News

Developing Trusting Relationships in CRE
Developing Trusting Relationships in CRE


MARCH 22 - 28, 2019
Albuquerque Business First
Two large multi -tenant office properties in Albuquerque closed in February 2019, both owned by Firouz Memarzadeh of San Diego. 2440 Louisiana NE and 5700 Harper NE were listed by Albuquerque-based brokerage C&S Real Estate & Development. The two buildings total approximately 190,000 square feet of multi - tenant office.

As C&S Principal Jeff Stuve noted, the lengthy and sometimes intense transactions allowed him and broker Barbara Haase to develop a strong relationship of trust and mutual respect with the seller.

“We also came to understand Mr. Memarzadeh’s remarkable journey to becoming an American success story,” commented Mr. Stuve.

Born in Iran, Mr. Memarzadeh moved to New Mexico for an engineering degree at NM Tech in Socorro. After his success in engineering, he parlayed his technical and analytical skills into a real estate career that began when he bought the two Albuquerque buildings in the early 1990s, his first real estate purchases. Through his financial acumen, supportive family, persistence, ethical and rational business practices, and not “falling in love” with any particular property, he built a multi-million-dollar real estate enterprise from California to Ohio, to France and the Middle East.

His holdings range from amusement parks to R&D, retail, and manufacturing properties. With a desire to consolidate his assets into certain product types, Mr. Memarzadeh decided to list the Albuquerque office properties for sale, and C&S found local buyers to purchase both properties in 2018.

As C&S broker Barbara Haase commented, “the key to any broker’s success is all about developing trusting relationships. Every day interacting with Mr. Memarzadeh was insightful and interesting. We are so pleased to have worked with him and help achieve his goal of exiting the ABQ market.”

The terms of the sales are undisclosed.

2440 Louisiana NE and 5700 Harper NE

ABQ Developer to Bring Float Pods, Salt Rooms and More to Office Building
ABQ Developer to Bring Float Pods, Salt Rooms and More to Office Building


July 11, 2019
Collin Krabbe
Reporter, Albuquerque Business First

Matt Finkelstein is taking Albuquerque office amenities to the next level at the Optimum Building, with plans to offer luxuries largely unavailable elsewhere.
Those will include float pods, contraptions filled with water that users float in and advocates claim provide benefits such as pain relief, relaxation and improved quality of sleep.
Salt rooms, which utilize a therapeutic method called halotherapy, will be available. When inhaled, the salt particles are said to help clear the respiratory tract, open airways and reduce inflammation, according to the Salt Therapy Association.

A hyperbaric chamber, used for increasing oxygen levels in the body, and photomodulation treatment bed, which some say can be used for treating skin conditions, will be on tap.
Yoga classes, Peloton bikes, lockers and showers are also to be on site, as will a cafe. And a new event center is planned for the top floor. Renovations are slated to be finished by the end of the year.

The buildout is being performed by Albuquerque contractor Travers Mechanical Services and will be designed by Environmental Dynamics, Inc.
Finkelstein, who co-founded Southwest Women's Oncology with his spouse, said the concept was spurred by the desire to bring various technologies and amenities together for optimizing patients' time. Then they decided to extend those options beyond the oncology practice, located in the building.

"Frankly, I'm not trying to make a buck," Finkelstein said. "I'm interested in helping people be better."

NAI Maestas & Ward brokers DJ Brigman and Dave Hill are representing the 78,000-square-foot property, which Finkelstein said is over three-quarters leased. The second floor of the four-story facility is set to be used as a co-working space, and another medical tenant has committed to signing a lease on the third floor, according to Finkelstein.

The building, located at 5700 Harper Dr. NE, was previously owned by California-based PARS SVSP, Inc., according to a San Diego County, California, special warranty deed. Barbara Haase of Albuquerque brokerage C&S Real Estate and Development represented the seller in the transaction. Finkelstein closed the deal in March, he said, declining to disclose the amount paid.

Maestas & Ward is charging between $22.50 and $25 per square foot for Optimum Building space, with pricing depending on if tenants opt to use the amenities on a pay-per-use basis or have continual access, according to Hill.
A rendering of the planned Optimum Building exterior. Courtesy Matt Finkelstein.

UNM Health Services expansion at Med Arts


June 2019

UNM Truman Health Services has recently expanded its presence at Medical Arts Plaza on Encino Place NE near the University. With this tenancy, Med Arts Plaza – a major factor behind the area’s “Pill Hill” moniker – is now 81% occupied. The project was built in 1951 and described as “the nation’s first drive-in medical complex” with its campus style layout, a now common design. Major renovations over the years have kept the Plaza updated and well occupied. C&S is the property manager and leasing agent.

Bell Bank at Uptown Tower


February 2019

C&S is pleased to have procured new tenant Bell Bank Mortgage, a Nebraska-based bank, at 2440 Louisiana NE aka Uptown Tower. Bell Bank is expanding their operations in the Southwest, and this is their first Albuquerque location. Yvette Klinkmann is the bank's New Mexico area manager, and the Uptown Tower branch is planning to open in late Spring. During negotiations, the Building was under contract for purchase by a local partnership represented by the Allen Sigmon Real Estate Group, which closed in February and subsequently signed the Bell Bank lease.

C&S Principal Take on Local Investment
C&S Principal Take on Local Investment


March 2019

An Albuquerque based investment group closed on 8801 Horizon Boulevard NE in late 2017. The Class A building was bought out of foreclosure for an undisclosed amount, and C&S represented the Buyer. The Horizon Building was first constructed for a single 130,000 SF healthcare tenant in 1997 but was later successfully multi-tenanted, being over 70% occupied at the time of the sale. C&S Principal Jeff Stuve was part of the original development team and its long-time Property Manager and Leasing Agent. Stuve says the landmark property attracts sophisticated occupants interested in its superior technology infrastructure, convenient North I-25 location for commuters, and upscale image.

Stuve noted that he sees the Horizon transaction as part of a growing trend of local investors purchasing substantial real estate that was once owned by out-of-state groups or institutional investors. He points out that in addition to 8801 Horizon, two large transactions that C&S closed in early 2019 were Uptown Tower and NorthPointe Office Plaza, totaling over 200,000 SF. Both are examples of out-of-state entities selling to local investors. He feels this shift in ownership is happening more and more recently and cited other examples such as One and Two Park Square in Uptown, Bank of the West Center downtown, and San Mateo Corporate Center in North I-25, all large properties purchased by local groups from outside interests. Stuve feels this is a good trend for both owners and tenants, bringing returns closer to home and providing more economic stimulus, plus creating a sense of a more approachable connection that tenants prefer.

Pages