Maxeon is eyeing a 160-acre site in Mesa del Sol, N.M., for its first U.S. manufacturing facility. Image courtesy of Maxeon Solar Technologies

Singapore-based Maxeon Solar Technologies has announced plans to open a 3-gigawatt facility in Albuquerque, N.M. The investment is estimated at more than $1 billion, with the manufacturer currently undergoing a construction loan application process through the U.S. Department of Energy’s Loan Programs Office.

The plant is expected to produce millions of solar panels per year, starting in 2025. Maxeon is on an expansion journey, with its global manufacturing footprint currently including locations in Malaysia, the Philippines and Mexico.

Maxeon’s first U.S. facility

The Albuquerque plant will be the company’s first in the U.S., and the largest PV cell and panel manufacturing facility in New Mexico. The plant will produce TOPCon PV silicon cell technology, as well as shingled-cell solar modules. Maxeon CEO Bill Mulligan said in prepared remarks that the upcoming factory will attract further regional investments, contributing to reshoring and upscaling the U.S. solar supply chain.

Maxeon has selected a 160-acre site in Mesa Del Sol—a 12,900-acre, mixed-use, master-planned community—for its new facility, with construction expected to commence early next year. Plans call for a solar cell manufacturing plant, panel assembly capabilities, a warehouse and an administrative office, an investment that will create up to 1,800 jobs in the area, mostly in manufacturing and engineering.

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Although the project will be designed with a planned capacity double the size of the largest silicon solar manufacturing plant in the U.S., Maxeon is already considering upsizing its U.S. operations by roughly 50 percent to a capacity of 4.5 gigawatts.

Maxeon’s project will also mark the second large clean energy manufacturing plant to open in the state since the enactment of the Inflation Reduction Act, according to a prepared statement from Senator Martin Heinrich.

The IRA’s clean energy-related incentives and funding allocations are expected to push U.S. businesses toward a more sustainable approach. The bill is anticipated to enable the U.S. to cut its carbon emissions by 40 percent below 2005 levels by 2030, while encouraging green manufacturers to establish operations in the U.S.

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Rendering of the medical office building in Santa Fe. Image courtesy of Meridian

Meridian is developing a 95,000-square-foot medical office building and comprehensive cancer care center in Santa Fe, N.M., in partnership with Nexus Health. Construction commenced at the end of last month, with the project slated for completion in July 2024.

Meridian has closed escrow on its purchase of the 18-acre parcel and paid $7.1 million. The overall investment is set to exceed $100 million.

Skiles Group is the general contractor for the project, while Page Southerland Page is its architect. The development team also includes civil engineers and surveyors Tierra West and entitlement consultants Orion Enterprises.

Upon completion, the property will encompass a three-story building and will house up to 50 infusion bays, a lab and advanced imaging with interventional radiology. A variety of medical services will be provided at the facility, including primary care, general surgery, cardiology, orthopedics, neurosurgery and physical therapy. The site will offer 520 parking spots.

Affordable MOB for an area with growing demographics

The development site is located at 4200 Beckner Road, 8.4 miles from downtown Santa Fe and 56 miles from Albuquerque. The project offers easy access to Interstate 25 and will be situated close to the Presbyterian Santa Fe Medical Center, which is less than 2 miles away. Other medical service providers in the surrounding area include Santa Fe Modern Dentistry and Orthodontics and Foot & Ankle Specialists.

As of April, there are five medical office buildings in various stages of development in the Albuquerque market which will add 234,190 square feet to the existing inventory, according to CommercialEdge data.

The Nexus Health facility marks Meridian’s first project in Santa Fe. In prepared remarks, Meridian CEO Mike Conn stated that the company’s goal is to provide affordable health-care services to the community. The choice for the location was based on Northern New Mexico’s growing population.

According to a February 2023 JLL survey, demand in the medical office sector is determined by high occupancy levels and consistent rent growth.

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500 Marquette

One month after renewing two leases at an RMR Group-managed office building in Washington, D.C., the General Services Administration has signed a 15-year, 10,176-square-foot lease at an RMR property in Albuquerque, N.M. The Transportation Security Administration will join the tenant roster at 500 Marquette, a 231,135-square-foot office tower, the city’s fourth-tallest building.

Lucy Kitchin of JLL and Scott Whitefield of Colliers represented the landlord, while Savills assisted the tenant in the lease negotiations. According to Yardi Matrix data, The RMR Group purchased the Class A asset for $21.7 million from EQ Office 20 years ago. 

Located at 500 Marquette Ave. NW in the city’s central business district, the 15-story building was completed in 1986 and underwent cosmetic renovations in 2018, Yardi Matrix shows. Dwayne Lewis Architects designed the property that features first-floor retail and five levels of parking, as well as a tenant lounge and conference space.

The 1.4-acre property is across the road from City Hall and Civic Plaza. Albuquerque Convention Center, the Main Public Library and Robinson Park are all within walking distance of the office building.

The post RMR Group Signs GSA at Albuquerque Office Tower appeared first on Commercial Property Executive.

3901 Ervien Lane SW. Image courtesy of Cushman & Wakefield

Cushman & Wakefield has completed the disposition of Valley Vista Self Storage, a 423-unit self storage property in Albuquerque, N.M. Vice Chairman Mike Mele, Executive Managing Director Luke Elliot and Broker Devin Beasley negotiated the deal on behalf of the seller, a private investor.

Haggar Group, operating under its StorWise Self Storage brand, purchased the asset in a 1031 exchange. The new owner financed the acquisition with a loan provided by Enterprise Bank and Trust, according to Bernalillo County records.

Located on 8 acres at 3901 Ervien Lane SW, the property encompasses 13 single-story buildings completed in 2000. The 48,200-square-foot facility features drive-up access units ranging in size between 50 and 200 square feet, as well as 525-square-foot spaces for vehicle storage. The property has an on-site manager, keypad entry, and security cameras. The store is 6 miles southwest of downtown Albuquerque. There are at least 10 other self storage properties and nearly 830 residential units within a 3-mile radius, Yardi Matrix shows.

In June, Mele and Elliot assisted Merit Hill Capital in the $41 million sale of eight self storage properties in Memphis, Tenn. Gelt acquired the 490,200-square-foot portfolio totaling 3,867 units.

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4330 Picabo St. N.E.

Inland Private Capital Corp. has sold its leasehold interest in a 76,768-square-foot office building in Rio Rancho, N.M., to an undisclosed buyer for $9 million. A subsidiary of the seller facilitated the transaction on behalf of North Albuquerque Office DST, one of REIT’s 1031 investment programs. The original investment program also included a 377,332-square-foot office asset in Hunt Valley, Md., which recently traded for $99.3 million.

The property previously changed hands in 2008 and provided a 9.76 percent average annualized return to investors. Additionally, the current transaction generated a total return to the investors of 208.45 percent.

Located at 4330 Picabo St. N.E., the single-story building is close to several dining and retail options and roughly 24 miles north of downtown Albuquerque. Completed in 1998 on a 14-acre site, the asset is fully leased to Bank of America, which will continue to occupy the property. Per Yardi Matrix information, the building has access to almost 19,000 people with a median household income of roughly $55,000 within a three-mile radius.  

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DoubleTree by Hilton Albuquerque. Image via Google Street View

Concord Hospitality has sold the 295-key DoubleTree by Hilton Albuquerque to AWH Partners. The buyer financed its first New Mexico hotel acquisition with a loan from Barclays, according to Bernalillo County records. Although the sale price was not disclosed, the county last assessed the property’s value at $8.6 million. Spire Hospitality will oversee management operations.

Located at 201 Marquette Ave. N.W. in the heart of Albuquerque’s downtown, the 16-story building is across the street from the city’s recently renovated convention center, less than a mile from the CanAm Highway. Yardi Matrix shows nearly 3 million square feet of office space within half a mile of the property. Earlier this summer, MCR acquired a Residence Inn 3 miles southeast of the DoubleTree.

The DoubleTree contains a mix of guestrooms, including 650-square-foot suites. In 2018, the previous owner invested upwards of $8 million into capital improvements at the asset, renovating guestrooms and common areas. Guest amenities include a business center, fitness center, swimming pool and EV charging station. Parking is available on-site for a daily charge.

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Residence Inn by Marriott Albuquerque Airport. Image courtesy of MCR

MCR has bought the Residence Inn by Marriott Albuquerque Airport, a 110-key property in Albuquerque, N.M., from a local investor. The buyer financed the acquisition with a $10.1 million, five-year loan from BMO Harris Bank, according to Bernalillo County public records.

Located at 2301 International Ave. S.E., the property is within 1 mile of Albuquerque International Sunport, less than 5 miles from the city center and close to several parks and dining establishments. Amenities at the hotel include an indoor pool, business center, barbecue area and fitness center. The asset is also less than 7 miles from the recently acquired Netflix ABQ Studios and roughly 23 miles from Facebook’s Los Lunas Data Center, which will be the firm’s largest data center once completed in 2023.

The sale comes on the heels of two other MCR acquisitions. Last month, the company purchased a 110-key Hampton Inn and a 78-key Residence Inn, both in the Indianapolis area.

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Rio West Business Park. Image via Google Maps

Allen Sigmon Real Estate Group has acquired a 45,000-square-foot business park in Rio Rancho, N.M., per Albuquerque Business First information. The seller was a local investor and the asset last traded in 2005, according to Sandoval County public records. The county assessor’s office most recently evaluated the two-parcel property at a roughly $2.5 million.   

Located at 103 Rio Rancho Blvd. in a dense residential area, the four buildings are spread across a 5.1-acre site. The asset is adjacent to highway 528 and is surrounded by several self storage properties and service-providing businesses. Additionally, the Rio West Business Park is close to retail options such as Target and dining establishments like Subway, Wendy’s and Applebee’s, while downtown Albuquerque is less than 20 miles away.  

Another office asset traded in the area late last year. Consolidated-Tomoka Land Co. paid $44 million for a 210,000-square-foot property in Albuquerque, N.M., within the Mesa del Sol mixed-use community.

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West Central Plaza. Image courtesy of Heslin Holdings

Heslin Holdings, which last year expanded its portfolio with a $2.5 million acquisition in Tucson, Ariz., has completed the multi-million-dollar construction and renovation project of the 150,000-square-foot West Central Plaza retail center in Albuquerque, N.M. The California-based company acquired the property in 2015 when the largest single tenant space was leased to Kmart.

The property is located at 4208 Central Ave. S.W. on an 8-acre site in a dense residential area, at the intersection of Central Avenue and Atrisco Drive. The asset is less than 3 miles from downtown Albuquerque and provides easy access to public transit.

Retail Solutions

Heslin Holdings demised the largest building into two and now the asset is anchored by Conn’s Home Plus and Burlington. The company built out an additional 17,000 square feet of space next to the latter and leased a significant portion to the Dollar Tree. The owner converted a former multi-shop building in the southwest part of the asset into a single tenant facility and is now leased to Harbor Freight Tools. A multi-tenant drive-thru pad was added at the corner to the adjacent intersection to house a Panda Express and T-Mobile store. Apart from the new Dunkin Donuts pad building currently under construction, all the enhancements were completed this year.

According to Heslin Holdings’ Vice President of Acquisitions Casey McKeon, the renovation and construction project comes as a way to adhere to the 80,000-square-foot new retail construction restriction set in place by the city. Additionally, the redevelopment of the distressed asset was a solution to meet the high demand of additional retailers in the area, where offerings are below the national level.    

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Visual created with images via Pixabay

PNM, the wholly owned New Mexico utility subsidiary of PNM Resources, has signed an agreement with an affiliate of Pattern Energy Group 2 and the New Mexico Renewable Energy Transmission Authority to acquire a renewable transmission project called Western Spirit. The project will support the development of new wind resources in eastern New Mexico.

NM RETA and Pattern Development have partnered to develop and construct the Western Spirit transmission project. PNM will acquire Western Spirit upon completion in 2021, resulting in a $285 million net investment. The capacity additions will provide upgrades to accommodate 800 megawatts of new wind energy.

An affiliate of Pattern Development is a PNM wholesale transmission customer that will fully fund the investment through an incremental rate that is subject to approval by the Federal Energy Regulatory Commission and will not impact the rates of existing retail and wholesale customers of PNM. The acquisition is also subject to the necessary regulatory approvals.

“While sunshine and wind may be plentiful in New Mexico, the ability to deliver the clean energy they can produce is limited by the capacity of transmission lines. Expansion of the PNM transmission grid makes it possible for Pattern Development to invest in wind energy resources in New Mexico,” said Pat Vincent-Collawn, PNM Resources’ chairman, president & CEO, in a prepared statement. “The purpose of NM RETA is to encourage this type of renewable investment that brings new construction jobs and tax revenues to the state.”

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The measure behind the Energy Transition Act targets investor-owned utilities and rural electric cooperatives and demands they get at least half of their electricity from renewable sources by 2030, 80 percent by 2040 and turn 100 percent carbon-free by 2045. Electric co-ops would have until 2050 to meet the goal. The new targets put New Mexico next to California, Hawaii, New York, Massachusetts, Minnesota and Wisconsin, all officially aiming for carbon-free power.

“In every corner of this state, advocates, utilities, young adults, unions, elected officials and families came together to push for and, today, enact this transformational law. The Energy Transition Act fundamentally changes the dynamic in New Mexico. This legislation is a promise to future generations of New Mexicans, who will benefit from both a cleaner environment and a more robust energy economy with exciting career and job opportunities. Crucially, the Energy Transition Act does not leave affected workers and neighbors behind,” Grisham said in a prepared statement.

Phasing out coal-fired stations

Moreover, plans have been mapped out to close the 847-megawatt coal-fired San Juan Generating Station near Farmington, N.M., owned by PNM Resources and operated by the Public Service Co. of New Mexico. Two of the plant’s four units were closed in 2017 and one exploded in mid-March 2018, which rendered it inoperable. The remaining unit is planned for closing in 2022, which will push ratepayers to other energy alternatives currently being drafted, saving them about $3 to $4 a month on average, according to PNM. The company’s current renewable energy portfolio generates enough electricity to power more than 154,000 average homes.

Two other coal-fired power plants will remain operational in the state: the 1,636-megawatt Four Corners Generating Station in San Juan County and Escalante Generating Station, a 257-megawatt facility in McKinley County.

“PNM is fully aware of the challenges this legislation places squarely on our company, but we know there is no better place than New Mexico to grow the renewable energy economy,” added Pat Vincent-Collawn, PNM Resources’ president & CEO.

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La Posada de Santa Fe

Ashford Hospitality Trust Inc. plans to increase its holdings in Santa Fe, N.M., with the acquisition of the iconic boutique resort hotel La Posada de Santa Fe for $50 million or approximately $287,000 per key. The closing is expected by late October.

La Posada de Santa Fe, a member of Marriott’s Tribute Portfolio, has 157 keys, four food and beverage outlets, an award-winning spa and 7,800 square feet of indoor and outdoor meeting space located on 5 acres, three blocks from the city’s historic Santa Fe Plaza. The property is in excellent physical condition after having received more than $6 million in capital improvements in recent years.

Remington Lodging will manage the property, post-closing. The company also runs the Hilton Santa Fe, owned by Dallas-based Ashford Trust. The firm expects to realize synergies from the joint management of La Posada and the Hilton Santa Fe, including the clustering of revenue management resources, consolidating accounting functions and sharing of various sales and human resources positions.

The property had revenue per available room (RevPAR) of $155 for the 12 months ending Aug. 31 with 74 percent occupancy and an average daily rate (ADR) of $210. Those numbers are above the most recent averages reported for the U.S. hotel industry by STR. During the week of Sept. 23-29, the average occupancy was up 1.7 percent to 71.5 percent compared to the same week in 2017. ADR rose 7.3 percent year-over-year to $137.31 and RevPAR was up 9.1 percent from the previous year to $98.15, according to STR.

“The acquisition of La Posada provides us the opportunity to own another high-quality asset in this attractive market where we have been a long-time owner of the Hilton Santa Fe,” Douglas Kessler, Ashford Trust’s president & CEO, said in a prepared statement. “We believe that by installing Remington as manager of La Posada we should be able to recognize significant operational synergies given our existing hotel in the market that should benefit both properties.”

Two years ago, the resort and spa became part of Marriott’s Tribute Portfolio, a collection of independent hotels that foster a sense of community and embrace local art and culture. The hotel, the first Tribute Portfolio resort in the Southwest, was upgraded to meet the standards of the brand. La Posada features uniquely designed guest rooms, adobe-style architecture and a professionally curated gallery of American art with pieces for sale. It is also known for its 4,500-square-foot, full-service Spa Sage, fitness center, pool and dining options like the acclaimed Julia – Spirited Restaurant & Bar.

Portfolio refinancing

In the past year, Ashford Trust had been taking advantage of the attractive lending market and refinancing many of its properties.  In April, the REIT refinanced 22 hotels in a new loan totaling $985 million that would allow it to save about $11 million annually in interest. The loan was secured by hotels in Boston, Denver, Washington, D.C., Chicago and Tampa, Fla., among numerous other locations. Overall in the second quarter, Ashford Trust reported it had refinanced 56 hotels for $2.3 billion.

The REIT, which focuses on upper upscale, full-service hotels mainly with Marriott and Hilton Brands, also acquired the 252-key Hilton Alexandria Old Town in Alexandria, Va., in late June for $111 million.

The post Ashford Hospitality to Buy Santa Fe Boutique Resort appeared first on Commercial Property Executive.

Albuquerque Studios

Netflix recently selected Albuquerque, N.M., to establish a new U.S. production hub and now it’s preparing to secure a property to house the operations. The internet entertainment service recently announced that it is in the final stages of discussions to acquire the roughly 170,000-square-foot Albuquerque Studios from Pacifica Ventures.

