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Old Posted Feb 11, 2013, 10:51 PM
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Peterson Properties buys Simms Building
Damon Scott
Albuquerque Business First

The historic Simms Building at 400 Gold SW Downtown has been bought at its $1.75 million list price by Peterson Properties.

According to listing agent John M. Henderson III, a director at NAI Maestas & Ward, the deal was signed and approved Feb. 11.

“I think the best part of this is that now this classic, iconic building, that people [previously had] questioned if it could be built that high, will hopefully be returned to its grandeur,” Henderson said. “This will be a real shot in the arm for the downtown core.”

Maestas & Ward this month listed for sale the 13-story office building, which is about 60 percent vacant. Henderson said the building had attracted a number of potential buyers and offers.

The building comprises 113,699 rentable square feet sold at $15.39 per square foot. The building also contains a five-story parking garage with 227 spaces.

Henderson said the nearly-60-year-old building needs considerable renovations — possibly $3.5 million to $5 million for upgrades on its plumbing, electrical and HVAC systems.

Peterson Properties develops and manages commercial properties throughout the Southwest. It is involved in leasing and developing properties across the Albuquerque area. Representatives from the company were not immediately available for comment.
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