What is Happening to ABQ's Most Popular Corner?
High-Value Albuquerque Retail Hard Corner Creates New Investment Opportunity
The recent listing of the former CVS Pharmacy property at the intersection of Montgomery Boulevard and San Mateo Boulevard highlights one of the most valuable characteristics in commercial real estate: location.
Positioned on a highly visible hard corner in the heart of Albuquerque, the property represents more than a vacant retail building. It serves as an example of how prime real estate can continue creating value even as national retailers adjust their operational strategies and store footprints.
Currently listed for $7.25 million, the property includes approximately 14,454 square feet of former CVS space situated at one of Albuquerque's busiest commercial intersections. While CVS closed the location in 2025 as part of its broader nationwide retail optimization strategy, the company continues to fulfill its lease obligations through 2033.
What makes this property particularly noteworthy is its location. Situated at the intersection of Montgomery and San Mateo Boulevards, the site benefits from exceptional visibility, strong surrounding demographics, established retail synergy, and daily traffic counts exceeding 75,000 vehicles. These characteristics continue to make the property attractive to investors, developers, owner-users, and businesses seeking a strategic presence within Albuquerque's retail market.
High-profile corner locations have historically maintained strong long-term value because they offer exposure, accessibility, and flexibility. As consumer preferences evolve and businesses adapt to changing market conditions, well-positioned properties often become candidates for redevelopment, adaptive reuse, or repositioning into new commercial concepts.
The approximately 14,454-square-foot former CVS building offers opportunities that could include subleasing, lease restructuring, owner-user occupancy, entertainment concepts, medical uses, multi-tenant redevelopment, or other retail-oriented applications. Existing infrastructure, parking, visibility, and access create a foundation that many redevelopment projects seek.
Across New Mexico, commercial corridors continue evolving as businesses pursue more efficient footprints, experiential retail environments, healthcare services, and destination-oriented concepts. Properties located on major intersections are often among the first to attract attention because of their ability to serve multiple potential uses while maintaining strong market visibility.
While the future tenant mix for the former CVS location remains to be determined, the property demonstrates the enduring value of well-located commercial real estate. As Albuquerque continues to grow and adapt, strategically positioned hard-corner sites remain some of the most sought-after assets for investors, developers, and business owners alike.
For commercial real estate professionals, investors, and business operators, this property serves as a reminder that location, visibility, traffic exposure, and adaptability continue to be among the most valuable drivers of long-term real estate value.
Sources: Albuquerque Business First (link below); CVS Health public statements regarding retail footprint optimization; property marketing materials.
DISCLAIMER
This press release is intended for informational purposes only and does not constitute legal, financial, or investment advice. Berkshire Hathaway NM Commercial Real Estate makes no representations or warranties regarding the accuracy or completeness of third-party information referenced herein. All third-party data is attributed to its respective source. Information was current as of the date of publication and is subject to change without notice. Berkshire Hathaway HomeServices NM Commercial Real Estate is independently owned and operated.
New Mexico Stands Up to Big Tech — and Wins
A Santa Fe jury ordered Meta to pay $375 million for endangering children. New Mexico is the first s
On March 24, 2026, a Santa Fe jury made history. After a seven-week trial, jurors found Meta — the parent company of Facebook and Instagram — liable for misleading consumers about the safety of its platforms and exposing children to harm. The verdict: $375 million in civil penalties. New Mexico became the first state in the country to prevail at trial against a major tech company over child safety.
The case, brought by New Mexico Attorney General Raúl Torrez, was two years in the making. In 2023, the New Mexico Department of Justice launched an investigation into Meta’s platforms after growing concerns about the exploitation of minors online. What they uncovered was damning.
Internal Meta documents and testimony from former employees showed the company had long been aware that child predators were using its platforms. A former Meta engineering leader, Arturo Béjar, testified that his own daughter was solicited by a stranger on Instagram. At one point, internal Meta research found that 16% of all Instagram users had encountered unwanted nudity or sexual content in a single week.
BBC News. Hays, Kali. “Meta told to pay $375m for misleading users over child safety.” March 24, 2026.
The jury found Meta liable for violating New Mexico’s Unfair Practices Act on both counts brought by the state. At a maximum penalty of $5,000 per violation, thousands of violations added up to the full $375 million civil penalty.
“The jury’s verdict is a historic victory for every child and family who has paid the price for Meta’s choice to put profits over kids’ safety. Meta executives knew their products harmed children, disregarded warnings from their own employees, and lied to the public about what they knew.”
