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Rusty Taco to Open New Albuquerque Location

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By Collin Krabbe – Technology reporter, Albuquerque Business First
October 18, 2019

Dallas-based taco chain Rusty Taco is set to open a second Albuquerque location.

The new digs will be around 3,000 square feet and an opening for the space will hopefully take place in January and it will employ around 25. The fast-casual restaurant serves various types of tacos including fried chicken, barbecue brisket and baja shrimp. It also sells craft beer and margaritas.

Click here for the rest of the Albuquerque Business First story

Advisor Thalia Toha on the topic: “Rusty Taco believes this is the next ideal location because of its high-volume intersection. With Sprouts doing well at the center, Rusty Taco is excited to join the line-up. We are pleased to be a part of this partnership that is helping bring new retail to this area.”

CCIM 2019 Deal of the Year Under 1 Million

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Engineers Secure Owner-User Investment

RhinoCorps Ltd. has relocated within a building they recently purchased located at 1128 Pennsylvania St. NE, Albuquerque, NM 87110. 

Shelly Branscom, CCIM, and the late Rich Diller, CCIM, SIOR, of NAI Maestas & Ward began representing the building for lease in 2013.  The Seller was a California investor whose spouse passed away just months after purchasing the building.  While Albuquerque has experienced an improvement in the real estate climate over the past several years, some owners have felt the lingering effects of the economic downturn on their properties.  This building was no exception.  Although multiple suites had been leased between 2013 and 2016. When the property was brought to the market to sell in 2014, 1128 Pennsylvania St. NE was in need of updates and additional tenancy to attract a motivated buyer.  After many years of carrying the asset with 20-40% vacancy, the property eventually went back to the bank.  The brokers continued to market the building to several existing tenants.  RhinoCorps expressed interest and the building went under contract in May 2018.

“The Inspection process proved taxing, but we came to a resolution and the buyer expanded in the building, occupying all of the remaining space.” stated Shelly Branscom, CCIM. 

The transaction provided an opportunity for RhinoCorps to become an owner-user.  This small, local firm provides software and simulation engineering services to many government entities including the U.S. Air Force, Sandia National Laboratories, and NASA, among others. 

Representing the seller, Shelly Branscom and Rich Diller worked with the buyer’s broker, Richard Hanna of Hanna Commercial, to finalize the sale of the office property.  Sitting on an acre of land, the 15,800 SF, two-story building has excellent visibility from Pennsylvania St. NE and Mountain Rd NE.   The building boasts many nearby amenities with proximity to Albuquerque’s Uptown and easy access to Interstate-40. 

1128 Pennsylvania was awarded the 2019 CCIM Deal of the Year Under $1,000,000 this past October at the 2019 Intersections Conference held at Sandia Casino. 

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.

 

CCIM 2019 Deal of the Year Over 1 Million Dollars

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On November 12, 2013, an Albuquerque business owner plead guilty to defrauding the Service-Disabled Veteran Owned Small Business Program (SDVOSB), a VA initiative that gives preferential treatment to veterans applying for federal contracts. By falsely claiming his stepbrother—who was in fact a disabled veteran—held an ownership stake in his company, he fraudulently secured $11 million worth of federal contracts and was sentenced to five years in prison.

This tragic lapse in judgement resulted in the shuttering of an enterprise that operated a sprawling facility (about 32,000 square feet of buildings on 16.5 acres) on Albuquerque’s Southwest Mesa which manufactured large concrete vaults for mausoleums. It was an enviable operation in its prime, but lengthy prison sentences are not good for business and the property quickly went into foreclosure.

For the next several years attempts were made to liquidate the property, but a number of unique circumstances prevented this from happening. For one, the surrounding area was transforming. The heavy industrial operation originally occupied a rural area but was now surrounded by residential developments.  Secondly, the property could not compete with comparable sites that possessed better truck access to interstate exits. A 3.5-mile stretch separates the site from I-40, which proves especially lengthy during rush hour.

Furthermore, the property’s scale and uncommon attributes rendered it difficult to find a user that could make use of it as is. Initially brought to market at $4,100,00 the price dropped 25% to $3,125,000 when no progress was made. Then, copper thieves performed their regrettable task and subjected the property to another 20% reduction. Four years later a last-ditch effort to sell was made via an auction—even that did not work.

When Maestas & Ward’s industrial team (Keith Meyer, Jim Wible, Riley McKee) got involved the property was a shadow of its former glory. Years of inattention, several bouts of theft, and nature’s course of action turned it into an overgrown, graffiti tainted shed.

