New Mexico

Office Market Remains Steady in Albuquerque

by Jeff Shaw July 28, 2020

By Jordan Shipley, Associate Broker, Allen Sigmon Real Estate Group Lease 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 time average market rates have stayed above $18 per square foot for three consecutive quarters. This is currently the highest-recorded asking rate on record for the market. Office users that are relocating are shrinking their overall space with fewer hard-wall offices and more collaborative work areas. With this trend comes ability to use tenant improvement money in different ways than simply walling off an office for each employee. Some of this money can now be spent on amenities like coffee bars, modern finishes, and wellness features, such as showers for those who bike to work or exercise at lunch. Collaboration is also extending beyond the demising walls of the office space as mixed-use projects become more popular. Winrock Town Center and Uptown Tower, two …

July 28, 2020

Acquisitions Industrial New Mexico Self-Storage Western

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

by Amy Works July 27, 2020

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 developed, acquired and/or managed more than $300 million of self-storage facilities. Adam Schlosser of Marcus & Millichap’s Denver office and Charles LeClaire of Marcus & Millichap’s LeClaire Group represented the seller, a local limited liability company, in the deal.

July 27, 2020

Market Reports New Mexico Retail Western Western Market Reports

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

by Jeff Shaw July 21, 2020

By George Chronis, Senior Advisor, SVN/Walt Arnold Commercial Brokerage New 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 shuttering our economy for two months or more won’t be known for quite some time. General retail, gyms, restaurants and soft good retailers have been hit the hardest. I have recently consulted with landlords, tenants and developers who have active projects throughout the state. Developers and landlords in the Permian Basin have been hit especially hard by a double whammy. This includes New Mexico’s stay-at-home order, which was compounded by lower global demand for crude oil and the price war between Saudi Arabia and Russia. We shall see who emerges and reopens for business when the stay-at-home order is lifted. There will be some opportunities to expand for those who still have strong financial positions after all this passes. Many landlords …

July 21, 2020

Development Multifamily New Mexico Western

Goodman Realty Group to Develop 199-Unit Apartment Community in Albuquerque

by Amy Works June 24, 2020

ALBUQUERQUE, N.M. — Goodman Realty Group plans to develop a four-story multifamily community located within Winrock Town Center in Albuquerque. Situated on 3.3 acres, the 146,000-square-foot property will feature 199 apartments, a game room, lounge, industrial kitchen, paw spa, fitness center, courtyard and secured parking, as well as the amenities available at Winrock Town Center. Construction of the $45 million project is slated to begin in fourth-quarter 2020, with completion expected in third-quarter 2022. The development team includes DPS Architects and Albuquerque-based Goodman Realty Group as developer and owner.

June 24, 2020

Facebook-Data-Center-Los-Lunas-New-Mexico

Industrial Market Reports New Mexico Western Western Market Reports

New Mexico is Primed for Industrial Development

by Jeff Shaw June 24, 2020

By Riley McKee, Advisor, NAI Maestas & Ward If summarized in one word, New Mexico’s industrial real estate market can best be described as undersupplied. Steady increases in demand, combined with a dearth of new construction, have resulted in record-low vacancy rates in Albuquerque, Las Cruces and Santa Fe – the state’s primary metropolitan areas. A string of noteworthy projects are underway in Albuquerque. Food products supplier Ben E. Keith Foods is building a 260,000-square-foot regional headquarters and distribution center to service markets throughout the region. FedEx Freight recently opened a 95,000-square-foot distribution center strategically positioned on a 50-acre site to expedite planned expansions. Brunacini Development, the city’s largest industrial landlord, just completed a 140,000-square-foot multi-tenant distribution center anchored by Bunzl, a London-based food packaging distributor. Finally, and perhaps most notably, nuclear energy firm Kairos Power acquired an 110,000-square-foot research and development facility after a nationwide site selection process. It plans to expand the facility, which sits on 35 acres, as part of an incentive package with the state. Las Cruces is seeing strong development activity as well, specifically in Santa Teresa, an international Port of Entry that sits 21 miles south of the city. W. Silver Recycling, which processes …

June 24, 2020

Development New Mexico Office Western

Goodman Realty to Develop 28,000 SF Office Building at Winrock Town Center in Albuquerque

by Amy Works June 18, 2020

ALBUQUERQUE, N.M. — Albuquerque-based Goodman Realty is developing Portland Building, an office building located within Winrock Town Center in Albuquerque. The ground-up construction project will feature a three-story, 28,000-square-foot office and retail property, along with a park, all situated on a two-acre site. Goodman plans to break ground on the asset in fourth-quarter 2020, with completion slated for second-quarter 2022. The project is expected to cost $8.5 million. Located at 2100 Louisiana Blvd. NE, Winrock Town Center offers 1.1 million square feet of retail space, 825 multifamily residential units, 160 hotel rooms and 130,000 square feet of office space.

