REBusinessOnline

Thayer Manca Residential Receives $23.9M in Fannie Mae Financing for Ottavo Apartments in Albuquerque

ALBUQUERQUE, N.M. — Thayer Manca Residential (TMR) has received a $23.9 million Orix Fannie Mae loan for the refinancing of Ottava Apartments in Albuquerque. TMR originally acquired the 200-unit property in August 2018.Previously Presidio, Ottavo Apartments recently underwent a $4 million renovation, including the addition of stainless steel appliances; LED light fixtures and new flooring in the units; and a reimagined clubhouse with remodeled game room and resident lounge, modernized …

Montecito Medical Real Estate Purchases Lovelace Clinic Building in Albuquerque

ALBUQUERQUE — Nashville, Tenn.-based Montecito Medical Real Estate has acquired Lovelace Clinic Medical Office Building, a medical office and urgent care center in Albuquerque. Terms of the transaction were not released.Southwest Medical Associates, a subsidiary of Lovelace Health System, occupies the two-story, 69,539-square-foot facility. The primary care medical office portion of the building, which represents 43,200 square feet, opened in October 2017. In October 2020, a …

Webinar: New Mexico Retail Outlook — What Will New Mexico Retail Activity Look Like in 2021?

The "New Mexico Retail Outlook — What Will New Mexico Retail Activity Look Like in 2021?​" webinar, hosted by Shopping Center Business and Western Real Estate Business, covers the creative approaches taken retailers responding to COVID-19. Learn what retailers, restaurants and developers need to thrive and what our panelists anticipate for New Mexico retail in the near future.Development, trends, the shift to omnichannel business and much more make up this fascinating, …

LeClaire-Schlosser Group Brokers Sale of Climate-Controlled Storage Facility in Albuquerque

ALBUQUERQUE — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of Storage Bank, a self-storage facility located on San Pedro Boulevard in Albuquerque. A local limited liability company sold the asset to a national self-storage operator for an undisclosed price.The two-story, climate-controlled facility features a 24-hour surveillance system monitoring all entrances, two loading areas at the rear of the property, a commercial lift to access the second floor and …

Link Senior Development, Insight Senior Living Launch Ativo Senior Living Brand with Three Communities Planned

PORTLAND, ORE. — Link Senior Development and Insight Senior Living have launched the Ativo Senior Living brand, with three upcoming communities currently announced in the Southwest.The first property, Ativo Senior Living of Yuma, Arizona, is currently under construction with a planned opening in early 2021. The Portland-based company also has communities planned in Prescott Valley, Arizona; Buckeye, Arizona; Albuquerque, New Mexico; and other projects in various design phases throughout …

Benson DBS Purchases Two Dollar General-Occupied Properties in Arizona, New Mexico for $3.3M

KINGMAN, ARIZ., AND SILVER CITY, N.M. — Benson DBS has acquired two retail properties for a total of $3.3 million. Dave Hammack of Cushman & Wakefield | PICOR represented the buyer in both transactions.Benson DBS company acquired a new Dollar General-occupied building located at 7265 E. Concho Drive in Kingman. SimonCRE Saltair II sold the asset for $1.7 million. Additionally, the company purchased a new Dollar General-occupied property at 1330 E. 32nd St. in Silver City from Silver …

Paragon Mortgage Arranges $18.8M Refinancing for Two Multifamily Communities in New Mexico

CLOVIS, N.M. — Paragon Mortgage has secured a total of $18.8 million in refinancing for Raintree I and II, two apartment developments in Clovis.The Phoenix-based firm arranged $11.2 million and $7.6 million in loans for the two properties through the U.S. Department of Housing and Urban Development’s 223(a)(7) mortgage insurance program. The HUD program provided the owners with a low-interest, 40-year, fully amortizing, non-recourse financing to restructure and lower the current debt …

Office Market Remains Steady in Albuquerque

By Jordan Shipley, Associate Broker, Allen Sigmon Real Estate GroupLease rates are up and vacancy is down, two important things all landlords want to hear. For office landlords in New Mexico, these are two promising trends that have continued for the past few quarters to round out 2019. Average asking rates in Albuquerque came in at $18.76 per square foot, full service, according to Collier’s fourth-quarter 2019 Albuquerque office market report. Colliers also noted this was the first …

Dah Commercial Acquires 611-Unit Wagon Self Storage in Santa Fe

SANTA FE, N.M. — Dah Commercial has purchased Wagon Self Storage, located at 2 Emblem Road in Santa Fe, for an undisclosed price. The buyer has rebranded the self-storage facility as Mini U Storage.Originally built in 2009 and expanded in 2016, the property features 63,726 rentable square feet. The facility offers 611 climate-controlled units, recreational vehicle spaces and 42 wine storage units. The buyer is a national real estate investment and asset management company that has …

New Mexico Retail Pauses, But Should Return After COVID-19

By George Chronis, Senior Advisor, SVN/Walt Arnold Commercial BrokerageNew Mexico retail has been negatively impacted by the state’s stay-at-home order due to the coronavirus. The retail industry was looking pretty promising with robust sales and leasing activity in 2019 and at the beginning of 2020 – New Mexico included. I thought we were off to a good start with several developments near completion, several in progress and several more to begin in 2020.  The full economic impact of …

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