Press Release

David Chavez and Michael Armijo Butler win CCIM Marketing Deal of the Year Under $1,000,000

Property Information: 2235 E Main Street overview:

Square Footage: 9,418 SF Retail Shopping Center

Details: Fundamental retail location along Main St (17,800 CPD) just south of “The Y.”  Additional 2,300 SF of build-able area approved by Village of Los Lunas

Sales Strategy: 2235 E Main Street is a true success story for David Chavez and Michael Armijo Butler of Maestas and Ward.  However, they had a number of challenges with this property that had to overcome along the way.  Los Lunas is a tertiary market and thus does not attract a large number of buyers.  In addition, it was their perception that many brokers will overlook investment properties in these types of markets because they are searching for properties in larger trade areas such as Albuquerque, Rio Rancho, and Las Cruces.   

Due to these factors, David and Michael had to adjust our marketing efforts accordingly, which included presentations at CCIM to the brokerage community, email/calls to local and regional brokers, and direct contact with a database of active investors.  

Another challenge that they faced was selling the asset in the most difficult real estate market that we have seen since the late 80s. 

Lia Armstrong with Maestas and Ward was able to bring a buyer into the deal that saw a good price and an opportunity for investment.  She was able to help David and Michael close a sale that resulted in a win-win purchase scenario for both the buyer and the seller.  The  property closed on May 15, 2009 for $850,000 (10% CAP on existing income.)