New Mexico

Blueprint Arranges Sale of 85-Bed Skilled Nursing Facility in New Mexico

by Amy Works June 24, 2022

NEW MEXICO — Blueprint Healthcare Real Estate Advisors has brokered the sale of an 85-bed skilled nursing facility in New Mexico. The property is one of New Mexico’s premier short-term rehab facilities, serving as the market-leading referral destination for the local market’s largest hospitals, according to Blueprint. It also features a 4-Star CMS-rated quality of care. The facility was experiencing census growth following an operator transition in 2019 as well as upward trending operating performance with total revenues exceeding $8.5 million. A regional owner-operator acquired the property. The seller and price were not disclosed.

June 24, 2022

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Industrial Market Reports New Mexico Western Western Market Reports

After a Long Pause, Spec Industrial Returns to Albuquerque

by Jeff Shaw June 15, 2022

By Alex Pulliam, Land & Industrial Advisor, NAI SunVista It’s been a long time coming. Albuquerque hasn’t built speculative distribution warehouses in nearly two decades. However, the recent strength of the market is giving developers confidence to break ground – and investors are paying attention. Industrial activity has been lively, thanks to accelerated macro trends from the pandemic, as well as the legalization of recreational cannabis. Albuquerque’s industrial vacancy rates have remained below 1 percent for over two quarters. Prior to that, vacancy rates hovered around a then “historic low” in the 2 percent range since September 2019. The demand from users has continued to climb and tenants are facing lease rate increases. While needing more speculative warehouses should be a matter of basic economics, it is not always easy to build in a tertiary market that lacks the memory of growth. Historically, Albuquerque would only secure a few 50,000-square-foot users per year, along with the occasional 100,000-plus-square-foot user. This deterred developers from taking a chance on new construction. But times are changing. Large tenants are taking note of Albuquerque’s access, affordability and workforce, while existing users are seeking modern buildings for efficiency and growth. These factors, combined with rental rate …

June 15, 2022

Market Reports Multifamily New Mexico Western Western Market Reports

New Mexico’s Multifamily Market Heats Up

by Jeff Shaw June 8, 2022

Companies, Investors Court New Mexico’s Multifamily By Todd Clarke, CEO, NM Apartment Advisors Strong employment and changing post-pandemic lifestyles have led to a surge of demand for New Mexico’s multifamily rental market. Investments made more than a decade ago are paying off from SpacePort NM and the NM Rail Runner, as well as the film and television industries, which have made New Mexico the third best place to film in the country behind Los Angeles and New York. Although Santa Fe — the fifth best international destination and oldest state capital — remains undeserved by more than 6,484 units, the market is on track to deliver 1,500-plus units. This is well ahead of Albuquerque’s less than 1,000 new units. More development will hopefully continue, thanks to a new Integrated Dynamic Ordinance (IDO, or zoning), recent investments in mass transit expansion lines and a vibrant tech eco-system at the Innovation District in downtown Albuquerque. Several major employers have announced expansions in the market, including Intel (750 jobs), Netflix (3,000 jobs), Facebook/Meta (35 IT jobs, 1,500 construction jobs) and Amazon (four distribution facilities totaling more than 3,500 new jobs). Based on historic benchmarks, this creates an acute housing shortage in Albuquerque. Recent …

June 8, 2022

Acquisitions Loans Multifamily New Mexico Western

Northmarq Brokers Sale of Two Multifamily Properties in Albuquerque

by Amy Works June 1, 2022

ALBUQUERQUE, N.M. — Northmarq has arranged the sale of two apartment communities, The Courtyards and The Arbors, in Albuquerque. A Colorado-based private equity real estate company sold the assets to a California-based private real estate investment firm. Terms of the transactions were not released. Cynthia Meister, Trevor Koskovich, Bill Hahn and Jesse Hudson of Northmarq’s investment sales team represented the seller in the transactions. Brandon Harrington, Bryan Mummaw, Brad Burns and Tyler Woodard of Northmarq’s Debt & Equity team arranged acquisition financing for the two properties for the buyer. Located at 6001 Topke Place NE, the 188,512-square-foot The Courtyards features 232 apartments in a mix of one-, two- and three-bedroom layouts spread across 29 two-story residential buildings. Community amenities include two swimming pools, resident fitness and business centers, a volleyball court, children’s playground, dog park and three laundry facilities. Located at 4501 Shepard Road NE, The Arbors is a 155,072-square-foot garden-style property with 297 apartments in a mix of studio, one- and two-bedroom layouts spread across six three-story buildings. Onsite amenities include three swimming pools, a resident fitness center, dog park and three laundry facilities.

June 1, 2022

Acquisitions Multifamily New Mexico Seniors Housing Western

Mission Senior Living Buys Wheatfields Estates Seniors Housing Community in Clovis, New Mexico

by Amy Works May 3, 2022

CLOVIS, N.M. — Carson City, Nev.-based Mission Senior Living has acquired Wheatfields Estates Senior Living and Memory Care at 4701 N. Prince St. in Clovis, located in the eastern portion of the state near the Texas border. Wheatfields Estates offers independent living cottages, assisted living, memory care and respite care for seniors. Terms of the transaction were not released. The acquisition brings Mission Senior Living’s portfolio to seven properties in three states, including Three Rivers Estates Senior Living and Memory Care property, currently under construction in Farmington.

