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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

 

A One-on-One with Albuquerque’s Multifamily Experts

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The multifamily team believes strongly in the value of teamwork, and views every real estate transaction as a puzzle to be solved through group communication and idea-sharing.  Their understanding and engagement of technology coupled with solid work ethic provide their clients with a smooth transaction and a personable, high-caliber experience.

As leaders in Multifamily sales, we sat down with Advisors, Steve Kraemer, CCIM, and Isaac Romero, to discuss their thoughts on the current state of multifamily housing sales in Albuquerque.

What was your forecast of the 2019 Multifamily sector?  Is your forecast turning out to be correct?

Our 2019 forecast called for an increase in apartment values due to continued upward pressure on average rents.  We’ve seen the market do just that so far in 2019, though we’re keeping an eye on interest rates

With the low cost of capital right now we are seeing significant activity in the market.  

Do you see global issues of increased tariffs on imported materials and growing labor shortage as an impact to multifamily developments? 

As with any project requiring construction, the tariffs add costs as well as a level of uncertainty for developers.  However, we have not seen a slowdown in the development of apartments or the trading of apartments in the market. 

Housing affordability continues to be on the front burner both globally and locally.  Will we see workforce housing supply increase, in an effort to meet demand? 

We expect to see fairly equal development of both market-rate apartments and subsidized, or low-income housing.  There is demand in all state geographies for additional apartment units including Albuquerque, Rio Rancho and especially Santa Fe. 

What can developers do to ensure their properties are future-forward?

Connectivity and quality common area spaces are keys to producing a future-forward property.  Co-working spaces, game rooms, movie rooms are all trends in the apartment market currently.  

What tech trend will most impact future apartment/multifamily developments?  

It will be interesting to see if driverless cars affect multifamily in the same way it is predicted for office and retail, specifically in the required number of parking spaces.  If the new normal is driverless car services, developers may be able to maximize the density of their multifamily projects.  Existing developments may be able to remove parking and add additional units.  It’s going to be a very interesting time as driverless cars become more mainstream. 

The rental market is forecasted to increase as Millennials choose the flexibility of renting over owning and as Boomers downsize. Are we seeing any evidence of that in Albuquerque?

Yes.  We’re seeing increases in the demand for apartments across generations, which is putting upward pressure on rental prices for tenants.   

What does Albuquerque need more of in the multifamily market?

Studies show a need of over 5,000 apartment units in the Albuquerque/Rio Rancho markets.  A wide variety of product types (i.e., 4 units up to 400 units) is needed. 

What are the top factors about a property that attracts a multifamily investor?

Predictable net income, good financing options, and the low cost of tenant turnover are three key reasons investors are attracted to multifamily properties. 

Meet Steve and Issac:

Steve Kraemer joined NAI Maestas and Ward in 2014. His 11+ years of experience in commercial real estate include working in multiple disciplines—multifamily, office, retail, and industrial properties. Steve
heads up the Multifamily division for NAI Maestas and Ward and is highly active in the office and industrial markets as well.

Isaac joined NAI Maestas & Ward in October 2018 after working for New Mexico’s top budget agency—the Legislative Finance Committee—where he was responsible for nearly $500 million in state agency budget recommendations. Using the knowledge, experience, and relationships gained from his time with the legislature, Isaac intends to share his vision for a more prosperous New Mexico through brokering commercial real estate and promoting economic development in our state. As an investor in multifamily real estate, Isaac specializes in multifamily investments. As a promoter of business, Isaac is growing his expertise in retail, including leasing, acquisition, and disposition.

To learn more about our Multifamily team watch our Advisory Team Video here

 

New Mexico: Opportunity Zones are Knocking

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By Bruce Krasnow – Public Information Officer, NM Economic Development Department
August 7, 2019

SANTA FE, N.M. – The New Mexico Economic Development Department (NMEDD) has unveiled a new website so local governments, investors, businesses, and property owners can take advantage and connect with Opportunity Zone resources.

The state, along with NMEDD, designated 63 Opportunity Zones in 22 counties as part of the U.S. Government’s Tax Cuts and Jobs Act of 2017. The purpose of the tax law is to attract capital investment into economically distressed areas in exchange for a reduced tax obligation.

“The Opportunity Zone program has the potential to transform parts of New Mexico and impact communities for generations to come,” said Cabinet Secretary Alicia J. Keyes of the New Mexico Economic Development Department. “The state is working to educate and assist all 63 designated tracts to create an ecosystem that is open and ready for investment.”