— New Mexico Attorney General Raúl Torrez • New Mexico DOJ Press Release, March 24, 2026
Meta has said it will appeal the verdict. But before the second phase of the case — a bench trial before a state district judge beginning May 4 — Meta filed court documents suggesting it might pull Facebook and Instagram from New Mexico entirely if the judge sided with the state.
The state’s demands for that phase include banning infinite scroll, autoplay, and push notifications during school and sleep hours, and capping children’s access to Meta platforms at 90 hours per month. Meta called those requirements “technically impractical” and claimed they would force the company to build entirely separate apps for New Mexico users.
AG Torrez wasn’t moved. He called Meta’s threat a “PR stunt” and said the responsible choice — and frankly, the smart business move — was to simply make the product safer.
“Meta has a choice, obviously, and the responsible choice and the ethical choice, and frankly, the smart business move, is for them to just go ahead and start doing the hard work of making this a safer product.”
— AG Raúl Torrez • Source NM, April 30, 2026
Prokop, Danielle. “Meta says it could withdraw Facebook and Instagram from New Mexico pending bench trial’s outcome.” Source NM. April 30, 2026.
This verdict carries weight well beyond the courtroom. It signals a shift in what consumers, communities, and courts expect from corporations — especially when children are at stake. New Mexico didn’t wait for federal action. It built the case, took it to trial, and won.
At Berkshire Hathaway HomeServices NM Commercial Real Estate, we believe the businesses and markets that last are built on accountability and trust. New Mexico’s willingness to take on one of the world’s most powerful companies — on behalf of its children — reflects exactly the kind of community we’re proud to call home.
Sources Cited
1. New Mexico Department of Justice. “New Mexico Department of Justice Wins Landmark Verdict Against Meta.” Press Release. March 24, 2026. nmdoj.gov
2. Prokop, Danielle. “Meta says it could withdraw Facebook and Instagram from New Mexico pending bench trial’s outcome.” Source NM. April 30, 2026.
3. Hays, Kali. “Meta told to pay $375m for misleading users over child safety.” BBC News. March 24, 2026.
DISCLAIMER
This press release is intended for informational purposes only and does not constitute legal, financial, or investment advice. Berkshire Hathaway NM Commercial Real Estate makes no representations or warranties regarding the accuracy or completeness of third-party information referenced herein. All third-party data is attributed to its respective source. Information was current as of the date of publication and is subject to change without notice. Berkshire Hathaway HomeServices NM Commercial Real Estate is independently owned and operated.
FROM VACANT TO VALUABLE:
Albuquerque's Lomas Tower Project Signals a New Era for Downtown Commercial Real Estate
What a $50–$65 Million Office Conversion Means for Investors, Developers, and the Surrounding Market
Albuquerque, NM — Spring 2026
One of downtown Albuquerque's most recognizable landmarks is getting a second life — and the financial mechanics behind it offer a compelling case study for commercial real estate investors watching the adaptive reuse market heat up across the Southwest.
The former Wells Fargo Tower at 200 Lomas Blvd. NW, a 13-story building constructed in the 1970s, has been acquired by developers Geltmore LLC and Lincoln Avenue Communities and is being repositioned as the Lomas Tower — a mixed-use development that will include 100 affordable housing units. The total project cost is estimated between $50 million and $65 million. As of early 2026, asbestos remediation and interior demolition are already underway, with a groundbreaking targeted for May 2026 and a projected opening in late 2027.
The Deal: Capital Stack and Public-Private Partnership
This project is a textbook example of how large-scale adaptive reuse gets financed in today's market — rarely through private capital alone.
The Lomas Tower funding structure includes:
- A $35 million project revenue bond approved by Bernalillo County
- A $10 million allocation from New Mexico's 2026 fiscal year affordable housing budget, part of a broader $110 million statewide earmark for affordable housing aimed at reducing homelessness
- A $2 million city grant currently in negotiation with the City of Albuquerque
- A $5 million direct contribution from the City of Albuquerque toward the estimated $60 million project.
That's a significant public subsidy — which is precisely the point. Office-to-residential conversions of this scale in secondary markets often require public financing tools to pencil out. The gap between what a developer can charge for workforce housing and what it actually costs to gut and rebuild a 1970s commercial tower is substantial, and this project makes that dynamic transparent.
The Real Cost of Conversion: What Developers Face
For investors evaluating adaptive reuse opportunities, the Lomas Tower project illustrates why older office buildings require extensive capital planning beyond simple acquisition.
