New Mexico

Confluent Sells Two MorningStar-Operated Seniors Housing Communities in Southwest

by Nellie Day July 12, 2017

WHEAT RIDGE, COLO., AND ALBUQUERQUE, N.M. — Confluent Senior Living, a subsidiary of Denver-based Confluent Development, has sold two of its seniors housing communities, MorningStar of Wheat Ridge and MorningStar of Albuquerque. Denver-based MorningStar Senior Living co-developed and will continue to operate both communities. Holliday Fenoglio Fowler (HFF) brokered the deal on behalf of the buyer, Harbert Seniors Housing Fund I LP. The price was not disclosed. Located in the Denver suburb of Wheat Ridge, MorningStar of Wheat Ridge was completed in March 2016. The 58,000-square-foot development includes 64 assisted living and memory care units. The project was fully leased by February 2017, less than a year after completion, and is currently 96.9 percent occupied. Located in northwest Albuquerque, MorningStar of Albuquerque opened in February 2016. The 61,000-square-foot development includes 69 assisted living and memory care units. The project is currently 95.6 percent occupied. The communities represent Confluent’s first sale of senior living assets to Harbert Seniors Housing Fund. Ryan Maconachy and Chad Lavender led the HFF investment sales team. Sarah Anderson led HFF’s debt placement team.

July 12, 2017

Market Reports New Mexico Office Western Western Market Reports

Albuquerque’s Office Market Struggles to Recover

by Camren Skelton June 13, 2017

The New Mexico office market heart is found in Albuquerque. During the first quarter of 2017, the Albuquerque office market has seen an increase in activity from local companies looking for newer and updated spaces, but not necessarily more space. The office market has been the last to see any type of recovery after the recession. The vacancy rate remains steady at about 21 percent. Continuing through 2017, we anticipate moderately positive absorption. Albuquerque remains over-built and under-demolished, with many office buildings being functionally obsolete. Other than two new, build-to-suit medical buildings, one being 43,000 square feet and the other being 90,000 square feet, there are not any planned speculative office buildings. State Farm recently announced it will vacate 35,000 square feet and move its call center operations to Arizona. A multi-market, healthcare administration office has downsized from 67,000 square feet to about 25,000 square feet. These shifts will yield two properties with large contiguous spaces, an excellent opportunity for tenants with large space requirements. However, there are fewer opportunities for those looking for updated spaces. There are currently less than 10 modern office buildings for lease or sale. As such, modern Class A office buildings continue to have high …

June 13, 2017

Multifamily New Mexico Seniors Housing

CareTrust Enters New Mexico with $27.3M Acquisition of Two-Property Skilled Nursing Portfolio

by Nellie Day June 6, 2017

ALBUQUERQUE, N.M. AND BROWNSVILLE, TEXAS — CareTrust REIT Inc. has acquired two skilled nursing facilities: The Rio at Cabezon, a 136-bed facility located in Albuquerque, and The Rio at Fox Hollow, a 126-bed facility in Brownsville, Texas. The purchase price was approximately $27.3 million, inclusive of transaction costs. The Albuquerque facility represents CareTrust’s entry into the New Mexico market. In connection with the acquisition, CareTrust REIT assumed the existing facility leases with affiliates of OnPointe Health LLC, a regional post-acute care provider with operations in Texas, New Mexico and Colorado. The seller was a prominent Texas developer. The properties are currently in the lease-up period and approaching stabilization, according to Lamb. The investment is expected to generate an initial cash yield of 9 percent, based on the annual cash rent of $2.5 million under the terms of the existing leases. The two existing leases have remaining terms of approximately 17 and 19 years, respectively, and include a hybrid of fixed- and CPI-based rent escalators. CareTrust REIT, a publicly traded investor based in California, funded the acquisition with cash on hand.

June 6, 2017

Market Reports Multifamily New Mexico Western Western Market Reports

Albuquerque Multifamily Prices Rise on Heels of Rental Rate Increases

by Camren Skelton June 6, 2017

The New Mexico multifamily market, more specifically Albuquerque, recorded an impressively strong 2016 with vacancies dropping below 5 percent. Asking rents have increased for three consecutive years, fueling the investment market both in volume and prices. Employment grew by 2,700 jobs in Albuquerque last year. More than 2,000 of those were added in the fourth quarter, making it the strongest employment growth quarter in more than four years. Mining, logging and construction led the way in job creation, growing their sectors by nearly 8 percent. Professional, business services and the hospitality sector also strengthened on the job front. This expansion drove demand for multifamily units, pushing vacancy downward. The vacancy rate in Albuquerque declined 60 basis points in 2016, following a 100 basis point drop in 2015. Rents dropped slightly in the fourth quarter, but year-end 2016 asking rents were up 4 percent over 2015 to an average of $776 per month. Rent growth in the area has averaged 2.7 percent per year since 2014. Developers stepped up to the plate in 2016, answering the demand for more units. The market received 675 new units with about 1,000 more currently under construction. One of the new highly anticipated projects is …

