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A major industrial facility dubbed the Albuquerque Tortilla property has sold after just four months on the market.

A company by the name of Torhold LLC purchased the 186,000-square-foot property in a deal that closed in late September, according to a news release.

The property, spanning two conjoined buildings located at 4300 Alexander NE and 1700 Desert Surf NE near Top Golf, was listed by local commercial real estate company Duke City Commercial LLC for $19.2 million in late May. The final sale price was not disclosed.

鈥淭o get an offer that was accepted so soon on such a complex property for New Mexico 鈥� I was very happy that it worked out well,鈥� said Duke City Commercial President Joe Farr. 鈥淲e found a good buyer. Sellers are happy, buyers are happy (and) I鈥檓 happy to be a part of it.鈥�

The property is fully occupied by Canada-based Aliya鈥檚 Foods, an East Indian food manufacturer, and Mexico-based Gruma, the parent company of Mission Foods, a Mexican food manufacturer that is also the parent company of Albuquerque Tortilla Co. 鈥� hence the property鈥檚 nickname.

The property鈥檚 Alexander building was built in 1986 and the Desert Surf address was built in 2007, according to Farr. Albuquerque Tortilla Co. is an original tenant of the property, and different food manufacturers have historically filled the rest of the space due to its proximity to both Interstate 40 and Interstate 25, Farr said.

Farr attributes the property鈥檚 swift sale to its location, in addition to Albuquerque鈥檚 tight industrial market. A Colliers market shows Albuquerque鈥檚 vacancy rate for industrial spaces in quarter one of this year was 3.8%, indicating low supply and high demand and creating ideal conditions for landlords of industrial properties. The vacancy rate was 4% in quarter two, showing signs of stabilization, another said.

鈥淚t鈥檚 eased up a little bit, but it鈥檚 still very tight,鈥� Farr said.

The property鈥檚 previous owner, an entity known as The Tortilla Building LLC, owned the property for 14 years before selling, the news release said.

鈥淔or commercial real estate, that鈥檚 a long time to own a property because every five years you have to refinance,鈥� Farr said. 鈥淪o they were just like, 鈥楾ime is right. We鈥檝e had it for a long time. It鈥檚 time to move on to other things.鈥欌��

The property received multiple offers and 鈥渟trong interest鈥� from several groups, Farr said.

The buyer, who declined to comment on the purchase, is based out of New Mexico and owns properties in multiple states, Farr said.

A representative for the seller said in a statement the previous longtime owner was 鈥済ratified鈥� to hand the property over the a new ownership group 鈥渟eeking a presence in the Southwestern market.鈥�

Farr said he considers the listing and its sale a win for his local company, which was founded just over a decade ago and offers brokerage, advisory and property management services across New Mexico.

鈥淲hen investors look at selling an asset of this size, what I鈥檒l call 鈥榯he nationals鈥� tend to get a lot of those listings because they have access to national markets and access to people in all parts of the 近距离内射合集 States,鈥� Farr said. 鈥淚t鈥檚 not as common for a local guy like me (who) doesn鈥檛 have any national affiliations to get it. I was very grateful.鈥