Archives for December 2015

New Mexico and Albuquerque find themselves on many national rankings, sometimes in a positive light and sometimes not so much. As a part of our year-in-review coverage, we took a look at some of the more notable rankings the state and city landed on in 2015.
New Mexico is known for its unique cuisine and culinary culture. Albuquerque is also turning out to be a burgeoning spot for breweries. In August, Travel + Leisure released a reader-driven list of the “20 Best Cities for Beer Lovers.” Albuquerque ranked 17th on the list, right ahead of beer mecca San Diego.
New Mexico lands on many national rankings; some are good and some are not. Whether negative or positive , the numbers show where the state can improve.
The state also saw many improvements in annual national rankings. In June, New Mexico jumped 13 spots in the 2015 CNBC America’s Top States for Business. In 2014, New Mexico ranked 37th but this year climbed to 24th, tying with Kansas.
In a big blow, though, business and economics website 24/7 Wall Street ranked New Mexico the worst-run state in the nation. Extreme poverty, a high violent-crime rate and more people moving out than moving in all contributed to New Mexico landing at the bottom of the list.
When it comes to child wellness, New Mexico is still struggling. According to the 2015 KIDS COUNT Data Book from the Annie E. Casey Foundation, New Mexico is still ranked 49th in the country based on a slew of markers. While New Mexico did improve in some categories, like children without health insurance, it was not enough to bump it up in the rankings.
New Mexico gets a lot of sun and that is one reason we rank well in some energy efficiency rankings. WalletHub ranked the state 13th out of 48 states for energy efficiency. Some reports differ, however, with different qualifications to determine energy efficiency. The American Council for an Energy-Efficient Economy placed New Mexico 31st on its 2015 State Energy Efficiency Scorecard due in part to limited funding and lack of support for energy initiatives.

Tourism got a boost when Albuquerque was named the 10th best summer destination, the 12th best city for recreation and second best for cold-weather holiday travel destinations.

And finally, let’s not forget that Huffington Post this year named Albuquerque among the ” 5 Secretly Cool Cities Where You Can Still Get in on the Ground Floor.”

By: Juliana Vadnais (Albuquerque Business First)

Click here to view source article.

Lobo football star Brian Urlacher’s entertainment and retail center across the street from Isotopes Park should break ground next year.
The University of New Mexico’s Board of Regents approved a long-term ground lease with the developers of the project Friday, Dec. 11.
The retail project includes a 10,000-square-foot outdoor pavilion with large TV screens for sporting events.

The project will be built on one acre on the southeast corner of University Boulevard and Avenida Cesar Chavez. The property is currently a parking lot used during Lobo football and Isotope baseball games.

The development includes a 25,000-square-foot restaurant and bar, and a 10,000-square-foot outdoor pavilion with large TV screens to stream sporting events. There will also be smaller retail spaces, a tap room and nightclub.

The center is meant to provide more entertainment options near UNM’s South Campus for students, faculty, visitors and residents.

“These developers are focusing on the types of events that can activate this part of campus to create excitement and bring in crowds year round,” said Tom Neale, director of UNM’s Lobo Development, in a news release.

Those behind the project include Urlacher, a former UNM linebacker who gained fame for his career with the Chicago Bears, as well as Paul Silverman of the Geltmore Group, and Steve Chavez and Kyle Bodhaine of the acquisitions and development company SC3 International. The group operates under 54 Development LLC.

By: Stephanie Guzman (Albuquerque Business First)

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2015 was the year the industrial market heated up, more apartment complexes sold to out-of-state investors and auctions were the new tool to unload assets.

While there were plenty of deals made this year, we combed through our archives to pick out the top news stories that made waves, or had a far-reaching impact on the local business and real estate community.

The top real estate deal of the year was Jim Long’s purchase of One Park Square located in Albuquerque’s Uptown area.

Take a look back at the year that included a hotelier buying up some of New Mexico’s best assets, a big purchase in Los Lunas and, of all things, Jane Fonda.

