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New Mexico

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AcquisitionsNet LeaseNew MexicoRetailWestern

Marcus & Millichap Brokers Sale of 13,847 SF Retail Property in Rio Rancho, New Mexico

by Amy Works

RIO RANCHO, N.M. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a 13,847-square-foot, single-tenant retail property in Rio Rancho. Natural Grocers occupies the building, which was built in 2020, on a 15-year, triple-net-lease basis, with 12 years remaining on the lease at the time of sale. Natural Grocers’ current portfolio includes 164 stores in 21 states.  Don McMinn of Taylor McMinn Retail Group represented the undisclosed seller in the transaction. The price was also not disclosed. “Despite the surplus of net-lease inventory on the market and limited buyer pool, quality net-lease grocery inventory remains in short supply and high demand,” says McMinn.

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Hampton-Inn-Artesia-NM
AcquisitionsHospitalityLoansNew MexicoWestern

MMCC Arranges $8.8M in Acquisition Financing for Hampton Inn & Suites Artesia in New Mexico

by Amy Works

ARTESIA, N.M. — Marcus & Millichap Capital Corp. (MMCC) has arranged $8.8 million in financing for the acquisition of Hampton Inn & Suites Artesia, a hotel located at 2501 S. Permian Pavilion Ave. in Artesia, located in the southeast corner of the state. Tyler Waller of MMCC’s Phoenix office secured the 10-year loan, which includes three years of fixed interest with a 25-year amortization schedule and 70 percent loan-to-value ratio, on behalf of a private client. Josh Tammen of Marcus & Millichap represented the both the buyer and seller in the transaction. Built in 2016, the Hampton Inn & Suites Artesia features 81 guest rooms and provides direct access to downtown Artesia and Artesia Municipal Airport.

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ArizonaDevelopmentIndustrialLoansMidwestNew MexicoOhioOregonTop StoriesWestern

US Department of Commerce Proposes $8.5B in Funding for Intel Semiconductor Projects in Four States

by Kristin Harlow

ARIZONA, NEW MEXICO, OHIO AND OREGON — Intel Corp. and the U.S. Department of Commerce have signed a non-binding preliminary memorandum of terms (PMT) for up to $8.5 billion in direct funding to Intel for commercial semiconductor projects under the CHIPS and Science Act. The proposed funding would help advance Intel’s critical semiconductor manufacturing and research-and-development (R&D) projects at its sites in Arizona, New Mexico, Ohio and Oregon. CHIPS Act funding aims to increase U.S. semiconductor manufacturing and research and development (R&D) capabilities. According to a release, Intel is the only American company that both designs and manufactures leading-edge logic chips. “Today is a defining moment for the U.S. and Intel as we work to power the next great chapter of American semiconductor innovation,” says Intel CEO Pat Gelsinger. “Artificial intelligence is supercharging the digital revolution, and everything digital needs semiconductors.” Santa Clara, Calif.-based Intel is building two new fabrication plants in Chandler, Ariz. The new factories on the company’s Ocotillo campus are part of Intel’s multibillion-dollar global manufacturing build-out, which includes new or expanded facilities in Oregon, New Mexico, Ohio, Malaysia, Ireland, Poland, Israel and Germany. Construction is underway on Intel’s Fab 9 factory in Rio Rancho, N.M. Fab …

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AcquisitionsIndustrialNew MexicoWestern

Sonny Brown Associates Negotiates Sale of 215,256 SF Industrial Property in Santa Teresa, New Mexico

by Amy Works

SANTA TERESA, N.M. — Sonny Brown Associates has arranged the sale of an industrial building located at 465 Industrial Ave. in Santa Teresa, a suburb of El Paso, Texas. Dallas-based Hunt Southwest acquired the asset from Easton, Pa.-based MCS Industries for an undisclosed price. The 215,256-square-foot warehouse, distribution and manufacturing facility features 60-foot and 45-foot column spacing with staging bays at 40-foot deep, 32-foot clear heights, CTPAT capacity, 20 dock-high doors and one ramp door. The building features a 5,843-square-foot office space, 5,686-square-foot QC Lab space and 880-square-foot shipping/receiving office space. Additionally, the building is expandable by 45,900 square feet. Adin Brown of El Paso, Texas-based Sonny Brown Associates represented the seller and buyer in the deal.

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2029-Calle-Lorca-Santa-Fe-NM
AcquisitionsMultifamilyNew MexicoWestern

Bascom Group Buys 96-Unit San Miguel Court Apartments in Santa Fe, New Mexico

by Amy Works

SANTA FE, N.M. — The Bascom Group has acquired San Miguel Court Apartments, a multifamily property at 2029 Calle Lorca in Santa Fe. Terms of the transaction were not released. Built in 1974, San Miguel Court features 96 one-, two- and three-bedroom apartments with in-home washers/dryers, hardwood-style flooring, stainless steel appliances and large walk-in closets. Ryan Greer and CJ Connelly of CBRE arranged the debt financing for the acquisition with La Salle Debt Investors as the lender. Apartment Management Consultants will manage the asset, and SD-CAP will provide construction management services.

