{"id":1004075088,"date":"2013-05-20T23:44:49","date_gmt":"2013-05-21T07:44:49","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=126704"},"modified":"2020-05-08T01:12:56","modified_gmt":"2020-05-08T09:12:56","slug":"peterson-acquires-simms-building-for-1-75m-and-begins-renovations","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/peterson-acquires-simms-building-for-1-75m-and-begins-renovations\/","title":{"rendered":"Peterson Acquires Simms Building for $1.75M and Begins Renovations"},"content":{"rendered":"

By Anca Gagiuc, Associate Editor<\/em><\/p>\n

Bearing the hallmark of the city\u2019s first modern, International Style skyscraper, the Simms Building was built in 1954 and listed on the National Register of Historic Places in 1998. Over the years, the building with the windowless brick walls on the east and west sides and glass curtain walls on the other two faces, has served Albuquerque\u2019s commercial sector. \"\"<\/a><\/p>\n

The property is located at 400 Gold SW in Downtown Albuquerque (Gold Ave and 4th<\/sup>
\nStreet) and has 13 floors with retail and restaurant space on the first floor. Office and executive suites are on the upper levels, and garage parking is available on 11 levels.<\/p>\n

The 113,699 rentable square feet office building was acquired in February by Peterson Properties at its list price of $1.75 million from Maestas & Ward. Now, the renovation process has begun. The listing agent John M. Henderson III, one of NAI Maestas & Ward directors, had estimated renovation costs between $3.5 million to $5 million. Peterson Properties confirmed the latter figure for the upgrades to the building, partly because no significant renovation has ever been done.<\/p>\n

The general contractor on the renovations is Wilger Enterprises, Peterson\u2019s collaborator for over 20 years and the financer is BBVA Compass. Three architects are responsible with different phases of the project \u2013 Martin Grummer Architect will take care of the HVAC and water system replacement, cherry\/see\/reames will supervise historical tax credits and compliance, and the third is Kells + Craig Architects.<\/p>\n

\u201cWe\u2019ve never owned a high-rise or remodeled one,\u201d Doug H. Peterson, principal at Peterson Properties, told Albuquerque Business First<\/a>. \u201cWe\u2019re approaching it with humility and want to do it right. The tenants here have been very loyal.\u201d Simms was about 60 percent vacant at the time of acquisition, but new ownership already brought new tenants, Rebel Donut and Camp & Elmore law firm.<\/p>\n

\u201cThis is not a project where we\u2019re going to put lipstick on it and flip it. We\u2019re in it for the long haul,\u201d Peterson concluded.<\/p>\n

Photo credits www.petersonproperties.net<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Bearing the hallmark of the city’s first modern, International Style skyscraper, the Simms Building was built in 1954 and listed on the National Register of Historic Places in 1998. Over the years, the building with the windowless brick walls on the east and west sides and glass curtain walls on the other two faces, has served Albuquerque’s commercial sector.<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1577,21742],"tags":[39408,1815],"class_list":["post-1004075088","post","type-post","status-publish","format-standard","hentry","category-albuquerque","category-latest","tag-albuquerque","tag-national"],"acf":[],"yoast_head":"\nPeterson Acquires Simms Building for $1.75M and Begins Renovations - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/peterson-acquires-simms-building-for-1-75m-and-begins-renovations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Peterson Acquires Simms Building for $1.75M and Begins Renovations\" \/>\n<meta property=\"og:description\" content=\"Bearing the hallmark of the city’s first modern, International Style skyscraper, the Simms Building was built in 1954 and listed on the National Register of Historic Places in 1998. 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