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Albuquerque’s industrial market held strong through 2020

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By Ron Davis – Reporter, Albuquerque Business First
January 20, 2021

Albuquerque’s tight industrial market filled up even more during the last month of 2020.

A fourth-quarter report from NAI Maestas & Ward showed Albuquerque’s final industrial vacancy rate at 2.24% as of December 2020. The rate fluctuated between 2% and 3% throughout the year but reached its low by the end of 2020.

In total, the NAI Maestas & Ward land and industrial team brokered 61 transactions worth over $53 million, the report said.

Click here for the rest of the Albuquerque Business First story.

Riley McKee, Jim Wible,  Keith Meyer and Alex Pulliam, all representing the Land & Industrial Team at NAI Maestas & Ward, are featured in this article.

 

 

Joy Junction: Home for the Homeless

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Joy Junction, a local non-profit whose mission is to break the cycle of homelessness, will be relocating their Thrift Shoppe to a 3,800 SF retail/warehouse site at 4008-4012 Menaul NE. They anticipate opening this location by mid-December.

Currently, Joy Junction operates their Thrift Shoppe at 107 Bowers Road SW, next to their main campus. They have chosen to relocate to an area with a larger retail presence that will allow for expansion of their operations and customer base. This new location will serve as a retail store as well as a donation drop off option, as they will still receive donations at their shelter location (4500 2nd St. SW). They accept gently-used clothing, kitchenware, furniture, and other household items that are in good condition.

Residents of Joy Junction are given vouchers to shop at the store. Proceeds from items sold go directly to Joy Junction’s programs.

Elma Reynalds, CEO, decided that now is a good time to relocate their operations despite COVID uncertainty. She stated, “With job loss and income concerns, many are not sure how they are going to provide for their family’s needs. We want to offer a place for people to shop that will not only help them take care of their own family, but will help take care of those who are homeless.”

Joy Junction is an established local non-profit, since 1986, who provides a hand up to the homeless and hungry with food, shelter, clothing, recovery programs, and life skills training to break the cycle of homelessness one life at a time. Learn more about Joy Junction and its mission here.

Representing Joy Junction on this transaction were NAI Maestas & Ward brokers Alex Pulliam and Riley McKee.

Alex Pulliam: “New Mexico is a great community with giving heart. We believe the relocation of Joy Junction’s Thrift Shoppe will help give this local non-profit better exposure that will allow customers to shop for a cause in a centrally-positioned retail location.” 

 

NM brokers, developers grapple with shifting retail landscape

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By Albuquerque Journal Staff
November 30, 2020

ALBUQUERQUE, N.M. — More than eight months since the COVID-19 pandemic reached New Mexico, Albuquerque’s retail scene has fared better than many markets, but there are still plenty of lingering question marks.

Local developers and brokers agree the pandemic has accelerated existing trends among restaurants, big-box stores and other retail sectors, forcing businesses to adapt to changing conditions. And some of these changes may be here to stay even after the pandemic abates.

Click here for the rest of the Albuquerque Journal story.

NAI Maestas & Ward advisor Keith Meyer was consulted for this article.

 

CCIM Deal of the Year (over $1M)

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By Riley McKee, NAI Maestas & Ward Advisor
November 13, 2020

A conundrum commercial real estate brokers will face from time to time involves balancing the anticipation of an exciting opportunity with the unfortunate realities that brought it about. Such is the case with 8301 Broadway Blvd. SE, a 20,000 square foot heavy manufacturing facility on 10 acres in Albuquerque’s South Valley, which was brought to market by Rich Diller and Shelly Branscom of NAI Maestas & Ward in November of 2018.

Under ordinary circumstances, the opportunity to market a facility of this scale would be met with complete enthusiasm. But when it’s the result of a company ceasing operations—and the swift loss of dozens of high paying jobs—those involved feel a sober responsibility to restore those losses quickly by finding a new company to occupy the space. That’s the story here.

