ALBUQUERQUE, N.M. — Albuquerque developer Argus Investment Realty turned over the keys this week to Lovelace Medical Group for its new clinic at Independence Square, but there could be more tenants looking to locate at the site at Jefferson and Osuna.
Scott Throckmorton, owner and president of Argus, said his leasing team envisions a multi-building development at the Square. The team is courting prospective tenants for an 8,000-square pad fronting Jefferson and another retail strip ranging from 2,000- to 4,500 square feet, which is designed for businesses needing drive-thru lanes.
“We’ve got a whole lot of different businesses looking at that frontage,” said Throckmorton, adding the arrival of Lovelace has generated a “whole bunch of interest.”
He said the number of patient visits to the clinic each day, not to mention employees and vendors, is a strong attraction for a retail tenant.
The Independence Square facility positions the medical group for growth, with 100 exam rooms and space to accommodate up to 40 providers, according to a Lovelace spokeswoman. The providers and nearly 100 staff members who previously practiced at the Northside clinic at 6100 Pan American NE have moved to the new digs, including the Diabetes and Metabolism Care Clinic, endocrinology, family practice, internal medicine, pediatrics and podiatry.
Lovelace “has expansion rights” at the Square, said Throckmorton, whose company has a strong focus on developing medical real estate. Argus has the capacity to build another structure that could encompass 24,000 square feet next to the newly opened Lovelace clinic. “We’re here to help them in any way we can,” Throckmorton said of the anchor tenant that has leased 43,000 square feet.
With total build-out in the $30 million range, ease of access to the Square was pivotal to the project, said the developer, citing road widening on Jefferson between San Antonio and Osuna as well as installation of a center-turn lane with signals. The developer spent $700,000 for curbs, gutters, sidewalks and road striping.
“It’s very modern signal light equipment with cameras,” said Throckmorton.
The infrastructure improvements will be transferred to the city.