The M&W industrial team understood that a healthy dose of realism had to be injected into the seller’s expectations for any chance of a sale being consummated. After a detailed analysis, it was determined that only the land carried value. The improvements—or what was left of them—would require significant rehabilitation, perhaps at a cost that exceeded the acquisition cost. To their credit, the seller heeded this advice and agreed to market the property at $1,800,000—56% below its original value.

Due to favorable market circumstances and the significant value-add opportunities available, the property quickly generated attention. Within a few months it went under contract to be purchased by an industrial user. However, the surrounding area’s evolution from industrial to residential/retail shuttered the deal as the buyer was unable to secure a zoning certification for their use. Transactions falling through are disheartening but what proved most concerning was the realization that an obviously industrial site might not be able to be sold as such.

Surprisingly, a more viable opportunity quickly came along. A charter school developer and his brokerage team shrewdly discerned that this defunct industrial site, while far from ready-made, conferred multiple advantages from its proximity to major thoroughfares (Coors and Old Coors), location in a dense residential neighborhood, and lower acquisition cost on a per foot basis. A purchase agreement was quickly negotiated, but the story was far from over—several hurdles remained.

The first involved a zone change. Educational uses were not permissive in the subject property’s M-1 zoning designation which made a retail/commercial designation necessary. The brokerage team coordinated with a reputable architect to prepare a thorough, compelling argument for why the subject property’s highest and best use had shifted. Industrial uses no longer fit a neighborhood dominated by residential and retail developments. The county zoning board was sympathetic to these arguments but consented unanimously when it was revealed a highly successful charter school was the intended buyer.

The second hurdle involved environmental concerns. Though the seller had procured a Phase I ESA that reported no Recognizable Environmental Conditions (REC) as recently as January 2016, when that same assessor revisited the site to refresh the report, they changed their tune. Claiming that the property’s decades of heavy industrial use warranted further testing they refused to uphold the previous report’s conclusions. Both buyer and seller were understandably aggrieved but informed guidance from the brokerage team kept things on track. An extension was agreed to and further environmental testing yielded no RECs, just as the initial report indicated.

Then came the most unexpected hurdle of all—the cause of which remains unclear—a fire in one of the warehouse buildings. Having navigated so much thus far this felt like the ultimate injustice. Once again, the brokers provided reasoned guidance and ultimately it was agreed that the seller would file a claim with the insurance company and direct the funds to the buyer post-closing which occurred at long last on December 13, 2018.

Many lessons can be pulled from this account. The prime takeaway, however, is the vital contribution of experienced brokers in a transaction with so many hurdles. From valuation to marketing strategy to negotiation to a zone change hearing to coordinating with environmental engineers to dealing with the most unexpected acts of God, the brokers involved patiently bridged the gap between a lifeless non-performing asset and the thriving charter school it is today.

1255 Old Coors was awarded the 2019 CCIM Deal of the Year Over $1,000,000 this past October at the 2019 Intersections Conference held at Sandia Casino. 

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.

M’Tucci’s unveils details of new location

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By Ron Davis, reporter, Albuquerque Business First  |  September 20, 2019

M’Tucci’s unveils details of new location

Come early next year, Albuquerque residents will be able to dine at M’Tucci’s on the east side of the Rio Grande.

M’Tucci’s Restaurants partners unveiled its fifth location Thursday — a near 10,000-square-foot restaurant that will occupy the former Chama River Brewing Co., 4939 Pan American Freeway NE. 

Click here for the rest of the Albuquerque Business First story

Senior Director, Keith Meyer, CCIM, SIOR  and Director, Jim Wible, CCIM on the topic: “Italian food is the most popular ethic food in the world, and we are pleased to introduce to the East Side of Albuquerque what the West Side and Rio Rancho already knows: M’tucci is the best Italian food experience in New Mexico. Look out Restaurant Row, you have another major player in the lineup. We’d especially like to thank Peters Corporation and Geltmore Development for their support putting this culinary game changer together.”

NAI Maestas & Ward Land & Industrial Advisors, Keith Meyer and Jim Wible, represented the landlord in the transaction.  

Local High-Tech Manufacturer Makes a Big Move

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By Collin Krabbe – Technology reporter, Albuquerque Business First
October 1, 2019

High-tech manufacturer 3D Glass Solutions held an event Tuesday celebrating its move to a facility several times larger than its previous one. And it may expand even more than originally planned.

