SOURCE: Westlake Realty Group, Inc.

May 09, 2006 17:04 ET

Westlake Development Group Acquires Molina Building

ALBUQUERQUE, NM -- (MARKET WIRE) -- May 9, 2006 -- Westlake Development Group LLC, headquartered in San Mateo, California, has purchased the Molina Healthcare Building from Horizon Rose Interests LLC and Horizon 350 LLC.

The Molina Building is located on 8801 Horizon Boulevard NE, just off Alameda Boulevard in Albuquerque's prestigious North I-25 Corridor. Alameda Blvd. is the technology corridor of Albuquerque and home to many of Albuquerque's largest employers such as Intel, Sumimoto and Honeywell, to name a few. This centrally located area is attracting more business due to convenient access to the labor base of the established northeast heights residential with the fastest growing areas of the city, the Westside and Rio Rancho.

The four-story Class "A" office asset covers 127,000 square feet of rentable space. The elegant building boasts a state-of-the-art infrastructure, and a superior architectural design known for its natural colored stone exterior. This institutional-grade, multi-tenant office complex enjoys a history of high occupancy levels and attracts high-end, image conscious users. The property also includes 5.94 additional acres of undeveloped land.

"We believe that Albuquerque's diverse and stable economy is a positive factor for the office market and that strong historic and projected job growth makes the city one of the most attractive for us," said Gary Wong, Westlake president. "We are selectively adding properties that complement our existing portfolio and are positioned in rapidly developing markets."

Westlake is a privately-owned company. With a real estate management portfolio of over 2.5 million square feet, and state-of-the-art client information systems, the company provides 33 years of real estate experience, professionalism and service. Aside from New Mexico, Westlake owns twenty other commercial and multi-family properties in California, Oregon and Nevada.

An affiliate of Westlake Development Group, LLC, Westlake Realty Group www.westlake-realty.com manages retail, residential and commercial real estate properties for most Westlake buildings and other property owners. Westlake's mission is to own and manage properties that reflect community values and attitudes, and to provide quality environments that positively impact the lives of its users.

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