“The investment zones are a priority for Gov. Michelle Lujan Grisham and NMEDD is working with the Governor to offer additional incentives so that New Mexico can be a leader in offering assistance and options,” said Keyes.

One example of an Opportunity Zone (OZ) project is the redevelopment of a warehouse property near downtown Albuquerque into a production studio operated by NBC Universal Studios. Owned by Garcia Realty and Development, the project at 1601 Commercial St., NE, 87102 will be the cornerstone of NBC Universal’s New Mexico audiovisual operations.

Both the state of New Mexico and the city of Albuquerque are providing economic development grants. NBC Universal, in turn, has promised to spend $500 million on production and hire 330 full-time employees. The economic impact of the redevelopment is estimated at $1.1 billion over a decade.

The project will generate significant economic impact in the greater Albuquerque area and also function as an anchor tenant in a designated Opportunity Zone, potentially triggering additional direct investment in the community, according to a recent economic analysis by NMEDD.

NMEDD has created an online hub to facilitate the connection between resources and projects at all stages of development. Information is available for investors, businesses, communities, and partners. The website includes a map to geographically search for Opportunity Zone projects in specific counties, searchable project pipeline, and a list of Opportunity Funds at www.nmopportunity.com.

Projects can be submitted to the NM OZ Project Portal. The projects are vetted by NMEDD, summarized and sent out to an email distribution list comprised of resources, investors, funding agencies and local governments. In addition, projects are connected to FundIt-Community, an inter-agency task force of state and federal funding agencies. Those interested in participating in Opportunity Zones can also contact Johanna Nelson by email with questions.

Entities interested in signing up for the email list can do so on the website here.

The Economic Development Department is sponsoring an Opportunity Zone Forum from 7:30 a.m. to 2 p.m. on Aug. 27 at the National Hispanic Cultural Center, 1701 4th Street SW, Albuquerque. 

The NMEDD’s Finance Development Team (FDT) is also offering quarterly webinars to answer questions and provide news updates on Opportunity Zones best practices. All webinars will be announced on the website and available online after the live event here.

For more information, visit www.nmopportunity.com or email opportunity.zones@state.nm.us.

Office Building’s new amenities might make you not want to leave

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By Rachel Sams – Editor-in-Chief, Albuquerque Business First
July 12, 2019

How much work would you get done if your office included float pods, salt rooms and Peloton bikes? Some Albuquerque tenants will soon find out.

The skinny

Developer Matt Finkelstein purchased Albuquerque’s Optimum Building, 5700 Harper Dr. NE, with plans to provide office tenants some amenities unique in Albuquerque.

Click here for the rest of the Albuquerque Business First story

 

More information on this property:

The Optimum Building not only offers office and co-working spaces from 1,000 SF TO 12,681 SF, it offers revolutionary wellness facilities to tenants–like Peloton bikes, isolation float pods, salt rooms, massages, yoga classes and a swanky cafe. Work. Relax. Repeat: bit.ly/2XdApcA

Foreign Interest in Industrial Real Estate Continues to Grow

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By: NAI Global CRE Outlook, June 12, 2019

Out of all of the CRE sectors available, overseas investors indicated they are most interested in acquiring industrial assets. Foreign interest honing in on industrial real estate is a trend that has remained strong over the past few years and is set to continue throughout 2019 and beyond.

According to a survey conducted by the Association of Foreign Real Estate earlier this year, a whopping 79% of foreign investors stated they would like to increase their exposure to U.S. industrial spaces.

So what exactly is it about America’s industrial real estate that attracts so much attention across the globe? Here’s what CRE professionals need to know about this trend in order to stay at the top of their game.

High Profit Margins

When comparing industrial investment to other CRE facets, it becomes clear why foreign investors are heavily leaning towards the industrial side of the business. Industrial real estate brings back incredibly large profit margins and yields unparalleled returns.

Not only is it profitable, but industrial real estate is also convenient for overseas parties. Being a landlord of an industrial property is far more hands-off than owning a multi-family, hotel, or retail development.

Most industrial leases are business-oriented, placing nearly all of the responsibility on the inhabitants. Due to the growing interest in the industrial sector, it’s also relatively easy to get funding for the purchase of an industrial property.

This investment approach allows foreign parties to make a huge profit while still allowing them to focus on expanding other areas of their business.

Security and Stability

The United States’ industrial real estate market is incredibly secure and stable due to the changing scope of global retail and consumerism. More and more companies are looking to invest in industrial properties in order to keep up with the growing demands of the business.

The contemporary consumer values automation and instant gratification, all of which are by-products of our ascension onto the digital platform. In order to deliver their products to clients more quickly, companies are needing to open up warehouses all around the country.