News of the pending Netflix transaction has already turned the head of other studio users. “Just today the ABQ Film Office received two new inquiries about coming to The Duke City,” Alicia Keyes, film liaison with the Albuquerque Film Office, told Commercial Property Executive.

Located at 5650 University Blvd. SE, ABQ Studios is the largest production facility in the State of New Mexico, offering four 24,000-square-foot stages and an additional four stages encompassing 18,000 square feet each. The 28-acre campus also comprises office square footage, back lot space and storage and set-construction space.

The closing of the Netflix deal will mark the end of Pacifica’s history with ABQ Studios after more than a dozen years of involvement with the property. The production facilities developer and operator—which also owns SunCenter Studios in suburban Philadelphia—completed construction of ABQ Studios in 2006 and has served as the production complex’s manager since its opening in 2007.

Neither Pacifica nor Netflix is disclosing the sale price attached to ABQ Studios; however, the numbers are out on the state and local government funds that have been approved to help bring Netflix’s new production hub to fruition. The State of New Mexico will make as much as $10 million in Local Economic Development Act funding available to the company, and the City of Albuquerque will provide up to $4.5 million through LEDA.

Making up for lost space

In addition to ABQ Studios, Albuquerque’s production facilities include the 500,000-square-foot I-25 Studios and Comcast Digital Media Studio at WESST, which offers 400 square feet of green screen. Taking ABQ Studios out of the rotation will leave quite a whole in the city’s production offerings—temporarily, at least. 

“The City of ABQ Film Office is going to get creative and reach out to property owners that have appropriate warehouse space to accommodate new demand,” Keyes said.

Image via Google Maps

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5401 Watson Drive

Consolidated-Tomoka Land Co. has acquired a Class A, single-tenant office building in Albuquerque, N.M., for $44 million or $209 per square foot. The LEED Gold property comprises 210,000 square feet. According to Yardi Matrix, the seller was Forest City Realty Trust. 

Located at 5401 Watson Drive, the two-story asset is situated on 25 acres and is currently fully leased to an affiliate of Fidelity Investments, under a triple-net lease that was recently extended until 2028. Completed in 2009 as a build-to-suit for the tenant, the property serves as one of Fidelity’s call centers and the location of its back-office functions. The building is located within Mesa del Sol, a 12,900-acre mixed-use master-planned community that comprises 1.2 million square feet of industrial, commercial and office development, 250 single-family homes, recreation facilities and a 15,000-seat Isleta Amphitheater. 

The building is within close proximity to Albuquerque International Airport, Kirtland Air Force Base, several University of New Mexico research campuses and the Sandia National Laboratories, as well as interstates 40 and 25. 

In February, Consolidated-Tomoka Land purchased a $28 million retail building in Aspen, Colo. The newly completed property comprises 19,596 square feet. 

Image courtesy of Yardi Matrix 

The post Consolidated-Tomoka Snags 210 KSF Albuquerque Office Property appeared first on Commercial Property Executive.

1905 N. Prince St.

AAG Management has acquired a 43,484-square-foot, single-tenant retail property on the New Mexico/Texas border, in Clovis, N.M. Albertsons grocery store leases the asset. JLL’ s Capital Markets team oversaw the $9 million transaction.

Located at 1905 N. Prince St., the property is part of a larger retail, shopping and entertainment center. Routes 84 and 70 are a five-minute drive of the property, while Santa Rosa, N.M. and Interstate 49 are roughly 100 miles northwest.

Executive Vice President Matt Berres of JLL worked on behalf of the seller. “This offering represented an exceptional opportunity to acquire a property with strong store sales and limited competition from like-kind retailers in the immediate area at an attractive going-in yield,” said Berres, in a prepared statement. “The asset is operating under an absolute NNN lease with zero landlord responsibilities and over 12 years of primary term. It also benefits from 10 percent rental increases every five years and six five-year option periods.”

In May 2017, another company invested 30 miles north of Clovis. Pattern Energy Group Inc. acquired interest in the 324-megawatt Broadview Wind power facilities. The deal involved $215 million in cash and an assumed project loan of $54 million.

Image courtesy of JLL

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Blanco Crossing, San Antonio, Texas

Capstone Real Estate Services has grown its management portfolio with the addition of four communities across Texas and New Mexico. The new contracts include more than 600 apartments in Denison, San Antonio and Alvin, as well as a 188-unit multifamily property in Albuquerque.

Located at 3415 Southbend Drive in Denison, just south of the border with Oklahoma, the Residences at Gateway Village came online last year. Including 180 luxury apartments across seven three-story buildings, the community features a resort-style swimming pool, fitness center, clubhouse and a business center. Parking is available for residents on-site for an additional fee. 

Blanco Crossing is a 324-unit property situated at 13999 Old Blanco Road in San Antonio. Drought Properties owns the community, which was completed in 1994. Blanco Crossing was 93.2 percent occupied as of December 2017, according to Yardi Matrix data. Featuring two swimming pools, a fitness center, three separate laundry facilities and almost 700 parking spaces, the property offers residents a mix of one-, two- and three-bedroom units.

Affordable housing communities

Villas Esperanza, Albuquerque, N.M.

The other two multifamily properties under Capstone management offer affordable housing. The Oaks at Mustang, containing 126 units at 2101 Mustang Road in Alvin, was formerly known as Garden Gate Apartments. A private investor acquired the property in November 2017 for $4.8 million, according to Brazoria County records. Residential amenities for the nine-building community include a swimming pool and on-site parking.

The fourth community, Villas Esperanza, is located at 3901 Lafayette Drive, N.E., in Albuquerque and was built in 2002 by Marcrum Management. The Amerland Group acquired the asset in 2004. Comprising 188 units across 24 two-story buildings, the community contains a mix of one- to four-bedroom apartments. The amenity base include on-site laundry facilities and covered parking.

Last December, Capstone expanded its property management portfolio in the Southwest by more than 1,000 units.

Images courtesy of Yardi Matrix

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Fairfield Inn & Suites by Marriott, Albuquerque, N.M.

In late December 2017, an 89-room Fairfield Inn & Suites by Marriott opened in Albuquerque. Fairfield Inn & Suites Albuquerque North will operate as a Marriott franchise, owned by Dreamcatcher and managed by Sun Capital Hotels.

The facility is located at 4875 Pan American West Freeway, N.E., 10 miles from Albuquerque International Sunport and five minutes from downtown, close to the Albuquerque Journal Center and various restaurants.

The property boasts modern, new design features, including an updated exterior with a signature tower, a curved porte-cochere and a glass entrance. The interior’s open public space features natural light and views throughout the lobby that connects the indoors with the outdoors. The lobby offers both a living area and a 24/7 Corner Market for breakfast and snacks. The signature “smart” room décor includes a work area, an ergonomic chair, task lighting and electrical outlets.

Additional hotel amenities include:

• indoor swimming pool with whirlpool spa
• exercise room
• valet laundry service
• complimentary Wi-Fi
• fax and copy services

“Delivering both function and comfort, our new design and décor elevate the Fairfield brand, setting a new standard in the moderate tier category,” Callette Nielsen, vice president & global brand manager of Fairfield Inn & Suites, said in a prepared statement. “The Fairfield Inn & Suites Albuquerque North is a truly stunning example of the brand’s contemporary look and feel, and we are pleased with the continued growth of Fairfield Inn & Suites hotels in the Albuquerque area.”

Image courtesy of Fairfield Inn & Suites by Marriott

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New Mexico Governor Susana Martinez

The social media company has expanded plans for the Los Lunas Data Center, currently under construction just outside Albuquerque in Los Lunas, increasing the project size to a total of 2.8 million square feet and the price tag to a whopping $1 billion. 

“This expansion is good news for New Mexico and I’m proud to continue building on our strong partnership with Facebook as they create jobs and grow their investment in our state,” New Mexico Governor Susana Martinez said in a prepared statement. “This shows even more encouraging momentum, and we’ll continue using our powerful tools and reforms to compete for more jobs and investment.”

Facebook chose New Mexico for the data center in 2016. The original plan, bolstered by $10 million in Local Economic Development Act financing administered through the New Mexico Economic Development Department, called for a 510,000-square-foot building at a cost of $250 million. Less than one year later, in July 2017, the company announced it would expand the project with an additional 460,000-square-foot, $250 million facility. And per this week’s news, the Los Lunas campus will get four more buildings totaling 1.8 million square feet at a cost of $500 million.

All of Facebook’s new data centers are powered by 100 percent renewable energy, and the Los Lunas Data Center will be no exception. Affordable Solar is investing $45 million on the development of three solar farms to help support the Facebook campus.

“Facebook is having a tremendous impact on New Mexico,” Ben Cloutier, director of communications with the New Mexico Economic Development Department/New Mexico Taxation & Revenue Department, told Commercial Property Executive. “The company is investing over $1 billion, keeping 1,000 construction workers on site until at least 2023 and creating hundreds of permanent jobs. Not only that, but because of Facebook’s decision to move to New Mexico, more companies are giving our state consideration as a business location.”

A POTENTIAL TECH NEIGHBOR FOR FACEBOOK

Facebook may have to share the spotlight in New Mexico with another tech giant. Like so many states and municipalities across North America, New Mexico has submitted a proposal to host Amazon’s second headquarters, and metropolitan Albuquerque, the birthplace of Amazon CEO, is part of the offer.

“New Mexico has a lot to offer a company like Amazon. As companies like Facebook, Safelite and many others have found, we’ve improved New Mexico’s business climate by reducing taxes, removing burdensome regulations, and reinforcing our key economic development incentives,” Cloutier noted. “And, New Mexico’s mild weather and beautiful natural environment makes our state a perfect place do business as well as live, work, and raise a family.”

With Fortis Construction aboard as general contractor, construction of the first two of Los Lunas Data Center’s six buildings is already underway.

Photo courtesy of the New Mexico Governor Office

The post Facebook to Add 1.8 MSF to Los Lunas Data Center appeared first on Commercial Property Executive.

Holiday Inn Express Albuquerque

Holiday Inn Express Albuquerque, a 104-room hotel located off Interstate 40 at exit 165 in Albuquerque, N. M., will be under the management umbrella of Hospitality Management Corp. (HMC). HMC will collaborate with new ownership group Newstream Commercial, headed by Scott Tarwater, president of the company’s hotels and resorts division.

Holiday Inn Express Albuquerque is the closest hotel to Sandia Labs and Kirtland Air Force Base. Additionally, the Albuquerque International Balloon Fiesta, the University of New Mexico, Sandia Peak & Tramway, Old Town, St. Clair Winery, Rio Grande Zoo and the National Atomic Museum are also nearby.

Room service with 50’s flavor

Hotel amenities include an indoor pool, hot tub, fitness center, complimentary hot breakfast buffet and Wi-Fi. Owl Café provides room service consisting of a 50’s style diner menu offering burgers, blue plate specials, milkshakes and ice cream sodas.

“We are delighted to be joining efforts with Scott and his team from Newstream Commercial.  Our goal is to create a welcoming environment for visitors to the Albuquerque area, whether for business or to enjoy the numerous activities the surrounding community offers. By providing the highest level of training and motivation to the current hotel staff, we will increase sales, customer service and overall profitability for the property,” Patrick Bajdek, HMC’s vice president of development said in prepared remarks.

Image courtesy of HMC

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Raytheon opened a new facility in Albuquerque, N.M.

Raytheon Co., a technology and innovation company specializing in defense, civil government and cybersecurity solutions, opened a new facility in Albuquerque, N.M., in the Sandia Science and Technology Park, expanding its operations to develop and produce range monitoring and telemetry systems for the U.S. and its allies. The new 72,000-square-foot building is the company’s third facility in the metro and will bring 60 new high-tech manufacturing jobs to the state over the next six years.

“Raytheon is growing its high-tech manufacturing footprint in rural and urban New Mexico, where workers are producing vital national security technology. New Mexico has a long history of scientific excellence and we value our strong partnership with this state,” said Raytheon Naval Area and Mission Defense Vice President Todd Callahan, in prepared remarks.

State and local help

The State of New Mexico and City of Albuquerque paid $1.3 million combined for site improvements through Local Economic Development Act funds.

Raytheon purchased the Albuquerque site in 2011. The facility supports the production of high-powered microwave directed energy technology and aircraft range monitoring systems. Roughly 200 employees presently work on site. The company currently employs more than 350 workers in science, engineering, advanced manufacturing and management jobs at its facilities in Albuquerque and Dine, located in Navajo Nation.

Raytheon’s Intelligence and Information Systems headquarters currently occupies three buildings of Pacific Corporate Park, a 670,000-square-foot office campus in Sterling, Va.

Image courtesy of Raytheon Co.

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Site Plan for Snow Heights Promenade, Albuquerque, N.M.

Sapir Real Estate Development broke ground on the first phase of Snow Heights Promenade, an entertainment-centered development located in Albuquerque’s Northeast Heights submarket. The first phase comprises more than 127,000 square feet of retail with views over the city’s desert mountains.

A stage to connect all venues

The $45 million development phase will include the live Entertainment Sound Stage in the center of the promenade. Designed by architect Darren Sowell, the stage will connect to restaurants, pubs, entertainment, stores and kiosks. Moreover, the project will include a children’s play area and dog park.  

The tenant roster includes Altitude Trampoline Park, Alamo Theaters, Farburger, Outback, Bob’s Big Boy, Boxing Bear Brewery, Metro PCS, Sport Clips, Juice It Up, Donut Mart, Yogurt Zone, Joe’s Pizzeria, Chuck’s Chiropractic, Spanish Bistro, U Choose Tacos, Divalish Desserts, C U Anytime Bank, Karate Kids Academy, Albuquerque Fitness Center and Jennifer’s Coffee Connection.

Phase two of the project will consist of a $100 million office high-rise with a five-star rooftop restaurant. Show Heights Promenade is leased and managed by Glenn Wright with Sperry Van Ness Albuquerque.

Image courtesy of Sapir Real Estate Development

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The University of New Mexico (UNM) opened the $35 million Lobo Rainforest at the Innovate ABQ site at Broadway Boulevard and Central Avenue. The urban living and learning environment is the result of a partnership between the University of New Mexico, Innovate ABQ, the City of Albuquerque, Nusenda Credit Union and Bernalillo County.

The six-story, 160,000-square-foot mixed-use project is located at 101 Broadway Blvd. NE. in Suite 1100, steps from the ABQ Rapid Ride, the Rail Runner and the new ART system. The live-work-play concept property began development last July and is designed to drive innovation, education and economic development in New Mexico. It will house students, Innovate ABQ tenants and UNM’s Innovation Academy (IA). Construction is managed by Signet Development of Ohio, New Mexico’s Goodman Realty Group—from which the university will lease the facility for 30 years before assuming ownership—and Dekker/Perish/Sabatini. The building represents the first phase of a four-phase development plan.

 “We are excited for this catalyzing event. The Lobo Rainforest marks the first of many exciting developments on Innovate ABQ’s seven-acre site. Phase by phase we are making progress in our vision to create a vibrant and inclusive innovation district at Albuquerque’s core focused on supporting diverse entrepreneurs, from high-tech to main street and micro-enterprise,” Terry Laudick, chair of the Innovate ABQ board of directors & president of Nusenda Credit Union, said in a prepared statement.

Broad spectrum of tenants

The ground floor of the building will house STC.UNM, the University’s technology transfer and economic development arm, IA, a Nusenda Credit Union branch, the Air Force Research Lab (AFRL) Technology Engagement Office, Sandia National Laboratories, General Atomics Electromagnetic Systems Group and several startup companies accommodated in STC’s business incubator, the Cecchi Venture Lab.

Floors two through six are the living spaces for students and feature two-bedroom, two-bathroom apartment-style units. Amenities include a fitness center, café, washers and dryers and a designated parking area.

“We describe our Lobo Rainforest as human innovation ecosystem in which creativity, business acumen, scientific discovery, investment capital, and other elements come together in a fertile environment that nurture budding ideas so they grow into thriving, sustainable enterprises,” added Interim UNM President Chaouki Abdallah.

Video courtesy of UNM

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Home2 Suites by Hilton opened its newest property, Homes2 Suites by Hilton Las Cruces, in New Mexico’s “City of the Crosses”. The 91-key hotel is located at 1120 North Telshor Blvd., two miles from downtown Las Cruces, N.M.

The new hospitality asset is owned by Las Cruces Hotel Partners LLC and managed by Kana Hotel Group. Amenities include fully equipped kitchens and modular furniture; complimentary internet; communal spaces including trademark Home2 Suites features such as Spin2Cycle, a combined laundry and fitness area; Home2 MKT for grab-and-go items; and the Inspired Table, a communal breakfast buffet. In addition, the pet-friendly hotel offers an outdoor saline pool, gas grill and shaded patio area.

In the heart of Las Cruces

The property’s location offers guests convenient access to Las Cruces International Airport, New Mexico State University, Veterans Memorial Park and Dripping Springs Natural Area. Moreover, Mesilla Valley Mall, Sonoma Ranch Golf Course and White Sands Missile Range are also nearby.

“With a close proximity to downtown, we are excited to introduce Home2 Suites Las Cruces to area visitors and invite them to make our hotel a relaxing ‘home away from home,” Parth Patel, general manager, said in a prepared statement. “Offering large, spacious suites and value-centric amenities, our property is ideal for overnight or extended-stay guests who want to discover a different type of stay experience.”

Images courtesy of Homes2 Suites by Hilton, Las Cruces

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After more than two years under construction, Hotel Chaco, the contemporary luxury hotel inspired by the architecture and ancient civilization of Chaco Canyon, a UNESCO World Heritage Site, opened in Old Town Albuquerque, adjacent to sister property Hotel Albuquerque at Old Town.

