New Mexico Archives - REBusinessOnline

Dominium Breaks Ground on 312-Unit Turquoise Trail Affordable Housing Community in Santa Fe

Amy Works — Wed, 14 Jan 2026 14:32:42 +0000

SANTA FE, N.M. — Dominium has broken ground on Turquoise Trail, a 312-unit affordable housing community in Santa Fe. The low-income housing tax credit property will be constructed by Weis Builders and will be comprised of 13 three-story buildings containing 120 two-bedroom, 132 three-bedroom and 60 four-bedroom homes, 300 of which will be reserved for households earning no more than 60 percent of the area median income (AMI). The remaining 12 units will be set aside for families earning up to 50 percent of AMI. Amenities will include a clubhouse, fitness center, playground and grilling and lounge areas. Additional development partners include Freddie Mac, PNC Bank, Deutsche Bank, Colliers Securities, Housing New Mexico, New Mexico Mortgage Finance Authority and Santa Fe County. A completion date was not disclosed.

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Mavin Capital Sells Buffalo Wild Wings-Occupied Property in Farmington, New Mexico for $2.8M

Amy Works — Mon, 12 Jan 2026 14:47:51 +0000

FARMINGTON, N.M. — Mavin Capital has completed the disposition of a single-tenant restaurant property located at 2700 E. Main St. in Farmington. FCPT Acquisitions LLC c/o Four Corners Property Trust purchased the property for $2.8 million. Buffalo Wild Wings occupies the 6,178-square-foot building, which includes a drive-thru, ample parking and prominent frontage on Main Street, on a triple-net lease basis. Cushman & Wakefield’s Chris Hollenbeck and Shane Carter, along with local broker of record Brett Preston of PIRES International (part of the Cushman & Wakefield Alliance), represented the seller in the transaction.

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Faris Lee Investments Arranges $16.7M Sale of Zecca Plaza Shopping Center in Gallup, New Mexico

Amy Works — Wed, 22 Oct 2025 14:00:23 +0000

GALLUP, N.M. — Faris Lee Investments has arranged the sale of Zecca Plaza, a grocery-anchored retail center in Gallup. Rhino Investments sold the asset to Odeh Investments for $16.7 million. Don MacLellan, Jeff Conover, Scott DeYoung and Chris DePierro of Faris Lee represented the seller in the deal.

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OpenAI, Partners Announce Five New Data Centers as Part of $500B Stargate Project

Hayden Spiess — Thu, 25 Sep 2025 10:54:00 +0000

SAN FRANCISCO — OpenAI, along with Oracle Corp. (NYSE: ORCL) and SoftBank, has announced plans for the development of five new data centers in the United States. The new projects are part of the $500 billion Stargate initiative to expand American data center infrastructure, which was announced in January at the White House. Together with the flagship site in Abilene, Texas, the new data centers will bring Stargate to more than $400 billion in investment and almost 7 gigawatts (GW) of planned capacity over the next three years. OpenAI and Oracle will partner on three of the facilities — located in Shackelford County, Texas; Doña Ana County, New Mexico; and an additional site at an undisclosed location in the Midwest — which represent a $300 billion agreement between the companies. According to OpenAI, these projects are expected to create more than 25,000 onsite jobs and thousands of additional jobs throughout the country. Together, the facilities will offer up to 4.5 GW of capacity. A partnership between SoftBank and OpenAI will develop the other two data centers, which will have the capacity to scale to 1.5 GW over the next 18 months. One of the sites is located in Lordstown, Ohio, with…

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Guardian Acquires Affordable Housing Portfolio in Oregon, New Mexico for $497M

