Tag Archives: CBRE

RED-Awards-Logo10

AZRE announces 2015 RED Awards finalists

Every February for the last 10 years, AZRE magazine has shone a spotlight on the commercial real estate industry through its annual Real Estate Development (RED) Awards. This year, a record number of projects and brokerage teams were nominated for a chance to be recognized at this year’s RED Awards.

For tickets to this year’s RED Awards, click here.

After lively debate and a few unanimous decisions among this year’s selection committee, AZRE proudly announces the 2015 RED Award finalists are, in alphabetical order:

Congratulations to this year’s contending projects:
Adelante Healthcare Peoria
Banner Estrella New Tower Addition
Banner MD Anderson Cancer Center Phase II Clinic Expansion
Bottled Blonde/Livewire
Broadstone Lincoln
Chandler Regional Medical Center
CityScape Residences
College Avenue Commons
Coyote Center at Chandler-Gilbert Community College, Pecos Campus
CyrusOne, Building 4
General Motors IT Innovation Center
GoDaddy Global Technology Center
Great Hearts Academies, Arete Preparatory Academy
Heritage Marketplace
Lewis Prison Complex Expansion
Liberty Center at Rio Salado
Marketplace at Lincoln & Scottsdale
Mesa Community College Performing Arts Center
MZ
Ocotillo Brine Reduction Facility
Phoenix Sky Train Stage 1A
SkySong, The ASU Innovation Center — SkySong 3
Start @ West-MEC, Innovation Center
Sun Devil Marketplace
Sunset Heights Elementary School
Sussex Properties for TLC Label
The Newton
University of Arizona—McKale Center Renovation
University of Arizona—Old Main renovation

And the companies that have been nominated as finalists with the above projects:
ADM Group
AECOM
Alliance Residential Builders
Alliance Residential Company
Ameris Construction
Architekton
Arizona Board of Regents
Arizona Department of Administration
AV3 Design
Axis Projects Corporation
Balmer Architectural Group
Banner Health
Butler Design Group
BWS Architects
Cam-8, LLC
Carollo Engineers
Cawley Architects, Inc.
Chasse Building Team
City of Phoenix
Corgan Associates, Inc.
CyrusOne Inc.
Dick & Fritsche Design Group
Dignity Health
DLR Group
DPR Construction
Emc2 Architects Planners, PC
Evening Entertainment Group
Fanning Howey
Fimbres Studio
Follett Higher Education Group
Gannett Fleming, Inc.
Gensler
Great Hearts Academies
HKS, Inc.
Hunt Construction, an AECOM Company
Iconic Design Studio

Intel Corporation
JAVCON
JE Dunn Construction
John Douglas Architects
Jones Studio
Kitchell
Layton Construction Co., Inc.
Liberty Property Trust
LGE Design Build
Maricopa Community Colleges
Mark IV Capital
McCarthy Building Companies, Inc.
McCarthy Kiewit Joint Venture
MD Heritage LLC
Modus Development
Mortenson Construction
Okland Construction
ORB Architecture, LLC
Orcutt | Winslow
Peoria Unified School District
PHArchitecture
Plaza Companies
Poster Frost Mirto
RED Development
RJM Construction
RSP Architects
Ryan Companies US, Inc.
SmithGroupJJR
Sundt Construction, Inc.
Sussex Properties
The Whiting-Turner Contracting Company
Venue Builders
Venue Projects
Wespac Construction Inc.
West-MEC

 

Brokerage Team Finalists

CBRE
Pat Feeney, Dan Calihan and Rusty Kennedy
Todd Fogler, Ryan Eustice and Jami Savage-Gray
Tom Adelson, Jim Fijan, Jerry Robert and Corey Hawley

CPI
Leroy Breinholt
Trent Rustan
Tyson Breinholt

Cushman & Wakefield
Chris Toci and Chad Littell
Jackie Orcutt, John Grady and Mackenzie Ford
Larry Downey

DTZ
Mike Haenel, Andy Markham and Will Strong
Robert Buckely, Tracy Cartledge, Steve Lindley

JLL
Anthony Lydon and Marc Hertzberg
Bill Honsaker, Anthony Lydon and Marc Hertzberg
Dave Seeger, Karsten Peterson and Mark Gustin
John Bonnell and Brett Abramson
Mark Detmer and Bo Mills
Pat Harlan, Steve Sayre and Kyle Westfall
Pat Williams, Steve Corney, Vicki Robinson and Andrew Medley

Lee & Associates
Craig Coppola and Andrew Cheney

Velocity Retail
Andy Kroot
Darren Pitts and Dave Cheatham

The project and brokerage team winners will be announced at the RED Awards reception on Thursday, Feb. 26, at the Arizona Grand Resort between 6 and 8 p.m. At the event, winners of AZRE’s 2015 developer, general contractor, architect and subcontractor of the year awards will also be announced.

Tickets are now available for the RED Awards. here for more information.

ATS at Waypoint, LPC, WEB

Groundbreaking marks start of Waypoint office campus

Officials from Harvard Investments, Lincoln Property Company (LPC), the City of Mesa and anchor tenant American Traffic Solutions (ATS) were on hand yesterday for the groundbreaking of Waypoint, a two-building, 258-square-foot Class A office campus in Mesa, Ariz., that is nearly 50 percent pre-leased to ATS.