The 118-key hotel consists of five levels and 25 different guest room configurations. Some extend outdoors onto terraces overlooking the Sandia Mountains and downtown skyline, while others look out onto the gardens and pool terrace below. Level 5, a rooftop restaurant and bar named in honor of Chaco Canyon’s legendary five-story Pueblo Bonito, features local ingredients and a native-inspired menu conceived by chef Mark Miller and Hotel Albuquerque Executive Chief Gilbert Aragon. Additional dining options include the lobby-level Equinox Café and Bar. The property also offers meeting and event spaces along with access to an additional 62,000 square feet of meeting space at the adjacent Hotel Albuquerque. Moreover, a 6,000-square-foot spa is in planning stages.

Inspired by ancient civilization

The hotel is Heritage Hotels & Resorts eleventh property in the state, and its first project built and designed from the ground up. All other Heritage Hotels are reinventions of existing buildings. The property is also Gensler’s first design project in New Mexico, combining ultra-modern design with sustainable building strategies. To complete the design, the Gensler team traveled to Chaco Canyon to draw inspiration from the ancient architecture. Key features incorporated into the architecture of Hotel Chaco include precise stone masonry, vigas and latillas for rooftop structures, as well as the alignment of the building to the sun’s movement.

“Typically, hotels are built like stackable boxes,” Jim Long, CEO, Heritage Hotels & Resorts, said in a prepared statement. “But Hotel Chaco’s design, while very modern, captures the spirit of the civilization and the beautiful architecture of Chaco Canyon. The services, ambiance and accommodations this hotel provides embrace the native people’s artistic sensibility and oneness with nature.”

Guests at the hotel have access to its art program. In collaboration with interior designer Kris Lajeskie, the hotel commissioned an elite cadre of contemporary Native American artists to create works for the public spaces and guestrooms. Furthermore, in conjunction with Heritage Inspirations, Hotel Chaco organizes guided day and overnight camping trips to its namesake Chaco Canyon National Monument. This UNESCO World Heritage Site is referred to by many as the “Machu Picchu” of North America.

Images courtesy of Hotel Chaco

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Mt. Taylor Manufacturing Sawmill

Mt. Taylor Manufacturing, an industrial company also known as Wood You Recycle!, will invest more than $1 million to expand their operations in the South Valley, according to the New Mexico Economic Development Department. The expansion is expected to create five new manufacturing jobs and preserve 43 existing ones in Milan, N.M.

Mt. Taylor focuses its efforts toward manufacturing lumber, home-heating wood pellets, chips for playgrounds, and mulch for gardens and landscapes. With this expansion, the company will increase its production volume, and will begin producing food smoking pellets as well. Mt. Taylor Manufacturing serves customers in Rio Rancho and Albuquerque, local public schools, warehouse clubs and big box retailers in the southwest.

State support

The expansion will receive support from the Economic Development Department, which will contribute with $100,000 in LEDA funds. LEDA is New Mexico’s closing fund, a tool that recruits new businesses to the state and offers help to existing businesses in need. Governor Susana Martinez expanded the closing fund to $56 million since taking office.

“It’s exciting to see homegrown companies like Mt. Taylor Manufacturing grow and thrive – creating more jobs for New Mexicans,” Governor Susana Martinez said in a prepared statement. “We’ve seen over and over again that when we enact business-friendly policies and expand our economic development tools, our local companies and companies from around the world find success here in New Mexico.”

“New Mexico’s private sector economy is growing and diversifying through the expansion of companies like Mt. Taylor,” added Economic Development Secretary Matt Geisel. “The Governor’s commitment to making New Mexico more competitive continues to deliver results, helping our homegrown businesses grow and thrive.”

Image courtesy of Mt. Taylor Manufacturing

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Albuquerque rent evolution, click to enlarge

Albuquerque’s multifamily market is held back by the city’s persistent struggle with a sluggish labor market. Despite being the hub of New Mexico’s technology corridor, the metro has only experienced modest population and employment growth throughout the recent economic expansion.

Employment gains have been limited largely because the manufacturing sector has been hit by—among other things—job cuts at Intel, one of the metro’s largest employer. However, prominent construction projects are expected to boost several sectors in the Los Lunas submarket, where Facebook is spending $1.8 billion on a new data center. To meet Facebook’s need for renewable energy, locally based Affordable Solar plans to build three solar farms. Also in the works are the $30 million expansion of Albuquerque’s International Sunport Airport and a $135 million medical center in Santa Fe developed by Presbyterian Health Services. Moreover, Xcel Energy broke ground on the southeastern New Mexico portion of a $400 million transmission line that will connect the state to Texas.

Property transaction and development volumes have been modest. Multifamily investment totals slowed in 2016 and transaction volume dropped 45 percent from 2015’s cycle high. Furthermore, only 85 new units are projected to be delivered this year. Yardi Matrix expects rents to grow by 3.1 percent in 2017. Demand in Albuquerque may not be strong, but unlike most of the country, there is little new supply.

Read the full Yardi Matrix report.

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Broadview Wind power facility is equipped with Siemens turbines

Pattern Energy Group Inc. acquired from Pattern Energy Group LP (Pattern Development 1.0) interests in the 324-megawatt Broadview Wind power facilities and associated independent 35-mile 345-kilovolt Western Interconnect transmission line. The independent power company paid $269 million; $215 million in cash, funded from available corporate liquidity, and an assumed project loan of $54 million secured by Western Interconnect. Broadview, located 30 miles north of Clovis, N.M., began commercial operations in late March.

Pattern Energy acquired from Pattern Development 1.0 an 84 percent initial cash flow interest in Broadview, and a 99 percent ownership interest in Western Connect. Institutional equity investors have acquired from Pattern Development 1.0 a 16 percent initial cash flow interest in Broadview, as well as a 99 percent initial taxable income allocation from the wind farm. Following the deal, based on its initial cash flow share, Pattern Energy retains an owned interest of 272 megawatts in Broadview.

The Western Interconnect loan was originally secured at the time of the agreement to acquire Broadview in June 2016. The interest on the debt is 90 percent, swapped over the 19-year amortization term, while the debt has a maturity of 10 years.

Starting in 2018, Broadview will begin receiving not only the pay-as-you-go (PAYGO) contributions from its tax equity investors, but also certain New Mexico production tax credits. Pattern Energy expects the CADF contribution to be $18 million in 2018 and to increase by approximately $2.5 million per year thereafter through 2022.

Broadview’s equipment includes 141 Siemens 2.3-megawatt wind turbines capable of generating 324 megawatts of energy, which is enough to power around 180,000 California homes. The power facility is limited to 297 megawatts of injection capacity at Broadview’s transmission interconnection point. The wind farm entered two 20-year power purchase agreements with Southern California Edison for sale of 100 percent of the output.

“This extraordinary project brings inexpensive renewable power from eastern New Mexico, one of the highest wind areas in the west, using dedicated transmission capacity from several transmission systems into California. Broadview’s production complements production from California’s domestic renewable resources helping California transition to a carbon-free, low-cost, renewable grid,” Mike Garland, president & CEO of Pattern Energy, said in prepared remarks. “We are especially excited to bring this project on line because Pattern Development is actively developing several significant opportunities in New Mexico and the southwest U.S. as part of the region’s increasing demand for low-cost, renewable energy. These new opportunities will be subject to our ROFO as part of our relationship with Pattern Development.”

Image courtesy of Siemens

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The Courtyard by Marriott Albuquerque is now under Crescent Hotels & Resorts’ management. The recently renovated 150-key hotel is located in the Journal Center Business Park at 5151 Journal Center Blvd.

The facility’s new design and décor reflects Duke City’s Native American heritage, with many rooms offering open-air balconies. Its location provides easy access to various golf courses, wildlife parks and museums, including the New Mexico Museum of Natural History, Albuquerque Aquarium and Rio Grande Zoo.

Amenities include a bistro restaurant that offers full-service dining, an indoor pool, a fitness center, full-service business center, 4,000 square feet of venue space, a large landscaped courtyard, hotel-hosted events and private events.

“The Courtyard Albuquerque is so well designed to create a true Southwestern ambiance and guest experience,” Michael George, CEO of Crescent Hotels & Resorts, said in a prepared statement. “Our unique approach as an award-winning Marriott manager, combined with our extensive experience in many other destination cities across the country, will maximize the potential of this great hotel.”

Images courtesy of Courtyard by Marriott Albuquerque

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Heritage Hotels and Resorts Inc., in a joint venture with an investor group led by Randy Talbot, announced its acquisition of the award-winning Inn and Spa at Loretto. The Loretto increases the company’s Santa Fe portfolio, which includes Eldorado Hotel & Spa, Hotel St. Francis, Hotel Chimayo de Santa Fe and the Lodge at Santa Fe.

The Inn and Spa at Loretto was built in 1975 by the Kirkpatrick family at 211 Old Santa Fe Trail on the former site of the historic Our Lady of Loretto Academy, located just two blocks from the historic Santa Fe plaza and adjacent to the gothic Loretto Chapel.

The 136-key hotel also offers one- and two-bedroom suites and features 1,995 square feet of indoor space, 1,032 square feet of outdoor space, five terraces, two baths, a second-story master suite, king beds, a full gourmet kitchen with a separate formal dining area and a sun terrace with an art studio.

The resort includes 12,000 square feet of flexible indoor and outdoor meeting, event and wedding spaces, and can accommodate groups of up to 300 people. Function space includes the 2,730-square-foot Zuni Ballroom, the 2,835-square-foot Chaco Ballroom and an outdoor sculpture garden with fire pit. In addition, the resort features the Luminaria Restaurant and Patio as well as The Living Room bar/lounge.

The Loretto also features the Spa at Loretto located off the hotel’s lobby and offers a variety of holistic spa services and its “Spirit of Loretto” signature aromatherapy blends. Other recreational amenities include an outdoor swimming pool, a 24-hour fitness center, full concierge services, specialty shops and art galleries.

Several Santa Fe galleries showcase their artwork throughout the property and the hotel has an artist-in-residence program. Moreover, in 2013, the design team of Zimmer Associates updated the two-story penthouse.

“The Inn and Spa at Loretto is one of Santa Fe’s premier properties offering guests exceptional accommodations, dining and spa services,” Jim Long, founder & CEO of Heritage Hotels & Resorts, said in a prepared statement. “The Loretto’s iconic architecture, modeled after Taos Pueblo, make it one of the most photographed buildings in the state. We are delighted to add Loretto to our portfolio of culturally-designed New Mexico properties and look forward to introducing our guests to this new experience.”

Loretto is one of an 11-property portfolio in New Mexico managed by Heritage Hotels and Resorts. In May 2017, the company will open the luxury historic hotel in old town Albuquerque, Hotel Chaco.

Images courtesy of Heritage Hotels and Resorts

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Four Corners Power Plant, New Mexico

PNM announced its plans to eliminate the company’s use of coal-fired generation by the end of 2031 and replace it with solar, wind, natural gas and nuclear power. The company released a draft of the 2017 Integrated Resource Plan (IRP), which is open to public input and comments. A final report will be filed with the New Mexico Public Regulation Commission (NMPRC) by July 3, 2017.

The 20-year plan, which PNM is required by law to submit to the NMPRC every three years, summarizes the most effective resources that will support reliability and environmental responsibility.

“Market forces are driving a rapid evolution of energy resources, and the current data clearly shows that replacing the coal in our current portfolio with a cleaner energy mix that includes more renewables and natural gas is the best, most economical path to a strong energy future for New Mexico,” Pat Vincent-Collawn, PNM Resources’ chairman, president & CEO, said in a prepared statement.

PNM committed to closing next year two of four generating units at the San Juan Generating Station (SJGS) to meet environmental regulations. Additionally, the company plans to withdraw its 13 percent participation in the Four Corners Power Plant in 2031 when the existing coal-supply agreement expires. PNM would retain its capacity in the Palo Verde Nuclear Generating Station (PVNGS) that is currently being leased. PVNGS is a constant carbon-free resource that reduces water usage while diversifying the resource portfolio.

In accordance with the SJGS settlement agreement previously approved by the NMPRC, the IRC takes into account two possible scenarios—one that implies the retirement of SJGS at the end of 2022, and another assuming its continued operation after 2022.

“While this plan offers significant environmental benefits and is the most cost-effective for customers, we know that it will have an impact on the economy of the Four Corners area and the families and businesses that depend on the coal industry for income, especially the Navajo Nation,” added Vincent-Collawn. “PNM will work with the communities that will be most affected and other stakeholders to mitigate the effects of these changes.”

The company already issued requests for proposals to increase solar capacity on its grid to meet the state mandate that it derives at least 20 percent of its electricity from renewable resources by 2020.

Image courtesy of EcoFlight via EarthJustice

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Montecito Medical Real Estate recently acquired a 85,000-square-foot, newly constructed DaVita Medical Group clinic in Albuquerque.

Sunport Healtchare Center is located at 2901 Transport St., SE, on approximately nine acres, in close proximity to the Albuquerque International Sunport and near Interstate 25. The two-story facility incorporates patient-centered design elements like soothing colors and music, also meeting WELL Building Standards intended to promote healthy lifestyles for occupants. Dekker/Perich/Sabatini designed the facility.

The asset features floor plans with high ceilings, non-glare windows that maximize daylight, a landscaped courtyard, a fitness area with locker rooms and showers, sit-stand desks in working spaces, a retail pharmacy and a café. Nearly 150 specialty providers work in the building, including dermatologists, neurologists, pediatricians, podiatrists, rheumatologists and radiologists. The property boasts a radiology department with state-of-the-art ultrasound, CT and MRI imaging equipment, a skin-care clinic and infusion therapy center.

DaVita Medical Group, formerly known as ABQ Health Partners, is one of the area’s largest multi-specialty medical groups and is a division of DaVita Inc., a leading U. S. provider of kidney-care services

“The innovative design of this new building incorporates DaVita’s ‘Trilogy of Care’ and our approach of ‘A Community First and A Company Second,‘” said Arthur Richey, senior director of development for DDP Team Genesis of DaVita Inc., in a prepared statement. “It fosters a positive relationship between doctors and their patients, which we believe is the key to great healthcare.”

Montecito Medical has acquired 30 medical office buildings since early 2015, accounting for more than $400 million and nearly 1.5 million square feet.

“This asset complements our growing portfolio perfectly and we look forward to working with DaVita on other opportunities as they continue to grow their services throughout the U.S.,” added Chip Conk, CEO of Montecito Medical.

Images courtesy of Dekker/Perich/Sabatini

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Albuquerque, N.M.—Sheraton Albuquerque Airport Hotel, Sunport’s only hotel, is listed on online real estate marketplace Ten-X. According to the listing, the 276-key property will be auctioned on April 26.

The starting bid for the leasehold interest of the property has not been determined, but the Bernalillo County Assessor’s Office values the property at nearly $7.9 million, and names VWI Albuquerque LLC and Easey, McCaleb & Associates as the owners. A participation deposit of $50,000 is required from potential bidders.

The 15-story asset has an average occupancy rate of 72.3 percent and is “the sole lodging facility located on airport grounds at Albuquerque International Sunport Airport, making the hotel the most immediate and easily accessible lodging facility relative to the airport terminal.”

Sheraton’s license agreement will transfer with the sale. The property sits on a ground lease with the City of Albuquerque with a term of 55 years set to expire in 2062, with two 10-year extension options. Phase One Realty of Santa Fe listed the asset. Mike Armstrong of Hospitality Real Estate Counselors conducts property showings.

The property, once known as the Albuquerque Grand Airport Hotel, was built in 1973 on nearly 10 acres at 2910 Yale Blvd. SE. In 2010, it was subjected to a $14 million renovation. Hotel amenities include several meeting rooms, a business center, fitness center, outdoor pool, complimentary Wi-Fi and a full-service restaurant.

Images courtesy of Sheraton ABQ Airport Hotel

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Michael Mahony, president & chief strategy officer, Gemini Rosemont

Albuquerque, N.M.—Gemini Rosemont Realty LLC announced a planned senior management transition.

Don Henry, current COO & CIO, has been appointed CEO, succeeding Michael Mahony, who will be taking on the newly-created position of president & chief strategy officer as of March 31, 2017.

As CEO, Henry will oversee operations and resource management, with a focus on capital raise, acquisitions and investment performance, as well as maintain CIO functions. Prior to joining in 2013, Henry served as chief real estate officer for Wells Real Estate Funds in Atlanta, where he was responsible for all aspects of the investment cycle, including acquisitions, finance, dispositions, asset management, leasing and property management.

Don Henry, CEO, Gemini Rosemont

As president & chief strategy officer, Mahony will focus on major strategic, value-creating initiatives within the portfolio, as well as on capital raise activities. He will also oversee brand expansion and investor relationships, and support the development platform.

The firm has more than 100 buildings totaling more than 13 million square feet of commercial office space. Since October 2010, Gemini Rosemont has acquired approximately 7.6 million square feet of Class A and B multi-tenant office assets in select markets valued at more than $1.2 billion.

Images courtesy of Gemini Rosemont

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Albuquerque, N.M.—Titan Development and Maestas Development Group received approval from the city’s Planning Commission for phase two of The Highlands project, a mixed-use development encompassing a multifamily component with ground-floor retail, a Marriott Springhill Suites Highlands hotel and restaurant establishments.

The 10-acre project will be located across the street from Presbyterian Hospital, bordering Interstate 25 to the west, Central to the South, Sycamore Street to the east and Copper Avenue to the north. Recently, the developer released an animated rendering of the project, depicting a new ART bus driving on Central by the hospital and past the seven-story building.

Developers received the green light to proceed with the 228-unit multifamily community and groundbreaking is expected in the fourth quarter of this year. The first phase of the project, which includes the 74-unit apartment community Broadstone Highlands, was already approved in December 2016 and will offer a unit mix consisting of studio, one- and two-bedroom floor plans. The developers will focus next on the retail and restaurant areas, which will be located on the two blocks between the hotel and the east block.

