Two Park Central Tower sold following August auction
Oct. 9—One of the city's tallest buildings outside of Downtown has officially sold following an auction that took place in August.
The sale of the 10-story, 101,000-square-foot Two Park Central Tower at 300 San Mateo NE was finalized last month for just under $2 million, said Todd Clarke of New Mexico Apartment Advisors, who was the listed broker for the building. The building was sold by Nevada-based Rhino Investment Group to a group of out-of-state engineers from Houston, Texas.
The building initially went up for auction in June and again in July. But the final auction took place in August, netting over 200 bidders on the property, Clarke said. He added that the new owners, who declined to comment for the story, intend on using the property for multi-family housing.
"As you know, we have a huge housing shortage," Clarke said.
The building is roughly six miles east of Downtown. It opened for occupancy in the summer of 1975 with Travelers Insurance Co. serving as the primary tenant, according to Journal records.
Clarke previously told the Journal that the building's construction reflects Albuquerque and Route 66 history. At the time of the tower's construction, developers were uncertain if the best places to build were along the new interstates or Route 66, which included Central Avenue.
"It ended up being a lot more important to be on Interstate 40, and that's why they are kind of off on their own," Clarke said of the building.
