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Cornerstone 1, Orion, WEB

Bob Parsons affiliate buys Cornerstone shopping center

ORION Investment Real Estate announced Tuesday the sale of The Cornerstone shopping center in Tempe, Ariz., located on the NEC of Rural Road and University Drive adjacent to Arizona State University.  The 117,351-square-foot center sold for $28,556,152 to Cornerstone Retail, L.L.C., a commercial real estate entity affiliated with YAM Properties which was founded by Valley businessman Bob Parsons.

The transaction was negotiated by Ari Spiro, Sean Stutzman and Andrew Harrison of ORION Investment Real Estate based in Scottsdale.

The Cornerstone is part of a five-building complex located at one of the most recognizable intersections in the Southeast Valley. The property is adjacent to ASU’s University Center and Athletic Performance Center.  The shopping center which was 90 percent occupied at the time of the sale, is anchored by Tempe Improv and is home to notable tenants including ASU, Buffalo Wild Wings, Fast Med Urgent Care, and Raising Canes.

ORION’s President Ari Spiro noted, “This is a landmark property at the gateway to Tempe and Arizona State University on a 10.7 acre lot.  Locations like this rarely trade.  Tempe is undergoing a building boom with no less than half a dozen cranes dotting the skyline.”

The Seller in the transaction was Cornerstone Center 99, LLC, an Arizona limited liability company, owned by ACF Property Management Inc. based in Sherman Oaks, California.

Future location of As You Wish at Westgate Entertainment District.

Six new tenants coming to Westgate Entertainment District

Six new businesses will call Westgate Entertainment District home when they open at the booming Glendale center over the next several weeks including As You Wish, Fresh Healthy Café, OPA Life Greek Café, Crave Gourmet Waffle Sandwiches, Proliant and American Basketball Association.

These new additions to Westgate’s tenant mix brings the total number of new retail and office leases signed by owner iStar Financial to 18 since the company acquired Westgate Entertainment District.

As You Wish, a pottery painting place, will open a 2,109 square-foot store next to AMC Theatres in October. As You Wish was one of the first paint-your-own pottery studios in the nation and the first in Arizona. This will be the company’s seventh Valley location.

Three new dining destinations will complement the restaurant mix at Westgate including Fresh Healthy Café, which will open its first Arizona location offering smoothies and fresh-squeezed juices, along with other healthy fare. The restaurant company has restaurants in 10 states, Canada and five international countries. The 1,358 square-foot restaurant will open next to Buffalo Wild Wings this fall. Also opening this fall, OPA Life Greek Café, a Greek restaurant with a full-line coffee bar open for breakfast, lunch and dinner. OPA will open a 2,501 square-foot restaurant with a large patio overlooking Fountain Park in front of AMC, providing an exceptional indoor/outdoor environment. The newly launched brand, established by experienced restaurateurs, will bring the liveliness of Greek culture and combine it with the flavors of the Mediterranean within an affordable dining experience.

Opening in December next to Johnny Rockets, Crave Gourmet Waffle Sandwiches is a new gourmet Belgian waffle restaurant unlike anything in the Valley from the owner of Razzleberriez Frozen Yogurt, which opened its third Valley location at Westgate in 2013. Crave will serve breakfast, lunch, dinner and dessert and have a variety of savory and sweet waffle combinations including waffle sandwiches, salads, sweet waffle desserts and shakes.

Two notable companies have also recently signed leases for office space at Westgate.

Proliant, a national payroll services company headquartered in Atlanta, GA, opened its first Arizona office in July that will be among eight offices across the country including Atlanta, Chicago, Dallas, Detroit, Los Angeles, Miami and Raleigh, NC. The American Basketball Association, the largest professional sports league in the U.S. with more than 100 teams, chose Westgate Entertainment District as its headquarters. The ABA has opened a 2,509 square-foot office. Between the two new office tenants, Westgate will add approximately 15 new office jobs.

This summer, Westgate also welcomed Metro PCS to the kiosks surrounding Fountain Park.

Additionally, Just Sports, the Arizona-based sports apparel retailer with a flagship store at Westgate, is expanding to add an additional store on the WaterDance Events Plaza near Jobing.com Arena, catering to the football and hockey game-day crowds.

“We’re pleased with the continuation of our leasing momentum. OPA, Crave and Fresh Healthy Café bring added dimensions to our restaurant lineup, expanding upon what is already the best dining destination in the West Valley. The addition of a full coffee bar, Greek restaurant and a fast-casual smoothie and healthy café, adds to the attractiveness of Westgate for our office tenants, where employees can stay on-site and get virtually any kind of food for breakfast, lunch or dinner,” said Jeff Teetsel, development manager of Westgate. “We targeted As You Wish as a best-in-class, family friendly experiential store that fits perfectly next to AMC and Fountain Park, providing a great destination for families and kids throughout the year.”

