Posted 11 Jul 14 By: No comments yet

Innovate ABQ is a Reality

First Baptist Church Sale Completed

First Baptist Church has completed the sale to UNM/Lobo Development and the City of Albuquerque the historic First Baptist Church property located at Central and Broadway. The buyer has stated previously the site will be used to house Innovate ABQ, the business incubator to be managed by STC UNM.

The First Baptist Church was represented in the transaction by Keith Meyer and Jim Wible of NAI Maestas & Ward. Meyer and Wible consulted with Pastor Michael Cook and the congregation of the church and their attorney, James Roach, for an extended period, due to the complicated nature of the transaction and the real estate.

NAI Maestas & Ward focused on recruiting qualified buyers to further the concept of an Innovation Center. “We consider it a focus of our client offering to be heavily involved in job creation and economic development activity. First Baptist Church is an example of a number of dormant commercial properties we have either in Lease negotiations or under contract that will create net new jobs for New Mexico,” commented Keith Meyer, a Director at Maestas & Ward. “We understand that creating jobs for New Mexico will cause improvements in many areas of the economy,” said Jim Wible, a Senior Advisor at NAI Maestas & Ward.

At the time UNM/Lobo Development put the property under contract, Meyer and Wible had active interest from very qualified out of state business incubator developers who were intending to pursue the same strategy if Lobo Development was not able to move forward.

“We are thrilled that UNM and the City, with their partners were able to put this job growth engine together. Having the cooperation of the major local university and the City will insure its long term success. But it is gratifying to know that others saw the opportunity in this project as well,” Jim Wible further stated.

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