Author Archives: AZRE

AZRE

About AZRE

Pulling together the multiple facets of the commercial real estate industry in Arizona, AZRE: Arizona Commercial Real Estate Magazine reaches out to the largest local and national commercial real estate audience within the Grand Canyon State and beyond. AZRE covers up-to-date happenings within commercial development, brokerage, construction, investment, finance, architecture, property management, real estate law and more as it relates to Arizona. Additionally, AZRE is an active voice within the commercial industry, partnering with such organizations as NAIOP, ABA, ICSC AZ, AIA AZ and Valley Partnership.

4250-E-Broadway-Rd-G2, WEB

Newmark Grubb Knight Frank completes $1.8M industrial sale

Newmark Grubb Knight Frank (NGKF) negotiated the $1.8 million sale of 4250 E. Broadway Rd., a 38KSF Industrial building, in Phoenix.

Rob Stephens, Managing Director and Tricia Gumulka, Associate Director with NGKF’s Phoenix office represented the seller, Sorenson Group Management. The buyer, Forever Nutraceuticals, a worldwide distributor of vitamins was represented by Ken McQueen at Lee & Associates in the transaction.

“Forever Nutraceuticals expanded in the Phoenix market, this building is right across the street from their existing space on Wood St, says Stephens, it’s perfect for them due to the location and the fully air-conditioned facility which was a requirement for Forever Nutraceutical.”

7400 E Tierra Buena, WEB

Jewelry design firm takes 30,500 SF of flex space in Scottsdale Airpark

South Hill Design Corp., a jewelry design and marketing firm has leased 30,500 SF of flex industrial space on a 5-year term at 7400 E. Tierra Buena Ln., Scottsdale.

Mark Linsalata

Mark Linsalata

The landlord, Hewson Development Corp. and GH Scottsdale I was represented by Mark Linsalata, Principal with Lee & Associates. John Quatrini with Shell Commercial secured the tenant. The newly leased space is for their corporate offices and a fulfillment center. South Hill Design Corp. is a direct sales jewelry company where clients create their own designs was started in 2012 and has grown to a nationwide entity.

The 66,057 SF fl ex building was built in 1998 and situated in heart of the Scottsdale Airpark on 1.49 acres, a half-mile from the Loop 101. The South Hill lease brings the building to 100% occupancy.

Caretaker, WEB

Craig DeBon promoted at Caretaker Landscape

Caretaker Landscape and Tree Management has promoted Craig DeBon to Senior Project Manager.  Craig has a Bachelor’s of Science degree in Business Management from Oregon State University, his Certified Landscape Technician certification from the Associated Landscape Contractors of America (ALCA) and obtained his Project Management Professional (PMP) certification.   He will be responsible for coordinating pre-construction meetings, plan and budget review and oversight, job set-up /job book, scheduling, writing RFI’s, submitting change order requests, equipment scheduling, material orders and coordination, invoice approval and cost coding, two week look ahead and manpower coordination.  Craig has over 18 years of experience in commercial landscaping.  He started his career in commercial maintenance and after a few years, moved over to commercial construction where he has installed, estimated, and managed multi-million dollar projects.

Generic Building, WEB

Retail absorption dips to start 2014, gains likely later in the year

Colliers International in Greater Phoenix released its 1Q report for retail in 2014. Read the highlights below. Link to full report at the end of the post.

  • Net absorption in the Greater Phoenix retail market turned negative in the first quarter for the first time in three years. Negative net absorption was approximately 103,000 square feet. Still, the longer-term trend is for retailer expansion; net absorption over the past 12 months has totaled 2.7 million square feet.Tenant demand is typically weakest in the first quarter, as ,retailers often expand late in the year and then close under-performing stores after the holiday shopping season.
  • Vacancy ended the first quarter at 10.8 percent, up from 10.7 percent at year-end 2013. Despite the recent uptick, the prevailing trend is for declining vacancy. The rate is down 80 basis points year over year.
  • Shopping center transaction activity is gaining momentum, with sales velocity in the first quarter increasing 8 percent from fourth quarter levels and more than doubling the number of properties sold in the first quarter 2013.