As part of a corporate reorganization, a California-based manufacturer of industrial grade steel tanks decided to close its Albuquerque branch in late 2018 and consolidate the clientele and customer base it served to other facilities across the United States. The property was put on the market while operations wound down and was ultimately vacated in March 2019.

Due to its unique layout, large scale, and location on the south end of town, the marketing timeline was lengthy and laborious. Shelly Branscom and Riley McKee (who was brought on to assist after Rich Diller’s tragic passing) searched far and wide for a buyer who could make use of the facility and hopefully bring employment opportunities with them. Interest was consistent, but several promising leads fell through due in large part to the property’s location.

Roughly one year of vigorous marketing efforts later in the spring of 2020, Equipment Share, a construction and heavy equipment dealer, entered the market. Represented by Jim Wible and Keith Meyer of NAI Maestas & Ward, they were spurred to look in the area in part by Wagner Equipment Company’s recent relocation to the South Valley. 8301 Broadway presented an opportunity that the company eagerly jumped at: high bay warehouse space, frontage on Broadway Blvd., efficient interstate access, and an extensive land area to store inventory. After a quick negotiation of terms and brief due diligence period, the property sold on July 3, 2020, roughly 90 days after going under contract.

The final transaction indeed proved to be straightforward, but its mere occurrence underscores the value of commercial real estate brokers. Not only did the seller and buyer benefit from effective marketing and skilled representation, but the wider community saw the restoration of jobs that had been unexpectedly lost.

In the age of COVID-19, those in the commercial real estate industry increasingly find themselves on the front lines of the fight to keep businesses alive and jobs in place. By marketing, selling, and leasing space they ensure that commercial buildings remain inhabited by productive companies that contribute to the city and state’s economic health. The sale of 8301 Broadway is but a microcosm of what respected colleagues throughout the industry do every single day.

NAI Maestas & Ward is a full-service commercial real estate company serving  New Mexico since 1996. The company is a dynamic commercial real estate firm offering best-in-class real estate services in brokerage, property management, asset management, business brokerage and development services.

 

KAFB mixed-use development moves forward as lease is signed

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By Albuquerque Journal Staff
November 13, 2020

A major mixed-use development that’s been in the works for two years on Kirtland Air Force Base is moving forward once again, according to a news release from the developer.

Thunderbird Kirtland Development LLC has signed a formal lease with the U.S. Air Force for MaxQ at Kirtland, a sprawling office, laboratory and retail complex planned on more than 70 acres south of Gibson between Carlisle and Truman — just down the road from the Orion Center campus that received site plan approval Thursday afternoon from Albuquerque’s Environmental Planning Commission.

Click here for the rest of the Albuquerque Journal story.

NAI Maestas & Ward advisors Keith Meyer and Jim Wible are handling retail leasing and build-to-suit option for the complex and have this to say about the project:

Keith: “The response from the Science, Space and Defense community has been extremely positive. We have a number of notable companies representing hundreds of desirable, high-tech jobs in active negotiation on the Max Q project. The feedback from the market indicates that Max Q addresses a need that has long been ignored–the need for state-of-the-art secure office, lab and manufacturing space that provides the best in super high-speed internet service with two-way walkable access to behind-the-gate resources and subject matter experts. Being able to provide facilities and a campus that compares favorably to any in the world will increase productivity, profitability and enhance employee satisfaction and retention, while continuing to elevate Albuquerque as a world class place to live.”

Jim: “The MaxQ Project is a great opportunity for the defense contracting population to gain significant efficiency in working with their clients. The proximity and planned access to KAFB will allow this facility in Albuquerque to provide productivity similar to other Public Private Partnerships. It should serve to enhance the world class employment already at KAFB with critical mission tenants such as AFRL, the Space Rapid Capabilities Office and Sandia National Labs.”

 

Junk has met its king

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By Alex Pulliam – Advisor with the Land & Industrial team at NAI Maestas & Ward
November 3, 2020

Junk King, a new-to-market junk hauling service, will be moving in to a 2,500 SF office/warehouse at 6101 Signal NE, Albuquerque with plans to launch their operations mid-November.

