Single-Tenant Office
Bank of America
4330 Picabo St NE, Rio Rancho, NM 87144
Listing Price: $15,615,000
Investment Overview
Marcus & Millichap is pleased to offer the opportunity to acquire 4330 Picabo Street, Rio Rancho (Albuquerque MSA), New Mexico (the “Property” or “Asset”), a +/- 76,768 square foot single story office building located on an expansive parcel consisting of +/- 14 acres, in a desirable high growth area. The Property is subject to a net lease to Bank of America (the “Tenant” or “BofA”), who has operated at the location since it was developed in 1998 and recently executed a 5-year extension, extending the lease through October 2028. As part of the extension, the Tenant is investing over $2 million of their own capital into the project.
Bank of America
Investment Highlights
- Unique investment opportunity with variety of business plan options and anchored by an investment grade tenant
- Extremely strong investment grade tenant
- Highly desirable lease fundamentals with over six years of lease term remaining
- Additional development opportunity with vacant land space of +/- 14 acres that BofA currently pays all expenses on. Pending Rio Rancho's approval, it could accommodate industrial, multi-family, medical off ice, off ice, or hospitality uses
- Tenant is investing $2 million in interior improvements at their own expense
- Asset is offered below replacement cost with significant value creation potential
Listing Price: $15,615,000
Investment Highlights
- Unique investment opportunity with variety of business plan options and anchored by an investment grade tenant
- Extremely strong investment grade tenant
- Highly desirable lease fundamentals with over six years of lease term remaining
- Additional development opportunity with vacant land space of +/- 14 acres that BofA currently pays all expenses on. Pending Rio Rancho's approval, it could accommodate industrial, multi-family, medical off ice, off ice, or hospitality uses
- Tenant is investing $2 million in interior improvements at their own expense
- Asset is offered below replacement cost with significant value creation potential
Investment Overview
Marcus & Millichap is pleased to offer the opportunity to acquire 4330 Picabo Street, Rio Rancho (Albuquerque MSA), New Mexico (the “Property” or “Asset”), a +/- 76,768 square foot single story office building located on an expansive parcel consisting of +/- 14 acres, in a desirable high growth area. The Property is subject to a net lease to Bank of America (the “Tenant” or “BofA”), who has operated at the location since it was developed in 1998 and recently executed a 5-year extension, extending the lease through October 2028. As part of the extension, the Tenant is investing over $2 million of their own capital into the project.
