Tag Archives: CBRE

MMIBuildingPR, WEB

Motorcycle Mechanics Institute building sells for $6M in Deer Valley

CBRE has completed the sale of the Motorcycle Mechanics Institute (MMI) Building located at 2932 W. Deer Valley Rd. in Phoenix. The 41,739-square-foot technical training facility commanded a sale price of $5.975 million.

Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the seller, 2932 DVR, LLC. The buyer, Hyperion Fund, LP, was represented by Eric Wichterman and Mike Coover with Cassidy Turley.

Deer Valley is a prime area for large corporate users like Universal Technical Institute’s Motorcyle Mechanics Institute. Investment opportunities like this are unique and sought after because the asset provides the opportunity to acquire a well-located, 100 percent triple-net leased facility with a strong-credit tenant on a long-term lease,” said CBRE’s Gabel.

The MMI Building is 100 percent leased to UTI on a long term lease. It is one of three buildings that comprise the MMI campus. The building is located on Deer Valley Road, the main street serving the market, and half mile west of the Interstate 17. The property also benefits from its adjacency to numerous retail services, residential neighborhoods including multi-family developments and other strong corporate users.

Headquartered in Scottsdale, Ariz., UTI, a NYSE (UTI) publically traded company, is the leading provider of post-secondary education for students seeking careers in automotive, diesel, collision repair, motorcycle and marine technicians. UTI has more than 170,000 graduates from 11 locations througout the country within its 48 year history.

58 W. Congress St., Tucson, Ariz.

CBRE reports recent Tucson transactions

CBRE’s Tucson office has released the following recent leasing transactions for the greater Tucson area:

Ridgewood Associates, a full-service public relations and integrated marketing communications firm, has leased 2,378 square feet of office space at the Pioneer Building located at 100 N. Stone Ave. in Tucson, Ariz. Ridgewood Associates was represented by David Montijo and Bruce Suppes with CBRE’s Tucson office. The landlord, Holualoa Pioneer, LLC, was also represented by Bruce Suppes in addition to David Volk of CBRE.

Street Taco and Beer Co. has leased 2,233 square feet of restaurant space at 58 W. Congress in downtown Tucson. The landlord, BC Limited, LLC, was represented by Buzz Isaacson with CBRE’s Tucson office. The tenant was self-represented.

Batteries Plus has leased 1,400 square feet of retail space at Tucson Spectrum shopping center located at 1725 W. Irving Rd. in Tucson. The landlord, DDR Tucson Spectrum II, LLC, was represented by CBRE’s Nancy McClure, Jayme Fabe and Michael Laatsch. The tenant was represented by Steffan Cione with Cione Company.

Arizona Pizza, Inc. has leased 1,500 square feet of retail space at Southgate Shopping Center located at 3346 S. 6th Ave. in Tucson. The landlord, Red Mountain Asset Fund, LLC, was represented by CBRE’s Jayme Fabe. Arizona Pizza, Inc. was represented by Debbie Heslop with Volk Co.

Community Extension Programs, Inc. (CEP) has purchased a 2,760-square-foot office space at La Cholla Corporate Center in Tucson. The Tucson-based non-profit organization, which provides extended care and education and enrichment for schools in Tucson and Oro Valley, purchased the property from Orca, LLC. CBRE’s David Montijo and Jeff Casper represented the seller in the $469,200 transaction. CEP was represented by Esther Empens with Tierra Antiqua Realty.

Goodyear 1, WEB

Schoeller Arca Systems leases 77KSF at Goodyear Crossing

CBRE has negotiated the lease of a 77,046 square feet space at Goodyear Crossing Industrial Park located at 3801 S. Cotton Lane in Goodyear.

Schoeller Arca Systems, Inc., a Netherlands-based plastic injection molding manufacturer, has leased the warehouse and distribution space to accommodate production from its approximately 150,000-square-foot manufacturing facility located across the street at 4320 S. Cotton Lane.

Pat Feeney, Dan Calihan and Rusty Kennedy of CBRE’s Phoenix office represented the landlord, Indianapolis, Ind.-based Duke Realty, in negotiating the long-term lease agreement. Schoeller Arca Systems was self-represented. The exact financial terms of the transaction were not disclosed.

The metropolitan Phoenix industrial market is definitely improving. We’ve seen net positive absorption of 2.1 million square feet through the second quarter and 3.7 million square feet year-to-date,” said CBRE’s Feeney. “The Valley is proving an attractive placefor major industrial users to locate and expand. This lease is a prime example of that trend. With this transaction, SAS brings their total footprint in metro Phoenix to over 227,046 square feet, which is a sizeable investment. Activity is up because companies like SAS recognize the benefits of operating in the Valley.”

Schoeller Arca Systems, whose U.S. headquarters is located in Chicago, first entered the Phoenix market in 2011 when the company opened the facility at 4320 S. Cotton Lane which manufactures recyclable and reusable plastic crates for harvesting.

This lease brings the existing buildings at Goodyear Crossing Industrial Park to 100 percent occupied. Other tenants at the park include Suntech, a major producer of solar panels; e-commerce giant Amazon; and Macy’s, which operates an e-commerce distribution facility that was recently expanded by 360,000 square feet and now totals 1 million square feet. With all existing buildings fully leased, Duke Realty is actively and aggressively pursuing build-to-suit and other potential tenant opportunities for the remaining 130 to 150 acres of improved, rail-served industrial lots that also offer foreign-trade-zone status.

Camelback Square, WEB

National tech company signs 30KSF lease in downtown Scottsdale

Lincoln Property Company signed a 30,000 SF lease with a nationally platformed technology tenant at the Camelback Square office project in downtown Scottsdale. The confidential tenant commitment brings the Class-A building to 95 percent occupancy.

Bill Blake, Craig Coppola, Andrew Cheney, Colton Trauter and Gregg Kafka of Lee & Associates serve as the listing team for Camelback Square. Bryce Terveen of CBRE represented the tenant.

