El Paso entrepreneur Lane Gaddy and a group of investors have purchased the 11-story Electronic Caregiver building, the tallest building in Las Cruces.
Gaddy, who is best known for the restoration of historic buildings in Downtown El Paso, closed on the deal last week with other investors who own Coronado Towers on the Westside.
They acquired the building, formerly known as the Wells Fargo building, at an undisclosed price from Greg McPhie, a real estate broker with New Jersey-based NAI Global.
“We are excited about everything happening in Las Cruces’ Downtown,” Gaddy said. “Everything seemed to work out well. Las Cruces is going through its own revitalization development stage, and this (building) is a key part of it because it’s the only high-rise.”
In April 2016, the city of Las Cruces unveiled a masterplan that includes the opening of a civic plaza, a new headquarters for the city’s convention and visitors bureau and the redevelopment of the Amador Hotel.
The building, which went up in 1962, has more than 100,000-square-feet of space and is about 80 percent occupied.
Gaddy said their short-term plan includes upgrading the building’s heating and cooling systems. Their long-term plan is to apply for historic credits that will provide capital for turning the building into Class-A office space.
Wells Fargo has moved out of the building and removed the big sign atop the building earlier this year.
Gaddy said Electronic Caregiver, which distributes medical alert systems, bought the naming rights earlier this year, and its sign went up last month.
The tower is home to the federal and state public defenders offices, as well as Volt, a tech support call center, and Abraham’s Bank Tower Restaurant, which is known for its aerial view of the city from the fourth floor.
Email El Paso Inc. reporter Aaron Montes at email@example.com or call (915) 534-4422, ext. 105. and (915) 777-4154. Twitter: @aaronmontes91.