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12/16/11
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Easterly Partners has purchased a two-building office portfolio in Albuquerque. The buildings, referred to as Masthead I and Masthead II, are build-to-suit facilities for the U.S. Forest Service (USFS) and are leased on a long-term basis by the federal government. The terms of the sale were not disclosed.
Masthead I and Masthead II are located in the Journal Center Business Park at 3900 Masthead St and 4000 Masthead St, respectively. Masthead I is a 92.5k sf square foot three-story building constructed in 2006 on 5.62 acres. The building is Energy Star labeled. Completed this year, Masthead II is a 98.7k sf three-story building located on 4.43 acres with a two-level parking garage and surface parking totaling 498 spaces. The building is Energy Star qualified and is designed to meet LEED gold certification requirements.
Travis Trautvetter, a vice president investments and director of Marcus & Millichap’s National Office and Industrial Properties Group in San Diego, represented the seller, Titan Development. Titan Development is an Albuquerque-based commercial real estate development company with operational experience in New Mexico and Texas.
Trautvetter also repped Easterly Partners, a real estate investment management firm that is focused on providing strong risk-adjusted returns for investors by acquiring new, high-quality real estate assets leased by the federal government. This privately held management firm is headquartered in Washington, D.C. with offices in New York and Boston. David Laney of Marcus & Millichap’s New Mexico office served as the broker of record in this transaction.
“The Albuquerque U.S. Forest Service office campus is an extremely well-built facility that houses critical national administrative functions for USFS operations,” says Trautvetter. “Many aspects of this investment made it highly desirable, including the long-term leases that were in place with the federal government, new construction, exceptional design and the ideal Journal Center location within Albuquerque. As such, we were able to orchestrate a very competitive bidding environment for these assets,” adds Trautvetter.
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