“Downtown Scottsdale is a truly unique combination of business, dining, shopping and entertainment,” said Lincoln Property Company Vice President Amr Ceran. “It is easy to understand why companies want to locate here, and we do all we can as an owner/manager to make sure we’re complimenting that choice with very positive tenant relationships and lease deals that are a win-win scenario for everyone.”

With the new lease, the 172,690-square-foot, three-story Camelback Square is now 95 percent occupied to tenants including Regus, Echo Global Logistics, Paramount Financial, Ashton Woods, Carefree Financial, Barker Education and Mastro’s City Hall Steakhouse.

“This is a very stabilized occupancy position for Camelback Square, even when compared to South Scottsdale’s recovering office vacancy rate, which is performing competitively in the low teens,” said Ceran.

LPC and Los Angeles-based investment firm Oaktree Capital Management purchased Camelback Square out of special servicing in June 2011. Since that time, LPC has completed a major renovation including new building entrances, lobby and common area finishes, a courtyard fountain and furniture, and upgraded building signage. As property owner and manager, LPC also initiated an aggressive leasing plan that moved the project from just 50 percent occupied to almost 100 percent occupied.

Camelback Square is located at 6991 E. Camelback Rd., at the southwest corner of Camelback and Scottsdale roads. It sits adjacent to the 2 million-square-foot Scottsdale Fashion Square regional mall and includes on-site amenities such as the award-winning Mastro’s City Hall Steakhouse, a casual deli and a building conference room.

Sierra Vista I and II apartments, CBRE

Sierra Vista apartments sell for $23.825M in Tempe

CBRE has completed the sale of Sierra Vista I and II located at 710 and 615 S. Hardy Dr. in Tempe, Ariz. The garden-style apartment community consists of 239 and 228 units, respectively, and commanded a sale price of over $23.8 million.

Tyler Anderson, Sean Cunningham, Brian Smuckler and Jeff Seaman with CBRE’s Phoenix office represented the seller, Sierra Vista Apartments, LLC of Leawood, Kansas. Bert Kempfert, also with CBRE, represented the buyer, Newport Beach, Calif.-based FPA Multifamily, LLC.

Sierra Vista I and II offer a unique opportunity in an irreplaceable north Tempe location. The Tempe submarket is one of the most vibrant in the metropolitan area and will only continue to grow in the 21st century,” said CBRE’s Smuckler. “This 18-acre property has the potential to be redeveloped as a new core-plus multifamily community, capitalizing on not only the student population of ASU, but the numerous nearby mixed-use development projects currently underway.”

Sierra Vista I and II are both less than one mile west of downtown Tempe, ASU and Rio Salado, an innovative 840-acre mixed-use urban project designed to meet the recreational, environmental and economic needs of the Tempe community. The property benefits from proximity to the industrial parks north and east of US 60 in west Tempe, as well as to the high tech jobs corridor along the Loop 101 Freeway and the large and growing employment center surrounding Sky Harbor International Airport.

Built in 1975 Sierra Vista I is located on University Drive in Tempe. The property is situated on approximately 9.04 acres. Community amenities include two large swimming pools, sport court, handball court, leasing office, two on-site laundry facilities, secured access gates, picnic areas with charcoal barbecues and an internet café with coffee bar.

Sierra Vista II, which was built in 1971, is located on 7th Street just east of Hardy Drive in
Tempe. The property sits on approximately 8.96 acres and is attractively landscaped. Community amenities include a large swimming pool, 24-hour fitness center, two on-site laundry facilities, picnic areas with charcoal barbecues and access to all the amenities at Sierra Vista I.

Campus Tucson International, CBRE, WEB

VXI Global Solutions leases 31KSF at Campus at Tucson International

CBRE has completed a 31,100-square-foot lease at the Campus at Tucson International in Tucson, Ariz. VXI Global Solutions, a Los Angeles, Cailf.-based company and leading provider of business process and information technology outsourcing, has leased the space. This lease marks VXI Global Solutions’ entrance into the Arizona market and the company plans to hire approximately 300 employees in the short-term, potentially 500 in the long-term.

Bill Di Vito and Jesse Blum with CBRE’s Tucson office negotiated the long-term lease on behalf of the landlord, HSL Properties of Tucson. VXI Global Solutions was represented by Jackson Meyer of Dallas, Texas-based Avison Young. The financial terms of the transaction were not disclosed.

VXI Global Solutions’ entrance into the Arizona market, specifically into Southern Arizona, is another great indicator of the steadily improving economy,” said CBRE’s Di Vito. “Over the past several quarters, user interest in our region has definitely been up. Major companies are looking at Tucson as a place to expand or locate and having the right real estate available makes it easier to get them here. The Campus at TI is well-positioned to attract quality tenants and this lease is a prime example.”

VXI Global Solutions has leased its 31,100-square-foot space at 6730 S. Tucson Blvd. in Building One at the Campus at TI. An industry leader in its space, VXI Global Solutions specializes in call center and BPO services, software development, quality assurance testing, and infrastructure outsourcing and will operate a call center from this location. Capitalizing on Tucson’s deep, well-educated labor pool, the company plans to hire approximately 300 new employees immediately and could potentially hire up to 500 employees in the future. A global company, VXI has operations across North America as well as in Asia and Latin America.

The Campus at Tucson International is a six-building, 253,393-square-foot business park campus that sits on 17.6 acres two blocks from Tucson International Airport. The property was formerly home to Texas Instrument’s operations in Tucson. HSL Properties purchased the property in September 2013 from the Dallas-based company and soon got to work making improvements to the existing buildings and grounds in order to reposition and bring new life to the project.

We’ve believed from the start that Tucson is a market that can and will attract major employers with the right kind of real estate,” said Humberto Lopez, president of HSL Properties. “Our goal has always been to attract companies that will add value to the Tucson market in the form of jobs and commerce and this lease with VXI does just that.”