According to the development team, the scope of systems work alone includes:
- Full mechanical system replacement — the existing HVAC was engineered for a 150,000 sq. ft. open-office environment. For a 100-unit residential building with 25,000 sq. ft. of ground-floor commercial space, that infrastructure is entirely mismatched and must be replaced.
- Installation of a water source heat pump system for proper and energy-efficient cooling, replacing legacy commercial equipment.
- Asbestos abatement — a required remediation in this 1970s-era structure and one of the first major line items addressed in the project.
- Electrical and plumbing upgrades throughout, routed through the building's existing vertical chases — a challenge to relocate, but once in place, expected to deliver improved energy efficiency.
- Window modifications to allow natural ventilation in residential units, and an exterior lighting overhaul replacing the building's iconic green-glow fixtures with LED systems.
The core structure — the concrete frame, the vertical chase layout, the existing window lines — is the asset. As Adam Silverman, Vice President of Geltmore LLC, noted: "It's important to realize that these older office buildings are going to be a challenge in the future, and so the ability to convert them into something else that meets the community demand was really a driver on this."
The Product: Mixed-Use, Workforce-Targeted
The repositioned Lomas Tower will deliver:
- Floors 2–12: 100 affordable housing units — a mix of studios, one-bedrooms, and two-bedrooms, aligned with the building's existing window lines
- Income targeting: Half of units reserved for households earning at or below 50% of Area Median Income; the other half for those at or below 70% AMI
- Ground floor: Retail, café, potential restaurant, possible early childhood education space, and a retained Wells Fargo bank branch
The income targets point to a specific demand segment — entry-level professionals such as teachers and police officers, as well as voucher holders — a population actively underserved by market-rate downtown product and increasingly sought by workforce housing investors.
The Market Play: Why This Project Matters to CRE Investors
The Lomas Tower is not just a housing story. It's a signal about what's happening to aging office inventory in mid-sized Western markets — and what comes next.
Bernalillo County's Executive Development Officer Marcos Gonzales described the project as a catalyst for economic development — bringing residents into the downtown area not just for 9-to-5 work, but as full-time community members who will use local services and support street-level retail.
Once completed, Lomas Tower could house up to 100 units for approximately 140 residents, with the county indicating that people at the targeted income levels could begin moving in by late 2027.
The developers have also acquired an adjacent parking lot, which is being evaluated for future development as housing, hotel, or additional office space. That optionality is worth watching. Surface parking lots adjacent to a newly activated residential tower in a supply-constrained downtown represent exactly the kind of infill opportunity that follows successful anchor conversions.
What to Watch
For investors and market participants tracking Albuquerque's commercial real estate landscape, the Lomas Tower project offers several indicators worth monitoring as it moves toward its late-2027 delivery:
- Retail leasing activity on the ground floor — who fills that space will tell you a great deal about how the surrounding market is evolving
- Comparable residential absorption in the downtown corridor once units come online
- The adjacent parking lot's development trajectory — a potential next-phase investment opportunity
- Public financing precedents — the county's revenue bond structure and New Mexico's broader $110 million affordable housing appropriation may signal replicable models for similar conversions across the state
The Lomas Tower is a $60 million bet that downtown Albuquerque is ready for a residential renaissance. The public-private financing structure, the scale of the systems investment, and the mixed-income targeting all reflect a market that requires creative capital — and rewards investors and developers who understand adaptive reuse not as a last resort, but as a strategy.
Sources: KRQE News (Jessica Barron, February 23–24, 2026 & December 30–31, 2025), Bernalillo County, Geltmore LLC / Lincoln Avenue Communities
DISCLAIMER
This press release is intended for informational purposes only and does not constitute legal, financial, or investment advice. Berkshire Hathaway NM Commercial Real Estate makes no representations or warranties regarding the accuracy or completeness of third-party information referenced herein. All third-party data is attributed to its respective source. Information was current as of the date of publication and is subject to change without notice. Berkshire Hathaway HomeServices NM Commercial Real Estate is independently owned and operated.
43 Years. 500 Tribes. One Final Dance.
A Cultural Landmark Closes its Final Chapter — and Leaves a Profound Mark on Our City's Identity.
For 43 years, Albuquerque was the center of the Native world for one weekend every spring. More than 100,000 people filled Expo New Mexico for the Gathering of Nations — 3,000 dancers and drummers in full regalia, representing more than 500 tribes from across the United States and Canada. It was the largest powwow in North America. It was the largest celebration of Native culture in the world. And in 2026, it held its final event.