Phoenix Retail Market Report

rsz_broadstonecanyon_fogler

Alliance Residential Named No. 9 Apartment Management Co. in US

Alliance Residential was recently named to the National Multi Housing Council’s (NMHC) 2014 NMHC 50 list of the nation’s largest apartment owners and managers.

Moving up a spot from last year’s NMHC 50 ranking, Alliance is the 9th largest apartment management company in the nation with more than 71,000 units. Now in its 25th year, the NMHC 50 is a key resource for industry observers.

“We are thrilled to be among the largest multifamily organizations in the country ranking on these important industry lists. We are equally proud of the best-in-class amenities, sustainable initiatives and innovative technologies we are incorporating in our extensive and growing portfolio,” said Brad Cribbins, Alliance’s COO/Executive Vice President.

Alliance continues to grow, and is actively seeking management, development and acquisition opportunities. Headquartered in Phoenix, the company has 22 regional offices divided among six regions throughout the U.S. with a presence in 19 states (including Arizona, California, Colorado, District of Columbia, Florida, Georgia, Maryland, Nevada, New Jersey, New Mexico, New York, North Carolina, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia and Washington). Over the past 14 years, Alliance has become one of the largest private apartment owners and management companies in the nation, boasting a $9.0+ billion portfolio and 71,000 units in 27 metropolitan markets.

Sequoia Pathfinder Academy

Sequoia Pathfinder Academy

Edkey, Inc., the parent company of 16 Sequoia Charter Schools, has completed construction plans for the new $6.8M kindergarten through 6th grade Sequoia Pathfinder Academy at Eastmark, located on Eastmark Parkway north of Ray Road in Mesa. The new tuition-free elementary school, which will serve 400 students, is scheduled to open in August for the 2014-15 school year.

Developer: Edkey, Inc.
General contractor: GCON Inc.
Architect: Hunt & Caraway Architects
Location: Eastmark Parkway north of Ray Road in Mesa
Size: 32K SF
Brokerage Firm: Titanium
Value: $6.8M
Start/Completion: February to July 2014

2844 W DEER VALLEY, Cassidy Turley, WEB

Cutler Commercial sells home of Universal Technical Institute for $6.3M

Cassidy Turley announced the sale of a ±58,120 SF Class-B flex, office-industrial project at 2844 W. Deer Valley Rd. and 2837 W. Louise Dr. in Phoenix’s Deer Valley submarket. California-based Hyperion Fund L.P purchased the property for $6.3M ($108.40/psf) from locally based City Park, LLC, a company formed by Cutler Commercial.

Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover with Cassidy Turley negotiated the transaction on behalf of the buyer.

Built in 1983 and 1985, the Deer Valley project is a ±58,120 SF, two building complex that includes 42,160 SF and 15,960 SF structures. The project is located at Deer Valley Road and 27th Avenue one mile from the Interstate 17 and two miles from the North Loop 101. The property is leased entirely to Universal Technical Institute, a technical training school for auto mechanics, marine technicians and NASCAR techs. The new owners plan to hold the property and maintain the current tenancy.

201 West, WEB

Cushman & Wakefield Sells $27.35M in Multi-Family Properties

Cushman & Wakefield of Arizona, Inc. negotiated the $27.35 million sale of Mill Pointe and 201 West, a pair of multifamily properties, located at 4130 S. Mill Ave. and 201 W. Hermosa Dr., respectively.

 

Mill Pointe was built in 1980 and contains 22 buildings and 218 units. 201 West was built in 1973 and contains 16 buildings and 223 units. The properties are a combined 346,476 square feet and were 94 percent occupied at the time of the sale.PR-Mill Point

 

Bank of America Community Development in Dallas sold the properties to Gelt Inc. of Los Angeles. The sale price brought $62,018 per unit, which equates to $78.94 per square foot.

 

“This strategic acquisition gives the buyer the opportunity to acquire an asset with strong existing cash flow and rental upside in a great, long-term location at value significantly below replacement cost,” said Jim Crews with Cushman & Wakefield.

 

Crews and Brett Polachek of Cushman & Wakefield negotiated the transaction.