John Nelson — Thu, 04 Sep 2025 12:00:00 +0000

PORTLAND, ORE. — Portland-based multifamily owner-operator Guardian has acquired a portfolio of 15 multifamily properties totaling 3,050 units in Oregon and New Mexico for $497 million. The deal represents the company’s largest transaction and one of the larger deals in the United States year-to-date, according to Guardian. Each property in the portfolio was built after 2000 using Low Income Housing Tax Credits (LIHTC) but after the end of the program’s 15-year compliance period, thus the properties were at risk of market-rate conversion. Guardian will voluntarily convert a portion of the portfolio’s units to income-restricted housing that is reserved for renters earning 60 percent or less of the area median income (AMI). The seller was not released. “This transaction represents a pivotal moment for Guardian as we advance our mission to preserve and expand quality affordable housing,” says Tom Brenneke, president of Guardian. The company purchased the portfolio in two tranches. The first was with capital partner AEW for two Portland-area communities spanning 310 units. The second phase comprised the other 13 properties, which span 2,740 units in the metro areas of Portland and Albuquerque, N.M. Guardian partnered with National Equity Fund (NEF) and JPMorgan Chase on the second tranche. “Partnering…

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Hunter Hotel Advisors Brokers Sale of 126-Room Hyatt Place Hotel in Albuquerque

Amy Works — Wed, 03 Sep 2025 14:57:20 +0000

ALBUQUERQUE, N.M. — Hunter Hotel Advisors has arranged the sale of Hyatt Place Albuquerque/Uptown, located at 6901 Arvada Ave N.E. in Albuquerque. An institutional seller sold the asset to Sun Capital Hotels for an undisclosed price. The six-story hotel offers 126 guest rooms, 1,127 square feet of meeting space, a business center, 24-hour fitness center, an outdoor pool and dining options, including the Breakfast Bar and The Placery lobby bar. Brian Embree of Hunter Hotel facilitated the transaction.

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Westwood Financial Sells 51,713 SF Wyoming Mall in Albuquerque, New Mexico

Amy Works — Fri, 11 Jul 2025 14:06:42 +0000

ALBUQUERQUE, N.M. — Los Angeles-based Westwood Financial has sold Wyoming Mall, a 51,713-square-foot retail center in Albuquerque. Walmart Supercenter anchors the property, which was 96 percent leased at the time of sale. Other tenants include Raising Cane’s, Starbucks Coffee, Krispy Kreme, Dollar Tree, Great Clips and Chick-fil-A. The Chick-fil-A outparcel at the property was not included in the sale. Curbline Properties Corp. was the buyer.

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Albuquerque Retail Benefitting from Market Reset

John Nelson — Wed, 02 Jul 2025 11:28:00 +0000

— By Anthony Johnson and A.J. Johnson of Pegasus Retail — Looking back on the market sentiment at the start of 2024, the mantra was “Survive ‘til 25.” Now, halfway through 2025, it’s clear that the record-breaking cap rate sales of 2021 and 2022 are firmly in the rearview. Speculative development is reserved for those with a generational outlook, and high interest rates are the new normal. While that may seem bleak, for those who’ve weathered the storm, it feels like a breath of fresh air. The market has reset. Seller and buyer expectations are realigning. Landlords and tenants are exploring new deals in a more stable environment. And smart developers are dusting off models and cautiously getting back to work. The construction hiatus of recent years has benefited owners of existing product. Tenants, fueled by Wall Street growth expectations, had to get creative. We now see many national retailers occupying second and third generation retail space that they’d historically passed in favor of shinier and newer projects. Many neighborhood centers that were 50 percent vacant at the onset of the pandemic are now close to fully leased. A surprising but welcome shift. This outcome, partly driven by the lack…

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Aberg Property to Develop 244-Unit Zia Flats Apartment Property in Santa Fe

Amy Works — Fri, 30 May 2025 13:48:23 +0000

SANTA FE, N.M. — Aberg Property Co. is developing Zia Flats, a 244-unit apartment property, as part of Phase I of the Zia Station mixed-use project in Santa Fe. The land is owned by Zia Station LCC, which will be a joint venture partner in the development. Aberg Property Co. and Zia Station LLC have partnered with Sunward Bank for the financing. Located at the northeast corner of St. Francis Drive and Zia Road, Zia Flats will offer 24 onsite affordable units, a resort-style pool, clubhouse with coworking space, a fitness center and outdoor space with large courtyards featuring fire pits and other amenities. The asset will consist of six two- and three-story buildings. The new community is expected to be under construction for approximately 22 months and will open in early 2027. The second phase of Zia Station, which will feature commercial and residential use, is in the early design stages.