The company, which is slated to create up to 139 jobs over five years as part of the move into the new space, will have two largely unused rooms in its new building, 5601 Balloon Fiesta Parkway NE, to grow its production lines and offices.

Click here for the rest of the Albuquerque Business First story

Senior Director Keith Meyer on the topic: “3-D Glass is on the front edge of the emerging industries being developed in New Mexico that have global applications. We are pleased to be a part of the public/private partnership that is helping facilitate this company’s growth and especially excited that 3-D Glass’s tripling in size also means they will be tripling their number of employees.”

Director Jim Wible on the topic:“We took 3-D Glass through a site selection process to help them find a building that was uniquely capable of meeting their processing needs, that would otherwise not be available in other industrial buildings currently in our market.”

NAI Global announces the 2019 OFFICE OF THE YEAR award at annual convention

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Press Release by NAI Global through The News Funnel (Real Estate News, Personalized)

New York City, NY – September 30, 2019: Jay Olshonsky, SIOR, FRICS, President and CEO of NAI Global, a leading global commercial real estate brokerage firm, today announced the top-performing offices and top-producing brokers/brokerage teams for the year during its annual convention, which this year was in Las Vegas.

The office awards include Office of the Year, the #1 Sender of Business and the President’s award, with one award each for the five types of markets served by NAI Global.

NAI Maestas & Ward, based in Albuquerque, New Mexico, garnered the Office of the Year Award for the manner in which the office promotes the brand, drives business, engages with fellow professionals and provides leadership within NAI Global’s structure.

NAI Maestas & Ward CEO, Debbie Harms, CCIM, SIOR on the award: “It really is quite an honor to have received this award.  Our office is doing great things with our NAI Global affiliation to aim at maximizing the potential of a local brokerage with national and international reach.  Our marketing department has done some amazing things to promote our business and is a big part of our receiving this award for our first-in-class marketing materials. ”

NAI Maestas & Ward Marketing Director, Genieve S. Posen, MLA on the award: “The excitement is still setting in.  It is wonderful to see our company’s leadership and marketing efforts being recognized on a national/global scale.  As a marketing department, we have worked hard, diligent and smart to provide a vital role in promoting the business and mission of NAI Maestas & Ward.  We are passionate about the storytelling and marketing of our company, our community and clients.”  

About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 375 offices strategically located throughout North America, Latin America and the Caribbean, Europe, Africa and Asia Pacific, with 6,000 local market professionals, managing in excess of 1.15 billion square feet of property and facilities. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.

NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.

To learn more, visit www.naiglobal.com or www.naiglobalnewslink.com

NAI Maestas & Ward Commercial Real Estate completed 443 commercial transactions in 2018 for a total commercial transaction value of $263.04 million. 

 

Second time is the charm for Revolution Bakery

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By Teya Vitu | tvitu@sfnewmexican.com

The second revolution is about to start for baker Dionne Christian.

She is bringing back the gluten-free Revolution Bakery that shut down in April 2016 after four years on San Felipe Avenue, just off the 1800 block of Cerrillos Road.

“I had a health concern I was dealing with,” Christian said about closing the first bakery. “I’m at 100 percent now.”

The new Revolution Bakery is expected to open in the first half of July in the former space of The Kitchen at the Design Center, 418 Cerrillos Road.

“The location is good,” Christian said. “It’s in the central business district of Santa Fe. You can see the Rail Runner station from the parking lot.”

The Revolution Bakery may have been down for three years, but 2,200 people remained Facebook friends on the Revolution account, where Christian has been hinting a return of the bakery since February without disclosing a location.

“I have been honing my skills, making sure I’m ready for the moment,” Christian said. “When I first put recipes together for breads and pastries, they were good. Now I think I have gone beyond that. I consider myself an expert dough developer. Now it tastes like the real thing I’m trying to impersonate.”

Revolution Bakery will offer 16 breads including brioche, cinnamon raisin, and sweet onion pumpernickel, with eight breads gluten-free and eight-breads gluten-free and vegan. The samplings on the pastry front include muffins, cinnamon rolls, brownies, lemon bars, and fritters — in all, a rotating menu of 14 gluten-free pastries.

New for the second Revolution will be subscription boxes. People can put in an order online and pick up the box at the drive-up window on Saturdays from 8 a.m. to 2 p.m. Christian is targeting people who live in Taos, Los Alamos and Albuquerque with the subscription boxes.

