Investors to Buy and Occupy Mariposa East's Only Office Building

In a deal announced Tuesday by Scottsdale, Ariz.-based Harvard Investments, the new developer of Mariposa East, Axelfire will move about 25 jobs from its current office in Albuquerque, plus add another eight, to the only commercial building in the development formerly known as just Mariposa.
The sale price was not disclosed.
Axelfire will occupy about 10,000 square feet in the office building known as Mariposa East Commons, which once housed the offices of Mariposa’s original developer, High Desert Investment. The remainder of the building will be leased.
Designed by Dekker Perich Sabatini and built by Enterprise Builders, the High Desert-owned building opened in 2007 and, as the Mariposa development slid into insolvency during the housing bust, was foreclosed on about five years later by lender Admiral Bank of Boston.
The building was the first in Rio Rancho to receive green certification through the Leadership in Energy and Environmental Design program.
“This investment by Axelfire bolsters Harvard’s reasons for acquiring the Mariposa East master plan just a short time ago — thoughtful planning, high quality infrastructure, and a city on the leading edge of growth,” Harvard Investments Vice President Tim Brislin said in a prepared statement announcing the building sale.
By: Richard Metcalf (Albuquerque Journal)
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