1. Jim Long on acquisition spree

The Heritage Hotels & Resorts CEO bought two high-profile properties in the state this year. First, under the Heritage Hotels banner, Long purchased the El Monte Sagrado in Taos from the Kessler Collection, a luxury hotels and resorts brand based out of Florida. The purchase reflected Heritage Hotels’ strategy, which is to acquire and operate culturally-designated hotels focused along New Mexico’s I-25 corridor.

The second big purchase seemed to come out of the blue. Long, along with several other partners, purchased One Park Square and the nearby retail property. According to financial documents filed with the Securities and Exchange Commission by Equity Commonwealth, the seller of One Park Square, the sale price was $34.3 million.

The Class A office complex One Park Square purchase marks the second high-profile Albuquerque office complex with Long’s name on it. Long and his partners also own Albuquerque Plaza at 201 Third St. NW.

2. The all-cash industrial purchase

Albuquerque’s industrial market heated up this year. There were deals such as the out-of-state buyer who scooped up Hawkins Business Center. And Gandy Dancer Railroad and Excavating Services bought the former AS Horner Inc. building for its new headquarters.

But it was an all-cash deal in Los Lunas that made big news. The New Mexico real estate company RIO Real Estate Investment Opportunities purchased the former home of cabinet maker Merillat. The 360,000-square-foot industrial facility is the state’s largest warehouse on the market. The new property owners said it was an economic development opportunity it planned to hold for Las Cruces.

3. An auction in Santa Fe, with surprising results

Some were surprised when the well-known Santa Fe shopping center Sanbusco Market Center was put up for auction in July. At the time, the 88,712-square-foot retail center was only 64 percent occupied. When the bidding closed at $7.3 million, the new owners made an even more surprising announcement—the shopping center would be converted into the New Mexico School for the Arts. The new owners are a group led by prominent Santa Fe philanthropists Catherine Oppenheimer and Garrett Thornburg.

4. A ranch fit for Jane Fonda

Actress Jane Fonda’s ranch, the 2,300-acre property east of Santa Fe called Forked Lightning Ranch, sold in September. The ranch was listed for $19.5 million.

While the real estate agent on the deal couldn’t disclose the buyer, he said the new owner is local with New Mexico ties. The purchase and property included a nearly 10,000-square-foot home called the River House, extensive natural pastures and trails for horseback riding and hiking.

5. The biggest IRB in county history

Bernalillo County commissioners gave final approval in October for a $100 million industrial revenue bond to Wagner Equipment Co. It’s the largest bond awarded in the county’s history. The bond will allow the company to build a new facility in the South Valley. Wagner Equipment will construct a 200,000-square-foot office, a warehouse and shop on its new site. The expansion is expected to create 100 new long-term jobs.

By: Stephanie Guzman (Albuquerque Business First)

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2015 NAR Issue Brief
Legislative & Regulatory Year in Review
10 December 2015
NAR’s legislative and regulatory agenda continued to focus on creating a fundamentally sound and robust U.S. real estate market while protecting the business interests of members and consumers.
NAR achieved several accomplishments and set the foundation for many important issues moving forward, including Waters of the United States, Terrorism Risk Insurance, and commercial use of drones.
During the 114th Congress, NAR’s legislative and regulatory agenda continued to focus on creating a fundamentally sound and robust U.S. real estate market while protecting the business interest of members as well as consumers. NAR achieved several accomplishments and set the foundation for many important issues moving forward.
NAR issue brief includes:

• FHA Implements New Condo Policies
• G-Fees Removed as a Financing Mechanism from Transportation Bill
• Waters of the United States (WOTUS) Rule Implementation Halted
• Terrorism Risk Insurance Act Becomes Law
• FHA Mortgage Insurance Premium Reductions Finalized
• TILA-RESPA Integrated Disclosure (TRID) Rule Implementation Delayed, Written Guidance Issued
• Protection of Homeownership and Real Estate Investment Incentives
• New Net Neutrality Rules Preserve Equal Access to the Internet
• Tenant Star Bill Becomes Law
• Federal Housing Finance Agency Announces New Non-Performing Loan Requirements
• Creating Common Sense Patent Litigation Reforms
• Engaging with the FAA on Drones

Read December summary: 2015 NAR Issue Brief
By: National Association of REALTORS®
Click here to read source PDF.