ParkTower, WEB

Clear Sky Capital Inc purchases 180-unit Park Tower in Chandler

Cassidy Turley announced the sale of 180-unit Park Tower apartments at 1283 W. Parklane Blvd. in Chandler, Ariz. Clear Sky Park Tower LP (dba, Clear Sky Capital Inc) purchased the property for $15.2M ($84,444 per unit) from Park Tower LLC. Cassidy Turley Executive Managing Directors David Fogler and Steven Nicoluzakis negotiated the transaction on behalf of the buyer.
“Park Tower was owned by the previous ownership entity for over 20 years,” according to Mr. Nicoluzakis. “Clear Sky saw significant opportunity to unlock value with updates to the property.”
Clear Sky plans to renovate common areas and update the interiors of the units.

Airpark

Marcus & Millichap arrange sale of 13,451 SF industrial building

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Airpark Square Buildings 9 and 10, a 13,451-square-foot industrial property located in Scottsdale, AZ, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $1,455,000.

Neal Waldman, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a bank/financial institution.

Airpark Square Buildings 9 and 10 is located at 14746 North 78th Way in Scottsdale, AZ.

Airpark 2

CHID - 18 Degrees Render

RJM Construction to transform existing Ice Den Chandler

RJM Construction, a Phoenix general contractor, will soon begin renovations for Ice Den Chandler. Located at 7225 W. Harrison St., Chandler, Ariz., Ice Den Chandler was recently purchased by Coyotes Ice 2, LLC. Over a period of four months, RJM Construction will rebuild the arena’s two ice sheets and reconstruct other areas of the 86,000-sq.-ft. building; work will begin this month and be complete in mid-August 2014.

The transformation will be centered on RJM Construction gutting and rebuilding Ice Den Chandler’s two ice sheets with concrete ice floors to enhance ice quality; new spectator seating will be added to the West Rink. Significant improvements also will be made to the lobby area, administration offices and restrooms. New amenities will be added, including a restaurant and café, pro shop and tenant space.

“RJM Construction has been a valued partner to the Ice Den dating back to 1997, and we are delighted to have their support on this project to provide our hockey and skating families in the southeast valley with state-of-the-art facilities,” said Mike O’Hearn, President, Coyotes Ice, LLC. “The Chandler community can anticipate a completely new facility when we re-open in August.”

RJM Construction worked with Coyotes Ice, LLC on the initial construction of Ice Den Scottsdale, which opened in June 1998, and again in 2011 to add a 30,000-sq.-ft. multipurpose rink to the original facility.

In addition to Coyotes Ice 2, LLC and RJM Construction, project partners include architect 292 Design Group, MEP consultant Peterson Associates, and structural engineer Meyer Borgman Johnson.
CHID - Entrance Render

Camino, Ensemble, WEB

Ensemble completes $2.4M sale of Camino Del Sol Dental Plaza

Ensemble has negotiated the $2.4M sale of Camino Del Sol Dental Plaza, an 8,395 SF medical office building located at 13802 W. Camino Del Sol in Sun City West, Ariz.
Tracy Altemus, Marina Hammersmith and Autumn Storm of Ensemble’s Phoenix office represented the seller in the transaction. The seller was Camino Del Sol One, LLC. The buyer was Geiger Boulevard Spokane, LLC.
“We see this transaction as an example of a continued interest in medical office properties”, said Tracy Altemus, Sr. Vice President of Ensemble.  “Savvy investors recognize this market is beginning to strengthen due to several conditions such as new healthcare laws and an aging population – both contributing to a demand for medical office space. “
Built in 2000, Camino Del Sol Plaza is located in the heart of Sun City West’s commercial core and is close to the Del Webb Hospital. At the time of sale the building was occupied by four well established dental practices including general dentistry, prosthodontics, periodontics and endodontics. The building was 100% percent leased at the time of sale.

pima norte, web

Pima Norte Signs Five New Leases

Five businesses have signed leases in Whitestone REIT’s Pima Norte office complex located in Carefree including Prudential Real Estate, Carefree Movement Physical Therapy, Hundman Law Offices, Oz Directional Drilling and Full Circle Homes.

