Albuquerque
Developer Obtains Approval for 80,000 SF Mixed-use Development
The intersection of Central and Laguna SW will turn into a construction site early next year. Jay Rembe, the developer responsible for the Aveda Institute and Vinaigrette project, isn’t ready to leave the Central Avenue corridor between Downtown and Old Town.
New $30M Westside Apartment Complex on the Rise
The largest sale in 2011 for a multifamily project in the Albuquerque area is now ground for the preliminary works on what will become an upscale apartment complex. Andalucia Villas will occupy 16.5 acres at Coors and Montaño in the Westside of the city, close to the Bosque School. The buyer and developer, Bay Hill Development LLC, has been represented by NAI Maestas & Ward.
The Phoenix Apartments Rises From the Western Palisades Ashes
Once a foreclosed property, the Western Palisades residential community located at 1720 Atrisco Drive SW was rescued by Chuck Sheldon of T&C Management who purchased it in 2010 for approximately $1.5 million. The history of the property is a stormy one, one that made the new owner change its name into The Phoenix apartments.
Mehran Changes Strategy from Leasing to Loft Conversion for Office Building
Built in 1958, the office building at 517 Gold Avenue has been the federal office until the early 2000 when they relocated to 500 Gold. For the next decade the eight-story block property was left abandoned.
First Baptist Church in Albuquerque Listed at $7.5M
At the corner of Broadway Boulevard NE and Central Avenue is resting vacant the First Baptist Church. The property has sat so for several years, with transients every now and then, and now is back on the market listed by Keith Meyer and Jim Wible with NAI Maestas & Ward.
Candelaria Business Center For Sale at $2.9M
A new investment opportunity is available in Albuquerque’s NE Heights market. Candelaria Business Center has been listed for sale under the representation of Todd Clarke CCIM of NM Apartment Advisors. The mixed-use business park includes office, retail and warehouse space with flexible zoning, marketed as a stable investment with steady cash flow. The list price is of $2,995,000, $86.06 per square foot.
Montaño Transit Center Breaks Ground in Albuquerque
A $7.5 million project broke ground in Albuquerque that will serve both ABQ RIDE and New Mexico’s Rail Runner Express. The Montaño Transit Center will primarily favor the travelers in North Valley and Montaño/Montgomery river-crossing corridor.
Moss Adams Leases 18,964 Square Feet of Office Space in Two Park Square
Right in the heart of uptown Albuquerque there are two 10-story office buildings with splendid views of the surrounding Sandia, Manzano, Jemez and San Mateo mountain ranges. Hines, the building developer, owner and managing company for the properties welcomed a new tenant to occupy 18,964 square feet the sixth floor of Two Park Square.
Condos Priced from $140K-$360K Come to Market after Project Completion
Back in 2007 when the housing bubble had not yet burst, condominiums sprang up all across the country. That was the time when it was quite common for a land developer to be sued by his business partners because he had bankrupted several companies, dealing with accusations of defrauding the city to tune millions for past projects. That was the case for developer Vincent Garcia who back then was riding high on a nine-story mixed-use project, in downtown Albuquerque.
Albuquerque’s Rock Climbing Gym to Expand to 23,000 Sq. Ft. after Relocation, $4M Renovation
New Mexico’s largest indoor rock climbing gym is soon to become the largest one in the Southwest. A $4 million renovation commenced for Albuquerque’s Stone Age Climbing Gym that relocates to the former Spa & Billiard World store at 4130 Cutler Ave. NE, just off of Interstate 40 and Carlisle.