Video courtesy of JCF Design Solutions

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Albuquerque rent evolution, click to enlarge

Albuquerque’s multifamily market continues its ponderous recovery from the Great Recession. Population growth is slow, employment growth remains well below the 2.3 percent national average and its crime rate remains among the highest in the country.

Job gains have been limited, focused in the mining, logging and construction, leisure and hospitality, and education and health services sectors. Promising news, however, comes from Los Lunas, south of Albuquerque, where Facebook’s new data center broke ground recently, a project with a projected economic impact of nearly $2 billion over a 10-year period. Furthermore, RIO Real Estate Investment Opportunities started construction of what will become New Mexico’s largest rail-served industrial park, which is also considered a central connection between Southern California and Chicago.

Investment slowed and the transaction volume registered a 56 percent year-over-year drop due to a series of factors that include the feeble population growth and reduced expansion of stock. Construction also decelerated after reaching a cyclical high in 2015, with a development pipeline of 2,400 units, almost 700 of which are under construction. The office market has nearly one-quarter of all space vacant. However, the growth in the number of office-using jobs, the expansion of several companies downtown and the first new construction point to improvement.

Read the full Yardi Matrix report.

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Hotel Cascada, Albuquerque, N.M.

Albuquerque, N.M.—Peak Hospitality recently announced the plans for the soon-to-be-renamed Hotel Cascada, which is set to house Duke City’s newest indoor water park and hotel. The Albuquerque-based hotel management company was selected to manage a construction plan that includes a $5 million renovation of the facility by summer of 2017, as well as a new franchise flag—Wyndham Hotel & Conference Center.

The 300-key asset is situated on 11 acres and comprises two four-story buildings and more than 30,000 square feet of flexible conference space in addition to an indoor park with five pool areas and two slides housed in a 30,000-square-foot facility adjacent to the hotel.

Indoor Water Park at Hotel Cascada, Albuquerque, N.M.

The renovation of the hospitality asset located at 2500 Carlisle Blvd. NE will be divided into three phases and will include a redesign of the lobby, upgrades to meeting and guest rooms, a new 1,100-square-foot fitness center, new exterior paint and landscaping, and the addition of on-site vendors. By May 31 the hotel will take the Wyndham name, marking the end of the first phase of construction. The next phases will consist of work on the water park and other improvements at the property.

“Since the hotel’s construction in 1972, the property has become one of Albuquerque’s most recognized landmarks even as it has gone through several identities and renovations,” Theodore Barela, CEO of Peak Hospitality, said in a prepared statement. “As New Mexico natives who have seen the transformations this hotel has gone through, we’re excited to see this property shine as the renovations progress to make it one of Albuquerque’s premier hotels and conference centers.”

Images courtesy of @HotelCascadaNM/Twitter

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One Central Entertainment Hub, Albuquerque

Albuquerque, N.M.—In the heart of Albuquerque, at the northeast corner of 1^st Street and Central Avenue, a public-private partnership broke ground on a mixed-use development dubbed One Central. The building, poised to become an entertainment hub, is slated for completion by late 2017.

Private developer One Central Operating Associates LLC will build on land provided by the City of Albuquerque valued at $1.4 million. In addition, the city increased its contribution from $17.25 million to $17.55 million, money that comes from tax funds, general obligations and parking revenue bonds.

One Central’s existence was questionable after Bernalillo County commissioners restructured tax breaks for the project, but Mayor Richard Berry announced last November that the city and the developer had both reached an agreement and gathered the additional resources needed for the development to be built.

One Central

The $35 million project features 44,000 square feet of street-level commercial space intended for a bowling alley, brewery and other entertainment purposes as well as 66 apartments and a 423-space parking garage, reports Albuquerque Business First. The parking garage should be completed by the end of the year, while the rest of the project is estimated to require a few more months, according to KRQE. The project was originally scheduled to break ground in November.

Image courtesy of Innovation Central

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Hotel Chaco, Albuquerque, N.M.

Albuquerque, N.M.—Hotel Albuquerque at Old Town’s sister property Hotel Chaco will open in April 2017 in Old Town Albuquerque. The luxury hotel, inspired by the architecture and ancient civilization of Chaco Canyon, marks the first from-the-ground-up design/build project from Heritage Hotels & Resorts.

Hotel Chaco topped off in August and the exterior façade is scheduled for completion in January 2017. It will share a pool, the ballrooms and a wedding chapel with the adjacent Hotel Albuquerque at Old Town. Renowned chef Mark Miller will consult on the concept for Hotel Chaco’s rooftop restaurant, Level 5, named in the honor of Chaco Canyon’s legendary five-story Pueblo Bonito. Level 5 can accommodate up to 250 guests for breakfast, lunch and dinner, while also providing room service.

“We’re creating a hotel where guests will experience the true culture of New Mexico in a way that has never been done before,” Jim Long, CEO, Heritage Hotels & Resorts said in a prepared statement. “We are blending ancient building techniques from New Mexico Native Americans with modern amenities and designs from the best designers in the world to create a new hotel that will redefine and advance the architectural building style in our state. The services, sacred architecture and accommodations this hotel will provide will embrace the native people’s artistic sensibility and oneness with nature.”

Joe Cajero, Jemez Pueblo

A collaboration with interior designer Kris Lajeskie commissioned an elite cadre of contemporary Native American artists to create original art works for the hotel’s public spaces and guest rooms. Among the Native American artists contracted for Hotel Chaco are Joe Cajero of Jemez Pueblo who will create a bronze sculpture for the lobby. Navajo Weavers from Trading Post will contribute original weavings to hang above the guest room beds and Roxanne Swentzell of Santa Clara Pueblo is creating a clay sculpture for the ledge above the lobby reception desk. An original painting by Tony Abeyta (Navajo) will create a focal point in the lobby, and the lobby’s main doors and ceiling will be designed by Tammy Garcia of Santa Clara Pueblo. A glass sculpture chandelier by Ira Lujan (Taos/Ohkay Owinjeh Pueblos) will hang from the lobby ceiling, while signature staff uniforms will be designed by Patricia Michaels of Taos Pueblo.

Images courtesy of Gensler & Hotel Chaco

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Albuquerque, N.M.—A month after announcing their decision to come to Los Lunas, Facebook’s billion-dollar data center has broken ground.

“Building the technology to connect the world and bring people together is a huge challenge, and to meet that challenge we need to build a global infrastructure that is as efficient, as flexible, and as sustainable as possible. Our new Los Lunas facility will be one of the most advanced data centers in the world—with the latest in hyper-efficient OCP hardware and network technologies—and it will be powered by 100 percent renewable energy, thanks to the new solar and wind energy we’re helping to bring to New Mexico,” according to an official statement from Facebook.

The facility has the potential for multi-phase development. The first phase of the project includes a 510,000-square-foot facility powered by 100 percent renewable energy. It will generate 30 full-time jobs and $250 million in investment. Moreover, Facebook expects the Los Lunas data center to support thousands of indirect jobs by way of construction, operations and services.

In return, according to the Albuquerque Journal, Los Lunas has promised Facebook a property tax break through $30 billion in industrial revenue bonds, a gross receipts tax reimbursement of up to $1.6 million annually and $10 million in Local Development Act funding. Furthermore, the state will offer Facebook access to $3 million in Job Training Incentive Program money.

Image via the Los Lunas Data Center Facebook page

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Michael Canfield, CEO & president of IPMI 6

Albuquerque, N.M.—IPMI 6 LLC, a subsidiary of Indian Pueblos Marketing Inc., announced plans to develop a self-storage facility in Albuquerque, N.M.

The facility will be built on 6 acres of vacant land owned by the company at 1901 8^th St., NW., between 8^th and 12^th Streets and facing Interstate 40. The first phase of development is slated to open by the end of the year and will include a 36,450-square-foot building comprising 497 units, some of which will be climate-controlled, and 93 vehicle storage spaces. Phase two will add 16,650 square feet of storage space and 230 units.

Rick Bennett of RBA Architecture P.C. handled the design of the project, while Extra Space Storage Inc., a self-storage REIT and third-party management company, will manage the facility.

“We’re very excited to continue the development of the Albuquerque Indian School property,” Mike Canfield, CEO & president of IPMI 6, said in prepared remarks. “This new storage center will be a perfect fit for the surrounding near North Valley, Sawmill and Wells Park communities, providing storage options for residents and businesses alike.”

Image courtesy of Indian Pueblo Cultural Center

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La Posada de Santa Fe, A Tribute Portfolio Resort & Spa.

Santa Fe, N.M.—Tribute Portfolio, part of Marriott International, has made its debut in New Mexico with the addition of La Posada de Santa Fe, A Tribute Portfolio Resort & Spa.

The 157-key asset resembles more a village than a typical hotel, featuring uniquely designed rooms, adobe-style architecture and diverse dining options. Back in 2014, the hotel invested $1.7 million in upgrades to meet Starwood’s standards.

“The renowned architecture and landscape of Santa Fe provide a perfect backdrop for our first Tribute Portfolio resort in the American Southwest,” Lori Strasberg, vice president of global brand management for Tribute Portfolio, said in a prepared statement. “La Posada de Santa Fe is an ideal fit for the brand, providing guests with a true sense of place, an immersion in local art and a decidedly independent experience in a remarkable destination.”

Sited on 6 acres in the heart of Santa Fe, next to the historic downtown plaza and Canyon Road, La Posada de Santa Fe, A Tribute Portfolio Resort & Spa is also called “The Art Hotel of Santa Fe”—long before galleries were established, the hotel used to exhibit the work of local artists. Nowadays, La Posada de Santa Fe operates a professionally curated gallery of American art and the pieces are for sale.

Besides the gallery of Southwestern art, guests can take advantage of the facility’s amenities, such as Spa Sage—the resort’s full service spa, named the fourth best hotel spa in the country by USA Today, provides holistic health and wellness services, a full-service salon, fitness center, saline pool and hot tub, as well as yoga classes. Furthermore, the property offers several dining establishments—Julia, a Spirited Restaurant & Bar, The Staab House and The Patio Restaurant.

Launched last year, Tribute Portfolio is Starwood Hotels & Resorts Worldwide’s 10th brand and second collection of independent hotels.

Image courtesy of La Posada de Santa Fe

The post Tribute Portfolio Enters New Mexico Through Santa Fe appeared first on Commercial Property Executive.

5851 Edith Blvd., Albuquerque, N.M.

Albuquerque, N.M.—Guardian Building Products, a company headquartered in South Carolina, moved its distribution center to 5851 Edith Blvd. in Albuquerque. According to Bernalillo County records, the latest assessment evaluates the property at approximately $1.7 million. The company’s Albuquerque branch relocated its warehouse facility from 4300 2nd St., where it had operated for 40 years.

With a larger and more efficient center, GBP covers a 300-mile service radius, including the entire state of New Mexico. The new center has 75,000 square feet of covered storage and approximately double the outdoor storage capacity of its previous warehouse, allowing the company to increase its inventory. Building materials from key suppliers will be available on site, including TAMKO roofing and accessories, GAF roofing and accessories, Knauf Insulation and Clipstone stone veneer. The building is also conveniently located near an active rail spur.

“We’ll be significantly increasing our product offering and taking deliveries via rail – both tremendous economic advantages,” John Crowder, GBP regional vice president of the southwest division, said in a prepared statement.

Image via Google Maps

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Rendering of Facebook’s Data Center

Albuquerque—PNM Resources, along with its New Mexico utility firm, PNM, announced Facebook‘s selection of a development site just south of Albuquerque, in Los Lunas, N.M., for a new, multibillion-dollar data center. According to the Albuquerque Journal, plans and negotiations for the facility began approximately one year ago, with Los Lunas competing against a city in Utah for the project.

Facebook’s new data center received a considerable amount of local political and economic support. PNM worked with the office of New Mexico Gov. Susana Martinez, state and local economic development officials, and the New Mexico Public Regulation Commission (NMPRC) to develop a plan to bring the global Internet company near Duke City.

“This sends a strong message that in New Mexico, we can work together to get things done that benefit the state,” Patricia Collawn, chairman, president & CEO of PNM Resources, said in a statement. The support “has boosted New Mexico’s ability to compete regionally and nationally,” she added.

The $1.8 billion construction project would create 300 temporary and 50 permanent jobs, reported British publication The Guardian. According to the Albuquerque Journal, the first phase of construction will cost roughly $250 million, and will employ 300 to 500 construction workers.

The NMPRC was an important part of the process, reviewing and approving a filing from PNM under a tight deadline. PNM built four solar-powered generating stations in 2014, and the approval of the filing will enable the firm to build additional facilities and related infrastructure, and deliver renewable energy to meet Facebook’s demand to have the data center achieve 100 percent renewable equivalent power.

The Los Lunas facility will be one of the most advanced, energy-efficient data centers in the world. It will feature the latest Open Compute Project hardware designs, and it will be cooled using indirect evaporative cooling systems that emphasize efficiency, while protecting the servers from the frequent dust storms that occur in New Mexico.

The 50-acre complex will be located in the Huning Business Park, an industrial area off I-25 near the Walmart Distribution Center.

General contractor Fortis Construction is scheduled to break ground on the data center in October, with completion slated for late 2018.

Image via the Los Lunas Data Center Facebook page

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Albuquerque rent evolution, click to enlarge

Despite its prime position at the center of the New Mexico Technology Corridor, a cluster of high-tech companies and government institutions along the Rio Grande, Albuquerque’s multifamily market continues to struggle with limited population and employment growth, not to mention a crime rate ranking among the highest in the country.

Historically a ranching and mining state, New Mexico still gets a major economic contribution from its natural resources, despite the decline in oil prices. Renewable energy is an emerging force, as well. More than 110 solar power-related companies employing nearly 2,000 people call New Mexico home. In 2015, the state ranked 13th nationally in installed solar capacity. In Albuquerque, the University of New Mexico recently broke ground on Innovate ABQ, a $35 million project envisioned as a research and innovation hub.

The metro’s multifamily fundamentals are generally weak, in contrast to the gains seen in most metros. Population growth is feeble, but development is almost on par with the national growth rate. Transaction volume more than doubled from 2014 to 2015, a sign of rising interest from investors. On the minus side, rent growth was less than 1.5 percent year-over-year through July, disappointingly behind the national rate of 5.7 percent. We expect continued tepid growth of 1.0 percent in 2016.

Read the full Yardi Matrix report.

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Imperial Building, Albuquerque

Albuquerque, N.M.—A 74-unit, mixed use multifamily community officially opened Aug. 29 with a ceremony attended by Congresswoman Michelle Lujan Grisham and representatives from the Federal Home Loan Bank of Dallas, Wells Fargo and YES Housing, among others.

Developed by YES Housing, The Imperial Building is part of a larger community at 205 Silver Ave., SW., and adds amenities such as a 10,000-square-foot, newly opened grocery store, below-grade parking and a rooftop garden terrace.

“This mixed use building is one of the great catalysts for downtown,” Mayor Richard Berry said in a statement. “The grand opening of the Imperial Building is a testament to the great things that happen when the private and public sectors come together on a project such as this one.”

The project aims to achieve Enterprise Green Communities certification and be certified under ENERGY STAR New Homes.

Rendering courtesy of Dekker/Perich/Sabatini

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Alvarado Square, Albuquerque, N.M.

Albuquerque, N.M.—One of New Mexico’s iconic buildings is up for grabs, commercial auction website FRE.com recently announced.

The eight-story, 251,000-square-foot Alvarado Square office building located in downtown Albuquerque is now on sale, with bids starting at little under $3 million. The deadline for bids is Sept. 15. According to Bernalillo County records, the Class A asset is owned by Minneapolis-based Albuquerque Plaza Associates.

Situated at 415 Silver Ave. in the city’s central business district, the property lies within a 10-minute walk from the Albuquerque Convention Center. Marketed by Colliers International, the building was completed in 1980 for the Public Service Co. of New Mexico. Alvarado Square offers floor plates ranging between 25,300 and 35,000 square feet, as well as a 21,000-square-foot executive suite on the top floor.

On-site amenities include a boutique coffee bar situated in the main lobby, lounge areas, meeting and conference rooms, a full-service café and six passenger elevators.

Image courtesy of FRE.com

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Dan Hillenbrand, Nambé Chairman

Santa Fe, N.M.—Nambé, the tabletop and home décor company founded in 1951, has relocated to the heart of downtown Santa Fe, N.M. The award-winning company moved into a historic office building it acquired for an undisclosed price tag.

The company’s current headquarters is also in Santa Fe at 2891 Cooks Road, but will be relocated to the new property in mid-May. Eventually, the new location at 200 W. De Vargas St. will house Nambé’s retail, finance, customer service and administrative teams.

“This is an important move for Nambé, and one that demonstrates the success of the company’s expansion over the past 18 months,” said Nambé President & CEO Bill Robedee in a prepared statement. “It’s an investment that complements our ongoing growth strategy for the business and our heritage as a contemporary, design-driven brand.”

“Nambé has been a fixture in the Santa Fe community for more than 60 years, and we are excited about this acquisition, which we see as an investment in both the future of Nambé and downtown Santa Fe,” added Nambé Chairman, Dan Hillenbrand.

Image via LinkedIn

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Architectural rendering of the new Innovate ABQ building

Albuquerque, N.M.—The University of New Mexico Board of Regents approved an agreement with a local development group to start work on Phase I of the Innovate ABQ mixed-use development at the northwest corner of Broadway Boulevard and Central Avenue in Albuquerque. Construction on the nearly 159,000-square-foot building is set to begin this summer.

“This has been our vision from the start,” UNM President Robert Frank said in a prepared statement. “We’ve been working with our public and private partners to bring our students and researchers together with entrepreneurs and innovators in an inspired environment that can spur economic development and create jobs that benefit all of us.”

