ALBUQUERQUE, N.M. — A local company that specializes in advanced technical solutions for pinpoint laser control has expanded to a new location.
MZA, a veteran-owned corporation that does a wide range of U.S. government projects, has just moved to a 47,996-square-foot space at 4900 Lang NE. It used to be in a 15,000-square-foot space at 2021 Girard NE.
The lease signed on the building was for about $10 million, according to tenant broker Richard Hanna of Hanna Commercial.
“This building spent just under a year on the market,” Hanna said, “which is surprising since it has what most companies are looking for.”
Hannah said he was the broker for MZA, while John Ransom and Tim With of Collier’s International were the landlord’s brokers.
Phil Macklin, MZA director of business development, said the projects the company works on are highly technical and require specialized skills.
“We have some of the top electrical engineers, physicists, optical engineers and software people in the world,” Macklin said. “I started six years ago when we were at 35 people, and now we are approaching 100.”
Macklin said the expansion in MZA’s workforce was the reason for the move. “We pride ourselves on hiring local with a mean average of $80,000 to $200,000 in income for each employee,” he said.
MZA, he said, works closely with the Department of Defense. “We don’t build the lasers, we actually help them work better,” he said.
Sharing the new space will be AOS, an MZA subsidiary that works on commercial products.
“We’ve been here for a few weeks and couldn’t be happier because our location is so easy for our clients to find and get to,” Macklin said.
ABQ Office Portfolio changes hands
In early December, CBRE announced the sale of ABQ Office Portfolio, the 144,770-square-foot, three-building property at 6301 Jefferson NE and 5601 Office NE in Albuquerque.
Radix Equity purchased the multi-tenant property through an auction in August, according to a press release.
The portfolio is 92 percent occupied by Lowe’s and Quest Diagnostics.
“The quality of the project and the high-caliber tenants occupying the properties attracted interest from investors across the country,” said Tom Jenkins with CBRE. “In addition, the scale of the project provides an investor with the opportunity to enter the Albuquerque market with significant presence.”
ABQ Portfolio is made up of three Class A office buildings dating from 1997 to 1999. The properties are situated along Interstate 25 in a desirable submarket, according to CBRE.
Titan opens in Rio Rancho
Titan Development Real Estate Fund opened its second self-storage location on N.M. 528 and Corrales Road in Rio Rancho in early December.
According to a press release, this is the second self-storage project to be completed by the fund.
The new facility is 88,032 square feet with climate-controlled drive-up units. It also offers RV and boat parking.
“We are very pleased with the execution of this property by both Brian Patterson, director of Self-Storage, and our fund team,” fund co-manager Drew Dolan said. “This project will serve a growing neighborhood that is desperately in need of a self-storage provider.”
The number is in the name
Debbie Harms, a partner with GHL LLC, said a new development near 2424 Louisiana NE, just south of an 80,000-square-foot building the investment group completed last year, should be completed soon.
“It’s going to be a 5,500-square-foot building,” Harms said. “Currently, there is a 3,750-square-foot space that will house Aspen Dental. and then there’s 1,700 square feet that we don’t have a tenant for.”
Harms said construction of the project near Coronado mall began in late October and is to be completed by April.
“The spot is named Shops at 24 to go along with our new mixed-use development called the Twenty Fours,” she said.