Strategically located at the southwest corner of Pima Road and Cave Creek Road, Pima Norte is convenient to many upscale master planned communities including Desert Mountain, Mirabel, Whisper Rock Golf Club, Estancia and Legend Trail.

Prudential Real Estate, who just yesterday announced the decision to change the brand name they operate under from Prudential to Berkshire Hathaway Home Services will open a 4,000-square-foot office at Pima Norte this spring. With 10 Arizona offices under their belt, the expansion of the Pima Norte location to their portfolio will allow agents and brokers to service and access the Desert Mountain area. Approximately 50-60 new agents will be hired at the new Pima Norte location. Pima Norte provides an upgraded facility to the agents and the clients they service.

Carefree Movement Physical Therapy is relocating their 1,600 square-foot studio this May to Pima Norte. Ahybrid method that combines principles of structural integrity and alignment with strength conditioning, Pilates and stretching, Carefree Movement Physical Therapy signed a long-term lease with Pima Norte. Carefree Movement will offer movement therapy, structural personal training and post rehab yoga to residents in the Carefree, Cave Creek and North Scottsdale area.

Hundman Law Offices has opened a 900-square-foot office space focusing on probate, estate planning and tax return preparation. They provide legal services to individuals and small businesses. Hundman Law  is owned and operated by James E. Hundman, JD, CFP® who has been practicing law for over 25 years. Mr. Hundman is a Registered Principal with LPL Financial, a member of FINRA/SIPC. He holds a Bachelor of Science degree in Accounting from Illinois State University . He is a licensed Life & Health insurance producer in Illinois and Arizona, with certification in Long Term Care insurance.

Oz Directional Drilling established in 2008 is an international company based out of Scottsdale, Arizona will expand from 600-square feet to 2,600-square feet. With over 60 years of pipeline experience and over 20 years’ experience in the horizontal directional drilling industry, Oz Directional Drilling is known for their expertise throughout North America. Known for their excellence in performance, Oz has completed several hundred directional bores.

Additionally, Full Circle Custom Homes, LLC is a residential custom home builder that recently relocated and expanded at Pima Norte. Full Circle Custom Homes currently has projects underway in Desert Mountain, Estancia, North Scottsdale, Whisper Rock and Cave Creek. Lisa Tate is the owner and President of this business residing in Carefree, AZ.  The prime location of Pima Norte affords Full Circle Homes the convenience to be at their construction sites within 15 minutes when needed and provide their clients great access for a walk through of the progress on their dream home.

Envy Condominiums rendering, WEB

Deco Communities plans $37M joint venture on Envy Condos

Scottsdale-based Deco Communities has closed on a key parcel of land that will change the skyline of Old Town Scottsdale with the addition of a new luxury condominium tower. Slated for completion in 2016, the property is located at 4244 N. 75th St.

Envy will include 90 elegantly appointed residential units and rise eight stories to overlook the entertainment district’s culinary, nightlife, gallery and retail scene. Developed in a joint venture between Deco Communities and a partnership comprised of Minneapolis-based Castlelake and California-based Isles Ranch Partners, Envy will be the first major luxury residential tower announced for the Phoenix-metropolitan area since the economic collapse of 2008.

Envy will offer an unprecedented level of luxury that is in high demand by affluent Gen-Y homebuyers in the heart of Scottsdale’s urban core. Envisioned by a team of world-class talent, this architectural masterpiece will tower over the city, offering residents breathtaking, unobstructed panoramas of Camelback Mountain, the McDowell Mountain Range and the glittering city lights.

“We have assembled the most talented architectural and design team in the country to create Envy,” said Rob Lyles, Partner of Deco Communities. “We are thrilled about the opportunity to deliver a long-anticipated, first-class residential experience to the heart of downtown Scottsdale. Envy is luxury for the next generation, catering to the affluent millennial that wants to be at the center of Scottsdale’s electrifying 24-hour atmosphere. This is the next generation of luxury living in the heart of the city’s core.”