The new building will go up six stories and will be built north of the existing structure known as the former First Baptist Church of Albuquerque. The ground floor will be used for the University’s technology transfer and economic development division—STC.UNM, academic space for Innovation Academy, a Nusenda Credit Union branch, café and small fitness center. The five upper floors will consist of 155 two-bedroom/two-bath units.

“This extraordinary opportunity is a catalyst for our city, higher education and downtown,” said Albuquerque Mayor Richard Berry. “This project will help the revitalization of downtown Albuquerque by bringing UNM’s Innovation Academy and student housing to the Innovate ABQ site. I want to thank President Frank and the regents for their leadership as we diversify opportunity in our local economy.”

Innovate ABQ Elevations

The project’s estimated cost is $35 million, but there is no upfront cost for UNM as the three-member development team is responsible for the first phase of the development’s site planning and construction—Signet Development of Ohio, Goodman Realty Group of New Mexico and Dekker/Perich/Sabatini will pay for the building. The development group will be the landlord and the UNM Board of Regents will be listed as the tenant in a 30-year lease on the building. Innovate ABQ Inc. will lease the land to the developer.

“This is another step in our journey to bring about greater economic opportunity for our community and the State of New Mexico,” said Terry Laudick, chairman of Innovate ABQ Inc.’s Board of Directors. “With the University’s commitment to increasing access to their research and students through Innovate ABQ, more companies and entrepreneurs will soon congregate and collaborate at this hub of innovation.”

The operating expenses and maintenance will be paid for by UNM. The initial rent cost to the university will be $1.8 million with escalation clauses at regular intervals. Rent in year 30 will be just over $3.3 million.

“This building will be the nucleus of Innovate ABQ in the same way that Innovate ABQ will be the nucleus of the larger innovation district in Albuquerque,” said Lisa Kuuttila, STC.UNM CEO & chief economic development officer.

Renderings courtesy of Dekker/Perich/Sabatini

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William Trimble III of Easterly Government Properties

Albuquerque, N.M.—Easterly Government Properties Inc. announced closing on the acquisition of the Immigration and Customs Enforcement (ICE) building in Albuquerque. Details of the transaction were not disclosed.

Headquartered in Washington, D.C., the REIT focuses on the acquisition, development and management of Class A commercial properties leased to the U.S. Government. The ICE property was completed in 2011 and is leased to the General Services Administration on behalf of Immigration and Customs Enforcement until January 2027.

“We are gratified to add another important, mission-critical ICE facility to our portfolio,” said William Trimble III, CEO of Easterly Government Properties Inc. in a statement. “The ICE – Albuquerque mission is an important one, and this building is responsible for supporting a large enforcement effort in the Southwest. Additionally, we are pleased that this facility is located proximate to our two-building U.S. Forest Service National Operations Center.”

The 71,000-square-foot building is operational 24/7 and houses both the Homeland Security Investigations (HIS) and the Enforcement and Removal Operations (ERO) directorates. The property was built-to-suit for ICE’s needs and includes crash-barrier-perimeter fencing, a guardhouse, holding cells, a fenced sally port and a forensics lab.

“Easterly’s eighth acquisition since our initial public offering one year ago, and our first addition in 2016, the ICE – Albuquerque facility comes on the heels of Easterly’s FBI – Richmond acquisition in late 2015, and is another example of the high-quality opportunities we are actively sourcing and underwriting as we continue to grow our mission-critical portfolio,” said Darrell Crate, chairman of Easterly Government Properties Inc. “The Company is off to a great start in 2016 and we look forward to providing consistent growth and an attractive total return to our shareholders.”

Image courtesy of Easterly Government Properties Inc.

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Powder river basin coal mine provide more than 140 million tons of coal each year.

Peabody Energy announced it entered a definitive agreement to sell its New Mexico and Colorado coal assets to Bowie Resource Partners LLC for a $358 million price tag, subject to customary working capital adjustments. Furthermore, the buyer will also assume approximately $105 million in related liabilities.

The transaction targets the El Segundo and Lee Ranch mines in New Mexico and the Twentymile Mine in Colorado, which when combined account for approximately 330 million tons of coal reserves.

“This transaction is consistent with our stated focus area of portfolio optimization. While our New Mexico and Colorado operations and workforce have been substantial contributors to our success over the years, we are reshaping our portfolio focus around our core regions including the Powder River Basin, Illinois Basin and Australia,” said president & CEO Glenn Kellow. “At this time, we believe it is appropriate to monetize the value of these mines in a transaction that would bring forward multiple years of cash flows.”

In 2016, the mines are projected to produce 11 million tons; pre-tax cash flows after capital expenditures for these mines are expected to be approximately $70 million in 2016.

The transaction is estimated to close before the end of the first quarter of 2016, subject to certain governmental and regulatory approvals and other customary approvals. Bowie Resource Partners intends to fund the transaction through a debt refinancing and an equity commitment for a major private equity firm.

Peabody Energy intends to use transaction proceeds through for corporate purposes. Moreover, the transaction reduces the amount of Peabody’s self-bonding in place for reclamation obligations by more than $300 million. Peabody’s financial adviser is Morgan Stanley & Co. LLC.

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Alameda Retail Center, Albuquerque

Q10 Realty Mortgage & Investment Co., a member of Q10 capital, LLC, has arranged through president Michael Kelly and director of commercial mortgages Michael Stordhal $2.5 million in financing for Albuquerque’s Alameda Retail Center.

“The Sponsor on this new Retail Center is a long time repeat customer with an outstanding track record both with our firm and the Insurance Company Investor who purchased the loan. This transaction is an example of the strength and power of consistent long term relationships which is at the core of our business,” Kelly said in a prepared statement.

The retail center was constructed in 2013 on 2.02 acres and includes 16,391 square feet of space. The financing was provided by a correspondent life insurance company who provided a 15-year fixed-rate loan.

Image via Q10 Capital LLC

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Skorpios Technologies, Inc.

Skorpios Technologies Inc., a high-tech manufacturer of photonic integrated circuits, announced its intention to expand in Albuquerque, New Mexico through the acquisition of a facility suited for high-tech manufacturing. The new asset will allow Skorpios to expand its research and development processes, as well as to test and assembly capabilities. Furthermore, as many as 300 new jobs would be created in New Mexico over the next few years.

“Skorpios would like to thank Governor Martinez, Secretary Barela, and Albuquerque Mayor Richard Berry for their outstanding support as we take the next step in the evolution of the company,” said Stephen Krasulick, CEO and founder of Skorpios Technologies. “We are thrilled to continue the expansion of our business in Albuquerque, and look forward to collaborating with the state and city to create opportunities that benefit the community and our company.”

Through the Local Economic Development Act (LEDA), Skorpios will receive $5.5 million as incentive from state funding, thus enabling the company to buy, upgrade, and equip the company’s new facility in Albuquerque. Additionally, the City of Albuquerque will contribute $1.5 million in funding through LEDA to further support the company in its expansion in the metro.

“Building New Mexico into a high-tech jobs leader is a cornerstone of our efforts to grow and diversify our economy,” said Governor Susana Martinez. “That’s why we continue to do all we can to make New Mexico more competitive and business friendly—because it shows results by creating jobs for our families and communities.”

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Plaza Paseo del Norte, Albuquerque

HFF announced it closed the sale of the Plaza Paseo del Norte, a 183,718-square-foot shopping center in Albuquerque, New Mexico.

The seller, Kimco Realty Corp., was represented in the transaction by an HFF investment team led by senior managing director Doug Hazelbaker and managing director Ryan Shore. The buyer was identified as Columbus Pacific Properties. Financial details about the transaction were not disclosed.

Plaza Paseo del Norte was built in 1990 and sits on 26 acres at 9227-9331 Coors Blvd. NW, in the northern part of the city. The property’s location at the intersection of Coors Blvd. NW and Paseo del Norte counts more than 120,000 vehicles per day in combined traffic.

At time of the sale, the shopping center was 96.8 percent leased to tenants such as Ross Dress for Less, Natural Grocers, Cinemark Movies West, Sears Outlet, Hancock Fabrics, Rue 21 and Dollar Tree. Target and Hobby Lobby are also at the Plaza Paseo del Norte, but were not included in the sale.

Image courtesy of HFF

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Steep Hill, the industry leader in cannabis testing and analytics, opened a new cannabis testing and analytics lab in Albuquerque.

“Since New Mexico’s passage of medical cannabis regulations in 2007, the state’s medical cannabis market has become highly accessible to patients.  The regulatory requirements being implemented by New Mexico are of the highest caliber and now assure that patients can access safe, tested, and efficacious medicinal cannabis products. This is a real breakthrough for New Mexico that other states will draw inspiration from as they consider regulation in the future,” CEO David Lampach said in a prepared statement.

The New Mexico laboratory is the company’s fifth facility. It is located at 8917 Adams N.E. Steep Hill is working on receiving a fully operational license—at the time it has only provisional approval.

The laboratory is furnished with state-of-the-art equipment designed to screen medical cannabis for both the various active components and the potentially harmful micro-biological contaminants. In the near future the lab will add residual solvent and mycotoxin screening, as required under NMAC 7.34, with other toxin screens following.

The Albuquerque lab will feature the QuantaCann2 technology, available also for lease to locations throughout New Mexico. Furthermore, the facility will offer consulting and DNA based diagnostic service to licensed producers and patients.

A series of educational lectures on cannabis testing will take place at the Albuquerque lab on September 16^th, September 30^th and October 7^th with national Steep Hill experts Dr. Donald Land, Rev. Kymron DeCesare, and Dr. Reggie Gaudino.

Image courtesy of Steep Hill’s Instagram Page

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Cantata at the Trails

ReNUE Properties, doing business as Cantata at the Trails LLC, acquired a large residential complex located in Westside Albuquerque.

Cantata at the Trails Apartments was sold by RCS-Cantata LLC, an affiliate of Real Capital Solution of Louisville, Colo. Colliers International brokered the transaction on both sides through the Albuquerque and Phoenix offices. The financial details of the transaction were not disclosed, but the property had been listed at $39 million. The asset was purchased with a Freddie Mac loan funded by the Phoenix office of Walker & Dunlap.

Built in 2013, Cantata at the Trails is a two-story apartment community that consists of 260 townhome style rental units sitting on approximately 17.05 acres. The community’s 56 buildings offer a unit mix that is approximately 41 percent one-bedroom, 37 percent two-bedroom, and 22 percent three-bedroom residences. Located at 6700 Cantata St., the property is close to major employment centers, including the Rust Medical Center, Central New Mexico Community College, the University of New Mexico, and the downtown area.

Common amenities include a swimming pool, spa, outdoor barbecues, fitness center, business center, direct access garage parking for every unit, plus additional open parking spaces. Unit amenities feature in-suite washer & dryer, balcony, deck or patio. The community has a separate rental office with fitness and business center.

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Sedona Ridge Community

East coast-headquartered SEC registered investment advisory firm TGM Associates L.P. shook hands with Monarch Investment and Management Group of Franktown, CO in a deal involving a multifamily property in New Mexico.

Sedona Ridge multifamily community has been under TGM’s ownership since 1996. The broker on the transaction was William Hahn, executive vice president of Colliers International. Terms of the transaction remain undisclosed.

William Hahn – Executive Vice President, Greater Phoenix – Colliers International

The residential complex is located in the Northeast Heights community of Albuquerque, at 3400 Wyoming Blvd. NE. Close to I-40 and the TRAM, Sedona Ridge is also near shopping options including Walmart, Target, Hastings, Walgreens, Albertsons, and the Coronado Mall. Entertainment venues in the vicinity include Arroyo Del Oso Golf Course, the Albuquerque Aquarium, the Albuquerque Biopark, and the Rio Grande Nature Center.

Sedona Ridge multifamily community offers 339 upgraded one-, two-, and three-bedroom floor plans ranging in size from 485 square feet to 1,290 square feet. Community amenities include outdoor and heated indoor swimming pools, fitness center, playground, picnic area, clubhouse, and concierge-type services.

Image courtesy of TGM Sedona Ridge.

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Santolina’s Level A Land Use Plan

The Santolina master plan approval process has involved 12 public hearings, two workshops and multiple open houses and meetings. After 22 months, this new west side development is getting closer to receiving the “okay” from Bernalillo County commissioners.

The commissioners have voted to pass a series of zoning changes and to approve the “Level A” master plan associated with the project. However, the grand finale has not been reached; the third and final piece, the “developer agreement” hearing, will take place on June 24.

This final voting in favor of Santolina is what the project needs to start. The 13,000-plus-acre master planned community would stretch from Atrisco Heritage School to the Metropolitan Detention Center, and along Central and I-40.

The developer, Western Albuquerque Land Holdings, has previously announced that the project will be built with no net expense to the country. Should the project be fully-realized, Santolina would become New Mexico’s second or third largest city rivaling Las Cruces in population.

Image courtesy of santolinanm.com.

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For over 55 years, the Southwest has been the lucky home and playground of architectural firm Dekker/Perich/Sabatini. Today they are an ENR Top 500 design firm, operating as an interdisciplinary entity providing architecture, landscape architecture, planning, interior design, and structural engineering services. With a portfolio that includes clients from Arizona, Colorado, Nevada, New Mexico and Texas, Dekker/Perich/Sabatini focuses its efforts into helping building dynamic and sustainable communities.

Miriam Hicks, specialist/architect at Dekker/Perich/Sabatini, brings with her 16 years of experience as project architect and project manager, with expertise in a diverse array of projects, including educational, healthcare, commercial and housing facilities. Casitas de Colores, one of their latest projects, is a mixed-income housing community that came out as a winner of the Center for Active Design: Excellence awards.

CPE: Casitas de Colores is a unique affordable housing development that recently received a Center of Active Design Excellence award in New York. Tell us what brought up the idea of introducing “active design” feature in the project.

Hicks: The whole premise behind the design was to provide a family lifestyle setting in downtown Albuquerque. Co-developers Romero Rose LLC – a division of Jonathan Rose Companies – and YES Housing, Inc., envisioned a development that would provide social interaction, programs and spaces for kids, promote economic wellbeing, and celebrate community. These are some of the fundamentals for family-based housing, and they correspond beautifully to the fundamentals of active building design.

CPE: Can you share some insights about the active design strategies implemented in the Casitas de Colores development?

Hicks: For a successful family-centered lifestyle we had to give Casitas de Colores a strong sense of security to activate the community. So we designed the buildings around spacious interior courtyards landscaped with playgrounds, barbeque grills and seating. To encourage use of these spaces, we created strong visual connections by making walkways and stairs open to the courtyards, so that people can see what’s going on from just outside their homes. This visibility gives people access to each other and makes community spaces welcoming. It’s front and center, so you get to see your neighbors, and you can greet them on your way in or out of the complex. It’s these frequent interactions that begin to build community and promote trust and safety.

We then turned that internal interaction outward by adding balconies facing the street edge. Again, this visual connection to the city places people within the broader downtown context, inspiring them to walk and bike to other destinations.

I could list a lot more instances of active design strategies, from the bright colors to the walking paths, but at the heart of it lies this idea of creating a tight-knit community within Casitas de Colores and extending it into greater downtown Albuquerque.

CPE: What challenges did the team face in implementing them?

Hicks: The site had originally been developed for market-rate row housing and the roads and utilities were already in place before the design began for Casitas de Colores. We didn’t want to undo the work that was already done, so we implemented the existing infrastructure into the design. Not an easy task, but it worked out. The existing roads turned into private drives and tuck under parking for residents. Casitas de Colores even used these private drives to hold cake walks and scooter races during their Halloween celebration.

CPE: How do these types of projects impact the city of Albuquerque?

Hicks: Casitas de Colores transformed an underutilized lot into the only family lifestyle affordable multifamily housing in Downtown Albuquerque. This increased housing density enough that it tipped the scales in favor of a new grocery store that is now under construction and just across the street. This is the first grocery store to be built in downtown proper – something the community has been wanting since 2002.

CPE: Is active design a preferred feature in Dekker/Perich/Sabatini’s projects?

Hicks: Yes, D/P/S is involved in many aspects of wellness, and we’re starting to expand this type of work. We seek wellness opportunities within our own office building and culture, and we implement active design in the work we provide for our clients. Our firm is really embracing these concepts, because active design is good design.

CPE: D/P/S is the only design firm in the southwest participating in the WELL Building Institute’s Multifamily Pilot Program; can you elaborate on this experience?

Hicks: Through our participation in the Well Building Certification for multifamily housing, we will provide the WELL Building Institute with a multifamily housing case study that will show the benefits of designing for people. This means looking at how the built environment affects our health, wellbeing, happiness and productivity. People spend 90 percent of their time indoors, so it’s critical that we design places that meet the needs of our bodies and minds.

WELL is the next step in active design. And it fits in nicely with LEED, which many of our clients already pursue, so it’s a feasible ambition. Currently, we’re designing a multifamily housing project for a great non-profit using the pilot standards, and together we’re building upon active design and sustainability concepts. It’s an exciting time, because we’ve always been committed to community building, and now we have a new standard to help us measure and improve our efforts. Plus, I think it opens a dialogue between designers, developers and residents about the role design plays in our overall health and wellbeing.

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The interconnection to the electricity grid of a new solar power generation facility has been celebrated in Springer, New Mexico. USDA Rural Development State Director Terry Brunner, 3^rd District Congressman Ben Ray Lujan and representatives of Springer Electric Cooperative were present at the event.

“Today’s dedication of this project shows USDA Rural Development’s commitment to modernize America’s infrastructure.” Brunner said in a news release, “We are proud to help Springer Electric lead the way in diversifying energy sources among rural electric coops by investing in their solar project”, he added.

The 1.3 megawatt solar array spreads across seven acres of land and is capable of powering 400 homes. The solar plant has been commissioned by Array Technologies. The project was funded by USDA Rural Development’ Rural Utility Service through a $14.1 million grant. Aside from the $3.4 million used to construct the photovoltaic facility, the money will be used to improve 74 miles of electric line, while $518,000 is used to upgrade the electric system with smart grid technology.