ATS, a leader in road safety and toll management, will relocate more than 600 workers to fully occupy Waypoint’s 108,000-square-foot Building One. A 152,000-square-foot Building Two will accommodate single- and multiple-occupancy users. Completion of Building One is scheduled for late 2015, at which time ATS will officially move its headquarters operations into the two-story accommodations.

Waypoint sits on a prime 19.55 acres along the Loop 202 freeway, adjacent to the 1.3 million-square-foot Mesa Riverview mixed-use project and less than one mile from the Loop 101, the new Cubs Spring Training Facility and the newly reconfigured Riverview Park.

“Waypoint will be an excellent addition to the Riverview employment district,” said Mesa Mayor John Giles. “It is a great location next to two busy freeways, shopping center and parks. I look forward to welcoming more projects like Waypoint to Mesa.”

“This is an exciting time to build in the Southeast Valley and ATS is a wonderful client to build for,” added Craig Krumwiede, President of Harvard Investments. “We’re excited to bring their new home to fruition – a truly dynamic place to work within a very high energy, high amenity environment.”

“Waypoint sits in a buzzing, contemporary office corridor that continues to earn great demand from both employers and employees,” said Lincoln Property Company’s Executive Vice President David Krumwiede. “People want to be here, and that has allowed us to break ground on one building that is already 100 percent leased, and a second building that will soon round out this very valuable infill site.”

Just six miles east of Phoenix Sky Harbor International Airport, Waypoint is conveniently accessed via Loop 101 at Rio Salado Parkway, and the Loop 202 at Dobson and Alma School roads. It is directly east of Mesa Riverview, a retail, hospitality and entertainment complex. It is also less than one mile from the new Cubs Spring Training Facility and the new Riverview Park, and within a few minutes’ drive to Arizona State University.

When completed, Waypoint will join an existing Hyatt Place Hotel, two existing, two-story office buildings and a 180-room, upscale brand Sheraton Hotel that is under construction now and scheduled to open in March 2015. The hospitality site amenities will include full-service restaurants, bars, swimming pool, fitness facility and more than 30,000 square feet of meeting and event space.

“This facility offers all of the things we looked for when choosing where to place our headquarters,” said James Tuton, CEO of American Traffic Solutions. “The opportunity to have a state-of-the-art facility built to our specifications, along with the easy access to major highways and the variety of restaurants, hotels and other shops, made this the perfect location for our new headquarters.”

“I’m thrilled to see the continued development of Riverview with the new Waypoint development,” said Mesa District 1 Councilmember Dave Richins. “I am pleased to welcome new corporate partners and employers to Mesa.”

Created by project architect The Davis Experience, Waypoint reflects a “high-tech” aesthetic that extends from the buildings’ exteriors to its two-story lobbies. Façades will feature a multi-layered envelope of architectural cast concrete panels and high performance dual-pane aquamarine glazing. Interior entries will showcase clean lines, timeless materials, simple detailing and the focal point – an open “floating” grand stair. Waypoint will offer abundant parking, shaded amenity areas located around the office campus and the built-in amenity of Tempe Canal’s multi-use path.

Dave Carder, Luke Walker and Eric Schultz, from the Phoenix office of CBRE, lead the project’s marketing and leasing efforts.

azBIGmedia-srp_ACCAwards2015-090

Az Business honors top corporate counsel

Effective corporate counsel has never been more important than it is in today’s new economy. And on Thursday at the Camelback Inn, Az Business magazine partnered with the Arizona Chapter of the Association of Corporate Counsel and the State Bar of Arizona to present the 2015 Arizona Corporate Counsel Awards (ACC Awards).

2015 Arizona Corporate Counsel Awards

 

As the featured speaker, high-profile Valley attorney Grant Woods had the crowd of more than 300 rolling with his roast of the current political scene.

“Sheriff Joe (Arpaio) became sheriff when I was attorney general,” Woods said, “and I thought he was amusing. But that joke is just really tired now.”

Presenting sponsors of the ACC Awards were Squire Patton Boggs and CBRE.

The following attorneys earned 2015 ACC Awards:

• David Bixby, senior vice president, general counsel and secretary at Banner Health,  was named General Counsel of the Year. Bixby joined Banner (then Samaritan Health System) in 1998 as senior vice president, general counsel and secretary. From 1981 to 1998, he was with Lewis and Roca LLP, in Phoenix, as an associate and partner, he specialized in corporate mergers and acquisitions, finance and health care law. Bixby received his bachelor of arts degree in history and literature from Harvard University, a bachelor of arts (honors) in history from the University of Cape Town, South Africa, and his law degree from Yale Law School. He is a member of the Arizona Bar, the American Health Lawyers Association, and the American Corporate Counsel Association.

