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COLLIERS IN THE NEWS

ABQ’s music giant getting ready to downsize

Bob Feinberg - Senior Vice President & Principal

Tom Jones - Senior Vice President & Principal

Micky Patten walks a path through a back storage room at Grandma’s Music & Sound wide enough for an elephant.

The place used to be packed.

He offers a showroom tour at the West Side Albuquerque store, pointing out a few barren hooks and a couple of empty guitar displays.

“You can see holes where there would normally be stuff,” said Patten, who has been gradually shrinking the inventory at the store he owns with wife, Patty.”We don’t need this much space anymore.”

That’s why the state’s largest music store is preparing to downsize.

Grandma’s has put its 15,500-square-foot building on the market as the Pattens seek a smaller, easier-to-run location for the 34-year-old business.

The store moved to its current, custom-built digs along Coors near Paseo del Norte in 2004. It was a proud moment for Patten, who had since 1982 run the store out of leased space at Juan Tabo and Lomas. But he said a leaner operation will ease Patty’s bookkeeping load and better suit the store’s already smaller stock.

Store sales have declined since 2008, but Patten said the move isn’t a sign of trouble. The building has been on the market since last summer, but he only recently posted a sign out front to avoid giving customers the false impression the store might be closing.

“I imagine this business will be around after we retire in some form — which is not any time soon,” said the 60-year-old Patten. “We have no plans to retire.”

Bob Feinberg and Tom Jones of Colliers International are the listing brokers for the building, currently marketed for sale at $2.495 million. They will also help Patten as he seeks something about half the size, preferably in the Cottonwood area.

The stock likely won’t shrink beyond current levels, and he intends to keep all 15 of his employees.

Patten said the change will in some ways return the business to its roots. In the beginning, he bought selectively to fill what was originally a 1,500-square-foot store. As the business grew, he started stuffing the store. But with the Internet offering customers seemingly endless choices, variety for variety’s sake has become less important.

“We’re just going to go back to our original model,” said Patten, himself a bass player and guitarist who regularly gigs around town. “We pick what we want to sell and what we like and played as musicians and the heck with the rest of the stuff.”

Patten said the store maintains a loyal following of professional-level musicians but has seen a decline in the number of younger shoppers and first-time buyers coming through the doors. Not as many kids play in garage bands, he said, and younger musicians seem conditioned to simply go online.

And while in-store sales have declined, his own Internet sales are up. But Patten said the time has come to right-size.

“I wouldn’t mind a small store that’s really cool and packed with stuff,” he said.
Texas firm snaps up 200-unit Northeast Heights apartment complex

Cynthia Meister - Associate Broker

Colliers International Albuquerque and Phoenix close Cantata at the Trails

A Texas-based company has purchased its second Albuquerque apartment complex, marking another multifamily acquisition in Albuquerque's Northeast Heights.

Olympus Property, a private real estate investment firm headquartered in Fort Worth, bought Presidio at Northeast Heights, located at 6350 Eubank Blvd. NE near Academy Road.

The 200-unit, 15-building apartment complex was built in 1992, and is considered Class B multifamily real estate. Financial terms of the deal were not disclosed.

Cynthia Meister, a broker with the Albuquerque office of Colliers International, along with three other Colliers executives, Bill Hahn, Jeff Sherman and Trevor Koskovich in the firm's Phoenix office, were involved in the transaction for the buyer and the seller.

The seller was Los Angeles-based National Asset Services, which owns an apartment complex on Albuquerque's Westside and another in Las Cruces.

Olympus Property also owns Broadstone Santa Monica, developed by the Albuquerque-based Titan Development and completed in 2013. Olympus Property renamed the complex Encantada at Santa Monica, located at 6590 Santa Monica Ave. NE.

The company owns about 40 apartment complexes in eight states, according to its website.

T-Mobile in talks to take over closed Sprint call center

Tim With - Senior Vice President & Principal

T-Mobile is in negotiations to take over the Rio Rancho call center closed earlier this month by rival Sprint, according to a broker involved in the talks.

“T-Mobile is looking at an opportunity to help the community and the displaced Sprint employees,” said Dave Hill of NAI Maestas & Ward. “It’s a great real estate play and a great opportunity for the community.”

Hill said T-Mobile was “actively engaged” in talks with the owner of the property. He described the negotiations as being in the early stages.

T-Mobile would also use the space for a call center, but it wasn’t clear Wednesday how many employees might be part of the operation.

The company already operates two other call centers in the Albuquerque area.

Tim With of Colliers, who is representing landlord CALL LLC, a real estate investment trust, could not comment specifically on any negotiations underway with T-Mobile.

However, he said he was entertaining interest from “multiple parties” — mostly out-of-state users — interested in leasing the space. The interest is primarily from companies operating support centers, With said.

He said economic development entities from the cities of Rio Rancho, Albuquerque and the Sandoval Economic Alliance have also been helping to promote the property and have been on tours with potential tenants.

“We have some good prospects,” Jami Grindatto, president and CEO of the Sandoval Economic Alliance, said about working to attract a new employer at the site. “It’s very important to create new jobs” in the wake of Sprint’s closure.

Sprint announced last month that it was closing the center on Feb. 5, saying the move was part of a “multiyear turnaround strategy” for the company that involved eliminating up to $2.5 billion in costs. Nearly 400 employees were working at the Rio Rancho call center when the closure was announced.

The Rio Rancho customer service center opened in Enchanted Hills in 1998.

Its arrival was part of a call center boom in the City of Vision. The late 1990s also brought Victoria’s Secret, Gateway 2000 and NationsBank to a community that also had a J.C. Penney center. Sprint’s call center at one point had grown to about 1,400 employees.
Congratulations, Check Sheldon

Chuck Sheldon-Senior Vice President

Chuck Sheldon was recognized by the The New Mexico Chapter 46 of the Institute of Real Estate Management as their Certified Property Manager of the Year Award for 2015.

Chuck was also elected to Board President of The Apartment Association of New Mexico for 2016.

Park Square
Jim Long, investors snap up another Uptown office tower

Scott Whitefield-Senior Vice President

Ben Perich-Associate

Article from the Albuquerque Buisness First

Less than four months after purchasing One Park Square, Heritage Hotels & Resorts CEO Jim Long and a group of investors have purchased its twin, Two Park Square. The move consolidates more of Albuquerque's premier office holdings in the hands of a primarily local ownership group.

The building was sold by Two Park Square LLC, which is part owned by Hines, a Houston, Texas-based company that developed and managed the building, Hines confirmed Friday. The sale price was not disclosed.