Springer Electric Cooperative serves the New Mexico counties of Colfax, Harding, Mora, San Miguel, and Union, including the communities of Cimarron, Maxwell, Roy, Wagon Mound, Mosquero, and Folsom. The Cooperative also provides wholesale power to the Town of Springer municipal electric system.

The post New Solar Power Generation Station Dedicated in Northern New Mexico appeared first on Commercial Property Executive.

Nova Corp. is ready to open the first phase of its Innava Data Center–the state’s newest and largest data center. The launch comes after more than six years of planning and development. The official opening date is scheduled for June 3.

The 133,000-square-foot facility is owned by the Navajo Nation that specializes in working on federal contracts. The data center is developed in the old Schott facility at the Mesa del Sol master-planned community. Designed as a manufacturing site, the existing Schott facility already boasted features ideal for a data center, such as high ceilings, power access, and heating and cooling systems.

Nova Corp. chose Albuquerque for its convenient location as the area has a low risk of natural and man-made disaster, with easy access to the local airport and other businesses. “After looking at several different sites, NOVA Corp. determined that New Mexico was the best place for the data center due a number of factors including its geographic location,” said John Snider, president and chief executive officer of NOVA Corp. “Geographically, Albuquerque provides a stable location without serious risk of natural disasters, ability to utilize ambient air cooling, and reduced risk of targeted threat to the area.  It is also located near the Navajo Nation which will allow us to generate jobs and incubate businesses for the Navajo people.”

The first phase extends over 6,000 square feet with 250 cabinets each holding 52 servers. The construction of the next 10,000 square feet is scheduled to begin in six to eight months and will take about six months to be finalized. Innava is the first of more data centers the company plans on building throughout the country.

Photo courtesy of Innava. 

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PNM’s Sandoval County Solar Energy Center was recently celebrated. At the event were present members of the county, the Rio Rancho Regional Chamber of Commerce, and the Sandoval Economic Alliance.

The planning and the acquisition of permits stages of the development took place in 2013. The construction was spread over three months in 2014. Located West of Rio Rancho and north of Northern Boulevard on Encino Road, Sandoval County’s first solar center came with a $16 million price tag and produces about $152,000 new tax revenue for the county.

The 6.4-megawatt solar energy facility encompasses 80 acres with around 75,590 pedestal-mounted solar panels, capable of generating enough energy for 2,450 consumers. The panels are equipped with mechanisms that allow them to track the sun as it travels across the sky. The collected energy will be used not only for Sandoval County’s residents, but for PNM’s user base.

PNM has invested $270 million on solar power in New Mexico and is working on adding more. The company says that by 2016, its solar centers will generate enough electricity for 40,000 consumers per year.

Photo courtesy of PNM Facebook Page.

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The mixed-income housing community Casitas de Colores, designed by Dekker/Perich/Sabatini and built in the heart of Albuquerque by Romero Rose, YES Housing Inc., and Bradbury Stamm, is a winner of the Center for Active Design: Excellence awards. The ceremony took place at the Steelcase showroom in New York on May 11, marking its fifth award and its first international award.

The active design strategies that granted Casitas de Colores the excellence award include several features that combine health with design. One of them is the walkable environment within the community materialized through open staircases paired with reduced-speed elevators that encourage the residents to use the latter only when necessary.

Another is the proximity to the Alvarado Multi-modal Transportation Center, retail and entertainment places, as well as government offices and employment opportunities. Casitas de Colores has a walk score of 94/100 and is part of Albuquerque’s Downtown 2025 Sector Development Plan.

The exercise facility, the outdoor play structures and the bicycle storage also encourage residents towards a more active lifestyle. The covered balconies and patios, besides creating more outdoor space, maximize visibility, connecting residents and encouraging social interaction.

The three residential buildings in Casitas de Colores achieved Triple LEED Platinum certification, and the community building achieved LEED Gold certification by the U.S. Green Building Council.

Photos courtesy of Dekker/Perich/Sabatini.

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America’s well-loved Dunkin’ Donuts recently announced expanding its presence in Albuquerque and the surrounding areas.

The company has signed an agreement with existing franchise group NMR LLC to develop nine new retail locations: five Dunkin’ Donuts restaurants and four multi-brand restaurants with its sister-brand Baskin-Robbins. The first store is scheduled to open in the summer of 2016.

The franchise is led by Amin Habib, Murad Fazal, and Menjinder Bhambra. “We are excited to expand the brands’ presence in New Mexico and play an important role in the daily lives of people who live, work and visit here,” said Amin Habib, Dunkin’ Donuts and Baskin-Robbins franchisee.

The Dunkin’ Donuts franchise offers flexible retail concepts for various real estate formats including free-standing restaurants, end caps, in-line sites, gas and convenience, travel plazas, universities, as well as other retail environments. The new look consists of four restaurant design options with variations in layout, color schemes, graphics, textures, furniture, and/or lighting. The franchisees can choose individual elements from the four options.

“Our enthusiastic and dedicated franchisees contribute to our brand’s growth, which has helped solidify our position as one of the fastest growing companies by unit count in the quick-service restaurant industry,”  said Grant Benson, CFE, vice president of global franchising and business development, Dunkin’ Brands. “We are thrilled these existing franchisees have expanded their portfolios in New Mexico, and know these new restaurants they are developing will satisfy a growing consumer demand in the Albuquerque community.”

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Las Cruces recently hosted an event that brought together Governor Susana Martinez, three mayors, the executive chairman, and the presidents of the American Osteopathic Association and New Mexico State University. The attendees celebrated the groundbreaking of the new osteopathic college at NMSU, calling it “pouring the foundation for the future”.

Burrell College of Osteopathic Medicine at New Mexico State University will employ 350 people per year and will have an $87.3 million estimated economic impact on the region. Furthermore, it will serve around 600 students by 2020 in the New Mexico, Texas and Chihuahua, Mexico region. The goal is to create over 600 residency slots in the Borderplex region over the next 10 years.

“It’s exciting to be behind the scenes of an educational institution that serves as a win-win for all. That is a model for improving our secondary education system, and that will have a great positive impact on the region,” said executive chairman Daniel Burrell. “We’ve received our pre-accreditation, and we’re moving full-speed ahead with this project. We’re not just creating a school; we’re creating opportunity.”

“The Burrell College of Osteopathic Medicine will be a proud example of how public-private partnerships can bring communities together to make life better for New Mexicans,” added Governor Susana Martinez.

This is the United States’ first-of-its-kind partnership between a public university and private investors and a model solution in trying to improve healthcare, education and the economy with strong support from leaders in New Mexico, Texas, and Mexico. BCOM’s first medical school class is projected to begin in August 2016.

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The University of New Mexico’s plan to develop an entertainment district near its sports stadiums has officially kicked off. Marble Development has been chosen by the Lobo Development Corp. as the developer of the project located on the southeast corner of University Blvd. and Avenida Caesar Chavez. Negotiations on the ground lease have already begun.

Marble Development was one of the five groups that submitted proposals for the site. “We’ve been working on this project for a long time,” said Lobo Development Chair James H. Koch. “We look forward to working with this company. Hopefully in the next 30 days or so, we will be voting on a contract.”

Marble Development is a partnership between Santa Fe Dining and Marble Brewery. Santa Fe Dining will provide the food and Marble Brewery the craft beer. The initial plans on the project include a restaurant, taproom and coffee shop in a building of approximately 13,000 square feet, 15,000 square feet of covered courtyard areas, and around 30,000 square feet of open area reserved for parking and festival space.

The development will be built on approximately 1.4 acres, and construction might begin in the next few months. Details on the cost of the project cannot be disclosed during the negotiation process.

The post Marble Development Chosen to Develop the ‘Entertainment District’ on University of New Mexico Campus appeared first on Commercial Property Executive.

The Wells Fargo HomeLIFT program is a $4.75 million initiative to increase homeownership under the partnership of Wells Fargo & Co., NeighborWorks America and its affiliate Homestart.

Albuquerque is the 33^rd market in the country to benefit from the program. A free homebuyer event was held on May 1-2 at the city’s Convention Center.

Of the total amount committed by Wells Fargo, $4.1 million is scheduled for down payment assistance grants for home sales in the city. Prospective homebuyers have 60 days from the start of the program to find a home.

Eligibility requirements for the program include annual incomes that do not exceed 120 percent of the Albuquerque area median income–$71,300 for a four-member family–while the maximum income varies depending on family size and loan type. Furthermore, the buyer must complete an eight-hour homebuyer education seminar with Homestart or another HUD-approved agency. Another requirement asks the future homeowners to live in their homes for at least five years; otherwise the funds will be prorated.

“Like many communities, Albuquerque was deeply affected by the economic downturn,” said Lisa Riley, New Mexico/Western Border regional president with Wells Fargo Bank in Albuquerque. “While mortgages are available at relatively low interest rates, many families are unable to buy a home because they struggle with making the down payment. The HomeLIFT program can help local mortgage-ready homebuyers realize their dream of owning a home.”

The post Albuquerque Homebuyers Will Benefit from Wells Fargo’s HomeLIFT Program appeared first on Commercial Property Executive.

New Mexico had the 10^th most new solar capacity added in 2014 in the nation, doubling the amount of solar capacity added a year before, according to the recently-released U.S. Solar Market Insight 2014 Year in Review. Currently, there are almost 100 solar companies employing more than 1,600 people in the Land of Enchantment.

In 2014, New Mexico added 88 megawatts of solar electric capacity, reaching a total of 325 MW, enough to serve nearly 75,000 homes. “To put the state’s remarkable progress in some context, the 325 MW of solar installed today in New Mexico is more than our entire country had installed by 2007,” said Rhone Resch, president and CEO of the Solar Energy Industries Association (SEIA). “What’s more, we expect 2015 to be another strong year for new PV installations in New Mexico, with more than 90 MW of new capacity projected to come online.”

The above-mentioned report shows that the biggest solar gains in New Mexico came in utility-scale installations, followed by commercial and residential structures. In financial terms, these represent a $172 million investment across the state, a 32 percent increase compared to the previous year.

The residential sector has seen increased gains last year. Prices dropped by 8 percent, or a total of 49 percent since 2010. The solar installations helped offset more than 417,000 metric tons of harmful carbon emissions, the equivalent of removing 90,000 cars off the roads, while saving 470,000 gallons of gasoline.

“Today, the U.S. solar industry employs 174,000 Americans nationwide – more than tech giants Apple, Google, Facebook and Twitter combined – and pumps nearly $18 billion a year into our economy,” Resch continued. “This remarkable growth is due, in large part, to smart and effective public policies, such as the solar Investment Tax Credit (ITC), Net Energy Metering (NEM) and Renewable Portfolio Standards (RPS). By any measurement, these policies are paying huge dividends for both the U.S. and New Mexico economies, as well as for our environment.”

Photo courtesy of Solar Energy Industries Association Facebook Page.

The post New Mexico Ranked 10th in the Country in Solar Installations Added in 2014 appeared first on Commercial Property Executive.

The Albuquerque area might transform completely in the near future. A big empty space along I-40 could turn into a new development for tens of thousands of people.

Santolina is a proposed master plan on the West Side that would spread across 13,850 acres along Interstate 40 and just 10 minutes from downtown. At the moment, it has an agricultural zoning that allows for low-density, rural residential development.

Projections made by Middle Rio Grande Council of Governments and the University of New Mexico Bureau of Business and Economic Research indicate a growth of 438,522 in population and 182,188 in jobs by 2040. The master plan translates into about 38,000 homes over the next 40 to 50 years.

One of the concerns raised by critics was water-related, but the Albuquerque Bernalillo County Water Authority (ABCWUA) confirmed several times that it has the available supply and capacity to serve Santolina and growth in the region.

Furthermore, in accordance with the Planned Communities Criteria, Santolina complies with the requirement that new developments must be able to generate revenues equal to or greater than expenses to the County. Reports created by experts and reviewed by the County and specialized third parties determined that the master plan will generate an annual surplus of $9 – $22 million to the County’s general fund.

Planning has been in the works for nearly two years and now it has its own website and social media accounts. It awaits approval from the Bernalillo County.

Photo courtesy of Santolina Twitter Page. 

The post Masterplan of 13,850-Acre Santolina Awaits Approval in West Albuquerque appeared first on Commercial Property Executive.

“I love the stories the properties tell and what they mean to the communities and their history,” said Lanna. “We needed another notable historic project,” added Joe. The pair has restored four historic hotels and numerous historic homes in the past 25 years. The homes are used as nightly rentals with their hotels.

The Lodge was built by the Alamogordo and Sacramento Mountain Railway in 1899 at 9,000-feet elevation, surrounded by the Lincoln National Forest in the Sacramento Mountains. The original structure burned completely in 1909. Two years later, it was rebuilt as a larger 41,000-square-foot wood structure. Since then it has been renovated multiple times, keeping almost unchanged the initial appearance.

The property has 59 rooms, a renowned restaurant, a nine-hole golf course–one of the oldest courses in the US and the seventh highest golf course in the world–retail & golf shops, a day spa, pool and many forested trails. The Lodge will keep many employees from the current staff and will remain under the care of General Manager Lisa Thomassie, who has been on the property for 28 years. Upgrades are planned for the property, but “at this time we want to focus on a smooth transition of ownership. The Lodge has a great future ahead,” said Joe Duncan.

The post Historic Lodge at Cloudcroft Acquired by Texas Hotel Owners appeared first on Commercial Property Executive.

Innovate ABQ project is getting closer to the start line after the University of New Mexico regents unanimously approved the master plan for the seven-acre site at Central Ave. and Broadway Blvd. downtown.

The master plan has been created by design firm Perkins+Will. On March 9 the company presented its general framework for development of the site to regents and members of the Innovate ABQ board of directors. The plan presents a mixture of research and laboratory facilities, business offices, administrative space, residential housing for students, and even a hotel and retail shops.

According to the plan, the project would be developed in phases over 10 to 20 years at an estimated cost between $50 million and $150 million, as per David Green, a principal at Perkins+Will. The gross of the development costs, between 60 and 80 percent, would be private investment by developers. The remaining funds would be city and county investments in infrastructure.

“We’ve gotten a number of responses from highly qualified developers, both locally and nationally, some of whom are proposing to work together,” Terry Laudick, Nusenda Credit Union CEO and chair of the Innovate ABQ board, told regents. “The next step is to engage an independent third party to review the expressions of interest and develop a framework for a formal request for proposals, which will issue by late April.”

Photo courtesy of Innovate ABQ Facebook Page.

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Albuquerque will have a chance to shine again. Even though Tesla Motors CEO Elon Musk chose another location instead of the Duke City for a lithium-ion battery factory, he observed another advantage the city offers: the shining sun. With his two cousins, Lyndon and Peter Rive, they are bringing to New Mexico one of America’s largest solar power provider.

SolarCity, a publicly traded company headquartered in San Mateo, Calif., is already present in 15 states. It announced that it will open its first center in Albuquerque by the end of March. Albuquerque Journal reports that location has been chosen, renovations are underway, and orders are already being taken.

The company’s offerings for Public Service Co. of New Mexico customers will launch immediately in Albuquerque, Santa Fe, Las Cruces, and surrounding areas. More regions will be added afterwards. SolarCity will hire up to 50 employees for sales, PV installation and related tasks.

With the new center a new finance program will be launched, allowing homeowners to install solar photovoltaic systems with no upfront costs. MyPower program enables homeowners to access direct loans, without the usual third-party entity. Through this program homeowners can finance their systems with fixed 30-year loans, carrying interest rates of 4.5 percent and no upfront costs.

The program is designed to leverage risk: loan repayment is calculated on a per kilowatt hour production basis with the payment rate set up at up to 20 percent less than what the utility charges per kilowatt hour so if the system produces less than it is supposed to, the customer pays less per kilowatt hour. Once the loan is paid, the customer owns the system.

Photo courtesy of SolarCity. 

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Real estate capital intermediary HFF announced on Feb. 24^th that it has arranged mortgage financing worth $110 million for a seven-property, full-service hotel portfolio that totals 2,566 keys. The portfolio includes properties from Florida, California, Virginia, Ohio, and New Mexico.

The borrower that hired HFF to secure the five-year, floating-rate loan through Cantor Commercial Real Estate is a joint venture between Varde Partners Inc., Interstate Hotels & Resorts, and Waramaug Hospitality Management. The HFF representatives who formed the debt placement team were director Michael Weinberg, senior managing director and head of HFF’s hotel group Dan Peek, senior managing director Trey Morsbach, and real estate analyst Preston Reid.

The New Mexico property included in the portfolio is Sheraton Albuquerque Airport Hotel located at 2910 Yale Blvd. S.E., just 200 yards from baggage claim. The hotel offers 276 guest rooms and over 12,000 square feet of flexible meeting space equipped with high speed Internet access and latest audiovisual amenities. Amenities include fitness center, outdoor pool, and free shuttle service within surrounding area.

“The client purchased assets that were desperately in need of capital and were undermanaged,” Weinberg said. “They spent more than $50 million on extensive renovations, which led to a sharp increase in performance due to the enhanced product offering and professional management. The performance and exceptional sponsorship were very well received by the debt capital markets.”

Photos courtesy of Sheraton Albuquerque Airport Hotel.

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Platinum Apartments is the new name of the residential project that was originally scheduled to enter the development phase in 2007 but got hit by the Great Recession.

Albuquerque Journal reports the development is well under construction.

The $6.1 million, 60,000-square feet, residential project is comprised of 75 units contained in four stories. The apartments range in size from 565 to 1,352 square feet and will be situated on the upper three floors. Each unit will feature a balcony or porch. The ground floor will contain 74 parking spaces, the leasing office, a fitness center, and other common space. The project is located in East Nob Hill, at the intersection of Silver Avenue and Sierra Drive.