Junk King is an eco-friendly junk removal service helping both residencies & businesses get rid of items that they no longer need. They aim to save clients time and money by providing comprehensive quotes and a friendly staff that can remove junk with ease. Of the items collected, 60% of will be recycled or repurposed by donation to local non-profits. The addition of Junk King will have a positive impact on our community with the immediate creation of 4 jobs and the addition of a national franchise to New Mexico.

The business is owned by local entrepreneur, Chris Young, who decided that opening this business during the pandemic was the right thing to do. “Junk removal is a necessary service, and with Junk King, Albuquerque now has a convenient, full-service option that also benefits the community. Junk King works with local charities to help others by repurposing much of what we pick up, reducing what ends up in the landfill.”

Junk King is the #1 rated junk removal company in North America with over 100 locations across the United States & Canada, all of which are locally owned. For more on Junk King, here’s a video.

Representing the tenant were NAI Maestas & Ward brokers Riley McKee and Alex Pulliam, who worked with the listing agent, Todd Strickland also of NAI Maestas & Ward.

 

 

Playing matchmaker, Debbie Harms has built a successful career in real estate

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By Ron Davis – Reporter, Albuquerque Business First
October 23, 2020

Most children’s curiosity wouldn’t be piqued by driving past a building under construction or a vacant piece of land. For Debbie Harms, however, it was the start of an interest that she built into a successful career.

Harms grew up in Farmington, and as early as age 8 she’d wonder what was going to come of a 3-story building under construction she frequently passed by in town. She had her ideas for what kind of tenant would go there if she owned the building.

Years later, she built a career of playing matchmaker with vacant spaces and commercial tenants looking to move. She has handled approximately 4.5 million square feet across more than 30 years in the commercial real estate industry. Harms is the CEO of NAI Maestas & Ward, the second-largest commercial real estate firm in New Mexico with $321.06 million in commercial transaction volume in 2019.

Click here for the rest of the Albuquerque Business First story.

 

Debbie Harms is a national notable commercial real estate executive that has nearly 30 years of experience in commercial real estate including brokerage, development, property management and leasing services.  In addition, Debbie has extensive expertise in owner association management and has been involved in and managed all aspects of commercial real estate and development.

As a leader to a company of 13 skilled staff members and 34 licensed commercial real estate professionals, she manages it all through integrity, hard work, employee empowerment and more.  She is passionate about philanthropy, creating a family-friendly company environment and the greater impact of commercial real estate on the New Mexico economy and our local community.

 

Sombra to expand hand sanitizer operation at a new Albuquerque manufacturing facility

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By Ron Davis – Reporter, Albuquerque Business First
October 13, 2020

Albuquerque manufacturer Sombra plans on doubling down on a new production line it started during the Covid-19 pandemic: hand sanitizer.

John Martinez, director of public affairs and business development for Sombra, said his company — like many others — faced challenges during the pandemic…

Click here for the rest of the Albuquerque Business First story.

Riley McKee, Jim Wible and Keith Meyer of NAI Maestas & Ward represented Sombra. They also represented the seller of the property. While a price was not disclosed Martinez said it was “phenomenal” compared to the other properties the company explored.

Keith Meyer commented, “We are very pleased that we were able to find such a capable buyer who would take a facility that was losing 150+ manufacturing jobs and convert it into a viable operation for a new, high tech skilled workforce so quickly. The buyer is a proven entity in the health and beauty care space on a global level, and they expect to growth this business unit substantially in future years.” And Jim Wible adds, “The reuse and repurposing of this facility represents an opportunity for this locally headquartered company to create jobs.  The facility provides an excellent base to remodel into more advanced manufacturing.”

 

High Industrial Demand Sparks Overhaul of Former Event Center

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By Ron Davis – Reporter, Albuquerque Business First
July 17, 2020

A large, multicolored building that held family fun and birthday parties years ago will get a big makeover — and a much different tenant.

The building last occupied by It’Z at 4595 San Mateo Blvd. NE will now be marketed to industrial tenants to meet the demand for industrial space in Albuquerque.