Two Park Square, located at 6565 Americas Parkway, is a 10-story office building with about 200,000 square feet of office space, built in 1989. Major tenants include Moss Adams, New York Life and the accounting firm KPMG. It's also home to Albuquerque Business First.

"It has been a great asset for Hines for over 25 years," Mark Clegg, director of media relations and communications with Hines, said. "The new owners will take over property management."

The new owners are the same group that purchased One Park Square, including Long, Deborah Peacock of Peacock Myers P.C., Nate Korn and Randy Talbot. Christopher Smith, a former Albuquerque resident and CEO and founder of North Carolina-based Allegiance Realty, is also a part owner.

This means the ownership group now owns more than 400,000 square feet of premier office space in the heart of Uptown, along with an estimated 68,000 square feet of retail space connected to the office complex.

Long said the ownership group pursued both One Park and Two Park Square simultaneously. He said the group knew both office complexes needed to be under the same ownership to maximize marketing and management strategies.

"We think [Park Square] is a sleeping giant and has phenomenal potential," Long told Business First Friday morning. "Now with common ownership of both buildings, we think we're in a great position to be able to maximize that potential."

Long said Allegiance Realty will now be the property manager of the entire Park Square complex. Bill Marek, Two Park Square's property manager with Hines, is moving on from his position.

Long said the ownership group plans to invest in the property.

"We are really going to look at the complex with a fresh set of eyes and look at all the ways to make the experience better for the tenants of the building, visitors as well as the ownership group," Long said. Scott Whitefield and Ben Perich, in the Albuquerque office of Colliers International, were the local brokers involved in the transaction. Hines represented itself in the transaction, Long said.

Grow Your Local Business: Educational Series

Anne Apicella — Senior Associate

Presented by 
Sandoval Economic Alliance
In partnership with
Dynamic Growth Business Resource Center

Did you know that the primary source of job growth in every community is attributed to 11% new business, 80% existing business expansions, and 9% start-up operations?

Sandoval Economic Alliance has teamed up with the Dynamic Growth Business Resource Center to provide monthly educational workshops for our local business owners. SEA and DGBRC are organizing and facilitating peer-oriented roundtables that meet on a monthly basis. The goal is to provide comprehensive support and resources from subject matter experts and other business leaders on relevant topics that are otherwise not available. We recognize and appreciate the importance of existing business as a main source of economic stability in our community and are committed to providing support for continued vitality and growth of local businesses.
 
Classes will be offered every 2nd Wednesday of the month at Sandoval Economic Alliance from 8 am to 10 AM. A light breakfast and course materials will be provided. The fee for each course is $39.
 


Register Now!



The dates of our 2016 courses are listed below:
 
January 13th New Mexico Incentive Programs for Your Business
February 10th – Public and Private Financing for Your Business
March 9th – Commercial Real Estate for Your Business
April 13th – New Mexico Incentive Programs for Your Business
May 11th – Finding Talent for Your Business
June 8th – Branding and Marketing for Your Business
July 13th – New Mexico Incentive Programs for Your Business
August 10th – Public and Private Financing for Your Business
September 14th – Commercial Real Estate for Your Business
October 12th – New Mexico Incentive Programs for Your Business
November 9th – Finding Talent for Your Business
 
For more information, visit the Sandoval Economic Alliance Website: http://sandovaleconomicalliance.org/category/events/
To purchase tickets, visit the Dynamic Growth Business Resource Center’s Website: dgbrc.com/events-2/
The gym preparing future athletes, started from a life's calling

Anne Apicella — Senior Associate

While serving on the emergency response team for the Department of Homeland Security in Louisiana in 2006, Del Jenkins searched for meaning in his life and what his purpose was. He had been volunteer coaching and wanted to continue along that line of work.
Enter Ardor Elite Training Academy. At just over a year old, the gym started by Jenkins and his wife Ann combines private fitness and sports-performance training in one combined facility.
After pooling every resource he could to help fund the project — pulling from his savings, retirement, even his kids' college funds — Jenkins put in roughly $100,000 to open the gym and buy equipment. He is still feeding money into his business but expects to break even spring of 2016. By summer 2016, he plans to be making a profit.
But to Jenkins, that isn't the determining factor for success. He said on the emotional side he has reaped back every dime he put in.
"This is what I was meant to do on Earth," Jenkins said. "Helping others achieve their dream is what we are here for."
At Jenkins' gym, clients are guided every step of the way in a custom training experience.
"Every time you step into our facility, you will be guided, trained and worked with by a trainer," Jenkins said. "We deal with all aspects of the athlete and do the same thing with the regular client. We help get them in shape so they can live a healthy lifestyle. It's not about quick fixes, it's about changing your life."
Jenkins worked with agent and broker Anne Apicella of Colliers International to find the space at 8920 Adams St. Suite B in Northeast Albuquerque. He had very particular sets of equipment in mind and spent two years doing research to find the best pieces for his gym. He utilized online sellers, buying some things locally and then traveling throughout the country, mostly on the east coast, to find the right pieces of equipment.
Starting the business was rough for Jenkins, who had a partner quit before they could get it off the ground. Jenkins advises anyone looking to create a business to use a business plan, not just for loan applications but for self-examination and a focus on what the ultimate goal is.
"Fully develop a business plan so when you are in the midst of chaos you can look back and remind yourself of your focus and keep coming back to it," Jenkins said. "Opening your own business is always extremely difficult, but the rewards are huge."


Sitel brings 200 new jobs to Albuquerque - Scott Whitefield

Scott Whitefield
Senior Vice President | Principal

Sitel’s customer service center in Albuquerque is doing such a great job for one of its clients, it’s adding 200 new full-time employees to its facility in the North I-25 corridor. John Bowden, COO of Sitel’s North America operations, said the company is beefing up the technical support services it delivers for a leading national satellite television provider from Sitel’s “customer experience center” in Albuquerque, located at 4420 The 25 Way NE, near I-25 and Jefferson Street. Bowden couldn’t name the client. The two premier satellite providers on the market are DISH and DIRECTV. 

“If we do a great job for our clients, they will give us more of their business,” Bowden told Business First. “This is not a brand new client in Albuquerque, but we’ve been doing a good job for them, so they’re expanding their business with us in that specific site.”

“These new job opportunities reflect the fantastic work done by the Albuquerque team and Sitel’s commitment to expanding opportunities in the area,” said Albuquerque Site Director Tim Hawco.

Scott Whitefield, a broker with Colliers International, said even though the company is growing, there are no plans to move from its current 47,000-square-foot space or lease additional space elsewhere.