Rushton, Griffin. “Final Gathering of Nations begins on Friday.” KOB 4, Apr. 2026. | Associated Press. “The Last Dance.” Via KRQE, 2026.
The announcement came without ceremony. Organizers released a statement via email and social media: “There comes a time.” No further explanation was offered. The official poster for the 2026 event had already said it plainly: “The Last Dance.”
Associated Press. “The Last Dance.” Via KRQE, 2026.
“At some point, you’re getting the message that it’s time. We turned it into a festival. It’s not just a dance in a building. And that is really — we may have outgrown ourselves.”
— Derek Mathews, Founder, Gathering of Nations • KOB 4, Apr. 2026
The event started small in 1983 and grew into something no one fully anticipated. Grand entries. The crowning of Miss Indian World. Horse parades judged on the craftsmanship of beaded adornments and feathered headdresses. Drumming and dancing competitions with prize money. For many attendees, it was the only event of its kind — a place where Native people from across the continent and beyond came together in one arena and celebrated as one.
Associated Press. “The Last Dance.” Via KRQE, 2026. | KOB 4. “Attendees reflect as final Gathering of Nations wraps up.” Apr. 2026.
“Seeing Natives from all around the world coming here to celebrate, to all come together as one. It’s pretty nice.”
— Attendee, final Gathering of Nations • KOB 4, Apr. 2026
The loss is cultural. It is also economic. The Gathering of Nations generated an estimated $30 million in annual economic impact for Albuquerque — trailing only the Balloon Fiesta among the city’s recurring events. Hotels, restaurants, vendors, and the broader hospitality sector absorbed that impact every spring for four decades. That revenue does not simply redirect itself. It leaves.
Rushton, Griffin. “Final Gathering of Nations begins on Friday.” KOB 4, Apr. 2026.
The future of Expo New Mexico adds a second layer of uncertainty. The fairgrounds have hosted the powwow since 2017, and the state is currently considering redeveloping the site. Whatever replaces it — or doesn’t — will shape the commercial and cultural landscape of that corridor for years to come. For the commercial real estate market, that is a consequential open question.
Associated Press. “The Last Dance.” Via KRQE, 2026.
Some who attended the final gathering believe the spirit of it won’t disappear entirely. The format — food, music, dance, cultural pageantry — is, as one longtime participant put it, a perfect formula. Whether it reconstitutes itself elsewhere, at a different scale or in a different form, remains to be seen. What is certain is that Albuquerque built 43 years of identity around this event. That identity doesn’t end on Saturday. But it will have to find a new expression.
KOB 4. “Final Gathering of Nations begins on Friday.” Apr. 2026. | KOB 4. “Attendees reflect as final Gathering of Nations wraps up.” Apr. 2026.
Sources Cited
1. Rushton, Griffin. “Final Gathering of Nations begins on Friday.” KOB 4, Apr. 2026, kob.com.
2. KOB 4. “Attendees reflect as final Gathering of Nations wraps up in Albuquerque.” KOB 4, Apr. 2026, kob.com.
3. Associated Press. “The Last Dance: Organizers of North America’s largest powwow say 2026 will be the event’s final year.” Via KRQE, 2026, krqe.com.
DISCLAIMER
This press release is intended for informational purposes only and does not constitute legal, financial, or investment advice. Berkshire Hathaway NM Commercial Real Estate makes no representations or warranties regarding the accuracy or completeness of third-party information referenced herein. All third-party data is attributed to its respective source. Information was current as of the date of publication and is subject to change without notice. Berkshire Hathaway HomeServices NM Commercial Real Estate is independently owned and operated.
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Albuquerque’s Mini-Golf Is Back!
Putts N Pints is Reopening the Legendary San Mateo Corner This Summer with 25 New Jobs.
The corner of San Mateo and McLeod sat quiet for nearly a decade. Most Albuquerque residents drove past it and remembered — birthday parties, field trips, summer afternoons. Putt-Putt Golf & Games ran there from 1972 until it closed without warning in 2017. The site never went dark from neglect. The Garcia family, through their holding company G3 Investors LLC, kept it maintained and waited for the right operator.
Garcia, Kylie. “Putt’s happening?” Albuquerque Journal, 13 Mar. 2026. | Ortuno, Dylan. “Putts N Pints sets summer opening.” Albuquerque Business First, 13 Mar. 2026.