A business campus that once housed over 1,400 employees, the Campus at Tucson International is a multi-use site that includes offices, labs, a conference center with a full commercial grade kitchen and cafeteria, as well as manufacturing and warehouse space. The multi-building campus is serviced by a sophisticated on-site central utility core that offers seven megawatts of power, which makes it an attractive option for users with significant power needs.  Entirely secured with multiple access points, The Campus at Tucson International is two blocks from the Tucson International Airport and within walking distance to hotels and restaurants.

Mark Boisclair Photography, Inc.

CBRE completes $65M sale of Parcland Crossing

CBRE has completed the sale of Parcland Crossing, a 383-unit apartment complex located at 800 W. Willis Rd. in Chandler, Ariz. The multifamily community, which sits just south of the 202 Freeway at the northeast corner of Willis and Alma School roads in Chandler, commanded a sale price of $65 million. The property was 93 percent leased at time of sale.

Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller, Alma School Apartments, LLC, a joint venture between Scottsdale-based Mark-Taylor, Inc. and Phoenix-based Kitchell Development Co. The buyer was PrivatePortfolio Group, LLC of Seattle, Wa.

Parcland Crossing is an extremely well-located asset. Population growth for the one-mile radius around Parcland Crossing has averaged 5.5 percent in the past three years and is projected to increase by almost 9 percent in the next five years,” said CBRE’s Cunningham. “The exploding population in the area has led to pent-up demand for housing and resulted in an incredibly brisk pace of lease-up activity at Parcland Crossing.”

Parcland Crossing is located in the heart of Chandler’s employment hub. The apartment community is located within a five mile radius of two Intel campuses, Bank of America, Wells Fargo, Chandler Regional Medical Center, eBay/PayPal, Verizon, Microchip, Freescale Semiconductor, Orbital Sciences, EDMC, and Avnet.

Built in 2013, Parcland Crossing features state-of-the-art one-, two- and three-bedroom units in ten floor plans. Community amenities include an elegant entry with controlled-access gate, a designer resident clubhouse, a resort-style swimming area, garage parking, 24-hour fitness center, resident business center, shaded children’s playground, a dog park, and a picnic area with gas barbeque grills.

CBRE hires Jay Lefevers

CBRE’s Phoenix office has announced that Jay Lefevers, founding principal of Phoenix-based Viewpoint Group, LLC will join CBRE’s Valuation and Advisory Services team. This addition further enhances CBRE’s platform and will position the company to better service its clients throughout the region.

Jay Lefevers, CBRE

Jay Lefevers, CBRE

“I am excited to welcome Jay to the CBRE team,” said Mike Rowland, senior managing director of CBRE’s Valuation and Advisory Services Intermountain Region. “Jay is one of the top appraisal professionals in Arizona and this addition ensures our ability to continue providing the highest level of service for our clients.”

CBRE repeated as the No. 1-ranked firm in this year’s Phoenix Business Journal’s Commercial Real Estate Appraisers List. Rankings were determined by the number of appraisals completed in 2013. CBRE recorded 1,174 appraisals and was followed by Viewpoint Group, LLC with 760. CBRE has consistently been at the top of this list for several years.

“Joining CBRE presents an unparalleled opportunity for my clients,” said Lefevers. “My extensive experience with large lending institutions and national corporations, coupled with the ability to leverage CBRE’s global platform, will allow for an unrivalled level of service for current and future clients.”

Lefevers has more than 27 years of experience in the appraisal business. He has served as a member of the National Grievance Committee for the Ethics/Counseling Department of the Appraisal Institute, was the Education Chairman for the Phoenix Chapter of the Appraisal Institute and has served on the Experience Review Committee for the Appraisal Institute.

“Commercial real estate is a business where relationships matter – where things like integrity, trust and confidence define the line between success and failure. This is why our RISE values are so central to everything we do,” said Craig Henig, CBRE’s senior managing director and Arizona market leader. “Jay is the embodiment of those values and I’m proud to welcome him to CBRE. This is an exciting milestone as we continue to strive for excellence in the service we provide our clients.”

CBRE’s Valuation and Advisory Services Intermountain region, which is headquartered in Phoenix, provides comprehensive valuations on complex real estate in an expeditious and cost effective manner. Products and services offered extend beyond real property valuations to include market/feasibility studies, consulting services, rent surveys, site inspections, litigation support and expert testimony.

Grand Retail Plaza, WEB

ViaWest sells Grand Retail Plaza for $1.3M

ViaWest Group has sold Grand Retail Plaza, a premier multi-tenant strip center located at 9827 W. Grand Ave. in Sun City, Ariz., for a total consideration of $1.3 million. The property was 100% leased at time of sale.

Phoenix-based ViaWest Group sold the property to Kanjibhai Ghadia of Anaheim, Calif. Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office negotiated the $1.3 million transaction.

ViaWest purchased the property in September 2011 from Pacific Western Bank subsequent to the original developer losing the property to foreclosure. At the time, the property was 100% leased but all the existing tenants had near-term lease expirations. “After purchasing, we reached agreements with all the existing tenants to extend their leases, except for one which we replaced with Domino’s Pizza on a 10-year lease. Additionally, shortly after acquisition we were able to creatively restructure an existing billboard lease by converting it to a perpetual easement allowing us to further enhance the economic performance of the asset by significantly reducing our basis,” added Danny Swancey of ViaWest Group.

Grand Retail Plaza, which totals approximately 6,369 square feet and sits on 0.78 acres in the master-planned retirement community of Sun City, is currently fully occupied by five tenants, including Domino’s Pizza, Edward Jones, HE/PA Enterprises, Cash for Gold, and Cricket Wireless.

Grand Retail Plaza is a superbly-located asset in excellent physical condition,” said CBRE’s Julius. “The property has no other retail competition at the intersection and has excellent Grand Avenue frontage and visibility. In addition, the property has a strong leasing history due to the success of each of its tenants.”

Built in 2003, the property sits just west of the Loop 101 freeway and approximately 30 minutes from the Phoenix Sky Harbor Airport. Located on the southeast corner of 99th Avenue and Grand Ave/US 60, Grand Retail Plaza sees an average of 41,707 vehicles per day via Grand Avenue and another 14,500 vehicles per day on 99th Avenue.