Daniel Gehman of LA-based Harley Ellis Devereaux, an award-winning architecture firm whose credits include a collection of high-profile Los Angeles designs including Wilshire La Brea, 1100 Wilshire and The Mercury, leads the project. The building’s sleek exterior, constructed from glass and stone panels blends seamlessly with the contemporary aesthetic of Old Town’s vibrant neighborhood. Drawing inspiration from iconic projects such as the Cosmopolitan Hotel in Las Vegas, Envy’s opulent interior will by styled by Phoenix-based Private Label International.

Standing as the only residential tower in Old Town Scottsdale’s designated Entertainment District, Envy will feature units starting from $425,000. There are 8 richly appointed floor plans including three penthouse designs. The units will range from 800 to 1,750 square feet with every luxury comfort and convenience considered. Each residence will boast beautifully appointed modern amenities including European-style kitchens with gas appliances, 9- to 11 foot ceilings, quartz countertops and backsplashes, designer fixtures and hardware, oversized mirrors, deep soaking tubs and glass steam showers, spacious walk-in closets, wood floors and large balconies perfect for entertaining and soaking in the incredible views.

Designed to entice every whim of the luxury condominium consumer seeking chic solace in the heart of Scottsdale, Envy will offer a variety of social amenities including a glamorous Grand Lobby with 24-hour concierge and security, a 4,000 square foot fitness facility inspired by LA’s Equinox and David Barton gyms with lounge and juice bar, rooftop pool deck with negative edge saltwater pool, luxurious cabanas, relaxation-ready sound system and sweeping 360 degree views.  An underground three-level parking garage will offer private, secured parking for residents only.

812EastCamelbackRd, WEB

Earnhardt assembles site at 7th Street and Camelback Road for Lexus Dealership

Cassidy Turley announced the sale of a 4,800 SF freestanding retail building at 810 and 812 East Camelback in Phoenix’s Camelback Corridor.

Valley-based Abbott Properties LLC, an entity of Earnhardt Auto Centers, purchased the property for $1.8 million ($375.00/psf) from Whitefield Family Trust. Cassidy Turley Vice President Brent Mallonee and Associate Vice President Ryan Leavitt negotiated the transaction on behalf of the seller, while Michael Lieb of Michael A. Lieb Ltd. represented the buyer.

The sale is part of a multi-property assemblage comprised of sites ranging from a $2.5 million sale of almost three acres to a $271,215 deal for an office condominium. The mix of properties included a former mobile home park, restaurants, retail shops and a 12-suite office condominium project that had 10 owners.

“We are continuing to see an influx of infill property redevelopment and assemblage deals along the Phoenix Camelback corridor,” said Mr Leavitt. “We expect continued strong demand and momentum from investors and end-users in the Camelback corridor.”

Earnhardt Auto Centers plans to use the property to relocate its North Scottsdale Lexus Dealership. The new, relocated dealership is slated to open in 2016 provided zoning is approved.

triARC Partners

triARC architecture & design Earns 2014 Success Award

Jill Hamblen and Marlene Seitz, owners of triARC architecture & design, were named 2014 Success Award winners by the AZ Small Business Development Center (SBDC).

The award is given to small local businesses that have exemplified strong economic growth and development since the inception of their companies. The award ceremony took place on the State Capitol lawn. Eleven other businesses were honored.

“While many small businesses struggle to make ends meet within the first few years in business, these were years triARC soared,” Hamblen said.

Founded in 2006, triARC experienced four years of financial success. It was not until 2010 that the recession hit triARC and billings plummeted.

Hamblen and Seitz turned to Michael D’Hoostelaere, Business Analyst for the SBDC. He challenged the business partners to gain knowledge of their businesses financial indicators as well as strategize to cut debt and develop a growth and hiring plan.

Throughout 2012 and 2013, triARC significantly cut debt, hired staff with complementary values, and outpaced financial projections in 2012 by 110 percent and 113 percent in 2013. The next two years are forecasted to be growth years for triARC.

The SBDC is dedicated to providing high impact, quality counseling services and training to help small business owners achieve their goals, thereby strengthening the Arizona economy. It is celebrating its 25th anniversary.

Hamilton Distillers leased 8KSF at 2106 N. Forbes, Suite 103 in Tucson.