“Westgate Entertainment District is the go-to destination in the West Valley for family fun and entertainment and it’s a natural fit for our seventh store,” said Scott Neff, owner of As You Wish. “We’re a locally owned and operated company celebrating 19 years of bringing out people’s ‘inner artist’. We look forward to becoming part of the Glendale community and reaching new customers and families to help them create special memories through pottery painting, glass fusing, clay and canvas painting.”

Westgate Entertainment District

Terminix Bringing 300 Jobs to Glendale

iStar Financial announced today that Terminix, the world’s largest pest control provider, will open a new customer care center at Westgate Entertainment District in October that will bring as many as 300 jobs to Arizona and help invigorate activity within the office buildings of the Entertainment District.

At 32,800 square feet, the deal is the largest office lease in Westgate’s history. The Memphis, Tenn.-based company is expanding its customer service operations to Arizona and will take over the entire second floor of the east office building beginning October 1.

“With Westgate’s attributes, including over 15 on-site restaurants and abundant parking, we strategically and aggressively targeted large corporate users and are pleased to announce the full-floor lease to Terminix,” said Jeff Teetsel, development manager of Westgate Entertainment District. “This is the largest office lease in Westgate’s history, and is another indication of our positive momentum. With our direct freeway access and ease and efficiency for employees to walk to lunch, we have a uniquely desirable mixed-use environment for office tenants.”

The announcement comes on the heels of strong leasing activity at Westgate Entertainment District in recent months including signed leases from Buffalo Wild Wings and Whiskey Rose Bar & Grill and the recent openings of Chipotle, Gallery Glendale and The Arizona Republic, which relocated its West Valley office earlier this year.

“This lease is a validation of the market’s response to the nearly $1 million in investments iStar has made in upgrades to the property over the past year that includes improving the parking lot and common areas and installing new signage to benefit office tenants,” said Teetsel.

Terminix, a company with revenues exceeding $1.3 billion, is the largest subsidiary of ServiceMaster, one of the world’s largest residential service networks. Terminix services more than 3 million residential and commercial customers in 47 states and 14 countries.

“This new Arizona facility reinforces our commitment to enhancing the Terminix customer experience and providing one-call resolution to any customer questions or concerns,” said Larry Pruitt, president of Terminix.  “Terminix already earns best-in-class service ratings from customers, and this new center will help us take that service to an even higher level.”

Terminix conducted a site selection process throughout the western United States, narrowed the focus to Denver, Salt Lake City and Phoenix, and ultimately selected metro Phoenix and Glendale specifically.

CBRE’s Bryan Taute and Brad Anderson represented the landlord and Newmark Grubb Knight Frank’s Aaron Sommer, of the Atlanta office, and Geoffrey Waldrom and Dan Dobric, of the Phoenix office, represented the tenant.

The City of Glendale Economic Development Department worked to expedite permit processing and coordination to help the tenant meet its expedited occupancy target date. Jeanine Jerkovic in City’s Economic Development department coordinated the City’s efforts, along with Department Director Brian Friedman.

For more information about Westgate Entertainment District, visit www.westgateaz.com.

SkySong

Innovation unites Arizona’s economic engines

When Arizona became a state 100 years ago, it was easy to identify its economic engines, those industries, innovators and locations that drove the state’s economy and employment.

They all started with C — copper, cotton, citrus, cattle and climate.
A decade later, it’s not so easy.

“We must find ways to diversify our economy, including investing in bioscience and technology, health science and innovation,” Phoenix Mayor Greg Stanton says. “We are coming out of the recession, and we need to move forward in a strategic way.”

Today’s economic engines are doing just that. They innovate, they collaborate, and the only one that starts with C is CityScape, and the only copper you’ll find there is Copper Blues Rock Pub and Kitchen and the cotton is at Urban Outfitters.

But today’s economic engines have to clear vision and direction for driving Arizona’s economy during its second century.