“There are so many people who are not local in Santa Fe,” she said, adding that at a later date she might establish pickup spots in those cities, but for now she wants to make it easy for visitors to drive up and pick up the subscription box. Santa Fe residents can also order subscription boxes, and customers can use the drive-up window for standard purchases, she said.

Christian got into gluten-free baking while she owned The Teahouse on Canyon Road, which she opened in 2003 and sold in 2011 in anticipation of opening the first Revolution Bakery in 2012.

“My customers were asking for [gluten-free] at The Teahouse,” she said.

The Revolution Bakery will be open from 8 a.m. to 2 p.m. Tuesday to Saturday and closed Sunday and Monday.

Santa Fe Managing Partner, Carlos Garcia on the story: “Santa Fe’s extensive world-class culinary options continue to expand by the latest expansion of Revolution Bakery at Design Center which offers only Gluten Free baked goods and exquisite pastries and some breakfast options.”

Santa Fe Advisor, Joel Cumplido on the story: “It was a pleasure to be part of Revolution Bakery to find a space according to its needs. Definitely, we believe that the location of this business will help its growth in all aspects and is a perfect business for the Design Center.”

 

To learn more about the latest Santa Fe CRE news, visit our blog.

Read original story here .

The Scoop on Santa Fe: A One-on-One with Santa Fe’s Commercial Real Estate Division

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For nearly two decades, the Santa Fe team, lead by Managing Member, Carlos Garcia has been actively involved with the development, leasing, buying, and selling of commercial real estate. Together, with your goals always at the forefront, they work continuously aiding local businesses to organize and develop the perfect conditions for their business.

With unique insights into the local market, we sat down with Advisors, Carlos Garcia, and Joel Cumplido, to get an inside scoop on what is happening in Santa Fe.

Santa Fe, New Mexico is known as “The City Different” and this is reflected through the culture, people, landscape and community.  The city has been a popular draw for artists, small businesses, tourists and retirees for many years and as of lately, there has been strong growth in the film industry, high technology and the interactive arts.  All of these elements make Santa Fe an ideal location for doing business in a stable and vibrant economic environment. 

Santa Fe is a unique market that merits a unique approach and no one understands this better than our hometown advisory team. Specializing in commercial real estate for Santa Fe and Northern New Mexico, our advisors are well versed in local market knowledge.  To get an inside scoop on what is happening in Santa Fe we sat down with Managing Partner, Carlos Garcia and Advisor, Joel Cumplido to learn more about “The City Different”. 

New Mexico’s housing market is booming (even as national home sales activity continue to be affected by affordability and interest rate issues).  Can you speak to the housing development climate in the Santa Fe metro area and what development projects or specific areas support these trends?

Santa Fe is no exception to the housing market boom being experienced by other markets.  There is also high demand in single-family homes with prices in the $350,000 – $425,000 price range.  It is not common to hear residential brokers comment on the fact that there is just not enough inventory for the demand they are experiencing. 

The medical and medicinal sectors are showing a consistent rise in leasing and development throughout the state. What impacts do these sectors have on the Santa Fe market?

Presbyterian Medical Center Master Plan in Santa Fe comes to mind immediately.  It is part of a planned 40-acre phased construction project comprised of 500,000 SF of acute care hospital and outpatient clinic space. Construction was completed in November 2018. Phase 1 consisted of 345,000 SF including 72 inpatient beds, full diagnostic and treatment area, a complete surgical center, and approximately 100,000 SF devoted to outpatient clinic space.  It will have a staff of over 350 when completed.  Projects like these have a direct impact on a community by bringing jobs and services.

 Santa Fe’s a city of unique retail boutiques, galleries, and dining.  As commercial real estate development expands to new retail corridors, do you see that classic Santa Fe “plaza” experience being carried out in other areas of the city?

Santa Fe Plaza will continue to have its old world charm which will continue to attract world travelers for years to come.  As of late a new commercial corridor has been developed to the south of the city.  This new corridor provides needed services to local residents and provides development opportunities for different markets.

There has been virtually no easing of Santa Fe’s tight multifamily real estate market in the past few years.  Santa Fe is historically known as one of the country’s most crowded markets for multifamily rentals.  Can you speak to the multifamily developments happening in the city and metro area?  Also, what does that mean for services and retail opportunities in the city

It is estimated that Santa Fe has a shortage of approximately 5,000 multi-family units.  We only have approximately 1,800 units in the pipeline which mean that even after we deliver the units currently approved and planned on being built Santa Fe will continue to experience a shortage in Apartment Style Living Units. 