Harvard-LPC-Riverview, WEB

Harvard, LPC partner on final Riverview Point phase

Harvard Investments announced today that it will partner with Lincoln Property Company (LPC) to develop the second and final phase of Riverview Point, a Class-A office project directly adjacent to the 250-acre Mesa Riverview mixed-use property in Phoenix’s booming Southeast Valley.

Harvard Investments purchased the 19.55-acre land parcel for the new project from Montana Avenue Capital this week. In conjunction with LPC, Harvard Investments will build two new, Class A office buildings on the site: a three-story, 150,000-square-foot building and a two-story, 105,000-square-foot building. LPC will direct development of the project. It will also market the opportunity to build-to-suit prospects and anchor tenants.

“This project represents all of the things that make the Southeast Valley so exceptional–retail, dining, entertainment, and corporate environments, all linked by some of the state’s best educational assets and busiest transportation corridors,” said Harvard Investments President Craig Krumwiede. “These are key elements in an investment project, and they are what will make this property a strategic opportunity for companies looking for that next great address.”

“We’re operating within an area that continues to show—and grow—its ability to attract amenity-driven office tenants and make a positive, notable impact on greater Phoenix’s economic recovery,” said Lincoln Property Company’s Executive Vice President David Krumwiede. “This project will be no exception. Its timing and location are perfect for a development that will anchor this market for years to come.”

Dave Carder, Luke Walker and Eric Schultz, from the Phoenix office of CBRE, brokered the land transaction and will assist with the project’s marketing and leasing efforts. The Davis Experience serves as the project architect and Wespac Construction serves as the general contractor.

“We are very excited to work with Harvard and Lincoln on this new endeavor,” said Carder. “Momentum and demand for large blocks of Class A office space have returned to the office sector in force, and along with it great opportunity to create exceptional next-generation business environments.”

The new Harvard-LPC development is located on the borders of Mesa, Tempe and Scottsdale, just six miles east of Phoenix Sky Harbor International Airport and accessed via Loop 101 at Rio Salado Parkway and via two full-diamond interchanges along the Loop 202 at Dobson and Alma School roads. It is directly east of Mesa Riverview, a 1.3 million-square-foot retail, hospitality and entertainment complex. It is also less than one mile from the new Cubs Spring Training Facility and the newly reconfigured Riverview Park, which includes an innovative playground, six-acre lake and pedestrian path that connects the park and lake to the stadium.

When completed, the new Harvard-LPC office buildings will join an existing Hyatt Place Hotel, two existing, two-story office buildings that are approaching 90 percent occupancy, and a planned 180-room, luxury brand Sheraton Hotel scheduled to open in March 2015 and including amenities such as full-service restaurants, bars, swimming pool, fitness facility and more than 30,000 square feet of meeting and event space.

Grand Retail_Photo

ViaWest Group sells Grand Ave. plaza for $1.3M

ViaWest Group has sold Grand Retail Plaza, a premier multi-tenant strip center located at 9827 W. Grand Ave. in Sun City, Ariz., for a total consideration of $1.3 million. The property was 100% leased at time of sale.

Phoenix-based ViaWest Group sold the property to Kanjibhai Ghadia of Anaheim, Calif. Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office negotiated the $1.3 million transaction.

ViaWest purchased the property in September 2011 from Pacific Western Bank subsequent to the original developer losing the property to foreclosure. At the time, the property was 100% leased but all the existing tenants had near-term lease expirations. “After purchasing, we reached agreements with all the existing tenants to extend their leases, except for one which we replaced with Domino’s Pizza on a 10-year lease. Additionally, shortly after acquisition we were able to creatively restructure an existing billboard lease by converting it to a perpetual easement allowing us to further enhance the economic performance of the asset by significantly reducing our basis,” added Danny Swancey, of ViaWest Group.

Grand Retail Plaza, which totals approximately 6,369 square feet and sits on 0.78 acres in the master-planned retirement community of Sun City, is currently fully occupied by five tenants, including Domino’s Pizza, Edward Jones, HE/PA Enterprises, Cash for Gold, and Cricket Wireless.

“Grand Retail Plaza is a superbly-located asset in excellent physical condition,” said CBRE’s Julius. “The property has no other retail competition at the intersection and has excellent Grand Avenue frontage and visibility. In addition, the property has a strong leasing history due to the success of each of its tenants.”

Built in 2003, the property sits just west of the Loop 101 freeway and approximately 30 minutes from the Phoenix Sky Harbor Airport. Located on the southeast corner of 99th Avenue and Grand Ave/US 60, Grand Retail Plaza sees an average of 41,707 vehicles per day via Grand Avenue and another 14,500 vehicles per day on 99th Avenue.

4141 N. Scottsdale Rd.

Cushman & Wakefield negotiates two leases at Scottsdale office building

Cushman & Wakefield of Arizona, Inc. negotiated leases totaling 24,486 square feet for a commercial real estate advisory firm and a medical care company at 4141 N. Scottsdale Rd.

Fresenius Medical Care of Waltham, Mass., signed a 12-year lease for 15,317 square feet. Fresenius provides dialysis treatment through a network of more than 1,800 facilities nationwide. Keyser signed a 6-year lease for 9,169 square feet. It is relocating from 1048 N. 48th St. in Phoenix.

“Both tenants saw an opportunity to plant a flag in the heart of Old Town Scottsdale,” said Chris Latvaaho. “Scottsdale continues to attract innovative companies that see the value of locating their business in what has been branded as the live-work-play that is unique to Scottsdale and not easy to replicate anywhere else in the Valley.”

The anchor tenant is Aetna Life Insurance. With the two leases, occupancy will be 89 percent.

Latvaaho and Tim Whittemore of Cushman & Wakefield represented the landlord, an entity owned by certain affiliates of Westport Capital Partners LLC. Keyser was represented by company owner Jonathan Keyser. Fresenius was represented by Pete Wentis and Jim Greene of CBRE.

