OrbVest Global Real EstateInvestment Overview
OrbVest is pleased to present the Albuquerque Medical Office building. This well-maintained Class A medical office property is located in the northern part of the Albuquerque MSA. The property totals 50,526 SF and is approximately 85% occupied by three tenants.
OrbVest believes this is a great opportunity to acquire a medical office asset in a rapidly-growing MSA with good value-add opportunity in the US. he property, situated at 5601 Office Boulevard, Albuquerque, New Mexico, is a well-maintained Class A medical office building.
The property totals 50,526 SF with a current occupancy of roughly 85%. The property was completed in 1999 and since then substantial tenant improvement packages have been completed. The property, which sits on 4.12 acres of land, is currently occupied by three tenants, with one vacant space. The weighted average lease term (WALT) is 6.25 years.
The strategy is to hold the property for a five-year period, during which existing leases that expire will be renewed. The vacant space will be leased during the first year of ownership.
OrbVest will be the sponsor of this transaction and will contract with Plaza Property Management, to manage the property and the leasing.