Bowden emphasized that more than 90 percent of supervisors and 80 percent of managers at Sitel started out as agents on the phone, and that employees can easily get into training for other aspects of the business.

“For these agent-level jobs, we’re hoping to find people who are career-oriented,” he said.
The COO also said he believes Sitel’s percentage of business with all of its top five North American clients is growing. “For example, if yesterday we had two agents working for each of those companies, next year we expect to have three or four,” he said. Sitel provides outsourced customer service operations for a range of clients, including insurance, health care and credit card companies and cable and satellite TV providers, from 108 contact centers in 21 countries.

The 200 open positions require strong communication and problem-solving skills, and previous customer service experience and strong computer knowledge are preferred. Applicants are invited to apply in-person during weekly hiring events on Wednesdays from 9:00 a.m. to 4:00 p.m. through the end of January, or they can also apply immediately online at sitel.com.

 

 

OrangeTheory Fitness Franchise Opening Soon

Lorraine Higgins-Director of Property Management

The Albuquerque area will have even more options next year for those that want to get fit.
Orangetheory Fitness, a fitness franchise company that’s already in 45 states, is finally making its way to New Mexico
Three Lobos LLC has the franchise rights for New Mexico and El Paso. The New Mexico-based franchisee consists of members of the Higgins headed by Lorraine Higgins, who is also the director of property management for the Albuquerque office of Colliers International. 
Lorraine Higgins said she first experienced Orangetheory when her sister Eileen took her to a class in Miami.
“She had us check it out and I was hooked, so a week later I was on a plane to corporate to work out a franchise agreement,” Higgins said.
Orangetheory features one-hour classes that use heart monitors for interval training on equipment such as treadmills and rowing machines. The company also touts a science-based program called “excess post-exercise oxygen consumption,” which it says stimulates metabolism, increases energy and encourages extra calorie burning after the workout.
The first Orangetheory is being teed up for Albuquerque’s Westside at Riverside Plaza, located at 6361 Riverside Plaza Lane. Higgins recently signed a lease and a buildout is in process now. Ben Perich with Colliers International represented Orangetheory. Kino James with Base 5 Retail represented the landlord.
A second Orangetheory is expected to open in the Northeast Heights next spring, though the exact location has not been finalized.
“Our goal is to have four studios open by the end of 2016,” Higgins said. “Our third studio will be in Nob Hill and the fourth in Santa Fe.”


One Park Square has a new owner

Scott Whitefield-Senior Vice President

Ben Perich-Associate 

Jim Long, an Albuquerque businessman known best as the CEO of Heritage Hotels & Resorts and part owner of Downtown’s tallest office building, along with a group of investors, have purchased One Park Square — a Class A office complex in the heart of the city’s Uptown corridor.
Long confirmed the purchase to Business First Wednesday. Terms of the deal were not disclosed.
One Park Square is a 10-story, almost 200,000-square-foot building, developed by real estate investment firm Hines in 1985. It is located at 6501 Americas Parkway NE, and is considered one of the premier office buildings in the Uptown market.
Long bought the property along with longtime business partner and former Albuquerque resident Christopher Smith, now the CEO and founder of North Carolina-based Allegiance Realty. Long said Allegiance Realty would now be the property manager of the complex.
Among the other investors, according to Long, are Deborah Peacock, of Peacock Myers P.C., Nate Korn and Randy Talbot.
Long said the purchase fits in well with the group’s strategy of buying “the best assets in New Mexico.”
“Aside from Albuquerque Plaza Downtown, One Park Square is really the second high-quality asset in the state and one we felt would fit our longterm investment portfolio,” Long said. “We’re delighted to own a very prestigious and wonderful property.” Long and his partners own Downtown’s tallest building — Albuquerque Plaza — at 201 Third St. NW and the adjacent Hyatt Regency Albuquerque.
The seller is the REIT management company, HUB Acquisition Trust, said Long. The Denver office of CBRE represented the seller. Scott Whitefield and Ben Perich, in the Albuquerque office of Colliers International, were the local brokers involved in the transaction. Tom Jenkins with CBRE New Mexico was also involved in the deal.
The One Park Square purchase marks the second high-profile Albuquerque office complex with Long’s name on it. Long said, however, that he and Smith have bought properties around the country together for years.


Burlington Coat Factory Coming Soon

Bob Feinberg-Senior Vice President | Principal

Tom Jones, CCIM-Senior Vice President | Principal

Burlington Coat Factory will open a store in the South Valley, anchoring a Central Avenue shopping center along with Conn’s HomePlus.
Burlington signed a 50,000-square-foot lease in the West Central Plaza Shopping Center, located on the southwest corner of Central Avenue and Atrisco Drive at 4208 Central Ave. SW.
The shopping center, formerly anchored by Kmart, was bought by California’s Heslin Holdings earlier this spring. It was a $12 million deal that entailed the purchase of the 123,000-square-foot retail center sitting on 12.9 acres.
The shopping center is a success story for Heslin Holdings, as the building is undergoing a major facelift and will be split in half to accommodate the new retailers Conn’s and Burlington. 
Bob Feinberg and Tom Jones of Colliers International represented Burlington Coat Factory, which has two other stores in Albuquerque. A team from CBRE represented the landlord.
Feinberg said Burlington Coat Factory will be a great addition for the South Valley, which has been retail starved despite a large number of households with a median income of more than $36,000.
“This shopping center is adding 100,000 square feet of retail to the area,” Feinberg said. “Burlington helps give credibility to the site because they’re careful on site selection.”
Feinberg said the store may be open in the second quarter of 2016.
The deal shows the South Valley and Southwest Mesa continue to attract new retailers and restaurants that have already expanded in the city’s other four quadrants. Retailers and restaurants that have opened in the South Valley in the past year include Planet Fitness, Freddy’s Frozen Custard & Steakburgers, Wendy’s and Applebees.


ONE MORE APARTMENT COMPLEX SOLD

Cynthia Meister - Associate Broker

Colliers International Albuquerque and Phoenix close Cantata at the Trails

Albuquerque, NM August 28th – Cantata at the Trails LLC, a company formed by ReNUE Properties of Scottsdale, Arizona purchased the 260-unit Cantata at the Trails Apartments located at 6700 Cantata St. NW, Albuquerque, NM for an undisclosed price. The list price at time of marketing was $39,000,000. The seller was RCS-Cantata LLC, a company formed by Real Capital Solution of Louisville, Colorado. The deal was brokered through Cynthia Meister of Colliers International Albuquerque and Bill Hahn, Jeff Sherman and Trevor Koskovich (HSK) of Colliers International in Phoenix. The property was acquired with a Freddie MAC loan funded by the Phoenix office of Walker & Dunlap. Brandon Harrington and Matt Steffen Walker & Dunlop in Phoenix arranged the loan for the buyer.  The complex was built in 2013.


