LAS CRUCES, AZ – Owner-operated commercial real estate firm NAI 1st Valley has sold a 42-property office portfolio to a single-entity buyer for $130 million.
The portfolio totals 733,187 square feet of office space across 19 cities in New Mexico. The properties are currently occupied by 70 tenants, many of which are state and other government agencies. NAI 1st Valley operated the properties under numerous holding companies.
Built between 1998 and 2008, the assets range from 4,400-square feet to more than 42,000 square feet. Of the 42 office buildings, 40 properties are stand-alone, single-story structures and two properties are two-story structures.
NAI 1st Valley brokers Jake Redfearn, Jacob Slavec and Randy McMillan handled the portfolio sale, along with the firm’s Kimberly Grannis and Bill Shattuck.
CCIM’s New Mexico chapter recognized the transaction with its deal of the year award, which NAI 1st Valley has now been awarded with three times in the past five years.
“Naturally, we are very pleased to have had the opportunity to manage this complex transaction as not many like them happen in our marketplace,” states Redfearn.
NAI 1st Valley is one of 185 companies affiliated with the NAI Global brand, which has 375 offices worldwide.