ALBUQUERQUE — The purchase of a local retail center by a local investor that was financed by a local bank is a model for how New Mexicans are working together to further grow and energize its already strong economy.
The Shops at Montaño, a neighborhood retail center located at the intersection of two of the city’s main thoroughfares, was sold by an Albuquerque-based investment group to another local investment group. The purchase was financed by Los Alamos National Bank.
The 25,820-square-foot center at the corner of Coors and Montaño Roads on Albuquerque’s west side was built in 2006. Its tenants include regional automotive parts and accessories supplier Checker Auto Parts and nine local retailers.
“In real estate, location is everything, and this location is one of the best in the metro,” said Keith Bandoni, director, of NAI Maestas & Ward Commercial Real Estate, who with fellow NAI M&W director Dave Hill represented the buyer in the transaction. “Coors Boulevard is a major north-south arterial that connects Albuquerque with Rio Rancho. Montaño Road is one of the four very busy east-west thoroughfares across the Rio Grande river. We think of this location as the corner of Main and Main.”
Key to closing the transaction, Hill said, were educating the buyer on both the property’s attributes and challenges and managing the expectations of all the parties. “We were able to put together a thorough and balanced analysis and lay out all the cards necessary for the buyer to decide whether to play this hand,” he explained. “Also, we were able to manage the expectations of the buyer, the seller and the bank. The fundamentals were there on this project: We had a strong qualified buyer and a property with a solid net operating income. And we involved the bank early in the process, which made all the parties more comfortable. Brian McKelvey, the commercial loan officer at Los Alamos National Bank, was great to work with.”
The fact that Hill and Bandoni had immediate access to information on the management of the property was an added bonus. “NAI Maestas & Ward’s Property Management Division was handling Shops at Montaño, so we were able to walk to the other side of our office and get the data we needed when we needed it,” Bandoni said. “That really helped bring this deal to fruition.”