We cannot talk about Santa Fe without bringing up Meow Wolf.  Their start-up success story has so many layers but perhaps the one layer that connects to our industry was their start-up site for their flagship location. Do you see Santa Fe becoming an incubator for startups and experiential entertainment and how does that relate to commercial real estate development?

Meow Wolf has been a great success for Santa Fe’s art market. Attracting visitors from all over the world for their Interactive Arts Exhibit.  After remodeling the Santa Fe bowling alley, Meow Wolf expanded its manufacturing operations to an approximate 55,000 SF facility at Valdez Business Park and plans are underway to build a 4 story 72,000 sf four-story corporate headquarters in their 4-acre campus.  The Meow Wolf experience is expanding to other parts of the country, with plans underway for Denver, Co., Washington, DC and Las Vegas, NV.  With all this economic development being created by Meow Wolf we are sure to create synergy to other segments of the local economy as support industries move in to assist in the arts market.

Meet Carlos and Joel:

Carlos Garcia joined NAI Maestas and Ward in 2011. His 20+ years of experience in development, leasing, buying, and selling of commercial real estate. Carlos’ experience as an owner and manager of two thriving Santa Fe businesses has given me unique insights into the local market that help his clients achieve maximum success. The relationships he’s built throughout his career and continue to develop today have also been invaluable resources in each transaction.

Joel joined NAI Maestas & Ward in October 2018 after working for 3 years administrating Amigo Fiel, a non-profit after school and community outreach program. Using the knowledge, experience, and relationships gained from his obtaining a degree in Industrial Engineering, Joel has a sharp attention to detail. He’s passionate about helping people organize and develop the perfect conditions for their business. Joel’s main focus in any project is to calculate the best way to get from point A to B, and how to make everything in-between as smooth and enjoyable for the client.

To learn more about our Santa Fe team watch our Advisory Team Video here

 

DOE contractor signs big lease in Los Alamos

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By Collin Krabbe, Technology reporter, Albuquerque Business First  |  August 14, 2019

DOE contractor signs big lease in Los Alamos

A joint venture led by Huntington Ingalls Industries and BWX Technologies contracted to carry out an environmental cleanup job at the Los Alamos National Laboratory has big plans for Los Alamos following its first year in business.

The corporation is tasked with environmental cleanup job at the Los Alamos National Laboratory has signed a new lease and plans to hire an additional 100 workers over the next fiscal year, which begins in October, and ends in September.

NAI Maestas & Ward broker Jim Hakeem and Steve Kraemer who said the deal closed in June, represented the landlord on the lease transaction (this is a correction from the original Albuquerque Business First story). Newport News Nuclear BWXT Los Alamos Spokesperson Todd Nelson said the company plans to remain in the facility for the duration of its work in Los Alamos.

Click here for the rest of the Albuquerque Business First story

Director, Jim Hakeem on the topic: “LANL’s impact on the NM job scene and robust economy is showing no signs of slowing down. The sheer magnitude of 62,000 sf of space in a small town in northern NM is strong validation that new jobs are being created and there is meaningful economic growth, not only to the immediate area of Los Alamos but also to the state in whole. Both Enterprise Bank (Landlord) and N3B (Tenant) focused on the vision and opportunity in making this happen and we appreciate all the efforts put forth by both of those teams.”

3 Ways I Help YOU!

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By Shelly Branscom -Director, NAI Maestas & Ward Office Team
July 2, 2019

Would you ask a podiatrist to treat you for strep throat?  Not likely.  The podiatrist could certainly prescribe you an antibiotic.  But is it the right medicine for you?

Would you junk a car with 60,000 miles because a check engine light comes on?  Not likely.  If you are like me, you’d call your spouse and share the problem so the two of you can come up with a solution to remedy the situation.

As YOUR commercial real estate expert, I am here to remedy your commercial real estate situation by assisting you with:

  1. Finding the building for you 
  2. In the right location 
  3. Within your budget

You are working in and on your business every day.  If you spend your precious time in search of a property, negotiating the transaction and managing the construction of your improvements, your business will begin to lose focus which will impact your bottom line. 

Allow me and my team of experts help you with the most important transaction of your business lifetime.  Let me tap into my resources while you continue to foster in your business. 

Together we can climb mountains. 

Click here to learn more about Shelly

For more information on Shelly’s properties click here

 

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