Out of all of the available facets of CRE, industrial real estate stands as the most promising for overseas investors. The profits are wide, stability is ensured, and there are a plethora of established markets thriving in the United States.

Which commercial sector are you most interested in for 2019 and beyond? To learn more about the latest CRE news, visit our blog.

End.

Read original story here .

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 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world

International distributor plans massive ABQ expansion with new facility

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By Collin Krabbe – Technology reporter, Albuquerque Business First
June 28, 2019

International distributor Bunzl Distribution USA is planning a major Albuquerque expansion and has signed a “long-term” lease for a new building under construction at the site of the former FedEx Freight facility.

The company, a distributor of food packaging, supplies and cleaning and safety products, will relocate to a newly constructed 80,000-square-foot facility, 7601 Los Volcanes Road NW. The plant will be nearly double the size of its previous one. Operations Manager Adam Longbotham confirmed the deal.

Click here for the rest of the Albuquerque Business First story

Senior Director Keith Meyer on the topic:“Creating jobs is our passion. We believe that insuring the profitability of companies by maximizing their real estate utilization and understanding the economic development support available to expanding employers is a big part of enabling companies to grow.”

Director Jim Wible on the topic:“We are thrilled with the success that this employer has enjoyed in our market.  Any time such success causes new construction is good news for the entire commercial real estate industry.  Our market is experiencing some expansion, a welcome sign.”

Winrock Town Center signs massive new lease for office anchor tenant

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By Collin Krabbe, Technology reporter, Albuquerque Business First  |  June 18, 2019

New Mexico Orthopaedics plans a major new headquarters at the Winrock Town Center.

The Albuquerque-based health care provider signed a 10-year lease in May, not including options, for 68,000 square feet at the mixed-use development, including the entirety of its Level 2 office spaces. Goodman Realty Group Vice President of Development Darin Sand and New Mexico Orthopaedics Executive Director Nancy Adelsheim confirmed the deal. Goodman is Winrock’s developer.

Colliers International’s Scott Whitefield and Shona Martinez represented the property in the transaction. CBRE brokers Debbie Dupes and Dan Newman, along with NAI Maestas & Ward Realtor Dave Hill, represented the tenant, according to Adelsheim. Albuquerque builder Insight Construction will perform the buildout, and local architecture firm Scout Design will design the space.

Click here for the rest of the Albuquerque Business First story

Dave Hill on the topic, “It was a pleasure working with New Mexico Ortho on this transaction.  New Mexico Ortho’s team knew what they wanted and where they wanted to be.  The Winrock facility meets their needs and it will be a great location for the Doctors as well as the patients.  This location will make it much more convenient for patients to meet with their Doctor.”

Construction begins on new shipping container project

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By Christopher Ortiz, Managing Editor, Albuquerque Business First  |  June 11th, 2019

Seven months after its groundbreaking ceremony, construction has begun on Albuquerque’s second shipping container project.

Crews are set to begin pouring foundation at Tin Can Alley at the corner of San Pedro and Alameda, reports KOB.

Developer Roy Solomon, who also developed Green Jeans Farmery, originally eyed a July opening but now construction is expected to be completed in early 2020, reports KOB.

Solomon told Business First in November that Tin Can Alley will be 11,000 square feet and tenants include Santa Fe Brewing Co., Amore Neapolitan Pizzeria, Rustic Star Burgers and a Vietnamese restaurant. Restaurateur Erin Wade announced she is planning a new Vinaigrette location and another restaurant concept on adjacent lots. Stone Age Climbing Gym also announced plans for a new location next to Tin Can Alley.

Albuquerque-based Snyder Construction is the general contractor and Joe Slagle is the architect. Nusenda Credit Union is providing the financing, Solomon said in November. The project’s price tag wasn’t immediately available. Like at Green Jeans, Santa Fe Brewing Co. will have a taproom and serve as one of the project’s anchors, Brian Lock, president of Santa Fe Brewing, confirmed with Business First in the fall.

“We’re looking to take a beautiful site and create a heartbeat,” Solomon said back in November.

Solomon said the development will provide around 300 jobs and said he hopes it will see $14 million in annual revenue.

Brett Hills, NAI Maestas & Ward Partner, represented developer, Roy Soloman, and  Jim Hakeem, NAI Maestas & Ward Director, represented the landowners in this landmark project at San Pedro and Alameda in the NE Heights. 

