPULATION GROWTH - NEXT 5 YEARS5-Year population projection (2019-2024)
NEW MEXICO0.65%
ALBUQUERQUE1.08%
USA0.77%
Employment estimates are from various sources, including news reports, company websites, and the New Mexico Workforce Connection online system.
RECENT MAJOR EMPLOYMENT ANNOUNCEMENTS New Mexico has begun to focus on diversification within the economy. This has spurred growth in the private sector.
RECENT EXPANSIONS
BEN E. KEITH CO. 93 NEW JOBS
SANDIA NATIONAL LABS 1,100 NEW JOBS
TEMPUR SEALY INTERNATIONAL 60 NEW JOBS
AMFABSTEEL, INC. 80 NEW JOBS
INTEL CORP 300 NEW JOBS
NEW EMPLOYERS
AMAZON STUDIOS 100+ NEW JOBS
AU PAIR INC. 35+ NEW JOBS
CBS TELEVISION STUDIOS 150+ NEW JOBS
CENTURION DETENTION HEALTH SERVICES 90 NEW JOBS
JABIL 120 NEW JOBS
LENDING SOLUTIONS 170 NEW JOBS
NETFLIX 1,260+ NEW JOBS
SONY PICTURES TELEVISION 375+ NEW JOBS
NBC UNIVERSAL 330 NEW JOBS
VIRGIN GALACTIC 150 NEW JOBS
±4,300 NEW PRIVATE SECTOR JOBS
RECENTLY CREATED IN
ALBUQUERQUE
Television and film production in New Mexico is rapidly expanding with nearly $2B of direct film production spending in New Mexico in the last 5 years. - NM Film Office• Netflix recently purchased ABQ Studios to create an Albuquerque production HUB • NBC Universal announced that they will open a new television and film studio in Albuquerque which will generate 330
full-time employees year-round
New Mexico is a leader in tourism with 6 consecutive years of growth. The number of trips to New Mexico grew by 1 million from 2016-2017 and the hospitality sector grew by 1,700 jobs during the same time period. - NM Tourism Department
New Mexico’s Tech Sector is growing as evidenced by the new $1.5 billion dollar Facebook data center which recently opened with additional phases underway.
INVESTMENT CONTACTS DEBT & STRUCTURED FINANCE CONTACT
© 2020 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.
TOM JENKINS First Vice President +1 505 837 4901 [email protected]
PETER GINERIS Senior Vice President +1 505 837 4997 [email protected]
BARBARA CUOCO Associate +1 505 837 4919 [email protected]
ALBUQUERQUE, NM
320 GOLD AVE SW