June 18, 2020

Development Industrial New Mexico Western

Blue Road Investments Breaks Ground on 315,000 SF Spec Industrial Building in New Mexico

by Amy Works June 16, 2020

SANTA TERESA, N.M. — Blue Road Investments has broken ground on Westpark Building I in Santa Teresa, approximately 23 miles northwest of El Paso, Texas. Situated at 655 Industrial Ave. within Westpark Logistics Center, the facility will feature 315,000 square feet of speculative industrial space with cross-dock loading, 36-foot clear heights and 185-foot concrete truck courts. This is the first spec building in Westpark Phase I, where Blue Road has capacity for an additional 1 million square feet of future development. Current tenants in Westpark Logistics Center include FedEx Ground, MCS Industries and Valley Cold Storage. Construction is slated for January 2021. Perez Giese and Anthony Mash of CBRE are marketing the property for lease.

June 16, 2020

Loans Multifamily New Mexico ORIX Western

Hunt Real Estate Funds $7.7M Acquisition Loan for Sage Canyon Apartments in Albuquerque

by Amy Works April 14, 2020

ALBUQUERQUE, N.M. — Hunt Real Estate Capital has funded a $7.7 million Fannie Mae conventional multifamily loan for the acquisition of Sage Canyon Apartments, a multifamily community located at 6134 Fourth St. NW in Albuquerque. The borrower is Engel Sage Canyon LLC, an Alabama-based, single-asset entity. The loan features a 12-year term, 30-year amortization schedule and 48 months of interest-only payments. Chad Hagwood of Hunt Real Estate Capital handled the financing for the borrower. Built in 1985 on four acres, Sage Canyon Apartments features 105 garden-style units spread across eight two-story residential buildings. The community also features an amenity building that includes the leasing office, fitness center and laundry facilities. Additionally, the gated property features 113 parking spaces. Since 2019, 48 of the apartments have been renovated, including new flooring, paint, lighting, plumbing fixtures, appliances and stackable laundry machines. During 2018, additional property improvements were completed including asphalt repairs, new pool gazebos, installation of new signage, exterior lighting improvements, solar screens, private balconies and exterior paint. The borrower plans to continue the renovation process.

April 14, 2020

Development Loans Multifamily New Mexico Western

CBRE Arranges $49.7M in Construction Financing for South Meadows Apartments in Santa Fe

by Amy Works April 7, 2020

SANTA FE, N.M. — CBRE has secured $49.7 million in construction financing for the development of South Meadows, a market-rate multifamily apartment complex in Santa Fe. Peter Gineris and Chad Ricks of CBRE’s Capital Markets’ Debt & Structured Finance team originated the loan through the firm’s FHA lending platform on behalf of Storm River, the owner/developer. The loan for the Class A, garden-style apartment project is funded through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) new construction mortgage insurance program. The transaction provides an interest-only construction period of 27 months with a 40-year, non-recourse and fully amortizing permanent loan. Located at 2800 S. Meadows Blvd., the development will feature 10 three-story residential buildings, offering a total of 240 units, and a single-story clubhouse/leasing office. Community amenities will include a pool and spa with ramada; picnic and barbecue areas with grills; dog park; bike racks; mail center; fob access to amenity areas; detached garages; carports; a maintenance building; and secured perimeter fencing. Each unit will feature stainless steel, energy-efficient appliances, pantries, kitchen islands, entry closets, storage units, USB outlets, washers/dryers, oversized bathtubs, walk-in shower stalls, walk-in closets, nine-foot ceilings, crown molding, hard-surface premium flooring, private patio/balcony and ceiling …

April 7, 2020

Acquisitions Multifamily New Mexico Western

Thayer Manca Residential Buys Third Multifamily Asset in Albuquerque

by Amy Works December 23, 2019

ALBUQUERQUE, N.M. — Seattle-based Thayer Manca Residential has purchased Mirabella Heights, an apartment property located in Albuquerque, for an undisclosed price. The buyer plans to implement a $4.7 million renovation and repositioning plan that includes a reinvented clubhouse, modernized 24-hour fitness center, upgraded pool area, a new pet park, additional package lockers, interior unit renovations, property rebranding and additional capital upgrades. Situated on 13 acres at 701 Stephen Moody St. SE, Mirabella Heights features 280 units and is the only post 2000-built garden-style apartment community in the surrounding market, according to Thayer Manca. The acquisition marks the buyer’s third multifamily purchase in Albuquerque. Combined with renovation costs, the company has invested more than $100 million investment in the Albuquerque multifamily market in the last two years.

December 23, 2019

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