It was an active year in Albuquerque area commercial real estate, even as the city continued to emerge from the recession.
Perhaps the most significant commercial project of 2014 was the completion of the $93 million, 15-month long Paseo del Norte/I-25 interchange revamp. In fact, the project was recognized by NAIOP-New Mexico, the state’s commercial real estate development association, as the one that had the most impact on the state’s built environment and economy. Click on the accompanying photo gallery to see more images of some of the year’s biggest commercial real estate projects and the people behind them.
The health care industry continued to be a big driver of commercial activity. A cornerstone of the massive 80-acre Las Estancias development in Albuquerque’s South Valley was completed — a 52,000-square-foot, 88-bed, skilled nursing/assisted living facility.
Presbyterian Healthcare Services moved into its new massive Presbyterian Rev. Hugh Cooper Administrative Center headquarters near Balloon Fiesta Park, and Molina Healthcare of New Mexico announced it would eventually be moving up to 650 workers to Plaza Compana in Downtown Albuquerque.
Meanwhile, in Rio Rancho, the Presbyterian Rust Medical Center and its $80 million expansion continued to have far-reaching affects in the Unser Gateway, with ancillary health care projects popping up. And The Neighborhood at Rio Ranco broke ground for what will be a $50 million LifeCare Community at the Loma Colorado development.
Meanwhile, the retail sector continued to build momentum. Southwest Capital Bank was recognized for its new west Downtown/Country Club corridor bank with amenities that also made it a desirable destination for private events. Dave & Buster’s opened at Winrock Town Center to eager crowds, and Coronado Center landed perhaps one of its biggest tenants ever in international apparel company H&M.
Retail and investment brokers at all the major firms — CBRE New Mexico, Colliers International and NAI Maestas and Ward— were busy with big transactions such as shopping center buys and sells as well as new tenants large and small. The smaller boutique firms were active too — the partners at Allen Sigmon Real Estate Group are opening one of the city’s newest hotels and have done significant projects inside and outside the city. Sperry Van Ness/Walt Arnold Commercial Brokerage had a very active year in investments and transactions and new firm Western States Retail & Investment hit the ground running with a slew of high-profile transactions this year.
By: Damon Scott (Albuquerque Business First)
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