Albuquerque
MARKET SNAPSHOT: Flat is the New Up in Albuquerque
The Albuquerque Metropolitan Statistical Area is still lagging in its ongoing efforts to pull out of the deepest and longest recession since the 1930s. A growing list of casualties have included businesses that drowned because they couldn’t hang on any longer, those that pulled up stakes to try their luck somewhere else, and families who have left the state.
The Daskalos Family Acquires Two Shopping Centers in Albuquerque
In June of this year the Four Hills Village shopping center was listed for sale on an online auction. Recently, the Daskalos family, one of the big league players on the local real estate and development scene, is in the final stages of acquiring it together with the Shoppes at Taylor Ranch.
Office Building in Uptown Albuquerque Up For Sale for $6.4M as Residential Conversion
In times that are difficult for the office market in Albuquerque, solutions begin to surface. The four-story office building located right in the center of Uptown offers one: it’s up for sale as a residential conversion opportunity.
Heritage Hotels Announces Plans for 2.6-Acre Boutique Hotel in Old Town Albuquerque
The heart of Old Town Albuquerque will accommodate a new boutique hotel scheduled to open in early 2016. It is the member of the largest independent hotel chain in New Mexico, Heritage Hotels and Resorts, who recently purchased the renowned Eldorado Hotel & Spa. The plans for the multimillion project have been finalized and the development will break ground by late fall.
Rita’s Italian Ice Restaurant Announces Launch into New Mexico
Rita’s Italian Ice, the popular Italian Ice concept with over 600 stores announced its entrance on the New Mexico market. The starting city will be Albuquerque, with the first location scheduled to open in March 2015.
New Mexico’s Burrell Family Funds $85M Private Medical School
February 2015 will be the start month for the construction of an $85 million private medical school, backed by Santa Fe real estate and mining mogul Dan Burrell and his family. Over the course of 60 years the Burrells will make a $30 million donation to the New Mexico State University Foundation.
Virgin Galactic Chooses New Mexico Hotel to House its Future Space Travelers
According to a Marcus and Millichap report, the hotel sector in the Southwest region posted, at the beginning of 2014, its best showing in several years.
Moderate-Income Apartments in Downtown Albuquerque Nears Completion
The mixed-use project located at the periphery of Albuquerque’s Central Business District along historic Route 66 at 901 Park Avenue SW is nearing completion. The opening date is set for August 8, reports Albuquerque Business First.
Jane Fonda’s Forked Lightning Ranch Listed for $19.5M
North of Albuquerque and near Santa Fe there’s a serene place bathed by Pecos River, a place that Hollywood actress Jane Fonda has been calling home since year 2000. Forked Lightning Ranch has been her escape place; adjacent to Pecos National Historical Park, this property is the middle part of the former 13,000-acre cattle ranch owned by movie star Greer Garson and her husband. She now decided it is time to let go and has put it up for sale.
Heritage Hotels and Resorts Acquires Eldorado Hotel & Spa
Eldorado Hotel & Spa, Santa Fe’s 219-room hotel, has been acquired by Heritage Hotels and Resorts in partnership with several co-investors, including insurance executive Randy Talbot. The transaction has been financed by Washington Federal and First National Bank of Santa Fe and Stu Sherman brokered the transaction.