Cushman & Wakefield | PICOR Releases Recent Transaction List

Cushman & Wakefield | PICOR has released the following recent transaction list:

Cricket Wireless leased 810 square feet at 3921 E. 29th Street, Suite 308 in Tucson from Presson Midpoint, LLC.  Rob Glaser, SIOR, CCIM, and Paul Hooker, Industrial Specialists with Cushman & Wakefield | PICOR represented the landlord and Dave Dutson with CBRE represented the tenant in this transaction.

Balanced Spirit Pilates Studio, LLC leased 1,200 square feet in the Mission Plaza Shopping Center at 4619 E. Speedway (NWC Speedway/Swan) in Tucson from Brazo, LLC.  Aaron LaPrise and Greg Furrier, Retail Specialists with Cushman & Wakefield | PICOR, represented the landlord and Jeff Zellet, Commercial Specialist with Cushman & Wakefield | PICOR represented the tenant in this transaction.

Pink Cloud Alterations leased 1,200 square feet in Winterhaven Square on the southeast corner of Fort Lowell & Country Club in Tucson from Glover Associates.  Greg Furrier, Principal and Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord.

Cricket Wireless leased 1,200 square feet in Winterhaven Square on the southeast corner of Fort Lowell & Country Club in Tucson from Glover Associates.  Greg Furrier, Principal and Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord. Dave Dutson with CBRE represented the tenant in this transaction.

Janitorial Maintenance and Supply leased 1,500 square feet at 3790 E. 44th Street, #222 in Tucson, Arizona from Rich Rodgers Investments, Inc.  Brandon Rodgers, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

Rogelio Godinez leased 1,725 square feet at 2341 S. Friebus Avenue, Suite 19 in Tucson from Oak Properties.  Rob Glaser, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord and Aaron Ochoa with HomeSmart represented the tenant in this transaction.

The Specialists Audio leased 3,000 square feet at 5602 E. Broadway in Tucson from Broadway-Craycroft, LLC.  Greg Furrier, Principal and Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

Hamilton Distillers leased 8,000 square feet at 2106 N. Forbes, Suite 103 in Tucson from MRI Saddlehorn Investments II, LLC.  Rob Glaser, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord and Kristy Kelley with Long Realty Company represented the tenant in this transaction.

Fry's 86

Fry’s Store #86 at Sundome Crossing

Fry’s Grocery Store is taking the place of the historic Sundome. The design of the store will have wrought iron inserts on the sides of the building that were salvaged from the demolition of the Sundome. A fuel station and new retail shops building will also be housed on this 16-acre site.

Developer: Brown Grace 6 Investments, LLC and Smith’s Food & Drug Centers, Inc.
General Contractor: Chasse Building Team
Architect: Perkowitz + Ruth Architects
Location: 19403 N. R.H. Johnson Blvd., Sun City West
Size: 109,222 SF
Brokerage Firm: Land & Fry’s Grocery: Empire Commercial;
Retail: Phoenix Commercial Advisors
Value: $9M
Start/Completion: 4Q 2014
Subcontractors: Rikoshea, Redpoint, G&G Masonry, L R Cowan, Sun Valley Masonry, Universal Piping and CPR Electric.

Rio Salado, Liberty Property Trust, WEB

Liberty Property Trust Signs First Tenant at Liberty Center at Rio Salado

Liberty Property Trust has signed a lease with WageWorks Inc. for 76,162 square feet, marking the first tenant agreement to be signed for the company’s Class A office development, Liberty Center at Rio Salado business park in Tempe. Located at 1850 W. Rio Salado Parkway, Building One is a two-story 155,000 square foot development that is designed to achieve LEED® Silver certification, and is slated to come online in October 2014.

“The level of tenant demand for this project is high,” said John DiVall, senior vice president at Liberty Property Trust. “WageWorks is well suited for our new mixed-use business park and its employees will enjoy the contemporary amenities and the live-work-play environment that the park will offer. We look forward to celebrating the opening of their office in Building One later this year.”