Designed by Environmental Dynamics Inc., Platinum Apartments is planned to receive platinum certification from the U.S. Green Building Council’s Leadership in Energy and Environmental Design program. The project was officially undertaken by a limited liability company. The developer is Golden Spike Development, said developer Rick Goldman, a pioneer in Nob Hill redevelopment. Finalization of development is estimated for July.

Photos courtesy of Environmental Dynamics, Inc. Facebook Page

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Silverado Apartments has exchanged owners in a transaction handled by Colliers HSK Multifamily Southwest.

The buyer was Clear Sky Capital Inc., of Phoenix, and the seller First Pacific Group, a real estate investment and management firm from San Francisco. The rebranded Colliers team that handled the transaction is a partnership between Colliers International in Greater Phoenix and Collier’s office in Albuquerque.

Silverado Apartments is a Class A multifamily complex located at 5741 Osuna Road Northeast near San Mateo Boulevard in the Northeast Heights submarket. The list price was of $20.5 million, but the closing price was not disclosed. The community was built in 1985. It encompasses 183,656 square feet on 13 three-story buildings that sit on a bit over eight acres of land. The apartments are a combination of 72 one-bedroom/one-bathroom (539 square feet), 108 one-bedroom/one-bathroom (669 square feet), 36 two-bedroom/two-bathroom (880 square feet), 36 two-bedroom/two-bathroom (1000 square feet), and four three-bedroom/two-bathroom (1229 square feet) units. 

Apartment amenities feature walk-in closets, extra storage areas, and private balconies or patios. Community amenities include spa, fitness center, two heated pools, sand volleyball court, business center with free Wi-Fi and printing, and two clothing care centers. The community is secured through a private entrance with limited access entry and also provides a courtesy patrol.

The property has direct access to I-25. In close proximity are the Uptown Shopping Center, Arroyo de Oso Park and Golf Course, and other shopping and recreational options.

The team that brokered the transaction was formed by Bill Hahn, Jeffrey Sherman and Trevor Koskovich, senior vice presidents in the Phoenix office, and Cynthia Meister, associate broker in Colliers’ office in Albuquerque.

Photos courtesy of Silverado Apartments Facebook Page. 

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Southwest Albuquerque has broken ground on a 12-screen movie theater at the new Las Estancias, a 79-acre development near Rio Bravo and Coors. This project represents the first time in over five decades that South Valley is getting the chance for a night out at the movies.

Las Estancias is a $70 million, 550,000-sq.-ft. retail development with a health-care facility. NAI Maestas & Ward’s Steve Maestas, has owned the land with developer Mike Mechenbier for several years. They are also the developers of Las Estancias. The closest multiplex to the development area is Cinemark 14, located in the heart of Downtown.

The force behind the construction of the theater is Carmike Cinemas, with 276 cinemas in 41 states. The South Valley multiplex will total 47,000 square feet; it will include 12 screens, an IMAX-branded large format theater, and 2,500 seats. The estimated cost for the development is $12 million.

Officials hope to hire about 150 people, and Maestas said the theater should serve as a magnet. Finalization of the theater development is scheduled for the end of 2015. Among the current tenants are Dion’s nursing facility, McDonald’s, Planet Fitness, and New Mexico Bank & Trust. Maestas brokers Keith Meyer and Clayton King serve as leasing agents for the Las Estancias.

Photo courtesy of Bernalillo County.

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The Larry H. Miller American Toyota dealership, located at 5995 Alameda Boulevard, NE Albuquerque and serving Albuquerque, Santa Fe, Rio Rancho, and Las Lunas, will enter a complete reconstruction phase. The remodel works are estimated to take about one year.

The process will begin in February, reports Albuquerque Journal. The redevelopment of the property will be completed in phases, in order to minimize interruption to business. The first phase will consist of the construction of a new service center on a currently empty space, north of the property. Through the new development, the number of the service bays will grow from 47 to 65. Once the new building is completed, the demolition and reconstruction of the existing property will commence.

Photo courtesy of American Toyota.

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George R.R. Martin continues to pencil his role of protector of art while developing his landlord skills in the city of Santa Fe. After purchasing and bringing back to life the long-abandoned Jean Cocteau Cinema, he repeats the move by acquiring the former Silva Lanes property located at 1352 Rufina Circle in south Santa Fe.

The former bowling center is almost 33,000 square feet on about 2.5 acres, with a generous parking lot that can hold 165 cars. The bowling alley has closed in early 2009 due to bankruptcy and has remained empty until Martin’s intervention. The price of the transaction remains undisclosed, but real estate appraisals evaluate the property in the high six figures.

The space won’t be renovated to revive the bowling activity, but will be entirely leased to Meow Wolf, a collective of artists that produces art experiences. The renowned writer believes that the unconventional art gallery will be a “real boost to local tourism, the arts scene, something kids of all ages will enjoy.” However, the success of the art space falls on Meow Wolf, as R.R Martin will act solely as silent partner.

Photos courtesy of Not a Blog.

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In downtown Las Cruces there’s a new apartment complex ready to receive its residents. The Lofts at Alameda, a 38-unit, three-story residential community recently received the certificate of occupancy from the city and is ready to rent starting this month.

The $3 million upscale complex is located at the corner of Court Avenue and Alameda Boulevard, adjacent to the Alameda Depot Historic District. There are about 4,000 people working in the downtown area, but few of them live in the neighborhood.

The Lofts at Alameda offers 14 one-bedroom, one-bathroom units that will rent starting from $735, and 24 two-bedroom, two-bathroom units that will rent for $860. Those located on the east and west end of the upper floors carry higher rents because of better views. The loft-style apartments feature high ceilings, exposed coiled duct work and balconies. All units are equipped with energy efficient appliances, including a washer and dryer.

The project’s architect is Dekker Perich Sabatini. Robert Hines Construction is the general contractor, and the developer is The Lofts at Alameda LLC.

Photo courtesy of Lofts at Alameda.

The post Three-Story Downtown Lofts Near Historic District Opens for Renters appeared first on Commercial Property Executive.

The first hotel to be built in Albuquerque’s Old Town in the past 40 years has just broken ground. Hotel Chaco, the multimillion project of the Heritage Hotels and Resorts, has begun to take shape at Bellamah and 20^th NW, adjacent to the 11-story Hotel Albuquerque.

The new hotel represents Heritage Hotels’ 11^th property in the state; each hotel is designed to awaken parts of New Mexico’s culture. Heritage Hotels and Resorts also owns Hotel Albuquerque and Eldorado Hotel and Spa, currently employing 1,600 people statewide.

Hotel Chaco will encompass 120,000 square feet on five stories and offer 118 guest rooms. A rooftop restaurant and lounge, as well as a main restaurant with seating for 150 are part of the architectural plan. Moreover, a spa of 6,000 square feet, a fitness room of 1,200 square feet, and about 3,000 square feet of street-level retail will complement the development. Hotel Chaco will share the existing pool at Hotel Albuquerque, as well as the ballroom and chapel. Construction costs for the boutique hotel are estimated at $25 million and the opening date is planned for mid-2016.

The new hotel will be built by general contractor Klinger Constructors from Albuquerque. Inspired by the historic Native American site Chaco Canyon in northwest New Mexico, the design is by Gensler’s Los Angeles office.

Photo courtesy of Gensler.  

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California-based Heslin Holdings, an investment and development firm, recently announced the purchase of a large piece of Rio Rancho’s Hilltop Plaza Shopping Center. The acquisition represents the retail space currently leased to Kmart, which nears the end of its lease agreement.

Heslin paid $4.4 million for the 86,479 square feet in the retail center located at 1640 Rio Rancho Drive SE, reports Albuquerque Journal. CBRE’s senior associate, Jeremy Nelson, and a small retail investment team, represented the seller, Sutton Place Investments LLC, in the transaction. The deal has been about 100 days in the making, said Nelson.

“More times than not, you’ll see new development in a path of growth, trying an existing piece of property already surrounded by a lot of homes and additional shopping,” added Nelson. “It’s much more appealing to other tenants, so this was a great opportunity to get a larger box in a dense part of Rio Rancho/northwest Albuquerque.”

Renovations are planned for the newly acquired space. However, the extent of the upgrade depends on the future tenants. The goal is to open the space for shoppers by the end of 2015.

The post Heslin Holdings Acquires Kmart Retail Space for $4.4M appeared first on Commercial Property Executive.

PNM’s plan to build additional solar-powered generating stations has been unanimously approved by the New Mexico Public Regulation Commission. PNM will add four more solar photovoltaic facilities that translate into another 40 megawatts of utility-scale solar power.

The solar arrays will require an investment worth over $79 million. With the new addition, the solar capacity will allow PNM to meet the state’s renewable portfolio standard in 2016. That is when all of the state’s public utilities are required to derive a minimum of 15 percent of their electricity from renewable resources, meaning a five percent increase from today’s 10 percent.

The approval raises PNM’s solar capacity to 107 megawatts which could power 40,000 average homes in a year. Moreover, it is estimated that in 2015 the company’s wind, solar and geothermal resources will generate power used by 150,000 average residential consumers, save approximately 382 million gallons of fresh water at power plants and reduce carbon emissions by the equivalent of taking over 200,000 cars off the road.

The locations for the new plants have not yet been decided. “We have options on several sites in Santa Fe and in between Valencia and Sandoval counties,” NM Vice President for Regulatory Affairs Gerard Ortiz said. “We haven’t finalized the sites yet, but (the plants) will be installed in three or four locations.”

Photo courtesy of PNM’s Facebook Page.

The post New Mexico Approves 4 More Solar Power Generators by PNM appeared first on Commercial Property Executive.

Gibson Rising is a new 4.5-acre development located on Gibson Boulevard at the southeast corner of the Gibson/University intersection. The property will house two national retail chains, Chili’s and Chick-fil-A. A third restaurant will follow in the future. 

The owner-developer of the land is Skarsgard Development, which purchased the property out of foreclosure in 2013, reports Albuquerque Journal. “We’re calling it Gibson Rising just because Gibson has just (had) such a troubled past; they’ve had buildings half-started and stopped and businesses go vacant, and it’s had kind of a renaissance, a revival,” he said. “You’ve got Buffalo Wild Wings and Dion’s and Denny’s and Towne Center. The momentum has finally grabbed hold of Gibson. That’s why I bought the property.”

Chili’s has already submitted a request for the building permit, with Chick-fil-A to follow. The three restaurants will be standalone buildings. Skarsgard estimates the ground-breaking will take place in January 2015. Funding for the project has been provided by Southwest Capital Bank.

Gibson Rising is not the only location Chick-fil-A plans to expand to. The chicken chain will build four new facilities in the metro area, all on Skarsgard properties. Aside from the one on Gibson, one location will be built in front of Home Depot at Eubank and Central, and one at 2274 Wyoming NE. these three are scheduled to open in 2015, while the one planned for Rio Rancho could come later in 2015 or at the beginning of 2016.

Chili’s is interested in adding more locations in New Mexico, too. One location is being developed by Skarsgard in Bernalillo, across from Wal-Mart, and another is being considered for Santa Fe.

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Love’s Travel Stop & Country Store announced plans to expand in Albuquerque’s West Side by building a second, larger, 24/7 truck stop at the Interstate 40 and Atrisco Vista Boulevard interchange. The family-owned company has purchased 11 acres of land near the Tempur-Pedic Mattresses facility.

The seller of the land was Rio Grande Oil. The 11,000-sq.-ft. location will be three times bigger than Love’s existing 3,600-sq.-ft. travel stop that opened 30 years ago, reports Albuquerque Journal, and will create jobs for 40 to 50 employees. The total investment will be about $7.5 million.

The new truck stop will sell compressed natural gas (CNG) to motorists and truck drivers alike. “It’s a growing trend we’ve seen in the trucking industry,” Dorian said, noting CNG is currently selling for $1.99 a gallon. “We currently have 10 fast-fill CNG locations and have plans to open eight more, including the new Albuquerque location.”

A Carl’s Jr. restaurant, a gourmet coffee and drink fountain, gift merchandise and products for professional drivers will be made available on site. Furthermore, the store will feature 68 parking spaces for tractor trailers and showers for the drivers. “Our new location will also have a Love’s Truck Tire Care facility that offers tire and light mechanical services for professional drivers,” Dorian said.

Love’s Travel Stop & Country Store has more than 330 stores in 39 states, growing with approximately 20 locations from year to year. It employs around 10,000 people and generates more than $26 billion in annual revenue.

Photo courtesy of Love’s Travel Stop & Country Store Facebook Page. 

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Albuquerque-based self-storage facility Stormax USA has filed for bankruptcy. The company’s storage site, containing 59 large units totaling 52,887-sq.ft., will be sold through a live auction on Nov. 24.

Sperry Van Ness Auction Services’ Louis B. Fisher III, CAI, is leading the auction efforts. Written bids are due Nov. 21 and will sell to the highest bidder per the court order.

The property is located at 100-106 Mescalero NW on a 2.05-acre lot size. The units feature 14- to 20-foot ceiling heights, ideal for contractors and trade professionals to store materials and dry storage of furniture and vehicles. A 7,200-sq.-ft. warehouse is also available for rent or it can be refurbished into 10-12 full-sized units. Additionally, Stormax USA is equipped with non-stop secured access, a 14-camera security system, and security fencing. Currently the property is 90 percent occupied. 

“We anticipate this will be a much sought-after property as little marketing was needed to attract tenants and keep the property near capacity,” explained Fisher. “In addition, the security systems in place and the size of the units make it well-suited for the growing, area business community and local residents.”

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Associa Company subsidiary Canyon Gate has added three communities to its community management portfolio since August. A fourth one will be joining in December.

Canyon Gate will provide the full array of management services, including financial, community management, communications, record-keeping, and administrative services, to all the communities.

Los Sueños is a community formed of 24 homes with private streets throughout a Santa Fe neighborhood. Canyon Gate started management of the homeowners association on Aug. 1^st, 2014.

The Trails at Seven-Bar South is located in Albuquerque. Its 175 single family homes have been under the Canyon Gate management since Sept. 1^st, 2014.

Carson-Grande is also located in Albuquerque. Canyon Gate started the management operations on this community formed of 69 single family homes on Oct. 1^st, 2014.

Sara’s Meadow in Rio Rancho is an 88 home gated community. Canyon Gate will begin management of its homeowner association on Dec. 1^st, 2014.

“We’ve become the management company of choice for single family neighborhoods,” says Canyon Gate CEO & President Kim Corcoran. “We’re extremely proud to represent each of these homeowners associations and look forward to providing the unsurpassed lifestyle services we are recognized for.”

With offices in Albuquerque, Santa Fe, and El Paso, Canyon Gate provides community association management and consulting services in New Mexico and in the El Paso, Texas area.

Photo courtesy of Associa Canyon Gate. 

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The Naples, Fla.-based DeAngelis Diamond Healthcare Group LLC has announced the development of a new residential treatment center in Albuquerque for Acadia Healthcare. The construction of the facility will be divided into two phases.

The first phase of construction will end by May 2015, reports the Birmingham Business Journal. It will consist of a 120-bed treatment center plus a modern living and learning area that will serve troubled youths. The second phase will begin soon after the first one is finalized, around May 2015. This part of the construction will consist of the renovation of about 50,000 square feet of two of Desert Hills’ existing properties on the campus. This phase will also create classrooms, a new kitchen and dining area, day treatment rooms and administrative space, as well as three new activity yards and one playground area.

The construction job cost is estimated at $10 million. The program manager will be NoliWhite Group, and the architect will be Stengel Hill Architecture.

DeAngelis Diamond Healthcare Group was founded in 1996 as a construction management firm that has become a leader in the construction industry. The team of DDHG totals over 150 years of combined healthcare construction experience ranging from small, multi-phased renovations to projects in excess of $100 million with renowned healthcare management organizations.

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In northern New Mexico there’s a Ranch for Kids With Cancer that’s been listed for sale by its owner, WABC radio and Fox Business News morning personality, Don Imus. The main reason behind the transaction is Imus’ belief that his family could support more charitable foundations with funds generated by the sale.

The Imus Ranch is near the small community of Ribera, about 45 miles east of Santa Fe via Interstate 25; the property sits at more than 6,000 feet above sea level. The price asked by the owner is of $32 million. The money from the sale will go to unspecified 501(c) charitable organizations.

Founded in 1998 by Imus and his wife Deidre, the property has since served more than 2,000 children, hosting them for free between the months of June and August for nine days at a time; the ranch spans over 2,400 acres, and another 1,000 acres of contiguous personal property is also up for sale for an additional $3 million. The development totals 28 bedrooms and 34 bathrooms in 11 buildings. Additionally, the facility encompasses various barns, garages, greenhouses, and sheds. Moreover, the ranch is presented as “environmentally pure,” meaning that no pesticides or synthetic chemicals were used to maintain the property. The property is equipped with medical facilities and other accommodations for the guests.

 Photo courtesy of The Imus Ranch.

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The Magnuson Hotel and Suites Alamogordo, located south of Albuquerque, recently became the 400^th Best Western to be converted to the Magnuson brand. Formerly the hotel was known as Best Western Desert Aire.

The development offers 92 rooms and is located in close proximity of the New Mexico Museum of Space History, White Sands National Monument, the White Sands Missile Range and the Trinity Site. The conversion increases exposure through Magnuson Hotels’ growing consumer popularity and global portfolio of almost 2,000 hotels.

Magnuson Hotels has recently received certification from the U.S. Franchise Registry, the national listing of brands approved by the U.S. Small Business Administration (SBA). This certification allows hotel owners and developers to obtain faster track funding from local and regional banks, explaining the rapid growth of Best Western conversions to Magnuson hotels.

