CRE Report 05.21.21

Copper theft on the rise

Bob – Walt there has been some news stories lately of copper theft from commercial properties.  It seems to be a growing problem.  What can property owners do to protect themselves from copper theft?

Walt – Good morning Bob, this problem is serious and it is expensive for property owners when it happens.  The Albuquerque Board of Realtors was shut down the other day when copper was stolen from the main transformer to the building.

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I have had three buildings we are trying to sell or lease have copper stolen in the same way from the main transformer to the property. An industrial building experienced the theft just last week and an office building a month ago.

I had one owner that had it stolen, replaced it, had it stolen the next day, replaced it and had it stolen again.  It’s crazy!

Bob – What is the solution? This sounds like a difficult problem.

Walt – It is a tough dilemma for property owners.  One strategy we have implemented is to combine the building alarm with arming the exterior panel so if anyone tries to open the exterior electrical panel the alarm will go off. Another solution is to increase lighting around the building and to take all necessary steps to secure access to the building’s main electrical panel.

It can happen so quickly and it can happen to any building in Albuquerque. If anyone sees any activity around a building that is at all suspicious call 911 immediately.

Even if the building has insurance coverage the amount of disruption to tenants or your day-to-day business is significant. And my last piece of advice on copper theft is if the building is vacant have a discussion today with your insurance agent today regarding a vacant building and copper theft, because it might not be covered in that scenario.

Bob – Walt, two more days to your Auction, this is your last chance to tell our listeners about it.

Walt  – Yes thanks to KKOB and the mega 50,000 watt blow torch to let me talk once more about our auction of 401 San Pedro this Wednesday from 11:00am to 3:00pm.  The best news is there is still time to get signed up.  Give me a call at 256-1255; the auction site is www.auctionsvn.com/sanpedro.  401 San Pedro is a 4,900 square foot originally listed at $330,000; the opening bid is $190,000.

Bob – How can people reach you again to talk about commercial real estate?

Walt – Thanks Bob, call me Walt Arnold at Sperry Van Ness, 256-1255. Sperry Van Ness is a full service commercial real estate company in 160 markets across the country.  If you have a requirement for sales, leasing and property management or tenant representation let’s get together and discuss your specific needs.

Bob, have a great Memorial Day weekend and I will talk to you in a couple of weeks