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These executives were identified in conjunction with editors and staff writers across The Business Journals’ network of more than 40 publications. Each has been featured as part of The Business Journals’ continuing coverage of newsmakers in those cities.
Duke City Management LLC, an Albuquerque-based commercial real estate property management company has purchased Gemini Rosemont’s Albuquerque property management operations.
The sale closed Dec. 31, according to Joe Farr, owner and operator of Duke City Management. Santa Fe-based Gemini Rosemont confirmed the sale. The sale price was not disclosed. Farr served as senior vice president and manager of Gemini Rosemont's Albuquerque regional office since 2013, after joining the company in 1999.
“Duke City Management was established a number of years ago with this possibility in mind,” said Farr, in a release. “Duke City already manages a number of properties owned by other ownership entities in addition to Gemini Rosemont, and we plan to aggressively grow our roster of managed properties and the transactional side of the business as we become more involved in leasing and brokerage. Our commitment to providing excellent service to all of our tenants and property owners will continue to be our top priority.”
Duke City’s management portfolio now consists of over 1.2 million square feet. Duke City Management is headquartered at 320 Gold Ave. SW in Albuquerque, Gemini Rosemont’s previous Albuquerque regional office.
“We wanted to achieve the best business solution to provide equal or better ongoing service to the tenants in the Gemini Rosemont-owned properties in Albuquerque,” said Ian Brownlow, CEO for Gemini Rosemont, in a statement. “Selling the property management business to Joe Farr, who is a very well-established and respected member of the Albuquerque business community, and deeply knowledgeable about the Albuquerque market and the Gemini Rosemont portfolio of Albuquerque properties, accomplishes that objective while preserving the Albuquerque personnel of 17 real estate and related professionals.”
The previous Gemini Rosemont team of property managers, maintenance techs and support service personnel based in the Albuquerque office are now employees of Duke City Management, said Farr.
"I could see the writing on the wall, with Gemini buying bigger properties in bigger markets," Farr said to Business First. "From my perspective, this allowed me to stay in Albuquerque. I can plan my own destiny. Over the last few years at Gemini I worked in 50 markets but now I can stay in my hometown and grow something I love."
Farr, a licensed New Mexico real estate broker since 1994, began his commercial real estate career as a teenager when he worked for his father’s property management company in Wisconsin. He is the vice chair of the local NAIOP board of directors and chair of its government affairs subcommittee. He also is the chair of NDI New Mexico corporate council and the chair of government affairs for Albuquerque Economic Development. He sits on the board of Central New Mexico Community College Foundation.
Gemini Rosemont has $1.77 billion of assets under management in 20 states, according to its website. The commercial real estate investment company was founded in 1992 as Rosemont Realty. In 2015, it partnered with Hong Kong-based company Gemini Investments (Holdings) to form Gemini Rosemont Realty LLC.
[Source: Albuquerque Business First, January 2, 2019]
When the Farr's purchased the operations from Gemini Rosemont in January, it became breaking news!