Ben Perich Continues to make great deals for his clients!

 

 

 

 

 

 

Ben Perich — Associate

Ben Perich continues to make great deals for his clients! One of his latest transactions is a perfect example of why his expertise and his caring for his clients interests is generating a buzz in the Colliers office and in the local community. 
Ben represented a husband and wife duo who were wanting to sell their 20 year investment property to simplify their lives as they move into retirement. The 8,860sf retail strip center located on the hard corner of San Mateo and Menaul Blvd., was up for sale and  Ben knew exactly how to market it to receive the best price for his clients. Ben has a great reputation in the local commercial real estate community where his knowledge is well respected.
When an institutional investor arrived on the scene who owns 35 properties in 15 states. Ben was able to provide them with the context demonstrating this to be a highly desirable retail corner in an established trade area.  Ben’s insight on the property presented an opportunity for a competitive return on the buyers investment, particularly compared to the major markets in California, Arizona, and Colorado where the investors currently have a presence. The best part about the transaction is it was under contract at nearly full asking price prior to formally hitting the market. The buyers intention is to fill up the vacancies and run the property in a similar format to how it has been historically operated.  
Ben Perich continues to provide a clear understanding of current market values for his clients. Ben will help you properly balance your portfolio to maximize your return, your potential and help achieve your investment goals.  Give Ben a call today at 505 880 7054.
Anne Apicella helps Sunflower Sanctuary Animal Rescue

Anne Apicella — Senior Associate

Anne Apicella helped organize a group of volunteers to spend a Saturday to help Cynthia Dares at Sunflower Sanctuary Animal Rescue with a myriad of projects she needed to have done. The animal loving volunteers participated by finishing projects from construction to organizing the facility and weeding the grounds.
Sunflower Sanctuary Animal Rescue is organized exclusively for the purpose of preventing cruelty to animals, educating the public on the importance of spaying and neutering, animal abuse and neglect, and lessoning the burden on our government run shelters.
They provide a safe, secure, and loving home while rehabilitating and training these animals. They are also dedicated to working with other rescue groups and the local shelters to foster animals that need a temporary home for evaluation and training. Another goal is to train certain animals as service animals or search and rescue. 
They provide a permanent and loving home for the elderly, sick, and damaged dogs that could not be placed in a home. Sunflower Sanctuary Animal Rescue has saved over 100 old dogs. These animals still have a good life left to live and need love and peace at the end of their lives. 
You can also contribute by logging on to the website and peruse the Sanctuary Wish List at:
www.sunflowersanctuary.org


Martha Carpenter is appointed to Hispano Philanthropic Society

Martha Carpenter — Vice President

Martha Carpenter of Colliers International a native of Albuquerque, has always been one to give back to the community. Helping with Title I homeless program or CLN Kids, Martha is always trying to reach out and help in one way or another. United Way of Central NM Hispano Philanthropic Society has appointed Martha Carpenter to the Council Board for a 3 year term.
The Hispano Philanthropic Society (HPS) is one of United Way of Central New Mexico’s newest and fastest growing Affinity Groups with a mission to identify and recognize local Hispanic leaders in philanthropy. The society is engaged in promoting Hispanics as advocates, volunteers, and contributors to help build stronger, healthier neighborhoods and communities.
The mission of the United Way of Central NM Hispano Philanthropic Society (HPS) is to be the national leader in recognizing, engaging, and encouraging Hispanic leadership in philanthropy.


Veteran broker on revitalized One Sun Plaza and why companies still look to North I-25 - Scott Whitefield

Scott Whitefield
Senior Vice President | Principal

The Bank of Albuquerque announced last week it was moving its headquarters to One Sun Plaza in the North I-25 submarket. The bank's move into 18,000 square feet in the building marks two different but related stories — that companies still choose North I-25 as a key place to do business, and a turnaround for One Sun.One Sun was originally built for Sun Healthcare. It was one of two buildings on the campus acquired in 2002 by Gary Goodman and his Goodman Investments' partners. Goodman was able to turn the office complex around quickly, with Northrop Grumman and the U.S. Forest Service taking up space in the six-story building, among other tenants.

Now the 170,000-square-foot building, at 100 Sun Ave. NE, has about 3,000 square feet of space left to lease, according to Scott Whitefield of the Albuquerque office of Colliers International, who represents One Sun. Whitefield helped broker the Bank of Albuquerque deal, and also signed Montgomery & Andrews Law Firm to space in the complex. "It's a one-of-a-kind campus in the city, with superior quality and design, and much more flexible space. It has open space so you'll see people playing touch football on the lawn or having volleyball tournaments. It's just a great environment," Whitefield said.

Whitefield said what makes One Sun attractive is the aforementioned flexibility. Companies can demo an entire wing and construct exactly what they need, which often times is a smaller but more efficient space. Whitefield said "rightsizing," an industry term that refers to companies moving to smaller spaces but increasing the quality of space, makes sense for companies because they pay about the same amount of rent. "You're seeing tenants that could take up as much as 12,000 square feet, but they're fitting in an 8,000 or 9,000-square-foot space. If they downsize 20 percent, they can pay for Class A office space and still see a monthly reduction in expenses," Whitfield said.

Though some companies have chosen Albuquerque's Downtown over the North I-25 corridor, Journal Center and the surrounding area are still hot markets to be in. Whitefield said the area's location is convenient for businesses, because employees and clients can easily access the area off I-25. With available space in Journal Center and the North I-25 submarket shrinking, Whitefield said he's heard rumblings of new developments in the area. And there are still opportunities to build on existing sites, including next door to One Sun. "Gary Goodman still has the ability to create additional office space there into the future," Whitefield said.

 

 

Galles Chevrolet Purchases Prime I-25 Frontage Property

Bill Robertson - Senior Vice President

Tom Franchini, CCIM - Senior Associate

Lori Robertson - Associate

Colliers land team recently completed the sale of 9.22 acres of prime I-25 frontage to Galles Chevrolet, recognized as one Albuquerque’s oldest and finest Chevrolet dealers. The land which was owned by Kiewit New Mexico Company, the contractor that was awarded the excess property for the timely construction of Albuquerque “Big I” Interchange, was represented by Bill Robertson, Tom Franchini and Lori Robertson. The Land, which has superior visibility with traffic counts of approximately 190,100 cars per day on I-25 alone, will make for tremendous auto retail development site. Although terms of the sale remain confidential the Land was listed for $2,350,000.


