Retail
Commercial Real Estate Bustling
Deals were made and relationships built at ICSC Las Vegas, the planet’s largest retail conference, which drew a number of Santa Fe and Albuquerque commercial real estate agents and mall/shopping center operators.
And Las Vegas, Nev., could well be where the companion tenant to Dutch Bros on the former Cheeks location ends up having been found.
The big ICSC Las Vegas conference, held in mid-May, was the first in three years due to the coronavirus pandemic. The world has changed since then, in ways that were not predictable during the lockdown of 2020.
Turnout for ICSC had not totally recovered, with 22,000 attendees rather than the usual 33,000 and more, but retail “speed dating” was as vivid as ever.
“I definitely have more business than I can handle at this time,” Tai Bixby said. “Southwest Cerrillos Road, all of that, is slated for build-out in the next
“You were able to connect more with people this year,” Genieve Posen, an adviser at NAI SunVista, an Albuquerque commercial real estate firm with a Santa Fe office. “We were in scheduled meetings, but we were able to get impromptu meetings with retailers we didn’t get to meet with before the pandemic. I would call it speed dating in its most honest form.”
For decades, ICSC was the International Council of Shopping Centers, but last year the organization changed its name to Innovating Commerce Serving Communities.
The group brings together retailers, brokers, developers, builders, city officials, investors and tech people. Brokers take their best elevator speeches to woo retailers who don’t quite measure Albuquerque and Santa Fe at the same level as Phoenix, Denver and Dallas.
Read the whole article here in the Santa Fe New Mexican.
For more information on commercial real estate opportunities throughout New Mexico contact Tai Bixby & Genieve Posen.
Icon Cinemas to take over former Montgomery Plaza theater
By Ron Davis – Reporter, Albuquerque Business First
September 15, 2021
The show will go on at Montgomery Plaza.
More than a year after Cinemark Movies 8 announced it was closing at Albuquerque’s Northeast Heights shopping center, Icon Cinemas will take over the space at 4591 San Mateo Blvd. NE later this year.
Scott Goodman, a vice president at Goodman Realty Group, which is the landlord of Montgomery Plaza, confirmed the deal to Business First.
“When the word was that this [property might be coming back on the market], [Icon] jumped on it immediately … because how many times does a vacant movie theater come on the market for sale when you’re trying to expand a movie theater?” Goodman said.
Goodman anticipates Icon will open in late November or early December as some minor renovations are completed.
NAI SunVista’s Keith Meyer, Alex Pulliam and Jim Wible were the listing brokers and represented Goodman Realty in the transaction. Pulliam confirmed to Business First that Icon closed on its deal earlier this month.
Click here for the rest of the Albuquerque Business First story.
NAI SunVista advisors Keith Meyer, Jim Wible and Alex Pulliam were the listing brokers and have this to say about the project:
Keith: “This was a challenging opportunity in that the location, zoning and parking were very desirable, but the special purpose building with the sloping floors to facilitate the cinema use made it difficult to determine if the property could cost effectively be redeveloped or if it should be torn down. Ultimately that decision didn’t have to be made as the Buyer was looking to expand with their novel cinema offering. The good news is that the Buyer and Seller and the consumer will all be beneficiaries of this opportunity. “
NAI SunVista 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.
May 2021 Property Inventory
Available Property (Office, Retail, Lots, Industrial and Business)
Each month we bring our new property listings to you to view in one place! See all of our properties that may fit your needs.
If you are interested in sharing information about listing your property please contact us!
To view our April property inventory, click here
November Property Inventory
Available Property (Office, Retail, Lots and Commercial)
Each month we bring our new property listings to you to view in one place! See all of our properties that may fit your needs.
If you are interested in sharing information about listing your property please contact us!
To view our entire property inventory, click here
June Property Inventory
Each month we bring our new property listings to you to view in one place! See all properties that may fit your needs.
To view entire property inventory, click here
Emerging from Covid-19; Commercial Real Estate Predictions 2020
by Shelly Branscom, CCIM
As we began the 2020 year, none of us could have predicted the halting effects COVID-19 would have on the world’s social and economic landscape. As current stay-at-home orders are shifted into economic phasing plans, it is important to take a closer look at what major factors will impact the Commercial Real Estate Market in 2020.
Return to business – communities will begin re-opening businesses; albeit with procedures, including wearing masks, social spacing and extra cleaning in place
Downturn – We are experiencing a downturn in CRE activity caused both by social distancing and by small business owners’ need to furlough and/or layoff significant portions of their workforce.
Recession – Remember recessions do not typically occur until 18 months after they’re seen. In other words, the economy is not falling apart. Trust me, in about 18 months, we will all be back to “normal.”
Owner/User Opportunities – Every downturn creates real estate transactions; subleases, Tenant relocations, foreclosures and dispositions. Be ready to buy!
Cash Flow – Landlords should review their rent rolls and develop a strategy to maintain cash flow even through Tenant requests for rent forgiveness, reduction or abatement. Consider trimming expenses wherever possible to minimize asset devaluation.