“Tempe has been a critical hub for WageWorks and we are excited about expanding our local footprint and moving into the Liberty Center.  As our company continues to grow, this facility will become the new home of the WageWorks Service Center, designed to deliver outstanding service to our employer clients and their participants, and help us recruit and retain happy, healthy and productive employees,” said Joe Jackson, CEO of WageWorks.

WageWorks has leased the entire first floor of Building One, and the second floor comprised of approximately 77,000 square feet is available for lease. Building One is a part of Phase I, which when complete will include seven offices and one industrial building. Phase II, which will be located across Priest Road, is slated to include a hotel, retail and additional office buildings. In total the park will offer more than one million square feet of office, industrial, flex and retail space.

Tim Glenn, Jason Moore, Keith Lammersen and Jim Sadler with JLL represented WageWorks and Megan Creecy-Herman represented Liberty in the transaction.

CarverDistribution, WEB

Pet Club Leases 45,228 SF at Carver Distribution Center in Tempe

Cassidy Turley announced that it completed a lease of 45,228 SF for Mesa, Ariz.-based Pet Club at Carver Distribution Center, 860 W. Carver Rd. in Tempe, Ariz.

Executive Managing Directors Michael Haenel and Andy Markham with Vice President Will Strong of Cassidy Turley’s Industrial Group represented both the landlord, Des Moines, IA-based Principal Life Insurance Company, and Pet Club in the transaction.

Since 1982, Pet Club has been supplying Arizona residents with a variety of premium pet products at a discount price. The Pet Club is locally owned and operated in Arizona & Colorado. Pet club is a Certified Purina Feed Expert dealer and plans to use the newly leased space as a warehouse to support 42 retail locations.

Built in 1998, Carver Distribution Center is a ±272,460 SF, two building Class-A industrial project in Tempe. The property is centrally located in the Tempe/Sky Harbor Industrial Corridor and near two full-diamond Interstate 10 Freeway interchanges at Elliot Road and Warner Road. The Pet Club transaction brings Carver Distribution Center to 100% occupancy.

Envy Condominiums rendering, WEB

HFF arranges $14M in joint venture equity for Scottsdale condo project

HFF announced today that it has arranged $14M in joint venture equity for the development of Envy, a 90-home, mid-rise condominium project in downtown Scottsdale’s Entertainment District.

HFF worked on behalf of the borrower, Deco Communities, to secure joint venture equity from an alternative investment manager.

Envy will be situated on a one-acre site at 4422 North 75th Street near the intersection of Camelback and Scottsdale Roads.  Slated for completion in the second half of 2015, the 90 for-sale residences will feature a variety of one- and two-bedroom floorplans.  The eight-story property will include amenities such as a 4,500-square-foot, state-of-the-art fitness center with lounge and juice bar, mezzanine lounging area, underground parking, negative-edge rooftop pool and spa, bicycle storage, electric car charging stations and concierge service.

The HFF team was led by associate director Bryan Clark.

24490N20thDrive, Cassidy Turley, WEB

Scottsdale Investor Purchases Universal Exchange Building for $1.38M

Cassidy Turley announced that locally-based Douradas Investments, LP acquired the Universal Exchange Building, 24490 N. 20th Dr., for $1.38M ($105 PSF). The seller was Pallanick Family, LLC a company formed by Universal Exchange.

John Pompay Vice President of Cassidy Turley’s Industrial Group represented the seller, while Shelly O’Keefe with Biltmore Lifestyles Real Estate Company represented the buyer.

Built in 2007, the Universal Exchange Building is a ±13,181 SF industrial warehouse on .83 acres and is configured for a single-tenant. The property is located at 19th Avenue and Alameda Road in the Alameda Business Park, a 155,080 SF warehouse/office project with 11 buildings on 10.7 acres. The property featured several upgrades including an insulated roof deck in the warehouse, motion activated T-5 lighting and video security system. At the time of sale, the building was occupied by Universal Exchange, a full service facilities management company.

