The new owner of the 17-building flex park is Granite Bedrock Partners II, a joint venture of Newport Beach-based Bedrock Foundations LLC and Irvine-based Granite Industrial Partners LLC. The duo makes a business of acquiring industrial parks and then breaking them up and selling them off either as condominiums or individual parcels. Bedrock Foundations Principal Nicholas Patin says his firm plans to acquire an additional one million sf of similarly configured industrial property this year in the western United States.

The seller is Cook Inlet Region Inc., an Alaskan real estate holding company that acquired the property in 1995 and now will use the proceeds from the sale to invest in something other than real estate, says David Eagle of Grubb & Ellis' Newport Beach office represented the buyer and the seller. Eagle tells GlobeSt.com that occupancy in the park at the time of sale was below its historical average of 90% due to a recently completed $200-million road construction project that went on adjacent the park for two years. The result is drastically improved access to the park, "but in the interim it created chaos."

Eagle tells GlobeSt.com that when he was talking to investors about New Mexico, "they got the same look on their face that Columbus must have had looking at a map of the New World. But when they really looked at the dynamics, the property generated quite a number of offers. It's been a very stable market, and this is the largest and certainly the most attractive property of its type in the state."