Click here for the rest of the Albuquerque Business First story.

The Landlord, Goodman Realty has tasked the  NAI Maestas & Ward brokerage team of Keith Meyer, Jim Wible, and Alexandra Pulliam to find the next occupant of the space.

The property is now on the market for lease, presenting a compelling opportunity for tenants seeking high-quality industrial assets.

Click here to see the property flyer.   

Broad rent strikes would be disastrous

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By Riley McKee, NAI Maestas & Ward Industrial Real Estate Advisors
An article featured in the executive desk of the 2020 Albuquerque Journal, Edition 4.27.2020

In an open letter addressed “To our landlords,” the CEO of The Cheesecake Factory announced that the restaurant chain would not be making rent payments in April due to extraordinary challenges the company has faced since the outbreak of COVID-19.

Other prominent retailers like Subway, Dick’s Sporting Goods and Staples have made similar pronouncements in recent weeks, as virus containment efforts have halted “nonessential” business activity. The justification provided is understandable. Closures mandated by state and local governments have all but eliminated the ability to generate revenue, a fundamental problem deserving of sympathy.

But glaring defiance of lease obligations is certain to inspire copycats. Tenants across the spectrum of property types — from well-known retailers to local apartment renters — now have justification to do the same. The nascent but very real threat of a widespread rent strike places our long-term economic future on a knife’s edge.

While the virus has felt allconsuming thus far, its negative impacts can be contained.

Medical professionals have become national heroes through tireless care for those infected.

Millions of Americans have willingly complied with social distancing guidelines. And thousands of business owners have put their life’s work on the line by yielding to emergency restrictions. These sacrificial efforts have resulted in a plateauing rate of new cases and deaths putting a gradual return to normal life in view.

On the economic front, relief efforts like the Paycheck Protection Program, direct payments to individuals, and expanded unemployment insurance have been tailored to offset losses.

These measures can be likened to storing the economy in a giant freezer, preserving and protecting it for a later date.

If the economy can be effectively “frozen” while the war against COVID-19 is waged, a brief thaw, so to speak, is all that will stand between the hardship of today and the prosperity of tomorrow.

But if healthy economic activities — and for that matter, the rule of law — are cast aside amidst the current panic, we face a difficult road ahead.

The most effective means of preserving economic health is to honor existing contractual obligations.

Growth and profitability benchmarks can be amended. Payroll concerns can be addressed by emergency loans. Furloughs and layoffs, though lamentable, are accounted for by expanded unemployment insurance and direct cash payments. Executives and senior managers — those most equipped to handle short term losses — can ride out an interim pay cut.

But the economy cannot survive a suspension of good faith, which is why The Cheesecake Factory’s decision is uniquely troubling.

Without minimizing legitimate challenges that tenants currently face, what is a better response? In a word, conciliation. Landlords are keenly aware of ongoing circumstances and the vast majority are willing to help. They have a meaningful interest in their renters’ survival beyond the crisis and know pushing too hard would be foolish. But they also have burdens and as May 1 approaches, grow increasingly nervous.

April rent figures were down, but a full month of virus containment measures since then portends an even lower collection rate. And a potential domino effect of disaster as one default triggers another.

Much has been said recently about “getting through this together.”

It’s an encouraging sentiment, but only to the extent it’s actually upheld. The Cheesecake Factory failed the test by unilaterally reneging its obligations in times of trouble, when many of its landlords would willingly have sought a mutual arrangement.

So for tenants who are able next month, pay your rent. For those struggling with a sudden loss of revenue, pursue relief programs to help bridge the gap. If your or your business is ineligible or still facing budget constraints, pay what you can. And if you find yourself out of options and out of cash, have a candid conversation with your landlord and work toward a bilateral solution.

By doing so, we can preserve the blessings of an economy — and society — built on trust.

Riley McKee is an industrial real estate adviser for NAI Maestas & Ward Commercial Real Estate. 

The executive’s desk is a guest column providing advice or information about resources available to the business community in New Mexico.  

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