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Monday, December 08, 2008

Defense contractor coming to Albuquerque

By Richard Metcalf
Of the Journal
          Albuquerque has landed a major defense contractor in 75,900 square feet of industrial space at 530 Airport NW.
        New York City-based L-3 Communications' Applied Technologies division will perform manufacturing work at the facility for government customers, said corporate spokeswoman Jennifer Barton in an e-mail.
        Beyond that information, however, Barton was mum.
        L-3, which describes itself as the sixth largest defense contractor in the United States, is a huge high tech company with more than 60,000 employees. It is publicly traded on the New York Stock Exchange.
        The Applied Technologies division works in pulsed power, which at the simplest level is used to irradiate fruits and vegetables to get rid of E. coli. Far more sophisticated applications include the use of pulsed power in simulators to measure the effects of nuclear weapons, which is the kind of research that goes on at Sandia National Laboratories.
        L-3 and Sandia have had long-standing partnerships, "including both cooperative research projects and the licensing of intellectual property," said lab spokesman Michael Padilla. Those partnerships are expected to increase with the opening of L-3's Albuquerque operation, he said.
        L-3 is occupying space on Airport NW that was vacated last summer by HD Supply, which had used it for about two years as a fabrication shop for countertops. Once part of home improvement giant Home Depot, Atlanta-based HD Supply is a wholesale distributor to contractors now owned by a private investment group.
        The transition in tenants — from HD Supply to L-3 — illustrates a change in the broader economy, said Jim Smith of CB Richard Ellis, the building's leasing agent. "Government contracts are holding steady, while residential construction is shrinking," he said. "I think that's the way the world is operating now."
        Jefferson office deal
        Two private health care providers have teamed up to lease with an option to purchase the new 8,520-square-foot medical office building at 4710 Jefferson NE.
        Primary Care and Preventive Services, a primary care physician's practice, and Sage Neuroscience Center, a mental health clinic, expect to move by January to the new building just north of the Lovelace Women's Hospital campus. Both face expiring leases in offices a stone's throw away at 4640 Jefferson Lane NE.
        Primary Care will occupy 5,140 square feet, with seven exam rooms with running water and one procedure room. Sage Neuroscience, which works with numerous primary care practices, will occupy 3,380 square feet with 10 offices and a large room for group counseling.
        The two providers teamed up in part to offer a holistic approach to health care. A news release on their relocation said, "Much of what primary care physicians see is related to a person's lifestyle and they understand that a person's mental health is inextricably entwined with their physical well-being."
        The two were represented in the deal by Brent Tiano, Marguerite Haverly and Abe Lillard of Grubb & Ellis New Mexico, who noted that leases with a purchase option are likely to become more common in light of the tight credit markets.
        In the case of Primary Care and Sage Neuroscience, both were interested in owning rather than renting their next offices. The lease serves as a bridge to get the two providers into the building while they seek financing to close on its purchase, Tiano and Haverly said.
        Built by the Chant brothers — Chris, Ethan and Greg — the building was marketed for lease by a CB Richard Ellis team headed by Terri Dettweiler. The asking rate was $20 a square foot, plus operating expenses.
        The purchase option was privately negotiated to accommodate the wants of Primary Care and Sage Neuroscience, Dettweiler said.
        Realtor of the Year
        Barbara Morgan, an associate broker at NAI Vaughan Co. Commercial Real Estate Services, was recently named Realtor of the Year by the Commercial Association of Realtors New Mexico.
        A Vaughan Co. employee since 1983, Morgan was involved in the founding of several professional organizations, chaired or served on a slew of committees and has consistently been active in the broader community.
        "Caring Sharing Giving" was the theme of the award presentation by Karen Hudson of Maestas & Ward Commercial Real Estate, who was last year's winner, at CARNM's annual breakfast meeting on Nov. 20. CARNM is the commercial real estate counterpart to the Greater Albuquerque Association of Realtors.
        Morgan helped to launch the local Leasing Information Network and the New Mexico chapter of Commercial Real Estate Women. She also is a founding member of the Real Estate Community Political Action Committee and the Realtor Volunteer Crew. She is a past president and current board member of CARNM.
        Blanket drive
        Morgan is also the point person for the Commercial Real Estate Women's blanket drive to benefit the nonprofit Storehouse, which provides assistance to the working poor.
        At last week's joint breakfast meeting of the Leasing Information Network and local chapter of Certified Commercial Investment Members, Morgan pitched the blanket drive and came away with more than $700 in cash contributions to buy blankets.
        The drive continues through Friday. There are eight drop-off points, including LandAmerica Albuquerque Title at 6240 Riverside Plaza Lane NW, Grubb & Ellis New Mexico at 2424 Louisiana NE Suite 300, and the Vaughan Co. at 6753 Academy NE.
        For more information, call Morgan at 348-3289.
        Richard Metcalf covers commercial real estate for the Journal. You may reach him at 823-3972 or class="black">rmetcalf@abqjournal.com.