The "Class of 2014" advocates visit DMB Associates' masterplanned community Eastmark.

It takes two

Valley principals host young professionals in inaugural advocates program

A look around the room at a Valley Partnership Friday Morning Breakfast (FMB) reveals a who’s who of Arizona’s commercial real estate industry. You’ll see seasoned professionals sitting next to up-and-comers, and though these are an effective networking tool, Valley Partnership took the concept to the next level.

It created the Valley Partnership Advocates Program for young professionals. The program is a nine-month-long course for a “class” of 20 people under the age of 35 to meet with a new industry leader every month.

The inaugural program began last August and has included sessions hosted by prominent figures from DMB Associates, Inc., Vestar, Arizona State Land Department, Ryan Companies, Sunbelt Holdings, Evergreen Development, ASU and Macerich/WDP Partners. Many of the sessions were hosted by board members, including one held during a board meeting. “I did not understand the power of Valley Partnership and the people behind it until I attended that board meeting,” says advocate Nicole Mass, 35, Kitchell’s director of marketing.

The feeling is mutual. Bruce Pomeroy, founding principal at Evergreen Devco, has worked in the industry for 40 years. During that time, he has trained many young hires and has taught classes for the International Council of Shopping Centers. Pomeroy says of the session he hosted at Centerpointe in Goodyear that “the ‘students’ were very engaged and asked good questions.”

“I believe the most important issue was that the advocates wanted to spend more time with the developers during each monthly event,” says Vice President and General Counsel to Maven Universal Brett Hopper, who helped design the program. “We want to provide the advocates a greater opportunity to interact with senior executives and create long-lasting relationships.”

Stephanie Stephens, 27, marketing and project coordinator at Buesing, says the mentors emphasized the importance of getting involved in the real estate community. That typically starts with something as simple as the monthly Valley Partnership breakfasts, where Stephens heard about the program. Easton Mullen, 37, started his general contracting company Mullen Construction and Development in 2006 and has since built capital with the goal of becoming a developer. The advocates program, he says, created a foundation of contacts to use while his company evolves. “You can’t call these people up on the phone,” he says, “but if you’re part of the program, you can.”

The mentors encouraged community involvement and engagement within Valley Partnership’s committees and leadership roles. CBRE Sales Assistant Chris Marchildon, 28, was approached by board members at the suggestion of CBRE Executive Vice President Barry Gabel, about joining Valley Partnership’s Advocates Program.

sidebar“One of the first things I was told in this business was to ‘be a sponge,’” he says. “The second was to develop as many good relationships as you can along the way. Through the program, I was certainly provided the opportunity to learn success stories from the ground up as well as the chance to ‘soak up’ as much information as I could.”

Recent Denver transplant Kelly Kaminskas, 34, senior vice president at FirstBank, used the advocates program as an introduction to the industry. “It would have taken me years to piece together the information I received by being part of this group,” she says.

Tuition is $150. Applications are available on Valley Partnership’s website through July.

4127 E. Van Buren

Prosper Marketplace expands into Phoenix

Cushman & Wakefield of Arizona, Inc. negotiated a 17,998-square-foot lease for Prosper Marketplace, a peer-to-peer lending company that opened a new office at Airport Tech Center, 4127 E. Van Buren St.

It is the first office outside the company’s San Francisco headquarters. The Prosper platform connects people who want to borrow money with people who want to invest money, offering an alternative to traditional banking institutions.

“They initially toured over 20 locations and buildings,” said Larry Downey, Vice Chairman for Cushman & Wakefield of Arizona. “Airport Tech Center gave Prosper Marketplace a central location within the city and great access to the transportation freeway corridors. This is a very functional building for them and gives them the flexibility and room to expand within the project.”

Located minutes from Phoenix Sky Harbor International Airport, the new location is currently recruiting, with plans to expand to 40 employees in its first year. The office will eventually employ about 150 people.

“The Prosper platform has grown more than 400 percent over the past year, and we expect continued growth in 2014. Prosper Marketplace is excited to open a new office in Phoenix to support our growth, and we are looking forward to being part of the local business community,” said Josh Tonderys, Chief Risk Officer, Prosper Marketplace.

“We are encouraged by the expansion of companies like Prosper Marketplace,” said Barry Broome, president and CEO of the Greater Phoenix Economic Council. “The new jobs that will be available at the Phoenix office show a transformative shift from traditional back office jobs, providing exciting new opportunities for the existing technical talent in the region.”

Downey and Curtis Chickerneo of Cushman & Wakefield represented the tenant. The landlord, Arden Realty Limited Partnership, was represented by Jerry Roberts and Corey Hawley of CBRE. Occupancy is in late July.

CBRE sells two Class-A offices for $44M in Scottsdale

92 Mountain View, located at 10001 N. 92nd St. in Scottsdale.

92 Mountain View, located at 10001 N. 92nd St. in Scottsdale.

CBRE has negotiated the sale of two premier class A office buildings in the Phoenix metro area for a total consideration of $44.15 million. The sale included the ±106,931-square-foot Scottsdale Gateway I, located at 9201 E. Mountain View Rd. in Scottsdale, and the ±116,200-square-foot 92 Mountain View, located at 10001 N. 92nd St. in Scottsdale.

Barry Gabel and Chris Marchildon with CBRE’s Phoenix office, along with Kevin Shannon, Ken White and Michael Moore in CBRE’s Los Angeles office, brokered the transaction between the sellers, TR Scottsdale Gateway I Corp. and TR 92 Mountain View Corp., and Equus Capital Partners, Ltd. of Los Angeles. Jenifer Ratcliffe and Erin Curry with Chicago-based LPC Realty Advisors were also involved in the transaction on behalf of the seller. Equus Capital Partners purchased the properties for a total consideration of $44.15 million.

Bryan Taute with CBRE’s Phoenix office has been awarded the marketing and leasing. Equus Capital Partners has also retained CBRE to handle property management.

Scottsdale Gateway I, located at 9201 E. Mountain View Rd.