360,000 SF Industrial Warehouse in Los Lunas, NM is Sold!

Bill Robertson - Senior Vice President

Tom Franchini, CCIM - Senior Associate

Lori Robertson - Associate

The mothballed Merillat cabinet-making plant in Los Lunas has been purchased by a group of primarily local investors headed by Albuquerque-based Rio Real Estate Investment Opportunities.
The investment group does not have a company lined up to occupy what is described as a well-maintained, state-of-the-art manufacturing facility. The sales price was not disclosed.
“We went out to a group of primarily local investors and raised all cash,” said commercial real estate veteran Tim Cummins of Rio Real Estate. “We did talk to several banks about different scenarios where we might get financing. They pretty much said no.”
Built in 2005 and closed in 2011 by Taylor, Mich.-based Masco Corp., a diverse building products giant, the 360,187-square-foot plant was idle and off-the-market until late 2014, when Masco abandoned plans to reboot it to make its Merillat line of cabinetry.
The building was listed for sale with Bill Robertson and Tom Franchini of Colliers International in January and Rio Real Estate made an offer to purchase it immediately.
“You have to credit the local people who stepped up as our investors,” Cummins said. “It’s the kind of building we need in our inventory to attract outside companies.”
Rio Real Estate was given permission to market the building on 50 acres at 1300 Desert Willow Road for lease while the sale was pending, said Tim MacEachen, an associate broker with the firm. Two national companies are currently considering it for expansion.

“You have to go with what the market brings you,” he said. “Our first choice by far would be one tenant.”
If the facility was leased to two tenants, the cost to build a wall to separate their spaces would probably cost $1 million because of the building’s size, he noted.
At 360,187 square feet, the Merillat plant is the biggest building to sell in the metro since the former Philips Semidconductor plant sold in 2006, said Ken Schaefer of Colliers. The 502,000-square-foot Philips building is now I-25 Studios.


A LARGE APARTMENT COMPLEX SOLD TO A CALIFORNIA COMPANY

Cynthia Meister - Associate Broker

A large apartment complex in Albuquerque’s Northeast Heights has been sold to a Los Angeles-based company.

The 320-unit TGM Oak Tree Park was purchased by Summit Equity Investments from TGM Associates L.P. for an undisclosed amount. TGM Associates bought Oak Tree Park in 1996. It was its last Albuquerque property on the books.

Earlier this month TGM Associates, which has corporate offices in New York City, sold the 339-unit TGM Sedona Ridge to Colorado-based Monarch Investment and Management Group. Sedona Ridge is located at 3400 Wyoming Blvd. NE near Comanche Road. Oak Tree Park is located at 5800 Osuna Rd. NE near San Mateo Boulevard.

Colliers International executive vice president William Hahn, based in Phoenix, was the broker on both deals.

TGM Associates was founded in 1991 and is an investment advisory firm for multifamily properties. It has invested about $2.3 billion in 125 multifamily properties in 28 states. Summit Equity Investments was founded in 2009 and has more than 2,500 units in its multifamily portfolio.


Martha Carpenter is awarded June Broker of the Month

Martha Carpenter — Vice President

Martha Carpenter has won the Top June Broker of the Month Award at Albuquerque, New Mexico’s Colliers International. Martha’s success story is one of consistent and steady work for her many clients. Her meticulous attention to detail and her ability to think out of the box to find creative solutions are just a few reasons why her clients keep calling her to assist in their commercial needs.  Her most notable and recent transactions, such as the sale of The Lottery Building, and the renewal between Parsons Brincerhoff and Rosemont Realty of 15,000 square feet of office space are perfect examples of why she’s on top of her game.
Not only is Martha a winner with her clients, She a winner for our community. Martha volunteers several hours each month reaching out to the community.
When you’re ready to make a smart real estate move, be sure to call Martha at 505 880 7085.


NEWDAY Teen Homeless Shelter Receives Food from Colliers International

Lori Robertson — Associate

Lori Robertson from the Colliers International New Mexico office leads the support efforts for NEWDAY Youth and Family Services throughout the year. The Summer Food Drive was a great success with 100% office participation. Lori states, "we raised enough food and monetary donations to package 35 grocery apartment starter kits and fill the programs industrial size food freezers with enough meat to last them a few months. The kids are so respectful and the program is rigorous. the expectation is to have a 100% success rate in getting them prepared to be able to support themselves." She also shared, "when we were buying the groceries a youth working at the grocery store asked who we were buying all the food for and we told him it was for a youth program and he then said that he hoped it was for NEWDAY. It turned out that he was a graduate of the the program and he went on to tell us how it changed his life and he is now on his own and doing well."   

Transitional Living Program

The NEWDAY Youth and Family Services Transitional Living Program (TLP) is designed to assist homeless youths ages 17 through 21 transition into a tenancy environment. NEWDAY has both on and off-site apartments throughout Albuquerque. Those in the program are required to participate in the Life Skills Academy and attend monthly WRAP AROUND Meetings to identify their visions and goals. The program is always in need of support and they are able to accept fresh produce and meat as well as canned and packaged food. If you would like to get involved with this wonderful organization you may do so by clicking on the link to learn more. www.ndnm.org/get-involved/intro/


Head Start Moves From Tenant to Owners.

Bill Robertson — Senior Vice President | Principal

Headstart Limited Partnership was leasing 702 Carmony NE. The building size was approximately 65,000 square foot facility located on four acres of M-1 zoned land. The building is located in the popular North I-25 corridor and is a very desirable area. Headstart then exercised an option to buy the facility and was able to purchase the north I-25 property for $4.5 million. Bill Robertson has had a longstanding relationship the previous owners, Lawrence Family, LLC . Bill Robertson of Colliers International said, “we are very happy we were able to help Headstart Enterprises make such a great investment and we are in the process of finding another great investment for the Lawrence Family, LLC.    

 

Delta Group Electronics Buys Osuna Warehouse

Keith Bandoni — Senior Vice President | Principal

John Ransom — Senior Vice President | Principal

Tim With — Senior Vice President | Principal


By Richard Metcalf — Albuquerque Journal Staff Writer

Delta Group Electronics, a perennial member the Journal’s Flying 40 list of fast-growing technology companies, is expanding its local operation with the recent purchase of the 49,500-square-foot warehouse at 4521A Osuna Road NE.