The Biodesign Institute at ASU
What it is: The Biodesign Institute at ASU addresses today’s critical global challenges in healthcare, sustainability and security by developing solutions inspired from natural systems and translating those solutions into commercially viable products and clinical practices.
Economic impact: The Biodesign Institute has met or exceeded all of the business goals set in mid-2003 by attracting more than $300 million in external funding since inception, and generating more than $200 million in proposals advanced in 2011 alone.
Companies it has helped grow: Licensed next-generation respiratory sensor technology to a European medical device developer; executed an exclusive license agreement for DNA sequencing technology to Roche, which includes a sponsored research agreement to develop devices in collaboration with Roche and IBM; and launched two Biodesign Commercial Translation companies.
Latest news: Led by electrical engineer, Nongjian Tao, ASU researchers have formulated a new sensor technology that will allow them to design and create a handheld sensor that can contribute to better diagnosis of asthma.
Michael Birt, director of the Center for Sustainable Health at the Biodesign Institute at ASU: “By establishing biosignatures centers, we hope to build a global network that will provide the scale necessary to overcome scientific limitations while creating a global platform to share methods, results and experiences.”

CityScape
What it is: A highrise mixed-use development in Downtown Phoenix consisting of residential, retail, office, and hotel components. The project covers three downtown Phoenix city blocks and is located between First Avenue and First Street, and between Washington and Jefferson streets.
Economic impact: Officials credit the evolution of Downtown Phoenix — led by CityScape — with helping the Valley land the 2015 Super Bowl, which will bring an economic impact of an estimated $500 million.
Companies it has helped grow: In addition to entertainment venues and top-notch restaurants, business leaders calling CityScape home include Alliance Bank, Cantor Law Group,  Fidelity Title, Gordon Silver, Gust Rosenfeld, Jennings, Strouss and Salmon, PLC, Polsinelli Shughart, RED Development, Squire Sanders and UnitedHealthcare.
Latest news: The 250-room boutique hotel, Hotel Palomar Phoenix by Kimpton, opened in June.
Jeff Moloznik, general manager, CityScape:  “The most progressive and entrepreneurial talent in the Valley have convened at CityScape. The impact our tenants’ businesses have brought to Downtown Phoenix is noticeable and significant. In an area that once lacked a central core, there is now energy, creativity, enterprise and excitement all day, every day in once central location.”

Intel

What it is: Intel is a world leader in computing innovation. The company designs and builds the essential technologies that serve as the foundation for the world’s computing devices.
Economic impact: Since 1996, Intel has invested more than $12 billion in high-tech manufacturing capability in Arizona and spent more than $450 million each year in research and development. Intel is investing another $5 billion in its Chandler site to manufacture its industry-leading, next-generation 14 nanometer technology.
Companies it has helped grow: Intel has been a catalyst for helping to create Chandler’s “tech corridor,” which includes Freescale, Microchip Technology, Orbital Sciences, Avnet, Amkor, and Marvell Technologies.
Latest news: Intel and ASU’s College of Technology and Innovation (CTI) are developing a customized engineering degree for some of the chip maker’s Arizona-based employees. The program is based on CTI’s modular, project-based curriculum and upon completion will provide a Bachelor’s of Science in Engineering degree from ASU, with a focus in materials science.
Chandler Mayor Jay Tibshraeny: Intel likes the partnership it has with Chandler, likes doing business in Arizona, and they’re a very good corporate citizen.”

Phoenix Mesa-Gateway Airport

What it is: Formerly Williams Gateway Airport (1994–2008) and Williams Air Force Base (1941–1993), it is a commercial airport located in the southeastern area of Mesa.
Economic impact: The airport helped generate $685 million in economic benefits last year, and the airport supports more than 4,000 jobs in the region.
Companies it has helped grow: Able Engineering & Component Services, Cessna, Hawker Beechcraft, Embraer, CMC Steel, TRW Vehicle Safety Systems Inc..
Latest news: The Airport Authority’s Board of Directors announced Monday the airport will undergo a $1.4 billion expansion. There is also an effort to privately raise $385 million to build two hotels and office and retail space near the airport.
Mesa Mayor Scott Smith: “Phoenix-Mesa Gateway Airport has gone through tremendous growth and expansion and has truly arrived as a major transportation center in the Valley.”

SkySong

What it is: A 1.2-million-square-feet mixed use space that gives entrepreneurs and innovators the resources they need  to grow and thrive, and provide them an exceptional home for when their businesses begin to take off.
Economic impact: Projected to generate more than $9.3 billion in economic growth over the next 30 years, according to an updated study by the Greater Phoenix Economic Council.
Companies it has helped grow: Emerge.MD, Channel Intelligence, Adaptive Curriculum, Alaris, Jobing.com/Blogic, webFilings.
Latest news: Jobing, an online company that connects employers and job seekers nationally, relocated its corporate headquarters from Phoenix to SkySong.
Scottsdale Mayor Jim Lane: “It is hard to think of a business attraction initiative the city has recently used that has not mentioned SkySong as a major attribute. SkySong has a national reputation and as it grows it will continue to elevate Scottsdale’s standing.”