Scottsdale Gateway I, located at 9201 E. Mountain View Rd.

“We are pleased to add these two well-leased, class A office properties to our existing Scottsdale portfolio,” said Jonathan Praw, vice president and head of Equus Capital Partner’s West Coast Regional Office, who oversaw the transaction for the firm, “This investment presents the opportunity to acquire institutional grade assets at an attractive basis in a strong infill location.”

“Interest in these two assets was exceptionally high given their strong leasing history. Both properties are located in a dynamic infill location and each has averaged 90 percent occupancy for the past ten years due to being surrounded by strategic economic engines such as Scottsdale Healthcare’s Shea Medical Campus and the CVS Caremark Corporate Campus,” said CBRE’s Gabel. “In addition, the properties are both in excellent condition, boast exceptional parking and are adjacent to abundant retail services and the Loop 101 Freeway.”

Built in 1998, Scottsdale Gateway I is a two-story, class A office building located directly across from the ±433-bed Scottsdale Healthcare Hospital and Medical Campus. The property is 91 percent leased to five, high-quality tenants, including Matrix Medical Network, Grand Canyon University, Scottsdale Healthcare Rehabilitation Center, SimonMed Imaging and Q Vision. Each of the tenants benefits from its proximity to a major hospital and medical campus.

Built in 1996, 92 Mountain View is also a two-story, class A office building with proximity to Scottsdale Healthcare Hospital and Medical Campus. The property is fully leased to CVS Caremark, the largest pharmacy healthcare provider in the United States and Scottsdale Healthcare Foundation headquarters, a group of world class medical centers within Metropolitan Phoenix.

Both properties benefit from surrounding amenities including dining, shopping, golf resorts and executive housing, as well as close proximity to the Loop 101 Freeway.

RMRM, LLC has leased 7,910 square feet of industrial space at Antigua Corporate Center located at 16681 84th Ave. in Peoria, Ariz.

CBRE releases recent lease transactions

CBRE’s Phoenix office has released the following recent leasing transactions for the metropolitan area:

Wells Fargo Tenant Advisors has renewed a 5,000-square-foot lease for office space at 12515 W. Bell Rd. in Surprise, Ariz. Kevin Calihan with CBRE’s Phoenix office represented the tenant. The landlord, Nellis Family Investments, LLC, was represented by Alan Davidson with Eagle Commercial Realty Services.

DNB Engineering, Inc. has leased 5,435 square feet of industrial space at 10 Chandler Business Park located at 580 N. 54th St. in Chandler, Ariz. Mike Parker, Evan Koplan and Mark Krison with CBRE’s Phoenix office represented the tenant. The landlord, North 54th Street Venture, LLC, was represented by James Harper with Cassidy Turley.

Cumming Construction Management, Inc. has leased 4,876 square feet of office space at14350 N. 87th St. in Scottsdale, Ariz. CBRE’s Kevin Calihan represented the tenant. The landlord, Miref Northsight, LLC, was represented by Sean Spellman with Cushman & Wakefield. This marks an expansion for the international project and cost consulting firm.

Dell, Inc. has renewed an existing 12,303-square-foot lease at 4747 N. 22nd St. in Phoenix, Ariz. CBRE’s Kevin Calihan represented the tenant. The landlord, Anchor Center II, LLC, was represented by Judy Tucker with Camroad Properties.

RMRM, LLC has leased 7,910 square feet of industrial space at Antigua Corporate Center located at 16681 84th Ave. in Peoria, Ariz. Mitch Stravitz, Cooper Fratt, John Werstler and Jerry McCormick represented the landlord, First Arrowhead Commerce Center, LLC. The tenant was represented by Tom Keck with West USA Realty.

Pathlight Investors has leased 4,067 square feet at 3131 E. Camelback Rd. in Pheonix, Ariz. Kevin Calihan with CBRE’s Phoenix office represented the tenant. Ray Harris with Cassidy Turley represented the landlord, Lincoln Property Company. The lease marks an expansion for the investment advisory firm.

cemex

CEMEX Construction moves HQ to Phoenix

CBRE has completed a 17,134-square-foot office lease at 5555 E. Van Buren St. in Phoenix, Ariz. The lease marks a relocation of CEMEX Construction Materials’ regional headquarters within the Valley. The financial terms of the transaction were not disclosed.

Luke Walker, Dave Carder, Nate Goldfarb and Eric Schultz with CBRE’s Phoenix office negotiated the lease on behalf of the landlord, Abart Properties 5555 LLC of Scottsdale, Ariz. CEMEX was represented by Darius Green with Keyser Co.

Previously home to Phoenix-based Weitz Construction, CBRE was able to lease the space at 5555 E. Van Buren within three months of Weitz’s departure. CBRE’s Walker points to the property’s creative-office environment and the workplace-strategy trends corporate office users are embracing as major factors in his team’s ability to lease the space quickly.

“Demand for creative space has extended beyond the start-ups and tech centered industries and we are definitely seeing increased interest in this type of space from more traditional office users,” said Walker. “Really since late 2012 approximately 90 percent of tenant prospects that visit 5555 E. Van Buren are seeking workspaces that optimize efficiency, collaboration and creativity.”

Built in 2003, 5555 E. Van Buren is located at the southwest corner of 56th and Van Buren Streets and has spectacular views of Papago Buttes and Papago Golf Course. It features unique, contemporary architecture with stained concrete floors and an exposed ceiling grid. The two-story class A office building benefits from direct access to Loop 202 and proximity to hotel and restaurant options.

CBRE reports recent multi-family transactions

CBRE has negotiated the following multi-family sales transactions:

Paradise Vista
7102 North 43rd Avenue Partners, LLC of Denver, Colo. has purchased the Paradise Vista apartment complex, a 352-unit multi-family property located at 7102 N. 43rd Ave. in Glendale, Ariz., from Paradise Vista Affordable Apartments, LLC of San Diego, Calif. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both parties in negotiating the $7 million transaction.