May 3, 2022

Acquisitions Arizona Multifamily New Mexico Western

IPA Brokers $201.7M Sale of Multifamily Portfolio in Phoenix, Albuquerque

by Amy Works April 25, 2022

PHOENIX AND ALBUQUERQUE, N.M. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a three-property apartment portfolio in Arizona and New Mexico. JB Partners sold the assets to Bridge Investment Group for $201.7 million. The portfolio includes the 296-unit Villages at Metro Center, which was built in 1979 on 11 acres in Phoenix; the 273-unit Crystal Creek, which was constructed in 1985 on eight acres in Phoenix; and the 216-unit Indigo Park, which was built in 1974 on 7.5 acres in Albuquerque. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction. Ryan Sarbinoff of Marcus & Millichap served as broker of record in New Mexico.

April 25, 2022

Acquisitions Idaho Multifamily New Mexico Washington Western

Kennedy Wilson Buys Three Multifamily Properties in Idaho, Washington, New Mexico for $264M

by Amy Works March 2, 2022

MERIDIAN, IDAHO, SHORELINE, WASH., AND ALBUQUERQUE, N.M. — Kennedy Wilson has acquired more than 905 apartment units across three separate transactions in Idaho, Washington and New Mexico. The transactions totaled $264 million, excluding closing costs. The names of the sellers were not released. The communities are the 180-unit Central Park Commons in Meridian, the 221-unit Paceline in Shoreline and the 504-unit AYA ABQ in Albuquerque. Kennedy Wilson has approximately 50 percent ownership in these acquisitions, which were completed within the company’s co-investment portfolio. Kennedy Wilson and its partners invested $149 million of total equity, and the properties are expected to add approximately $11 million of initial annual net operating income, including $6 million to Kennedy Wilson. Kennedy Wilson expects to implement value-add asset management plans at the three properties, which will include renovating unit interiors, refreshing common areas and enhancing amenities.

March 2, 2022

Development Multifamily New Mexico Western

Titan Development Breaks Ground on 111-Unit Allaso Vineyards Apartments in Albuquerque

by Amy Works February 18, 2022

ALBUQUERQUE, N.M. — Titan Development has broken ground on Allaso Vineyards, a multifamily community located the corner of Holly Avenue NE and Ventura Street NE in Albuquerque. The 123,000-square-foot development will take approximately 14 months to complete. The project team includes Dekker/Perich/Sabatini as architect and HB Construction as general contractor. Greystar will serve as operator. Situated in the Northeast Heights neighborhood, Allaso Vineyards will feature 111 apartments in a mix of studio, one- and two-bedroom layouts with quartz countertops, 42-inch cabinets and stainless steel appliances. Community amenities will include a resort-style pool and spa, rooftop decks, elevators, game lawns, fire pits, professional-style grills, a fountain, ramadas and an indoor/outdoor fitness area. To honor New Mexico’s historic past as the oldest wine region in America, dating back to 1629 when monks planted the first wine grapes for use in religious ceremonies, the property will feature themed amenities such as grapevines onsite and a winery-inspired lounge that residents can reserve for wine tastings and other private events. The wine lounge will include private wine lockers that can be rented for personal storage, plus each resident will be given a private-label bottle of wine upon move-in. Allaso Vineyards was funded by Titan Development …

February 18, 2022

Acquisitions California Industrial New Mexico Western

Link Logistics, Western Realco Acquire 16.4-Acre Industrial Redevelopment Site in Corona, California

by Amy Works January 24, 2022

CORONA, CALIF. — A partnership between Link Logistics and Western Realco has purchased a 16.4-acre industrial redevelopment site located at 1375 Magnolia Ave. in Corona. Terms of the acquisition were not released. Jeff Chiate, Mike Adey and Brad Brandenburg of Cushman & Wakefield’s National Industrial Advisory Group represented the undisclosed seller in the deal. Rick Ellison and Brett Lockwood of Cushman & Wakefield will handle leasing for the new project. The site has the potential to house two Class A industrial buildings totaling more than 300,000 square feet of warehouse space. Currently, the property consists of multiple older industrial structures originally built in the mid-1990s that would be demolished.

January 24, 2022

Industrial Leasing Activity New Mexico Western

Schenker Leases 150,000 SF Spec Industrial Building in Albuquerque

by Amy Works November 8, 2021

ALBUQUERQUE, N.M. — Schenker has signed a deal to occupy a 150,000-square-foot speculative industrial facility in Albuquerque. The transportation and logistics services company will take occupancy once construction is completed in second-quarter 2022. Situated on more than 10 acres at 7200 Bluewater Road NW, the building features 32-foot clear heights, dock and drive-in ramp access and concrete tilt-up construction. Development of the property commenced in July 2021. Brecken Mallette and Jim Smith of the CBRE Albuquerque Industrial team represented the tenants as local brokers, while David Albert and Nicolas Palazzo of CBRE Miami work with the tenant on a national level. The landlord is Bluewater@Airport Opportunity Partners LLC.

November 8, 2021

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