By Richard Metcalf
Of the Journal
COMMERCIAL REAL ESTATE: Linwood, Pa.-based Foamex International Inc., maker of flexible polyurethane foam-based products, is opening a 71,000-square-foot fabricating operation in Meridian Business Park in Albuquerque.
The company expects to hire approximately 20 workers for the local operation, which is the company's second in the state.
"The Albuquerque location demonstrates Foamex's further commitment to New Mexico, complementing our important facility in Santa Teresa," said president and CEO Jack Johnson in an e-mail.
Foamex makes a variety of products for the bedding and automotive industries, as well as carpet pads and material with more technical applications. It has facilities all over the country, with Albuquerque being an expansion.
Foamex's products are somewhat similar to those made by Tempur-Pedic International Inc., which has a 750,000-square-foot mattress plant on the West Side, but the company wouldn't say whether Tempur-Pedic is a customer.
Foamex was represented in its local search for a building by John Ransom and Tim With of Grubb & Ellis New Mexico. The company is subleasing space at 7501 Meridian NW previously occupied by the Millwork Co., a subsidiary of Albuquerque-based Source One Distribution.
The Millwork space never hit the market. Through lucky timing, With and Ransom connected with Jim Smith and Kim Vanderpool of CB Richard Ellis just after the latter got the listing to sublease the Millwork space.
A restaurant equipment supplier, Source One launched Millwork two years ago with 30 employees to make cabinetry and countertops for its customers.
"When it opened, business levels were much different," a Source One spokesman said. "The decision was made to revert back to a third-party supplier, given the current business climate."
Source One itself, which leases a 77,000-square-foot warehouse and distribution center nearby, is still going strong, providing full packages of material and equipment to open a restaurant.
Retail construction
Construction is expected to get under way in about two weeks on the first of two retail buildings at the southeast corner of Louisiana and Holly NE.
The 12,155-square-foot building can be divided into as many as eight shops or service-oriented offices, said Philip Linborg of PR Investments, the developer. Completion of the $1 million shell is expected in June.
The second 7,800-square-foot building could get under way in the late spring.
The two buildings are going up near several existing businesses, including a Wendy's Restaurant and Tribal Arts.
The cluster of businesses doesn't have a shopping center-type name, so will likely take on the name of his project, Shoppes at Sedona Pointe, Linborg said. The name comes from the more than 70,000-square-foot office park, Sedona Pointe, nearby.
Exposure to traffic on busy Paseo del Norte was a priority for his two buildings, he said. Monument signage will be available at the corner of Louisiana and Paseo, and the building facades will be high enough to be seen from the road.
Space in the buildings is being marketed at an asking lease rate of $23 a square foot by Alicia Feil of Maestas & Ward Commercial Real Estate.
The lease rate is low enough to attract locally owned businesses catering to residents in the neighborhoods on either side of the Paseo corridor, Linborg said.
Richard Metcalf covers commercial real estate for the Journal. You can reach him at 823-3972 or rmetcalf@abqjournal.com.
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