Carol Mary 2
Carol Mary, LLC of Phoenix, Ariz. has purchased the Carol Mary apartment complex, a 40-unit multi-family property located at 501 East Willetta in Phoenix, Ariz., from EQ Downtown, LLC of Tempe, Ariz. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both parties in negotiating the $3 million transaction.

Continental Apartments
M & S Continental, LLC of Phoenix, Ariz. has purchased the Continental Apartments, a 48-unit multi-family property located at 1030 N. 3rd St. in Phoenix, from EQ Downtown, LLC of Tempe, Ariz. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both parties in negotiating the $2.3 million transaction.

derito

De Rito Partners redeveloping retail center in Mesa

De Rito Opportunity Investors, LLC, a company formed by De Rito Partners in Phoenix (Marty De Rito, Iver Bowden, Doug Himmelberger, Principals) has purchased the retail plaza and adjacent drive-thru in Mesa, Arizona, located at the southeast corner of Southern Avenue & Stapley Drive for $2,250,000. The 84,890 square-foot center, was owned by Brixmor GA Apollo II Sub, LLC. The sale was negotiated by Glenn Smigiel of CBRE. The adjacent 2,436 square foot drive-thru was owned by Smothers Family Investments II, LTD.

De Rito Partners has spent over $1,000,000 on updating the center with Spanish-inspired facades, parking lot resurfacing and various capital improvements. De Rito Partners agents, Bill Bones and Lizette Borbon-Iskhakova are working on re-leasing the plaza named La Gran Plaza. An anchor box at 52,220 square foot is available in addition to smaller spaces ranging from 1,200 to 6,500 square feet, including two freestanding buildings (one with a drive-thru).

“We are excited to be working on this premier Hispanic-focused retail destination. We have developed 22 retail properties including a major renovation of The Pavilions at Talking Stick. We secure dominant retail tenants for our projects and are happy to be a significant part of the growing Hispanic redevelopment opportunities in Arizona. ” said Marty De Rito, CEO of De Rito Partners.

Crestone 2, CBRE, WEB

Shadow Mountain apartments sell for $27.2M

CBRE’s Capital Markets group announced today that it has secured financing on behalf of Real Estate Capital Partners (“RECP”) for the financing of Crestone at Shadow Mountain Apartments (“Crestone”). Brian Eisendrath with CBRE’s Debt and Structured Finance team arranged a 5-year, full term interest only fixed rate loan of $16,811,000 (60% LTC), which was locked in at an interest rate of 3.30% through Freddie Mac. The 248-unit asset was acquired for $27.2> ($109,677/unit) from Scottsdale-based P.B. Bell, who will remain in-place as the property’s management company, and was represented by Tyler Anderson and Sean Cunningham with CBRE in Phoenix.

RECP’s Current Income Fund (the “Fund”) provided the equity for Crestone, which will provide investors a strong current rate of return in a high quality, well located project. RECP is a U.S. real estate investment advisor, founded in 1989, whose goal is to create superior risk adjusted returns by investing in U.S. real estate. Investments have consisted of existing and to-be-built apartment, office, industrial, retail and mixed-use properties.

With the low cost of capital and the full term interest only loan, this execution will allow RECP to execute its business plan,” said Mr. Eisendrath.

Brian and his team were able to secure attractive financing at a 3.30% rate with full term interest only. The execution supports our business plan to maximize cash on cash returns,” said Stephen Henry, Vice President – Investment Management of REC.

Crestone at Shadow Mountain is a well-established community situated in the heart of North Phoenix. This community was built in 1992 and features 248 units, averaging 876 square feet, in 19 two-story buildings. The Property offers proximity to the SR 51 connecting residents to the Loop 101 through North Scottsdale as well as to all the amenities in Downtown Phoenix. Select units offer nine-foot ceilings, full size washers and dryers, and wood burning fireplaces.

PV303 SubZeroLARGE

SubZero expands facility at PV303

CBRE has completed the sale of an 11.5-acre land parcel at PV303, the master-planned business park which sits at the confluence of Interstate 10 and Loop 303 in Goodyear, Ariz. The land parcel commanded a sale price of $2 million.

Pat Feeney, Dan Calihan and Rusty Kennedy with CBRE’s Phoenix office negotiated the transaction on behalf of development owner, Sunbelt Holdings. The land was purchased by SubZero, who was represented by John Pompay with Cassidy Turley’s Phoenix office.

SubZero currently operates a 438,501-square-foot manufacturing and distribution facility within PV303 at 4235 N. Cotton Lane in Goodyear. The industry leader in premier cooking and preservation appliances has purchased the additional 11.5 acres to facilitate an expansion of their current facilities, which SubZero purchased in 2010.

“This sale is a testament to the continued recovery of the industrial market in Phoenix,” said CBRE’s Feeney. “The Phoenix metro has become recognized as a mature industrial market and a large number of users are actively looking across the Valley. SubZero, who’s already been in the market for the past four years, recognizes the benefits offered in metro-Phoenix and PV303 in particular.”

Acquired through a Sunbelt Holdings venture in 2010, PV303 is a master-planned business park designed to meet the growing demand for commercial and industrial opportunities in metro-Phoenix. At build-out the park will offer ±1,600-acres with 20 million square feet of office, retail and industrial space. Ideally situated to serve Arizona as well as key markets in the western U.S. like the Ports of Long Beach; Los Angeles and San Diego, Calif.; El Paso, Texas; and Las Vegas, Nev., PV303 benefits from approved Foreign Trade Zone status on portions of the property. This FTZ status provides special customs procedures to U.S. plants engaged in international trade-related activities, making it an attractive opportunity for major companies looking to locate in the metro-Phoenix area.

In addition to the SubZero manufacturing and distribution facility, PV303 is currently home to Dicks Sporting Goods’ western United States Distribution Center.

PV303 1500 ACRE BUS PARK-Pg04

Coldwater Plaza_Avondale

CBRE completes sale of Coldwater Plaza

CBRE has completed the sale of Coldwater Plaza located at 1461 North Dysart Rd. in Avondale, Ariz. The ±10,017-square-foot shopping center commanded a sale price of $2,085,000.

