Hilcorp Energy Company acquired assets of ConocoPhillips in the Farmington area. Included in the acquisition was a 114,535 square foot Class A Office Building on 6.09 acres, in the commercial center of town. This building was excess property as Hilcop already had substantial holdings in the area. The building had been impeccably maintained, had beautiful architectural design, a larger interior atrium with partial glass ceiling, an access control system, mature landscape and ample parking.

Challenge

There were a limited number of prospects to occupy a building of this size in the small community of Farmington. While using the local and national platforms available for marketing buildings such as this, the brokers also had to find a way to reach existing prospects in this northern New Mexico town.

Solutions

Our team identified a list of the most likely potential uses for the project. We implemented an old fashion, door to door, in person cold calling tactic to reach select companies, healthcare providers, schools, government and city agencies throughout the community of Farmington. This produced two interested parties for a purchase of the building. As the building was too large for either party to be the sole occupant it was decided that they would attempt a joint venture. Each entity needed to fully understand the financial commitment to purchase and renovate the structure to meet their specific needs, with the express approval of their separate board members. Many face to face meeting with each party and coordination of due diligence was expertly facilitated by the brokers as to keep ownership and each buyer moving through the process.

Results

• This building is now known as the 30th Street Education Center.
• Co-owned through a joint partnership agreement between San Juan College and
• Farmington Municipal School District. The center houses, on behalf of the
• College, the ACE Center, the Online Veterinary Technician program, Workforce
• Development, the Community Learning Center, New Mexico Highland University
• Farmington Center, University of New Mexico San Juan Center and eventually
• NM Workforce Solutions Farmington operations. Farmington Municipal Schools
• District utilizes the space for it’s administrative departments including Central
• Office staff, Exceptional Programs, IT, School Support, Curriculum and more.