Delta Group bought and will renovate the building, formerly home to a moving company that closed its Albuquerque operation, for manufacturing without tapping government tax breaks or tax-advantaged financing, said president and principal owner Harry Mueller in a news release.

Founded in Albuquerque in 1987, Delta Group Electronics is a full-service electronics manufacturer that has been operating out of a leased 40,000-square-foot facility at 4801 Lincoln NE.

The company offers turnkey services for customers in the aerospace, defense, homeland security and private industries. Employing about 380 people, the company has assembly operations in San Diego, Dallas, Rockledge, Fla., and Fayetteville, Ark., and administrative offices in St. Louis.

Delta Group spent about a year looking for an expansion building, said Keith Bandoni of commercial real estate services firm Colliers International, who represented the company in its site search.

“The quality of the product was what made the search difficult,” Bandoni said. “There’s a very limited supply of existing Class A warehouse space on the market at this time. Their size requirement of 40,000-to-50,000 square feet was also difficult to find.”

Given the slim pickings in the industrial market, Delta Group was considering the build-to-suit route — committing to a long-term lease for a developer to build them a new facility — when the building at 4521A Osuna Road NE became available.

Two of Bandoni’s associates at Colliers, John Ransom and Tim With, got the listing to sell S&M Moving Systems’ roughly 20-year-old building near Conejos Office Park at the northeast corner of Jefferson and Osuna NE. The asking price for the building was $3.5 million.

The purchase of an existing building saved Delta Group about 30 percent off the cost of a build-to-suit facility, Bandoni said.

Delta Group plans to move to the Osuna Road building around the beginning of 2016.

 

MAY 2015 BROKER OF THE MONTH - Scott Whitefield

Scott Whitefield
Senior Vice President | Principal

Scott Whitefield has more than 25 years of experience in commercial real estate, with extensive experience in portfolio management.  He has successfully completed over one and a half million square feet of lease transactions, and brokerage, representing some of Albuquerque’s most prestigious properties. He has also assisted clients in over 37 cities in 18 States and Canada. His experience includes advanced analytics in site selection, property operations, detailed market research, tenant improvements, tenant retention, marketing, lease negotiations and building sales.

Scott builds bridges between Landlords and Tenants promoting long-term mutually beneficial business relationships. His role is to transition potentiality to actuality through creativity, problem solving and eliminating barriers using his personal brand of SMARTT (Simplify, Manage, Act, Reasonably, Timely and Tactical) principles. 

 

Ruth's Chris Steak House to open ABQ location this year

 

 

 

 

 

 

Albuquerque is getting its first-ever Ruth’s Chris Steak House by the end of this year, according to a report in the Albuquerque Journal.

Ruth’s Chris Steak House has signed a lease for a 9,800-square-foot space in the Shops at Park Square on Indian School near Louisiana. The space was last occupied by Robert R. Bailey Clothiers.

Ruth’s Chris Steak House is based in Winter Park, Fla., and has about 140 restaurants around the world. The chain originated in 1965 in New Orleans. The company went public as Ruth's Hospitality Group (Nasdaq: RUTH) in 2005.

The specialty at Ruth’s Chris Steak House is, as you would expect, steak, with a full lineup of ribeyes, filets, New York strips and more.

Bob Feinberg and Tom Jones of Colliers International, who have brought national brands like Panera, Dave & Busters and Dick’s Sporting Goods to Albuquerque, represented Ruth’s Chris Steak House in the deal. Ben Perich, also of Colliers, represented the landlord.


East Downtown: Your first taproom is on the way (and a coffee bar too)

 

 

 

 

 

 

A new taproom and coffee bar concept is set to open in a building just west of the Standard Diner in Albuquerque's East Downtown.

The new business — Theory — will feature 30 craft beers on tap, specialty coffee and something completely new to the Albuquerque market—a "cask ale wall" that pours unfiltered ale. Theory's look will include modern rustic touches that complement the historic brick building where it is located.

company Colorway Live and Vasquez is the operator of Downtown's El Rey Theater, Stereo Bar and most recently The Hangar. The business partners said the time was right for EDo to host a taproom and coffee bar concept as Albuquerque's coffee culture and craft beer movement continues to explode. "It's an amazing concept and the city is ready for it," Vasquez said. Vasquez said EDo was ideal because the neighborhood is established but still emerging. Maxwell said he and his partners are excited to get behind the Innovate ABQ movement and be near popular EDo restaurants like Standard Diner, Artichoke Cafe, Farina Pizzeria, The Grove Cafe & Market, Gravy, Holy Cow, and others.

"We feel very lucky to be next to them," Maxwell said. "It's a beautiful neighborhood with brilliant artistic history."

Theory has some other big names behind it too. Business partners include Laurie and Jared Tarbell, art designer James Swagerty and coffee roasters Juan and David Certain. The Certain brothers operate Downtown's — The Brew — as well as their own roasting facility. Maxwell said Theory will use Certain's roasting facilities and feature their coffee beans from the brothers' family farm in Colombia. Maxwell and Vasquez are also working with a local brew master on craft beer for Theory, which leads to its tagline — "Roast all day, hops all night." Theory, named after Maxwell's six-year-old daughter, does not have an exact opening date, but the partners say it will be up and running later this year.

The owners of Standard Diner recently purchased this property, which had been listed for lease by Anne Apicella of Colliers International.  Standard Diner sees this tenant as an enhancement to the food services they provide. The new tenants are seasoned operators and will bring great excitement to EDO. Their location across from Innovate ABQ and Fat Pipe will provide additional food and beverage options to all the business incubator entrepreneurs in the area.

Panera Bread expanding to Albuquerque's 'restaurant row'

 

 

 

 

 

 

The fast-casual Panera Bread national restaurant chain is set to open in the former Boston's Pizza site at The !25 business park on "restaurant row" in Albuquerque's North I-25 corridor. The 6,800-square-foot space is located at 4300 The 25 Way NE.

Bob Feinberg and Tom Jones of Colliers International represented Panera Bread (Nasdaq: PNRA) in a lease deal, while Clayton King, a retail specialist with NAI Maestas and Ward, represented the property owner.

Feinberg told Business First Tuesday that Panera Bread officials were looking at other locations in Albuquerque as part of its ongoing expansion, but liked the former Boston's Pizza spot because the area has a good breakfast crowd from nearby businesses and hotels. 

Panera Bread joins many other eateries on "restaurant row," including P.F. Chang's, Mimi's Cafe, Dickey's Barbecue Pit, Twin Peaks, and others.

Panera Bread has four other locations in Albuquerque, including near the University of New Mexico and at Coronado Center. This will be its fifth restaurant in Albuquerque. An opening date for the new location was not immediately known.