Rise of the West Side retail

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By Steven Hamway, Albuquerque Journal Writer |  June 10th, 2019

Parts of the western side of Rio Grande have long been second-best when it comes to retail in Albuquerque, with fewer unique dining and shopping options than established nodes like Old Town and Uptown

However, retail observers say they’ve seen restaurants new to the market and those looking to expand their Albuquerque recently start flocking to the West Side.

“It’s the fastest-growing segment in the city,” said Genieve Posen, marketing director for NAI Maestas & Ward. “It’s one of the most underserved in terms of retail and restaurants.”

Posen noted that the western portion of the metro area, anchored by Rio Rancho, is growing quickly, but many residents still commute into Albuquerque. Because of that, she said retail corridors on the west side, particularly the northwest, are well-positioned to get people to stop closer to home during their commutes

While Cottonwood Mall and the shops near Coors NW and Interstate 40 have attracted plenty of development, Posen said retail and restaurant development between those nodes has been relatively rare.

Still, with the city’s growth to the east confined by the Sandia Mountains, Posen said the West Side is the logical spot for growing retailers to target as the city expands, and several recent openings and announcements support that assertion.

“Every new development over there is a step in the right direction,” she said.

Hobby Lobby Las Estancias

Perhaps the most publicized recent evidence of new West Side development is the new Hobby Lobby that opened at Las Estancias.

The arts and crafts retailer opened its fourth location last week following a ribbon-cutting ceremony organized by the Greater Albuquerque Chamber of Commerce on Monday morning. The new location, at 3716 Las Estancias Way, is the latest retailer to sign on at the mixed-use development in Southwest Albuquerque, joining Ross Dress for Less, Shoe Department Encore and Ulta Beauty.

Celina Espinoza, communication and community outreach director for Maestas Development Group, which is responsible for developing and leasing Las Estancias, said Hobby Lobby will occupy 55,000 square feet and will eventually employ more than 50 people.

Michelle Casias, senior vice president of operations for the chamber, said Greater Albuquerque’s southwest quadrant is short on retail even relative to other areas west of the Rio Grande. For that reason, Las Estancias plays a vital role, giving residents access to services that they might otherwise have to travel a long way to reach.

“The development at the Las Estancias shopping center is really going to broaden that (access), and that’s wonderful for the community,” Casias said.

Espinoza added that the project is currently in phase two of six, with future development expected to include additional sit-down restaurants, a splash pad for kids and an open-air market.

Sushi West Side

Looking ahead, the western part of the city will also play host to a sushi chain’s second Albuquerque location.

Sushi Freak, which opened a restaurant in ABQ Uptown in 2015, agreed to a lease near Montaño and Coors NW. Posen said Sushi Freak, a fast-casual restaurant that prepares traditional sushi in a contemporary atmosphere, will join a growing collection of shops in the area, including a Grassburger and a Great Clips hair salon. The restaurant will occupy 1,260 square feet and is expected to open this summer.

Posen called Montaño and Coors “one of the hottest places to be” for retailers. She cited the low level of crime and the volume of drive-by traffic as reasons for the area’s success.

“There’s a lot of good energy right there,” Posen said. “You’re looking at a very dense intersection.”

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

Sushi Freak rolls into the Westside

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By Ron Davis, Albuquerque Business First reporter  |  May 31, 2019

Sushi Freak is set to make its second move in the Duke City.

The San Diego-based sushi chain is planning for a new location on Albuquerque’s Westside at the North Andalucia at La Luz shopping center, located at Coors Blvd. and Montaño Road. Sushi Freak has locations in Albuquerque Uptown, El Paso, Texas, as well as San Diego and has two proposed locations on the Westside and in Las Cruces, according to its website.

The Westside location is set to open later this summer. City permits show Sushi Freak will operate a 1,260-square-foot space at the shopping center with Albuquerque-based Master Homecrafters Inc. listed as the building contractor.

Business First reported on Sushi Freak announcing its arrival in Albuquerque in September 2015, bringing a concept called the “sushi burrito” — basically, a giant sushi roll that’s been rolled up burrito-style.

NAI Maestas & Ward’s Thalia Toha represented Sushi Freak in the transaction. Terms of the deal were not disclosed. Toha called the Coors and Montaño intersection attractive for most restaurants with major developments around the area. Sushi Freak is set to join retailers such as Sprouts, PetSmart and Great Clips. Business First reported on Colorado-based Grassburger opening a nearly 2,500-square-foot restaurant in April and Which Wich opening a 1,400-square-foot space at the shopping center in December. 

NAI Maestas & Ward Commercial Real Estate completed 443 commercial transactions in 2018 for a total commercial transactions value of $263.04 million. It ranked No. 2 on Business First’s list of largest New Mexico commercial real estate firms.

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