Albuquerque-based Dreamstyle Remodeling, which now operates in five western states, is buying a 35,488-square-foot industrial building to house an expansion of both its regional back-office operations and local warehousing.
Though Dreamstyle initially planned to construct a new building for its expanding operations, the opportunity arose to buy an existing building that met its needs and provided savings in both time and money, said company president and CEO Larry Chavez.
“By purchasing this building, we were able to avoid significant construction time that we want to spend expanding our business,” he said.
The 35,488-square-foot building at 5520 Midway Park Place NE was lender-owned and marketed for sale for $3.5 million by Patti Peixotto, Hunter Greene and Joel White of Sperry Van Ness/Walt Arnold Brokerage. Jim Smith of CBRE was Dreamstyle’s broker in the purchase.
Dreamstyle, which opened its 20,000-square-foot showroom and office at 1460 N. Renaissance NE in the fall of 2014, is expected to hire 30-40 more employees over the first year or so of expanded operations, said company marketing director Dawn Dewey.
The way the space is split up in the Midway Park building, roughly half office and half warehouse, is suited to the company’s plan to use it for administrative support for its regional operations and warehousing for its original New Mexico operation, she said.
The Midway Park building will replace its current 3,000-square-foot leased location at 4500 Hawkins NE.
Founded in 1989, Dreamstyle has grown exponentially in recent years, much of it through Renewal by Andersen franchise agreements with Cottage Grove, Minn.-based Andersen Corp. The company said last summer it was projecting gross revenue of $75 million this year, more than double that of 2014.
Earlier this year in separate moves, the company expanded its existing operation in the Phoenix market and added the Boise/Idaho market to its Renewal by Andersen service area. A key addition to Dreamstyle’s operation was gaining the Renewal by Andersen franchise in San Diego in mid-2014.
Its other Andersen territories include El Paso, Tucson and northern Arizona. In addition to Andersen, the company’s product lines include Four Seasons Sunrooms, Cal Spas and Jacuzzi Hot Tubs. Dreamstyle also does home remodels.