Talking Stick

What it is: This economic engine encompasses a complex that includes the 497-room Talking Stick Resort, Courtyard Marriott Scottsdale Salt River, Casino Arizona at Talking Stick Resort, Talking Stick Golf Club, and Salt River Fields at Talking Stick, the spring training home of the Colorado Rockies and Arizona Diamondbacks.
Economic impact: Salt Rivers Fields аt Talking Stick accounted fоr 22 percent оf the the attendance for Cactus League baseball, which generates more thаn $300 million а yeаr іn economic impact tо the greater Phoenix metropolitan area economy.
Companies it has helped grow: In 2011, nearby Scottsdale Pavilions — which features 1.1 million square feet of select retail and mixed-use properties — became The Pavilions at Talking Stick. Pavilions has added Hobby Lobby, Mountainside Fitness, Buffalo Wild Wings and Hooters.
Latest news: Salt River Fields at Talking Stick will be one of the ballparks selected to host the first round of the 2013 World Baseball Classic in the spring.
David Hielscher, advertising manager, Casino Arizona and Talking Stick Resort: “Our property’s diverse, entertainment-driven culture and convenient locations allow us limitless opportunities for future expansion and development.”

Translational Genomics Research Institute

What it is: TGen is a non-profit genomics research institute that seeks to employ genetic discoveries to improve disease outcomes by developing smarter diagnostics and targeted therapeutics.
Economic impact: TGen provides Arizona with a total annual economic impact of $137.7 million, according to the results of an independent analysis done by Tripp Umbach, a national leader in economic forecasting.
Companies it has helped grow: TGen researchers have collaborated with Scottsdale Healthcare, Virginia G. Piper Cancer Center, Mayo Clinic, Ascalon International Inc., MCS Biotech Resources LLC, Semafore Pharmaceuticals Inc., Silamed Inc., Stromaceutics Inc., SynDevRx Inc., and Translational Accelerator LLC (TRAC). and many others.
Latest news: When TGen-generated business spin-offs and commercialization are included,  Tripp Umbach predicts that in 2012 TGen will produce $47.06 for every $1 of state investment, support 3,723 jobs, result in $21.1 million in state tax revenues, and have a total annual economic impact of $258.8 million.
Michael Bidwill, president of the Arizona Cardinals: “TGen is one of this state’s premier medical research and economic assets, and is a standard-bearer for promoting everything that is positive and forward-looking about Arizona.”

University of Arizona’s Tech Park

What it is: The University of Arizona Science and Technology Park (UA Tech Park) sits on 1,345 acres in Southeast Tucson. Almost 2 million square feet of space has been developed featuring high tech office, R&D and laboratory facilities.
Economic impact: In 2009, the businesses that call Tech Park home had an economic impact of $2.67 billion in Pima County. This included $1.81 billion in direct economic impacts such as wages paid and supplies and services purchased and $861 million in indirect and induced dollar impacts. In total, the Tech Park and its companies generated 14,322 jobs (direct, indirect, and induced).
Companies it has helped grow: IBM, Raytheon, Canon USA, Citigroup, NP Photonics, and DILAS Diode Laser.
Latest news: A 38.5-acre photovoltaic array is the latest addition to the Solar Zone technology demonstration area at Tech Park. Power generated from the facility will be sold to Tucson Electric Power Co., providing power for  about 1,000 homes.
Bruce Wright, associate vice president for University Research Parks:  “By 2011, the park had recaptured this lost employment (resulting from the recession) with total employment increasing to 6,944. In addition, the number of tenants had expanded from 50 to 52 reflecting the addition of new companies in the Arizona Center for Innovation and the development of the Solar Zone at the Tech Park.”

insight bowl

Buffalo Wild Wings Takes Over As Insight Bowl Sponsor

The Insight Bowl has become the Buffalo Wild Wings Bowl under a new sponsorship agreement.

The change was announced by the Valley of the Sun Bowl Foundation, which operates the postseason contest played at Sun Devil Stadium in Tempe.

Minnesota-based Buffalo Wild Wings operates 835 sports-themed restaurants in the United States and Canada.

Initially known as the Copper Bowl and played in Tucson, the event was founded in 1989. It moved to Phoenix in 2000 and Tempe in 2006. The game became the Insight.com Bowl and, in recent years, simply the Insight Bowl.

This year’s game, to be played Dec. 29, matches the third selection in the Big 12 and fourth pick in the Big Ten, after BCS bowl choices are made.

For more information about the Insight Bowl, now the Buffalo Wild Wings Bowl, visit the Fiesta Bowl’s website at fiestabowl.org