Texas investment fund buys Santa Fe office building
An Arlington, Texas, commercial real estate investment fund has purchased the Santa Fe office building near the St. Francis Drive-Interstate 25 interchange that houses the IRS office for an undisclosed amount.
The purchase was the first outside Texas for When Opportunity Knocks LLC. The fund is considering more New Mexico acquisitions, more likely in Albuquerque than the smaller Santa Fe market, said Clint Holland, acquisitions director for SkyWalker Property Partners, which administers the When Opportunity Knocks fund.
“We just found an interesting opportunity [in Santa Fe],” Holland said. “There are few and far between locally [in Dallas/Fort Worth].”
The tenants include the IRS, Benchmark Human Services, orthopedic surgeon Michael L. Rothman, The Rock Church of Santa Fe, a U.S. Department of Energy office and newly signed Centene Management, which brought the building occupancy to 91 percent, Holland said.
When the fund considered buying the building, it was only 61 percent occupied and in need of repairs. Holland said the owner was seeking to sell.
“I wish all my deals worked like that,” Holland said. “This property checked off all the boxes for our value-add fund, When Opportunity Knocks.”
When Opportunity Knocks intends to invest $100,000 in capital improvements and deferred maintenance at the two-story, 25,509-square-foot office building at 2945 Rodeo Park Drive. The exterior stucco will be redone and there will be new landscaping and a drainage system overhaul, Holland said.