Tom Franchini, CCIM is among the top forty young professionals awarded in Albuquerque.

 

 

 

 

 

 

Tom Franchini, CCIM is one of an elite group of forty awarded Albuquerque's Business First 40 under Forty. Tom is born and raised in New Mexico and he strives to make NM a better place for all. He started as an intern in the Commercial Real Estate business while still in school at the University of New Mexico, at the then, Grubb & Ellis New Mexico (now Colliers International).

Tom has an exceptional work ethic and, as a self-starter, he made a commitment to himself and the brokers he worked for to learn both the industrial real estate market and the commercial real estate business.

Being in CRE since he was an intern at 21 years old, and having endured one of the deepest recessions in one of the most effected industries and yet has still managed to be successful. He was the 2012 President of the New Mexico CCIM Chapter which is approximately a 150 person organization which made him one of the youngest presidents since the chapter was started in 1973. Tom was also the President of CARNM (Commercial Association of Realtors New Mexico) one of the largest real-estate association in the state with over 400 members and the only state wide commercial real-estate association. His board of directors included 12 board members and 4 employees. Tom's ability to lead organizations is due to the respect he received from his competitors and peers, which also makes him one of the youngest presidents since the association was started in 1995.

COLLIERS COMMUNITY OUTREACH

Colliers International teamed up with Bentall Kennedy to support World Autism Awareness Day. On April 2, 2015, Colliers employees and properties nationwide participated in Light It Up Blue, Autism Speaks' signature campaign to spread autism awareness. Pictures were shared with the global community all day via the Colliers Twitter page and you can check some of them out.

If you would like to donate to Autism Speaks, click here.

MARCH AND APRIL 2015 BROKERS OF THE MONTH - John Ransom and Tim With

John Ransom, CCIM SIOR
Senior Vice President | Principal

Tim With, CCIM, SIOR
Senior Vice President | Principal

This is  an experienced and professional team, dedicated to exclusively serving the Albuquerque Commercial Real Estate needs of tenants, buyers, landlords and sellers. Their integrate companywide resources including strong leasing and brokerage experience, which establishes best practices and identifies the most appropriate solutions for each specific assignment. In addition, each client receives the added value of an entire Office Specialty Group, a team of experienced office specialists that meet regularly to share marketing strategies for specific properties, match tenants with listings and share market information to insure that all clients and customers are benefitting from the most current and accurate market data.

 

Emerging Colliers Broker Says Abq Retail Market Strengthening

 

 

 

 

 

 

Youthful optimism, maybe, but with a $50 million heft behind it.

Ben Perich, an associate broker and rising star in the Albuquerque office of Colliers International, thinks the Albuquerque-area retail market is becoming stronger even though the city is still working through a lingering recession. Perich, 28, was recently recognized for the largest percentage increase in transaction value for the local firm and was one of the "most improved brokers" for the entire company. He represents properties with a market value of more than $50 million and has doubled his revenue production for the past three years. Business First asked Perich about his background and his five short years working in the Albuquerque retail market.

 

What is it about the retail sector that excites you?

My favorite thing about retail is the impact on the local community. Retail is where we eat and shop, and it forms an integral part of our daily lives. It is often the first work experience that we receive. I have done some office brokerage and I also have experience with land development; however, my primary passion is retail. The retail market in Albuquerque continues to strengthen, with vacancy rates declining and leasing rates increasing. I expect we’ll see continued new development for well-located opportunities. The primary focus in Albuquerque is redevelopment and infill, as we need stronger sustained job and population growth to justify significant periphery expansion.

 

What are the deals you’ve been involved in or that are in the pipeline?

I’ve completed deals with national, regional and local clients such as Ace Hardware Stores, Tuesday Morning, Weck’s, Sola Salon, Jimmy John’s, The Egg and I, Lakeshore Learning, Penzey’s Spices, Eagle Tax, The Grill on Menaul, Fiesta Auto Insurance and many more. Several of these tenants were first-to-New Mexico locations. I spend time on landlord representation in addition to my tenant-representation business and look forward to announcing several new businesses later this year.

 

What’s the work strategy that has propelled you to this early success?

I’ve tried to focus on providing an advisory-based platform for clients rather than a transaction-based platform. I’m extremely fortunate to be part of an experienced team that has mentored and supported me in my business — and I have a strong interest in the business and industry sectors of my clients and their business drivers and issues.

 

Tell us a little bit about your background.

I’m an Albuquerque native with a degree in finance from Texas Tech University. I started working as a commercial broker after graduating college — first with the New Mexico Grubb & Ellis office — which became Colliers International in April 2013. I come from a family of architects and educators and really enjoy that commercial real estate gives me an opportunity to incorporate aspects of both. My parents are one of the single biggest and most positive influences in my life.

Colliers International Everest Award

Albuquerque’s own John Ransom, CCIM, SIOR and Tim With, CCIM, SIOR,

have once again been included into the Colliers International USA 2014 Everest Club. Membership into this exclusive and very prestigious club is only awarded to the top ten percent of all Colliers brokers in the United States.

Congratulations John and Tim!

2014 Colliers International | New Mexico Top Brokers

The following brokers were recognized for their outstanding acheivments throughout the year, however, the big winners were our clients! Congratulations to all!

 

 

 

John Lastra – Advisor of the Year

John Ransom – Leading Advisor

Tim With – Leading Advisor

Bob Feinberg – Leading Advisor

Tom Jones – Leading Advisor

Keith Bandoni – Leading Advisor

Terrie Hertweck – Leading Advisor

Anne Apicella –  Leading Advisor

Martha Carpenter – Most Networked Broker

Ed Anlian – Highest Increase Year Over Year

Scott Whitefield – Colliers What Else, Where Else

Ben Perich – Most Improved Overall

Anne Apicella – Most Transactions

Keith Bandoni – Most In-House Deals

Area women’s real estate group generated $200 million in 2014

Jan 16, 2015

Damon Scott | Reporter - Albuquerque Business First

Call it the collective impact from a group of 84 women in commercial real estate mostly in the Albuquerque area, but also throughout New Mexico. Commercial Real Estate Women (CREW) New Mexico recently analyzed a year's worth of its transactions and deals and came up with the sales number for the year — $200 million.

Cynthia Meister, who head's up marketing efforts for the group, said it was a landmark year in both sales and increased membership of 31 percent. "This premier group of women from diverse backgrounds and companies represent the multi-faceted landscape of the commercial real estate industry in New Mexico," said Meister, who is a multifamily specialist in the Albuquerque office of Colliers International.