June 6, 2017

Multifamily New Mexico Seniors Housing Western

Welbrook Nears Completion of 50-Bed Skilled Nursing Facility in New Mexico

by Nellie Day April 27, 2017

LAS CRUCES, N.M. — Welbrook Senior Living expects to complete construction of 50-bed skilled nursing facility in Las Cruces, just north of El Paso, Texas, by the end of June. The property, which has not yet been named, will largely focus on short-stay rehabilitation. Partners on the funding, design and construction of the property include National Healthcare Development Inc., Northstar Commercial Partners, Lantz-Boggio Architects and Catamount Constructors. California-based Welbrook has 11 communities opened or under construction in California, Nevada, Utah, Colorado, New Mexico, Illinois and Arizona. Its properties span the continuum of care.

April 27, 2017

New Mexico Restaurant Retail Western

Tropical Smoothie Cafe Expands in New Mexico

by Nellie Day January 23, 2017

ALBUQUERQUE, N.M. — Tropical Smoothie Cafe, a fast-casual restaurant, signed franchise agreements to develop more than 160 new cafes in the United States in 2016, closing out the year with 86 new restaurant openings. The company expanded the brand’s presence most notably in Albuquerque, Charleston, S.C., Dallas and Houston. In 2017, the franchise plans to open 100 restaurants nationwide. By 2020, Tropical Smoothie Cafe aims to have 1,000 stores open across the U.S. Tropical Smoothie Cafe’s franchise growth is backed by BIP Franchise Accelerator, a division of venture capital firm BIP Capital, which invested in the brand in 2010. Founded in 1997, Tropical Smoothie Cafe is a fast-casual restaurant with more than 540 locations nationwide.

January 23, 2017

Multifamily New Mexico Seniors Housing Western

Westport, Integro Sell Montecito Santa Fe Seniors Housing Community

by Nellie Day November 30, 2016

SANTA FE, N.M. — A joint venture between Westport Capital Partners and Integro Healthcare Consulting has sold Montecito Santa Fe, a 146-unit independent living and assisted living community in Santa Fe. Sabra Health Care REIT purchased the property for an undisclosed sum. The sellers originally purchased the property out of bankruptcy and repositioned it as a Class A asset. Integro will continue to operate the community after the change in ownership. Richard Swartz, Jay Wagner, Aaron Rosenzweig and Timothy Hosmer of Cushman & Wakefield executed the transaction.

November 30, 2016

Hospitality New Mexico Western

Super 8 Taos in New Mexico Sells for $1.5M

by Nellie Day November 23, 2016

TAOS, N.M. — Jayjala LLC has acquired a 49-room Super 8 Taos motel for $1.5 million. The property is located at 1347 Paseo Del Pueblo Sur in Taos. Leilani Tedeski and Bruce Barnhard of Marcus & Millichap represented both the buyer and seller, another LLC, in this transaction.

November 23, 2016

New Mexico Retail Western

Three New Tenants Join Coronado Center in Santa Fe

by Nellie Day November 1, 2016

SANTA FE, N.M. — Three new tenants have signed on to Coronado Center, a 117,006-square-foot shopping center in Santa Fe. The new leases include New Baking Company, for 4,500 square feet; Orangetheory Fitness, which will open a 2,640-square-foot studio; and Nutrishop, which leased 1,000 square feet. First National Bank of Santa Fe has also relocated from an in-line space to a building on the corner of St. Francis Drive and Cordova Road. Trader Joe’s anchors the shopping center, which also includes Subway, Great Clips, Party City, Wild Birds Unlimited and Dollar Tree. Phillips Edison & Co. owns the property.

November 1, 2016

Hospitality New Mexico Western

Marriott International Opens First Tribute Hotel in Santa Fe

by Nellie Day October 5, 2016

SANTA FE, N.M. — Marriott International has opened the 157-room La Posada de Santa Fe in New Mexico, the first hotel within the company’s Tribute Portfolio of resorts and spas. The hotel is located at 330 E. Palace Ave. in Santa Fe. La Posada is situated on six acres, steps from the historic downtown plaza and Canyon Road. The hotel contains three food and beverage outlets, including Julia, a Spirited Restaurant & Bar, the Staab House and the Patio Restaurant. Signature features of the Tribute Portfolio include an homage to the area’s local history, which can be seen in the resort’s bright blue doors, the Patio’s twinkle lights, traditional Southwestern fireplaces, colorful gardens and tapestries. Marriot will open additional Tribute Portfolio hotels throughout the U.S., including Denver and San Diego.

October 5, 2016

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