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465-Industrial-Ave-Santa-Teresa-NM
AcquisitionsIndustrialNew MexicoWestern

Hunt Southwest Real Estate Acquires 215,256 SF Industrial Building in Santa Teresa, New Mexico

by Amy Works

SANTA TERESA, N.M. — Hunt Southwest Real Estate Development has purchased an industrial building located at 465 Industrial Ave. in Santa Teresa, near both the Texas and Mexico borders. MCS Realty Partners sold the asset for an undisclosed price. Built in 2015, the vacant 215,256-square-foot building offers of 32-foot clear heights; existing office space; an air-conditioned space for quality control lab, production or assembly; an ESFR sprinkler system; and a secure, fenced-in truck court with trailer staging area. Additionally, there’s land adjacent to the building that can accommodate a 45,000-square-foot building expansion, additional parking or outside storage. Adin Brown of Sonny Brown Associates brought the acquisition opportunity to Hunt Southwest and will represent the company in the lease-up of the facility.

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DevelopmentNew MexicoRetailWestern

Whole Foods Market to Open 47,327 SF Location in Albuquerque

by Amy Works

ALBUQUERQUE, N.M. — On Feb. 22, Whole Foods Market will open a new location at 2100 Carlisle Blvd. NE in Albuquerque. The store is the relocation of an existing Albuquerque store at 2103 Carlisle Blvd. NE, which has served the community for more than 30 years. The new, larger location will feature upgraded amenities, including expanded prepared foods and bakery departments, and a larger and more accessible parking lot. The new store will also carry an expanded product assortment, including more than 400 local items from New Mexico. Whole Foods Market Albuquerque will be open from 9:00 a.m. to 9:00 p.m. opening day. Regular store hours will be 7:00 a.m. until 9:00 p.m. MST daily.

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LoansNew MexicoRetailWestern

Ariel Property Advisors Arranges $5.5M Refinancing for Guadalupe Plaza Retail Center in Albuquerque

by Amy Works

ALBUQUERQUE, N.M. — Ariel Property Advisors has arranged a $5.5 million cash-out refinancing for Guadalupe Plaza, a shopping center in Albuquerque. The grocery-anchored plaza features 87,000 square feet of retail space. Matt Swerdlow, Matthew Dzbanek and Rhea Vivek of Ariel Property’s Capital Services Group secured the financing for the borrower, a New Jersey-based investor. The 15-year loan includes one year of interest-only payments and a 30-year amortization schedule at a 75 percent loan-to-value ratio with no prepayment penalty.

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Market ReportsNew MexicoRetailWesternWestern Market Reports

Albuquerque’s Retail Boom Settles Down

by Jeff Shaw

— By Anthony Johnson, President, Pegasus Group and Western Regional Director, X Team Retail Advisors; and AJ Johnson, Associate Broker, Pegasus Group — Looking back on the Albuquerque retail market for 2022 and 2023, I have to say that 2022 was the height of our boom in terms of the sale/lease of shopping center and freestanding pad sales, built-to-suit opportunities and redevelopment opportunities. The top consumers of these product types were chicken (QSR), coffee, car washes and cannabis, or as we affectionately called them, the “Four C’s.” Due to the sheer amount of activity in the pad user market, underutilized was a key word during this time. We saw vacant pad sites that were once considered unleasable or unsellable, perking the interest of investors, tenants and developers. By 2022 the negative effects of the pandemic had subsided, which resulted in the most robust year we’ve ever seen in terms of pad sales/leases. I’ve never seen anything like it. It was like a crescendo… and then, the “music” stopped.  It was February of 2023 when the music started to get fainter. By August 2023, the music stopped, and now we’re seeing the aftermath of this. Meaning, many of the pad sites …

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Affordable HousingDevelopmentLoansMultifamilyNew MexicoWestern

KeyBank Provides $12.5M Construction Loan for Three Sisters Affordable Housing Development in Las Cruces, New Mexico

by Amy Works

LAS CRUCES, N.M. — KeyBank Community Development Lending and Investment (CDLI) has provided a $12.5 million construction loan for the development of The Three Sisters, an affordable apartment property in Las Cruces. The borrower, Chelsea Investment Corp., is an affordable housing developer in California and New Mexico. The Three Sisters will consist of eight two- and three-story residential buildings offering a total of 70 units for families and individuals earning no more than 30 percent, 50 percent and 60 percent of the area median income. The community features one-, two- and three-bedroom units, a community space, laundry room, computer center, barbecue and picnic area, dog park and two playgrounds. Additional amenities include comprehensive social services, such as group training, outreach and bi-monthly health and nutrition education classes. The project received additional support from The Richmond Group, which provided $11.9 million in Low-Income Housing Tax Credit equity, as well as a $1.9 million permanent loan from the Rocky Mountain Community Reinvestment Corp. The Three Sisters also received funding from the city, state, the HOME Investment Partnership Program and the National Housing Trust Fund. Matthew Haas of KeyBank CDLI structured the financing.

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