Meister said the group reached charitable and outreach goals last year too. CREW-NM led more than 20 Crossroads for Women clients through vocational training, mock job interviews and outfitted them with professional clothing. The CREW annual holiday event collected a big haul of children's books and grocery gift cards for the Christina Kent Early Childhood Center. CREW's mentoring program pairs mentors with protégés in a learning experience that spans several months and ends in a graduation ceremony.

 

FEBRUARY 2014 BROKERS OF THE MONTH - John Ransom and Tim With

John Ransom, CCIM SIOR
Senior Vice President | Principal

Tim With, CCIM, SIOR
Senior Vice President | Principal

This is  an experienced and professional team, dedicated to exclusively serving the Albuquerque Commercial Real Estate needs of tenants, buyers, landlords and sellers. Their integrate companywide resources including strong leasing and brokerage experience, which establishes best practices and identifies the most appropriate solutions for each specific assignment. In addition, each client receives the added value of an entire Office Specialty Group, a team of experienced office specialists that meet regularly to share marketing strategies for specific properties, match tenants with listings and share market information to insure that all clients and customers are benefitting from the most current and accurate market data.

 

FEBRUARY DEAL OF THE MONTH - SILVERADO APARTMENT COMPLEX SELLS

Colliers International in Greater Phoenix, in conjunction with Colliers office in Albuquerque, recently completed the sale of the Silverado, a 256-unit Class A multifamily complex in Albuquerque, New Mexico, which is the latest transaction stemming from a re-branding of the Colliers HSK Multifamily Southwest Team.

Clear Sky Capital Inc. of Phoenix purchased the property, at 5741 Osuna Road Northeast, from First Pacific of San Francisco, California. The list price was $20.5 million, however the closing price is being held as confidential.

The transaction was brokered by Colliers International’s HSK Multifamily Southwest Team, led by Bill Hahn, Jeffrey Sherman, and Trevor Koskovich, senior vice presidents in the Phoenix office, with Cynthia Meister, associate broker in Colliers office in Albuquerque.

HSK Multifamily Southwest has been branching out to other states since late 2013, having completed a handful of sales in Las Vegas, El Paso and now Albuquerque. The team presently has two listings in Albuquerque and a portfolio in West Texas. This expansion included adding a team member, Meister, who is the point person for the team’s market in New Mexico.

The Silverado was built in 1985; the 183,656-square-foot complex has 13 three-story buildings situated on just over eight acres of land. The unit mix is 72 one bed/one bath (539 sf), 108 one bed/one bath (669 sf), 36 two bed/two bath (880 sf), 36 two bed/two bath (1000 sf) and four three bed/2bath (1229 sf) units.

The apartments feature walk-in closets, extra storage areas, and private balconies or patios. Community amenities include a spa, fitness center, two heated pools, sand volleyball court, business center with free Wi-Fi and printing, and two clothes care centers. Silverado offers a private entrance with limited access entry and provides a courtesy patrol.

The apartments are located on Osuna Road near San Mateo Boulevard in the prestigious Northeast Heights submarket, which is a major north-south thoroughfare lined with retail and service centers, and restaurants. Silverado has direct access to I-25.

The pedestrian-friendly Uptown Shopping Center is three miles south of the complex. Additional shopping options include the Far North Shopping Center, Fiesta Square Shopping Center, Montgomery Plaza, and Coronado Center. The Silverado is also near major employment centers, such as the Journal Center, Intel, Lovelace Health System, University of New Mexico, Kirtland AFB, and downtown Albuquerque.

The property is less than a mile west of Arroyo Del Oso Park and Golf Course. Further recreational opportunities are in the offing, as the City of Albuquerque is implementing a plan to support multi-use trail and bikeway networks for commuting and recreational uses.

“This is an excellent value-added property with a strong rental upside through interior upgrades and the addition of landlord owned in-suite washer, dryer appliances,” said Meister, adding, “The submarket occupancy and rents allow for improved performance.”

Colliers HSK Multifamily Southwest uses the extensive resources of Colliers International to assist in debt placement, investment sales, and appraisal services. The team achieves a high market share of B and C-quality multifamily asset sales by ensuring strong and efficient systems are in place for the marketing, acquisition, and disposition of properties. This superior service makes Colliers HSK Multifamily Southwest a leader in Arizona, New Mexico, Nevada, and Texas.

DECEMBER 2014 BROKERS OF THE MONTH - John Ransom and Tim With

John Ransom, CCIM SIOR
Senior Vice President | Principal

Tim With, CCIM, SIOR
Senior Vice President | Principal

This is  an experienced and professional team, dedicated to exclusively serving the Albuquerque Commercial Real Estate needs of tenants, buyers, landlords and sellers. Their integrate companywide resources including strong leasing and brokerage experience, which establishes best practices and identifies the most appropriate solutions for each specific assignment. In addition, each client receives the added value of an entire Office Specialty Group, a team of experienced office specialists that meet regularly to share marketing strategies for specific properties, match tenants with listings and share market information to insure that all clients and customers are benefitting from the most current and accurate market data.

 

DECEMBER DEAL OF THE MONTH - 3.2 Acres of Land on Paseo del Norte Purchased by MVG Development | Morningstar Senior Living

One of the last remaining commercial land parcels in the east Paseo del Norte corridor has been sold to a Denver-based development partnership between MVG Development and MorningStar Senior Living. The 3.2 acre property, located at just east of Wyoming Blvd on the south side of Paseo del Norte, is one of the largest contiguous parcels in the immediate area and is desirable due to its visibility and proximity to a high density of medium income households.

The MVG/Morningstar development group plans to build a 2-story, 65,000+/- square foot 80-bed senior living and memory care facility. The general contractor is Albuquerque-based, Bradbury Stamm, who commenced construction the day after closing. Completion is expected to be in late 2015. The project will reside on the eastern end of the property representing 2.3 acres, while a .91-acre portion of excess land at the west end of the property, which is currently listed by the Ransom-With Team, will eventually be sold or developed. Ideal uses for the remnant land are medical/dental offices or commercial. (Click here for a marketing brochure).

The seller of the property was a local investment partnership that was represented by the Ransom-With Team of Colliers International. Our team marketed the property and solicited several offers during the listing period. In addition, we helped to advise both parties during the lengthly due diligence process and move the transaction toward a successful closing.  The seller also owns 3+ acres of commercial land currently listed by Colliers International, located further east behind Walgreens, at the southwest corner of Paseo del Norte and Ventura (Click here for a marketing brochure).

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