They never listed it. Never had to. Interest came from everywhere. What they were looking for was the right fit — and in Scott Salvas and the Brew Lab 101 team, they found it.
“We had many fun memories of the Putt-Putt there when we were growing up and always loved it. [We] finally found the right person to operate a miniature golf operation there now.”
— Carlos Garcia, G3 Investors LLC • Albuquerque Business First, 13 Mar. 2026
Salvas, CEO and President of Putts N Pints and the founder of Brew Lab 101 Beer & Cider Co., signed the lease in January 2026. The new venue is a sister company to Brew Lab — same community-first philosophy, expanded footprint. The original course is being preserved. What’s being added is everything today’s guests expect: a full bar, retro arcade, pool tables, virtual golf, and a party room that can handle everything from a kid’s birthday to a corporate outing.
Ortuno, Dylan. “Putts N Pints sets summer opening.” Albuquerque Business First, 13 Mar. 2026. | Putts N Pints. puttsnpints.com. Accessed 21 Apr. 2026.
“It’s been a powerful reminder of how many people have memories tied to this place, and how much the community wants it to return.”
— Scott Salvas, CEO & President, Putts N Pints • Albuquerque Journal, 13 Mar. 2026
For commercial real estate, the story here is the deal itself. An 11-acre assemblage at a premier mid-city intersection — leased off-market, quietly, to a carefully chosen operator. No listing. No bidding war. Just patient ownership and a well-placed relationship. That’s how the best deals in this market get done.
When Putts N Pints opens this summer, it brings roughly 25 jobs to the corridor and reactivates a high-visibility anchor that will drive foot traffic for every surrounding tenant on San Mateo. Sponsorship opportunities are already open for local businesses that want to be part of the return.
Garcia, Kylie. “Putt’s happening?” Albuquerque Journal, 13 Mar. 2026. | Putts N Pints. puttsnpints.com. Accessed 21 Apr. 2026.
Sources Cited
1. Garcia, Kylie. “Putt’s happening? Fresh details surface about the return of Albuquerque’s Putts N Pints.” Albuquerque Journal, 13 Mar. 2026, abqjournal.com.
2. Ortuno, Dylan. “Putts N Pints sets summer opening at former Putt-Putt site on San Mateo.” Albuquerque Business First, 13 Mar. 2026, bizjournals.com/albuquerque.
3. Putts N Pints. Home page. puttsnpints.com. Accessed 21 Apr. 2026.
DISCLAIMER
This press release is intended for informational purposes only and does not constitute legal, financial, or investment advice. Berkshire Hathaway NM Commercial Real Estate makes no representations or warranties regarding the accuracy or completeness of third-party information referenced herein. All third-party data is attributed to its respective source. Information was current as of the date of publication and is subject to change without notice. Berkshire Hathaway HomeServices NM Commercial Real Estate is independently owned and operated.
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Economic Boom or Resource Burden?
Massive $4B AI Fusion Project Promises Growth—but at a High Water and Energy Cost
New Mexico is being asked to celebrate a $4 billion AI fusion/data center project as a historic economic win—but the real cost is being glossed over. Projects of this magnitude are extraordinarily resource-intensive, and New Mexico is one of the most water-constrained states in the country. AI data centers are known to consume massive amounts of water for cooling, energy for continuous operation, and public infrastructure capacity, all in a region already battling drought, aging water systems, and long-term supply uncertainty.
While job creation and tax revenue are being highlighted, the harder questions remain unanswered: Where does the water come from? Who bears the risk if supply projections fall short? And what happens when public resources are stretched thin to support private, high-consumption facilities? Investments in water upgrades sound promising, but they don’t magically create new water in an arid state facing climate pressure and population growth.
Mayor Keller Legalizes Neighborhood Markets
New Rule Strengthens Local Food Economy and Food Accessibility for Families.
Mayor Tim Keller announced a rule with zero fees to make it easier for small, locally owned neighborhood markets to open in communities that currently lack convenient access to healthy food.
The City’s Environmental Health Department is creating a new category of business under the city’s “retail food establishment” permit. The new permit will require that a store be less than 5,000 square feet, cannot sell alcohol, tobacco or cannabis products and must provide grocery products focused on healthy, affordable foods. The new permit will simplify and accelerate the process for opening small-scale neighborhood markets, particularly in underserved areas. To make it easier for first-time business owners and local farmers to enter the market, the Environmental Health Department is reducing the business fee to 25% of the standard rate. The Chief Administrative Officer will grant fee waivers to qualifying new small grocers.