Joseph Compagno, Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office represented the seller, a partnership between Denver, Colo.-based North Dysart SG, LLC and Scottsdale-based Coldwater Dysart Partners, LLC, in the transaction. The buyer was Sparty Holdings of Great Falls, Va. and was represented by Ken Gatt with Evergreen.

“The seller was very impressed with the amount of buyer activity we had during the marketing process,” said CBRE’s Compagno. “We executed and sold the property at 98 percent of list price.”

Coldwater Plaza is a high-quality, freestanding, shopping center located on Dysart Road less than a quarter mile south of the I-10 Freeway in Avondale. 100 percent leased at time of sale, tenants include Pacific Seafood Buffet, Cricket Wireless, Hire Source Staffing, and Checkmate Loans. The building, constructed in 2003, has excellent visibility from Dysart Road and is located at the main entrance of a Sam’s Club-anchored shopping center. The property also benefits from a strong retail corridor with neighboring tenants such as Home Depot, Walgreens, McDonald’s, Ashley Furniture, QuickTrip as well as numerous restaurant options.

RYAN-AIRFIELD-MAP

CBRE to market land for Tucson Airport Authority

CBRE has been awarded the marketing and leasing assignment for the Tucson Airport Authority (TAA) airport system. Comprised of Tucson International Airport and Ryan Airfield, CBRE will oversee the marketing of the airport system’s ±10,147 acres of commercial development land.

“This is an exciting opportunity and we look forward to working with the Tucson Airport Authority to market its landholdings,” said Ike Isaacson, managing director of CBRE’s Tucson office. “The Airport Authority offers unique opportunities at Tucson International Airport and Ryan Airfield, each with large tracts of commercially developable land and the opportunity for direct runway access. Our goal is to continue to market the property as a premier economic-generator for the region.”

“The Airport Authority’s mission is to promote aviation and foster economic development in our region,” said TAA President and CEO Bonnie Allin. “We are continually looking for ways in which we can strategically plan, develop and operate the most efficient airport system possible while also growing Tucson’s economic footprint. By partnering with CBRE, we now have the benefit of real estate services and expertise that will drive those efforts and pursue opportunities.”

A collaborative team of brokerage professionals with CBRE’s Tucson office, including Bill Di Vito, Tim Healy, Robert DeLaney, Jesse Blum and Ian Stuart will handle the marketing and leasing of the property for TAA. .

As CBRE and TAA work together to attract new users to the area, the marketing team will look to capitalize on advantages like the region’s weather, unobstructed airspace, direct airfield access and TAA’s excellent inter-modal potential. The Tucson region already benefits from the presence of major aviation companies like Raytheon, Bombardier and Ascent, making a strong case for future users recognizing all the region has to offer and establishing operations in greater-Tucson.

 

In addition to regional and property advantages, TAA benefits from CBRE’s global airport experience. CBRE has a proven track record of working with airports and airport systems to cultivate successful development projects, and currently has eight active assignments domestically and several others in foreign markets. By leveraging the company’s various service lines, including the Aerospace & Defense Contractor Group, Labor Analytics Group, Economic Incentives Group, Global Corporate Services and more, potential users will benefit from a service that is specifically tailored to ensure they meet their real estate objectives.

“Ultimately, our goals center around building a sustainable business ecosystem,” said Isaacson. “By leveraging the company’s many service lines and extensive client network, we’ll be able to ensure that the users looking to locate in our market and the existing business community are equally well-served, guaranteeing long-term economic success for the region.”

Tucson International Airport is a full commercial service airport serving the Tucson metropolitan area, southern Arizona, and northern Sonora, Mexico, while Ryan Airfield serves as a general aviation reliever airport. Ryan Airfield is also a popular recreation field for transient pilots. Tucson International TIA encompasses ±8,343 acres and is located eight miles south of Tucson’s central business district. There are 130 separate buildings on the airport complex that provide nearly 2.5 million square feet of space. Ryan Airfield, located 12 miles southwest of downtown Tucson, covers ±1,804 acres and accommodates a wide variety of general aviation activity.

TAA has a long term agreement with the City of Tucson to operate and manage both airfields. TAA does not receive any local tax dollars and operations are funded through airport generated revenues from parking, space rentals, land leases, airline fees, and concessions. Capital improvements such as runway and terminal construction are funded primarily through state and federal grants, as well as airport user fees.

CBRE’s Jamie Swirtz named to “Young Leaders to Watch”

Jamie Swirtz head shotCBRE broker Jamie Swirtz has been named to CoreNet Global’s inaugural “36 Under 36: Young Leaders to Watch” list.

CoreNet Global chapters from around the world nominated their top Young Leaders for the first-ever list of “Who’s Who” in corporate real estate and the honorees were recently announced and featured in the LEADER magazine’s May/June issue. Distinguishing themselves as vibrant, adaptable, technologically savvy, innovative and philanthropic, CoreNet’s “36 Under 36” represent the bright future of corporate and commercial real estate.

Swirtz began his career with CBRE in 2009. In 2011 he joined the Arizona market’s top corporate services team working under Executive Vice President Tom Adelson. That year the team negotiated 78 transactions worth $343 million and comprising ±2.6 million square feet and represented 30 different tenants in 35 leases. In 2014, Swirtz began focusing his work in the Southeast Valley (Tempe, Chandler, Gilbert and Mesa) office market where he represents landlords and tenants.

Outside of CBRE Jamie is actively involved in the community. In addition to CoreNet Global’s Arizona Chapter, he participates in the Make-A-Wish Foundation and Phoenix Suns Charities.

“I’m very proud of Jamie; he is very deserving of this honor. Since starting with CBRE he has quickly made an impact on the local commercial real estate community,” said Craig Henig, senior managing director and Arizona market leader for CBRE. “CBRE prides itself on being at the forefront of the industry and professionals like Jamie, who embody our standards of excellence, ensure we will continue to maintain our position as an industry leader.”