Banker Conversations – Property owners should be in contact with their lenders. Keeping the lines of communication open during the COVID-19 cycle will enhance your ability to negotiate forbearance options should you not be able to make your payment.
Refinance – Investors who are seeking to hold their assets should consider refinancing during this low-interest-rate environment. At the very least, talk to your lender. There are more options available to you now than ever before. Refinance/consolidate into non-recourse loans.
Capital Improvements – If you are experiencing flush cash flow, now is the time to invest in capital improvements.
Investor Opportunities – Some investors may want to move off the coasts and into the south-central United States to take advantage of more favorable capitalization rates; jump on these opportunities.
Technology – Expect mergers and acquisitions around the world, particularly in the tech sector.
Social gatherings – The methods of attending sporting events, shopping and even dining will shift and will likely include occupancy loads at unprecedented low percentages. Our family gatherings, elderly visits and birthday celebrations will look different as well.
Local Impact – Find comforting in knowing, New Mexico, and Albuquerque in particular, often do not fall as low or peak as high as other states and cities across the United States. We are cushioned by the federal government’s impact on our State via the National Laboratories and our three Air Force Bases. In addition, we do not have nearly the amount of speculative construction in our community as other communities do, resulting in less of an increase in vacancy.
We will Recover – Finally, a survey of women who sit on boards of directors found that most believe it will take six months or more to recover from the effects of COVID-19 coronavirus pandemic; however, we will recover. Call me and I can help you navigate your way through the next six months and beyond.
Our industry is very much alive and I believe opportunity still awaits. We must be patient, resourceful and smart in our approach to commercial real estate during these times. Contact me today and let me help you navigate your way through the next six months and beyond. Your success is my mission!
Shelly Branscom, CCIM is an NAI Maestas & Ward commercial real estate specialist that provides substantial long term strategies and business planning services to her clients. She prides herself on thinking outside the box, enabling her to contribute unique solutions and outcomes specific to each of her clients. Learn more about Shelly and her listings.
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.
Navigating coronavirus’ impact on commercial real estate
A Whitepaper by Riley Mckee
Between 2007 and 2009, the commercial real estate industry was dealt a heavy blow by what is now referred to as “The Great Recession”. Property values and sale volumes collapsed when businesses began prioritizing survival overgrowth. In the years that followed, real estate transactions required extreme deference on the part of sellers, as buyers capitalized on this dramatic shift in economic circumstances.
In the last few years though, the market had notably improved in response to steady economic gains and a corresponding growth in demand—demand that seemed unassailable until just over two weeks ago.
The unexpected surge of COVID-19 and the drastic measures put in place to slow it have undoubtedly shaken things up. Shelter in place orders, strict limits on public gatherings, forced closures to restaurants, movie theaters, and other businesses deemed “non-essential” have limited productivity and stunted activity market-wide. Uncertainty and concern abound as we grapple with finding and implementing effective solutions.
Yet in the midst of these unsettling times, it’s vital we recognize the “black swan” nature of a pandemic. The roots of our current predicament bear little resemblance to those of the economic collapse in 2007, which was caused by structural deficiencies in the financial system. COVID-19 aside, our economy is healthy: steady and sustainable growth had resulted in low unemployment, high consumer confidence, and a sense of optimism about New Mexico’s future that had been lacking for some time. While these very recent circumstances may change in the short term, an energetic recovery once the virus is contained is by no means out of the question.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act recently passed by Congress and signed into law by President Trump on Saturday (March 28) is a noteworthy step in that direction. The bill provides a healthy measure of relief to businesses and individuals alike, buying time to flatten the curve while keeping our nation’s powerful economic engine primed for a quick restart. Similarly, governmental agencies in New Mexico have made a slew of resources available to help businesses weather the storm.
To our clients, we advocate taking full advantage of these resources to help stabilize operations and lay the groundwork for a return to normal economic circumstances. Coronavirus, just like the Great Recession, will one day be relegated to the status of a bad memory. Until then, let’s remain patient and persevere toward the prosperous future we know is on the horizon.
For more information on resources made available through the CARES Act or from The State of New Mexico please reach out to Riley McKee and Alex Pulliam
To download this Whitepaper, click here
Riley McKee is an NAI Maestas & Ward commercial real estate specialist that advises industrial and logistics real estate owners and occupiers on leasing, acquisitions, and dispositions. Learn more about Riley, his properties and his insights to market shifts in commercial real estate here.
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.
It’s Not Just Amazon’s Fault | A Review
It’s Not Just Amazon’s Fault by Vitaliy Katsenelson | An Article Review
We sat down with Retail and Multifamily Specialist, Isaac Romero who provides market and knowledge insight to all things financial in the Commercial Real Estate World for a review of the Retail Sector to provide an additional perspective.
To download and read the White Paper and Amazon Article Review, click here
Isaac comes to Commercial Real Estate after working with the 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 Commercial 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 read the article It’s Not Just Amazon’s Fault, by Vitaliy Katsenelson, click here
For more on Isaac Romero, click here