“On behalf of Magnuson Hotels, we are proud to welcome Tony Mandalia and his team to the Magnuson Hotels brand family,” said Thomas Magnuson, company CEO. “We are fully committed to growing his revenue, his company, and his plan to become the top hotel in his market.”

Magnuson Hotels was founded in 2003 and has become the fastest growing hotel chain in the history, currently representing nearly 2,000 hotels worldwide with assets worth $6 billion. The Magnuson Hotels brand growth is up 40 percent over last year, and the 400 Best Western conversions represent 20 percent of Best Western’s North American portfolio. Designated the #1 Hotel Company of Inc. Magazine’s 5,000 fastest growing private U.S. companies, Magnuson is one of the top 10 global hotel chains.

Photo courtesy of Magnuson Hotels.

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A historic motel along Route 66, currently left to crumble, will get a consistent makeover as part of an ongoing plan to revitalize a section of the popular highway. The Pueblo-style El Vado Motel will begin transformation in 2016.

Palindrome Communities, a partnership between the Sawmill Community Land Trust and Portland-based Pacificap, was chosen for the redevelopment of the iconic El Vado and an adjacent parcel near Old Town. The proposal consists of a mixed-use development that includes a boutique motel, an amphitheater, a community food court, a small-events center, and a hub of affordable housing, according to a news release. The upgrade costs are estimated at $15.9 million.

El Vado Motel was built near Albuquerque’s Old Town in 1937 and closed in 2005. In 1993 the property was listed on the state Register of Cultural Properties and the National Register of Historic Places.

“The El Vado Motel is a great opportunity to preserve a historic Route 66 gem while encouraging economic redevelopment near Old Town. We are excited about the Palindrome selection. Their proposal mixes a variety of uses, includes a high-quality design and respects the surrounding neighborhood. This bold redevelopment initiative will continue a resurgence in the Old Town area,” Albuquerque Mayor Richard Berry said.

Photos courtesy of the City of Albuquerque.

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One of the historic and iconic centerpiece buildings of Santa Fe is changing owners. La Fonda on the Plaza, the 85-year old hotel, will belong in a few weeks to longtime family friends of the Ballen family, the current owners.

Jennifer Kimball and her brother, Philip Wise, were already on the corporation’s board. Kimball acted as the hotel’s board chairman; Wise is a principal of Cienda Partners, a Dallas-based company that is looking into the acquisition. The new ownership group is called La Fonda LLC. Details about the transaction have not been disclosed.

“We’re honored that the Ballens have put their faith and trust in us and we’re excited and honored to be entrusted with such an historic property that means so much to so many people,” said Kimball.

Lois Ballen, La Fonda’s board president, said in a news release: “We are pleased that Jenny and Philip will continue the tradition of family ownership and take the reins of ownership of our much-loved La Fonda.

La Fonda was built in 1929; formerly a Harvey House hotel, it became a Ballens property in 1968. During the Ballens ownership, the hotel received a new roof over the interior patio, a new parking garage, and the Lumpkins Ballroom and the banquet room La Terraza. In 2008 the La Plazuela restaurant received a facelift, and in 2013 the most comprehensive renovation since 1920 was finalized, which included new room furnishings and improvements to the pool and Bell Tower areas. In 2013, the hotel received the American Automobile Association’s Four Diamond Lodging rating.

La Fonda offers 180 guestrooms, including 15 luxury rooms and is a popular place for conferences and weddings. The hotel is a member of Historic Hotels of America and the National Trust for Historic Preservation.

“We are confident that Jenny and Philip’s business expertise, commitment to La Fonda’s employees, service excellence, and dedication to an authentic and unique experience, and most importantly, their heartfelt love for La Fonda and Santa Fe will continue to deliver wonderful results for our guests, employees and our city,” stated Lois Ballen.

Photo courtesy of La Fonda On the Plaza.

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At the beginning of the year, Walmart announced new developments in the Albuquerque area, of which one was a neighborhood market in Rio Rancho. The mini-store near the corner of Southern and N.M. 528 is close to completion, while the hiring process has already begun.

The store will spread out over 42,000 square feet, about a fifth the size of popular super centers which total around 200,000 square feet. Unlike its bigger siblings, the Rio Rancho Neighborhood Market will not include a gardening center, an automotive shop, clothing, or furniture. It will keep the simple format offering only groceries, basic household goods, health and beauty products and basic kitchen supplies.

The store is still under construction, located in close proximity to the former City Hall. The company has announced the grand opening date for the neighborhood market in early November. Walmart estimates hiring up to 95 people. In this regard, a temporary hiring center has been set up at 1424 Deborah Road SE. applications are accepted in person every weekday from 8am to 5pm and online at Walmart Careers.

According to Albuquerque Journal, Walmart intends to hire veterans who have been honorably discharged within the past 12 months.

Photo courtesy of Walmart.

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April 2013 was the ground breaking moment for New Mexico State University’s Pete V. Domenici Hall. This week the grand opening reception is taking place at the building located at 3014 McFie Circle, in the center of the campus.

The new building is meant to repurpose the university’s Hershel Zohn Theatre, expanding it to become the 40,000-square-foot Pete V. Domenici Hall. The Hershel Zohn Theatre was the home to NMSU’s theatre arts program, and it relocated in December 2013 to the university’s new Center of the Arts building at University Avenue and Espina Street.

A significant contribution for the project came from the PY Foundation led by Peyton Yates of Artesia in honor of his parents. Pete V. Domenici Hall will have one of the few large auditoriums on campus. The former Hershel Zohn Theatre is now S.P. and Estelle Yates Theatre. It will have a capacity of about 240 seats and will be equipped to allow seamless integration of learning technology in the classroom. The El Paso Electric Classroom is equipped for HD video conferencing, enabling students to enroll in online courses and have the real-time learning experience as they would have if attending in person.

Through the contribution of Bobby Lutz and his wife Rebecca, the main floor lecture hall received a fully automated touch panel control and the same setup podium as the Yates Theatre. This room will function as overflow seating for the Yates Theatre. G.L. Seaman & Company, the couple’s company, designed and donated furniture for the lounge and study areas of the two-story atrium that includes a variety of outlets for electronics.

Domenici Hall includes a shower and lockers for those who bike to the campus, adding to the building’s pursuit of LEED silver certification. The final cost of the construction is estimated at around $12.6 million. The funds came from federal, state and private sources, including a gift of $1 million from Sunland Park Racetrack and Casino owner and NMSU supporter Stan Fulton.

Photos courtesy of New Mexico State University.

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A contract with a nonprofit group called ABQid worth $1.8 million was approved through a unanimous vote by the Albuquerque City Council. The three-year contract represents a new economic-development strategy dubbed “business accelerator” which aims to help entrepreneurs and start-up companies.

Entrepreneurial boot camps and mentorship programs are part of the project which might help nurture the start of fast-growing companies in Albuquerque. The funds will come from the recently created Economic Development Action Fund with money from penalties paid by companies that receive city incentives but failed to live up to their end of the contract.

“I appreciate City Council’s endorsement of an aligned vision for the changing trajectory of Albuquerque’s economy,” Mayor Richard J. Berry said in a statement. “We’re doing everything we can to cultivate an entrepreneurial mindset in our community and bring innovation to the forefront, all the while trying to improve the business environment of our city. City Council’s vote of this important project illustrates strong, widespread support for these new ideas.”

The funds won’t go to individual companies, said Deidre Firth, the city’s deputy director of economic development. Instead, the city pays ABQid to provide services with performance requirements.

ABQid’s win didn’t come through a routine request for proposals. The nonprofit submitted, on its own initiative, a proposal for city funding to the city’s economic-development council. The council then recommended approval.

“It’s a huge day for entrepreneurship in Albuquerque,” ABQid Chairman Bill Bice said in a statement. “ABQid is a perfect example of what a community can accomplish when you connect highly invested stakeholders and a city that is so strongly committed to economic reinvention. It is a major change to business-as-usual attitudes and shows a commitment to innovative new ideas.”

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The North Valley Center for Family and Community Health at 3401 Fourth Street NW that broke ground recently is the newest outpatient clinic of UNM Hospitals. It is expected to open next spring. Its purpose is to increase access to quality care and meet the growing demand for medical services in Albuquerque’s North Valley.

The center will offer a wider spectrum of health care services such as primary care, pediatric care, and women’s health services. It will be one of the UNM Health System’s biggest clinics, featuring 22 exam rooms, a radiology suite, pharmacy and laboratory. Moreover, health education classes will be held on site, as well as behavioral health counseling and aid for patients in need of home care, hospice, transportation and financial aid counseling. The 20 providers that will practice at the clinic are estimated to serve 1,500- 1,800 patients per month.

 “This is a multi-generational community,” said UNM Health System CEO Steve McKernan. “There are a lot of children living in the area, a lot of seniors raising their grandchildren. We wanted the clinic’s design to recognize their needs.” “We know that medical needs in this area are high,” added Kori Beech, interim administrator for ambulatory services at UNM Hospitals. “We want it to be a positive presence in the neighborhood and a positive experience for patients, and we are glad we have the community’s support for this.” “We wanted to make it convenient for our patients,” she said. “For example, physicians will be able to send prescriptions to the on-site pharmacy electronically.”

The facility will be built on the former site of a popular eatery that operated from 1962-2003. The place will be kept in remembrance through suggestive pictures and décor. The project’s construction costs are estimated at $4.9 million. Architects FBT Architects and general contractor Richardson and Richardson Construction will oversee the development.

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In June of this year the Four Hills Village shopping center was listed for sale on an online auction. The Daskalos family, one of the-big league players on the local real estate and development scene, is in the final stages of acquiring it as well as the Shoppes at Taylor Ranch.

The Four Hills Village shopping center encompasses 172,000 square feet and is located on the southwest corner of Central Avenue and Tramway Boulevard. The Daskalos family is represented by Lia Armstrong, a CBRE senior associate of investment properties and retail. The terms of the transaction have not been disclosed, but the starting bid was at $1.25 million on auction.com. Its current tenants include Einstein Bros. Bagels, Starbucks, and Dollar Tree. CBRE will remain on contract to find tenants for the empty spaces of the facility, reports Albuquerque Business First.

The second shopping center purchased by the prominent family is Shoppes at Taylor Ranch, a smaller one located at 4801 Montano Road NW. The 52,992-square-foot retail development spreads over 5.077 acres. Tenants at that center include Pizza Hut, Family Dollar, and State Farm Insurance.

The Daskalos family owns additional developments in Albuquerque among which are the Shops at Paseo Crossing and the restaurant Vintage 423. They are also the ones behind The Place in Nob Hill.

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In difficult times for the office market in Albuquerque, solutions begin to surface. The four-story office building located in the center of Uptown offers one: it’s up for sale as a residential conversion opportunity.

To offer a point of comparison, a nearby apartment property contains 198 units and is located at 2222 Uptown Loop NE, next to Trader Joe’s. It has been opened by Hunt Development Group in 2008 and ever since it has been one of the top-performing apartment properties of the metro area.

“We’ve had this collision of a depressed office market, which I think will take a long time to recover, and the Uptown Village apartments that are fully occupied with a waiting list,” said John Lewinger, who is part of a local investment group that owns the building at 2424 Louisiana NE.

The property is located at 2424 Louisiana NE, and the asking price is $6,395,000, reports Albuquerque Journal. The building encompasses 77,647 square feet and is part of an upscale mixed-use property, with plenty of parking space. The conversion from office to residential would reduce the parking needs, increasing the 3-acre site to 10,500 square feet of new retail development.

The conversion from commercial to residential properties is not unique to Albuquerque. In fact, it’s on the rise throughout the country, stated architect Dale Dekker. Offices built between 1960 and 1980 became less functional for the current office market (the 2424 Louisiana dates from 1980). Moreover, these office buildings are now situated in prime locations most suitable for housing, Dekker added.

Photo courtesy of Colliers International.

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The heart of Old Town Albuquerque will accommodate a new boutique hotel scheduled to open in early 2016. It is the member of the largest independent hotel chain in New Mexico, Heritage Hotels and Resorts, who recently purchased the renowned Eldorado Hotel & Spa. The plans for the multimillion project have been finalized, and the development will break ground by late fall.

The contemporary boutique hotel will be built adjacent to Hotel Albuquerque, also under the Heritage Hotels and Resorts umbrella, and will share Hotel Albuquerque’s pool, ballrooms, and chapel. It will be built on 2.6 acres, structured on five stories, encompassing 118 guestrooms including 10 luxurious suites designed to extend outdoors onto terraces facing the Sandia Mountains and downtown skyline, the gardens and the pool terrace. Jim Long plans the hotel to meet the standards of a Four Diamond Hotel by AAA. Moreover, it will create approximately 100 jobs, ranging from management to service positions.

“We’re creating a hotel where guests will experience the true culture of New Mexico in a way that has never been done before,” explains Jim Long, CEO of Heritage Hotels & Resorts. “We are blending ancient building techniques from New Mexico Native Americans with modern amenities and designs from the best designers in the world to create a new hotel that will redefine and advance the architectural building style in our state. The services, sacred architecture and accommodations this hotel will provide will embrace the native people’s spirituality, artistic sensibility and oneness with nature. ”

The design of the hotel is in the hands of Gensler who is inspired by the Anasazi people and the indigenous ruins of Chaco Canyon, incorporating in the project ancient masonry techniques. “Heritage Hotels & Resorts presented a captivating conceptual vision as a catalyst for the design team. The result is a one-of-a-kind property that embraces the spirituality, sensibility and legacy of the indigenous ruins of Chaco Canyon, while simultaneously striving for a contemporary sophistication,” said Adam Gumowski, design director at Gensler.

In addition to Gensler, the design and project management team includes Lajeskie of Santa Fe and Dekker/Perich/Sabatini of Albuquerque.

Photos courtesy of Gensler.

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Rita’s Italian Ice, the popular Italian Ice concept with over 600 stores, announced its entry into the New Mexico market. The first city in the state to receive a branch will be Albuquerque, in March 2015.

The press statement announces 14 company-owned stores in Albuquerque and Santa Fe and sub-franchised ones in the surrounding areas. In total, 30 stores are planned to be developed in the following eight years in New Mexico and three cities in southern Colorado. The franchise and area development for these mentioned locations is owned by local developers Dave and Mark Gaulden.

“We want to bring something new and exciting to New Mexico and can’t wait to start spreading Rita’s ice custard happiness here,” Gaulden said.

The expansion of Rita’s Italian Ice will create 700 new jobs for those living in the communities surrounding every Rita’s store. The first Albuquerque location will employ approximately 20 people.

“Rita’s is proud to award a franchise development agreement to the Gauldens to accelerate Rita’s growth throughout New Mexico and southern Colorado,” said Eric Taylor, Chief Development Officer of Rita’s. “We’re confident Rita’s cool treats will be an instant hit among consumers in New Mexico’s year-round warm weather.”

Rita’s has been on the market since 1984 and in its celebration of 30 years in business is aggressively expanding across the U.S. and internationally. The plan for the United States is to open 85 stores this year and to make New Mexico the 26^th state where it spreads Rita’s Ice-Custard-Happiness. Details about ownership of Rita Italian Ices franchise are available here.

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February 2015 will be the start month for the construction of an $85 million private medical school backed by Santa Fe real estate and mining mogul Dan Burrell and his family. Over the course of 60 years the Burrells will make a $30 million donation to the New Mexico State University Foundation.

“This is an outstanding day for New Mexico,” said NMSU President Garrey Carruthers. “This public-private partnership will benefit the health and well-being of people across our state, and the region, by addressing our severe shortage of primary care physicians, especially among New Mexico’s underserved, rural populations.”

The private funding and separate licensing will enable the Burrell College of Osteopathic Medicine at NMSU to be one of the freestanding and independently operated entities, with no taxpayer money allocated for its operation. The pre-accreditation application to the Commission on Osteopathic College Accreditation has already been submitted by BCOM, and one to New Mexico’s Higher Education Department private schools division will follow shortly. The goal is for the first class to be admitted in August 2016.

“This also serves as a major economic driver for the region and the state through job creation and spending on goods and services that are produced in New Mexico,” Burrell said. “A project of this magnitude and importance to New Mexico’s economy and long-term health care needs could not have been possible without the strong leadership of President Carruthers and his team, as well as our local and regional hospital and physician partners.”

Photo courtesy of NMSU.

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Virgin Galactic has chosen Hotel Encanto de Las Cruces as its first official hotel to serve the needs of its elite passengers who will pay $200,000 each to travel to space from Spaceport America.

Hotel Encanto will be the exclusive Dona Ana County Future Astronaut hotel, upgrading its services to offer a premium experience. Dedicated Guest Concierges will be hired and new rooms, facilities and multi-lingual staff will be added.

Hotel Encanto has already started remodeling works, specially designed for the Virgin Galactic experience, such as guest rooms, the outdoor pool and terraced gardens, as well as the Azul Nightclub & Lounge, a 2,500-square foot seating.

The privately-funded company also announced a contract with World Class Gourmet and Chef Tatsu Miyazaki to provide catering for the travelers during the three-day training session.

“By partnering with Hotel Encanto de Las Cruces and World Class Gourmet, we further our vision of investing in the local New Mexico community while we define the Virgin Galactic astronaut experience,” said Virgin Galactic CEO George Whitesides. “Future Astronauts will come from around the world to New Mexico, so it’s important that they experience the outstanding local offerings and character as part of their experience.”

The hotel sector in the Southwest region posted its best showing in several years, according to a Marcus and Millichap report. At the beginning of 2014, occupancy in New Mexico has risen to 51.9 percent, 90 basis points higher than one year ago.

Room revenue is slowly regaining its strength, still behind the peak in 2008, but almost 12 percent higher in the first quarter of this year than the previous one. Transactions increased more than 70 percent, supported by the broader access to acquisition debt, while the recovery in property operations intensified bidding.

Photos courtesy of Hotel Encanto.

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