As commercial developments in the city struggle with nagging vacancies and a wobbling economy, the bustling development known as The 25 Way along the north I-25 corridor remains a bright spot for economic activity – bolstered by Boeing Albuquerque’s recent expansion and a popular lineup of restaurants.
Commercial real estate veteran Scott Whitefield, with CBRE, recently brokered a deal with Boeing to add 27,000 square feet at its laser and electro-optical systems facility, located in a massive 244,000 square-foot complex at 4411 The 25 Way NE. The global aerospace company is one of the anchors at the site. Its presence in Albuquerque and the expansion has been touted by city and business leaders as an economic driver.
“The 25 Way is one of the greatest success stories in town,” Whitefield said.
Whitefield said he’s been affiliated with the development for more than 20 years, part of a group that purchased it in 2003. The space at his 4411 site is now fully occupied, he said. Other tenants are RAA Imaging & High Resolution, Raven Defense Corp., Blue Cross and Blue Shield of New Mexico and the Eye Associates of New Mexico Retina Center.
Boeing Albuquerque’s footprint there is used to develop and produce high tech laser technology for air defense against drones and uncrewed aerial systems. It has about 160 employees in the city overall, and with the expansion it said there’s an expectation to hire dozens more. The company also announced it would sink $5 million into the facility – an example of an economic development trifecta – new hires, a commitment to stay and money spent.
‘It’s always been successful’
Duke City brokers say that beyond The 25 Way’s appeal of office, manufacturing and industrial applications is the diversity of its businesses. The area has one of the highest concentrations of daytime workers in the city who appreciate easy access to its restaurants, retail and banks – including hotel options for visitors and large parking lots.
The draw includes “restaurant row” to the south, and nearby amenities like the Cinemark Century Rio Plex 24 movie theater, Topgolf and the Main Event entertainment center. In addition, The 25 Way draws the eyeballs from at least 150,000 vehicles passing on I-25 each day, according to an estimate by Colliers International. Colliers is one of the big Albuquerque firms with listings there, including a 2,246-square-foot retail space next to Panera Bread.
The 25 Way’s “Shops @ !25” restaurant offerings include stalwarts Mimi’s Cafe, P.F. Chang’s, Genghis Grill, Dickey’s Barbeque Pit, Pars Cuisine and more. Popular “restaurant row” eateries are Pappadeaux Seafood Kitchen, Cheddar’s Scratch Kitchen, Bubba’s 33, M’tucci’s Twenty-Five and Tomasita’s, among others. For those who want a beverage after work, The 25 Way features Craft Republic Bar & Grill, located at the development’s north end.
“The 25 Way has been a great project from the very beginning. It creates the office area in the middle and the restaurants and hospitality around it,” Walt Arnold, managing director of SVN | Walt Arnold Commercial Brokerage, said. “It’s always been successful since its inception and continues to attract tenants. The office buildings are very functional for the tenants that are seeking space. It’s just a good overall location in a good space.”
Arnold’s firm has the listing on site’s second office complex at 4420 The 25 Way NE – a 44,000-square-foot building with vacancy. He said interest has been brisk, but that it’s too early to disclose any potential deals.