PalmGlen, Cassidy Turley, WEB

California investor purchases Palm Glen Shopping Center for $14.35M

Cassidy Turley announced that Los Angeles-based Primestor Development acquired Palm Glen Shopping Center, 3500-3636 W. Glendale Ave., for $14.35M ($81.67 PSF). The seller was Phoenix-based Palm Glen Investors, LLC. Executive Managing Directors Ryan Schubert and Michael Hackett with Cassidy Turley’s Retail Capital Markets Group represented the seller, while Alexis Suarez with Arizona Partners represented the buyer.

“Primestor recognizes great value in the underlying real estate of the Palm Glen Shopping Center,” Mr. Hackett said. “In-fill grocery anchored centers with upside potential are hard to come by in the Phoenix market.”

Built in 1961 and renovated in 1990, Palm Glen Shopping Center is a ±175,686 square foot community center situated on 16.12 acres and configured for multi-tenant retail use. The project is anchored by a Food City grocery store and other national tenants including Wells Fargo, Dollar Tree, Aaron Rents, Little Caesar’s Pizza and Title Max. The property has excellent visibility along both Glendale Avenue and 35th Avenue in Phoenix. Palm Glen Shopping Center was 86.2% occupied at the time of sale.

Hines Promotions, WEB

Hines promotes, hires eight employees

Hines announces the hire of four employees and the promotion of four employees who have decades of experience in development, property management and construction, building a robust and strategic Phoenix team.

“We’re cultivating a talented team to reflect Hines’ strong commitment and further investment in the Phoenix marketplace,” said Chris Anderson, Managing Director of Hines. “With the addition of new top market leaders and the promotion of experienced employees, Hines will expand its depth in Arizona projects.”

New Hires:

Brandon Dillingham serves as the Director of Arizona Development for Hines. Dillingham conducts analyses and executes acquisitions and development projects in the Southwest. He previously served as the Development Manager at Macerich. He brings experience in project management and on-time delivery of more than 2.6 million square feet of high-quality projects.

As Property Manager of Renaissance Square, Steve Hamel oversees the 1 million-square-foot twin tower in downtown Phoenix. He previously worked at Cole Real Estate as the Regional Property Manager. He brings 12 years of industry experience and previously oversaw a portfolio of 7 million square feet of retail and office space throughout the Southwest.

Scott King, who previously served as the President at BDT Construction, is Hines’ new Construction Manager. King oversees new ground-up structures, infill renovations and tenant improvements from conceptual estimating and design to project completion. King brings experience in project management and on-time delivery of more than 2.7 million square feet of profitable and high-quality construction projects.

Carol Kleinberg is General Property Manager at Renaissance Square and the Designated Broker for Hines GS Properties. Kleinberg manages a staff of 10 and collaborates with the City of Phoenix, Downtown Phoenix Partnership and GPEC to elevate Renaissance Square’s position. She previously served as the Director of Strategic Alliances at the Plaza Companies. Kleinberg has 25 years of experience in the Phoenix commercial real estate industry, specializing in the operation, management and rebranding of properties. During her career, she has managed more than 3.5 million square feet of office, medical office, retail and industrial properties and provided a key role in the development of 700,000 square feet of office and industrial properties.

Promotions:

Hines promoted Michelle Brown from Assistant Property Manager to Property Manager for 24th at Camelback I & II and Kierland One. She has seven years of experience in commercial real estate. Brown previously oversaw property management operations for 14 tenant improvement projects in a 24-month period, totaling more than 1 million square feet and $20 million.

Darwyn Harp now serves as the Designated Broker for Hines. He previously served as Hines’ General Property Manager & Facility Manager at US Airways and Property Manager at Papago Spectrum. Since joining Hines in 1996, Harp has contributed to the property management of more than 4 million square feet of commercial real estate. He has extensive experience in financial reporting, training and managing personnel as well as the leasing and construction management of occupied and unoccupied space.

Theresa Holder is now the Assistant Property Manager at 24th at Camelback I & II. She is an integral member of the Phoenix NAIOP Chapter and has been heavily involved in the local real estate community for many years.

Martin Ortiz is now an Assistant Engineering Manager at Renaissance Square. He previously served at 24th at Camelback I & II. Ortiz oversaw nearly 300,000 square feet of tenant improvement construction at Camelback II and was a key team member in helping the property achieve LEED EB Platinum certification.