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Marcus & Millichap Negotiates Sale of 292-Unit Self-Storage Portfolio in Clovis, New Mexico

Amy Works — Tue, 22 Apr 2025 14:26:03 +0000

CLOVIS, N.M. — Marcus & Millichap has arranged the sale of a two-property self-storage facility portfolio in Clovis. Terms of the transaction were not disclosed. The portfolio includes two facilities at 3400 W. 7th St. and 5126 N. Prince St. In total, the portfolio offers 262 non-climate-controlled units, 29 fully enclosed RV and boat units and one office. Situated on 3.2 acres, the portfolio totals 53,880 net rentable square feet. Nathan Coe, Gabriel Coe and Brett Hatcher of Marcus & Millichap represented the seller and procured the buyer in the deal.

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Marcus & Millichap Brokers Sale of 101-Room Sleep Inn Albuquerque Airport Hotel in New Mexico

Amy Works — Fri, 04 Apr 2025 13:33:20 +0000

ALBUQUERQUE, N.M. — Marcus & Millichap has arranged the sale of Sleep Inn Albuquerque Airport, a hotel at 2300 International Ave. in Albuquerque. The 101-room hotel was built in 1996. The fully stabilized turn-key hotel has no Property Improvement Plan (PIP) required and double-digit year-round market RevPAR growth. John Casler and Josh Tammen of Marcus & Millichap represented the seller, while Tammen also represented the buyer in the transaction. Terms of the transaction were not released.

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Faris Lee Investments Brokers $24.8M Sale of Pavilions San Mateo Retail Center in Albuquerque

Amy Works — Mon, 17 Mar 2025 13:51:37 +0000

ALBUQUERQUE, N.M. — Faris Lee Investments has brokered the sale of Pavilions San Mateo, a retail center in Albuquerque. The asset traded for $24.8 million. Current tenants include Walmart Neighborhood Market, Old Navy, Dollar Tree and Orange Theory Fitness. Don MacLellan, Jeff Conover and Scott DeYoung of Faris Lee represented the undisclosed buyer. The name of the seller was not released.

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Marcus & Millichap Negotiates Sale of 68-Room Comfort Suites Roswell Hotel in New Mexico

Amy Works — Tue, 17 Dec 2024 14:51:46 +0000

ROSWELL, N.M. — Marcus & Millichap has arranged the sale of Comfort Suites Roswell, a hotel property located at 3610 N. Main St. in Roswell. Terms of the transaction were not released. The 68-room hotel features an indoor pool, indoor whirlpool, fitness center and laundry facilities. John Casler and Josh Tammen of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, a private investor, in the deal.

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Dwight Mortgage Trust Finances $56.3M Loan for Madera Apartments in Santa Fe

Amy Works — Tue, 29 Oct 2024 15:32:20 +0000

SANTA FE, N.M. — Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has provided $56.3 million in bridge financing for Madera Apartments in Santa Fe. Proceeds of the loan will be used to retire the sponsor’s existing construction debt and provide the borrower, Thrive Development, with capital to complete construction and lease-up of the property. Upon completion, Madera Apartments will offer 218 one-, two- and three-bedroom townhome-style apartments with patios or balconies, in-unit washers and dryers, smart home technology and walk-in closets. The community will consist of 20 two-story residential buildings, a communal clubhouse, swimming pool, pickleball court, yoga studio, fitness center, dog wash station, playground and garage parking with electric vehicle charging stations.

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SimonCRE Purchases 218,144 SF Shopping Center in Albuquerque

Amy Works — Fri, 25 Oct 2024 14:00:43 +0000

ALBUQUERQUE, N.M. — Scottsdale, Ariz.-based SimonCRE has acquired Cottonwood Corners, a 218,144-square-foot retail center located in Albuquerque. An entity doing business as Gibson-Cottonwood LLC sold the property for an undisclosed price. Tenants at the property, which was developed in two phases in 1996 and 1998, include Barnes & Noble, Best Buy, Michaels, Ross Dress for Less, Legacy Furniture, New Balance, The UPS Store, Mattress Firm, Leslie’s Poolmart, Scrub Spot, LA Luxe Nails and Firehouse Subs. The center also features 29,233 square feet of big box space and 4,679 square feet of small shop space that has been leased but is not yet occupied. Kino James and David Chavez of Base 5 Retail will manage leasing at the property on behalf of the new owner.

