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525 West Camino De Los Marquez, Santa Fe, NM, USA

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Property Overview

Price/Rent PSF $ 8,400,000.00
Asset Type Office
Trade Type Sale
SQ. FT. Available 38,259
Date Available 09/15/2020
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Description

Location
Locational differences often affect leasing demand. Locations near the historic Santa Fe Plaza draw strong demand due to aesthetic factors such as proximity to galleries, museums, and historic buildings; however, these properties often include compromised parking space availability. Parking will be addressed separately. Locational characteristics are difficult to precisely quantify; however, based on review of the base rental rates of the comparables and interviews with appraisers and active brokers, I have made modest adjustments to four of the comparables for inferior locational characteristics.

Sale
SVN/Walt Arnold Commercial Real Estate, Inc. represents the owners for the sale of a multitenant, 38,259 SF office building located in the very popular cultural and artistic City of Santa Fe, the capitol of New Mexico, founded in 1610. The property is very well positioned to compete near the upper-end of the professional office leasing market; and, the building has maintained near 100% occupancy for most of the last 27 years. The longest tenured tenant is the State of New Mexico – Environment Department, which has occupied approximately half of the building since the early-1990s (currently occupies 21,712 SF). The newest tenant to occupy the building is the Northern Area Local Workforce Development Board (NALWDB), a non-profit organization, whose Mission is to educate and train the workforce to meet the changing needs of Northern New Mexico. The NALWDB occupied 4,385 SF of the building in June 2019, and then, it expanded into an additional 12,162 SF in October 2019 as the space became available, for a total of 16,547 SF.



Property Upgrades/Nearby Amenities:


Marquez Plaza was completely remodeled from 2012 through 2014, including several flooring upgrades, painting, 12 new HVAC units and updated distribution systems (2013-2014), a new TPO roof cover replacement with a 20-year warranty (in 2014 with 14 years remaining). The ADA compliant restrooms and kitchen/breakrooms were also completely remodeled, as well as the common areas over the last few years. The building is fully sprinklered for fire suppression. The entire property is fenced and gated for secure parking and entry; and, the property offers 4:1000 parking, which is rare for Santa Fe office buildings.



The building is well-located in close proximity to numerous amenities including shopping and restaurants. The building is within walking distance to Trader Joe’s, Wild Oats, Coronado Shopping Center, and many fine restaurants, and less than a one mile walk to the state Capitol Building (The Roundhouse).

Location

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