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Presidium, Argosy Open 171-Unit Multifamily Community in Santa Fe, New Mexico

Amy Works — Mon, 16 Sep 2024 13:52:43 +0000

SANTA FE, N.M. — A joint venture between Presidium and Argosy Real Estate Partners has opened Presidium Casa Siena, a 160,000-square-foot multifamily property at 5750 Airport Road in Santa Fe. The community features 171 studio, one- and two-bedroom apartments, ranging from 565 square feet to 1,201 square feet, with energy-efficient stainless steel appliances, walk-in showers, garden tubs and upscale finishes. Residences will also offer full-size washers/dryers, under-cabinet lighting, keyless entry doors and built-in USB ports. Community amenities include a club room with coworking and conference spaces; a fitness center; exhibition kitchen and game rooms; a heated, resort-style pool surrounded by grilling and kitchen spaces and two cave lounges within private courtyards; a private dog park with pet spa; mail and package pickup rooms; surface-level parking; electric-vehicle charging stations and carports. The project team includes Humphreys & Partners, Isaacson & Arfman and Pavilion Construction. This is the first joint venture between Presidium and Argosy Real Estate Partners.

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Faris Lee Investments Brokers $12.9M Sale of Zecca Plaza Retail Asset in Gallup, New Mexico

Amy Works — Fri, 09 Aug 2024 14:22:47 +0000

GALLUP, N.M. — Faris Lee Investments has arranged the sale of Zecca Plaza, a retail property located in Gallup, a small city near the Arizona border approximately 150 miles west of Albuquerque. The asset traded for $12.9 million, or $126 per square foot. Situated on 6.3 acres, Zecca Plaza offers 110,593 square feet of retail space. Current tenants include Albertsons, Goodwill, O’Reilly Auto Parts and Aaron Rents. Don MacLellan and Chris DePierro of Faris Lee Investments represented the undisclosed seller and undisclosed buyer in the transaction.

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JLL Arranges Refinancing for 220-Unit Seniors Housing Property in Rio Rancho, New Mexico

Amy Works — Tue, 11 Jun 2024 13:37:29 +0000

RIO RANCHO, N.M. — JLL Capital Markets has arranged a refinancing for Fairwinds Rio Rancho, a three-story, 220-unit independent living and assisted living community located in Rio Rancho, a suburb north of Albuquerque. JLL represented the borrower, Lytle Enterprises, and secured the five-year, fixed-rate loan through a life insurance company. The amount of the loan was not disclosed. Fairwinds Rio Rancho totals 211,213 square feet. It was built in 1997 and renovated in 2019. Alanna Ellis, Jay Wagner, Aaron Rosenzweig and Alex Sheaffer led the JLL team.

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Blueprint Arranges Sale of 50-Bed Transitional Care Community in Las Cruces, New Mexico

Amy Works — Thu, 16 May 2024 13:15:02 +0000

LAS CRUCES, N.M. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 50-bed transitional care facility in Las Cruces, approximately 45 miles northwest of El Paso, Texas. The community was built in 2017 and is strategically located within two miles of three short-term acute care hospitals that offer Medicare referral opportunities. With trailing EBITDAR (earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs) approaching $745,000 at the time of marketing, the facility presented an acquisition opportunity for a regionally focused owner-operator to realize immediate cash flow upon acquisition, expand upon an existing geographical footprint, and still have the ability to achieve significant value by stabilizing the asset. The buyer was an owner-operator that Blueprint previously worked with in New Mexico. The seller and price were not disclosed. Amy Sitzman and Giancarlo Riso led the Blueprint team.

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

Amy Works — Fri, 19 Apr 2024 13:01:00 +0000

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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