JDA Software‘s legal department earned Legal Department of the Year. Led by Chief Legal Officer Martin Felli, JDA’s legal team has grown from approximately 10 to 24 associates in the last six months to better support the company’s strategic initiatives.  The legal department has focused its efforts on building the team from Arizona-based legal talent. The team’s proactive, high-engagement business model aligns to the company’s guiding principles and leaves a lasting impression that JDA is a company people want to do business with. With a focus on improved communications, employee engagement, streamlined corporate governance processes and proactive client-centered  internal training and awareness initiatives on a wide range of compliance matters, the team embraces the company’s mission to “plan to deliver” in all aspects of its work.

• Franc Del Fosse, general counsel and secretary at Insys, was named IP Attorney of the Year.  After joining Insys, Del Fosse worked with President and CEO Michael L. Babich in establishing the legal and compliance departments of Insys.   Immediately prior to joining Insys, Del Fosse was a partner at the law firm of Snell & Wilmer. Del Fosse began his legal career as an associate at the law firm of Shearman & Sterling and holds a degree from Columbia University School of Law and an undergraduate degree from Arizona State University.  In 2013, Insys had its initial public offering and had the top performing IPO nationally that year. In 2014, Inys was named Arizona Bioscience Company of the Year by the Arizona Bioindustry Association.

• Carmen L. Neuberger, senior vice president, legal affairs and general counsel for Phoenix Children’s Hospital earned Nonprofit Attorney of the Year. Neuberger is responsible for managing the legal environment at Phoenix Children’s. This includes providing legal guidance, developing hospital-wide policies and procedures, counseling the hospital on business transactions, and managing complex contractual relationships. She also is involved in the legal aspects of medical staff privileging and credentialing, risk management, patient-related matters, regulatory compliance and privacy, clinical research and employment law. She is also credited with developing and implementing a code of ethics, and improving the relationship between the legal and human resources departments. Neuberger came to Phoenix Children’s in 2007 with more than 20 years of experience in healthcare law.

• Mary Beth Orson, vice president, legal and deputy general counsel for Apollo Education Group was named Public Company Attorney of the Year. At the time Orson joined Apollo, there were a number of significant pending legal matters, including a Section 10(b)(5) class action lawsuit. In response to these matters and other challenges, the Apollo general counsel’s office, under Orson’s direction, updated and adapted the company’s disclosure controls and procedures to reflect the far more complex business organization that Apollo had become in the years prior to her arrival. These policies and procedures led to enhanced public disclosure practices that we believe have been emulated by other leading proprietary education companies. Orson is credited with effectively creating order out of disorder.

• Michael Reagan, executive vice president and general counsel for Kahala Corporation, was named Private Company Attorney of the Year. During his 15-year tenure with Kahala, Reagan has overseen all legal and real estate affairs for the company and its 14 restaurant brands — which include Cold Stone Creamery, America’s Taco Shop, Blimpie, Taco Time, Great Steak & Potato and Samurai Sam’s. He is part of an executive team that, during the past eight years has grown Kahala from 80 outlets to more than 3,000; raised nearly $200 million in private transactions; identified, negotiated and completed nearly $200 million in acquisitions. Reagan personally handled all due diligence and other legal aspects of each transaction and helped integrate the acquired companies into Kahala and its uniform franchising and operating platform.

• Jason Steiner, corporate counsel, Insight Enterprises, was named Up-and-Comer of the Year. In less than two years, Steiner has proved himself to be a valuable contributor to the Legal Department at Insight, working on contracts, supporting internal investigations throughout North America, litigating smaller claims himself, supporting litigation involving restrictive covenants with former employees, becoming proficient in the field of eDiscovery and developing the necessary labor and employment knowledge to be a front-line resource for the HR department.  Steiner has a “can do” attitude, a willingness to learn new areas and the drive and tenacity to see tasks through to completion. Steiner graduated from ASU with a B.S. in finance (2009) and a J.D. (2012) from the Sandra Day O’Connor College of Law.

Sports Authority

$11.5M acquisition loan for lease property

CBRE Capital Markets has arranged an $11.5M loan in the sale of a triple-net leased retail property leased to Sports Authority. The 50,714-square-foot property sold for $15.25M.

Geoffrey Harris, with CBRE’s Capital Markets Debt & Structured Finance group in Phoenix, arranged the five-year loan on behalf of the buyer, a private investor based in Florida. Loan terms included a low 2.92 percent interest rate with a 25-year amortization.

“Start to finish, we were able to complete this transaction in just 34 days despite the holidays landing in the middle of closing,” said CBRE’s Harris. “Net leased assets continue to perform well in this market and this deal was especially attractive to the buyer. Sports Authority has eight years remaining on the initial lease term, a quality tenant that should provide a solid return on investment.”

Sports Authority is one of the largest sporting goods retailers in the United States, operating more than 460 stores in 45 U.S. states and Peurto Rico. This particulary property is positioned in a major retail trade area on the southeast corner of 16th Street and Camelback Road that includes over 5.6 million square feet of office and retail amenities. Built in 1997 with renovations completed in 2009, Sports Authority serves as the anchor of the shopping center.

Kierland II

Kierland II sells for nearly $50M

CBRE has negotiated the sale of Kierland II located at 16260 N 71st Street in Scottsdale, Ariz. The 237,875-square-foot office building commanded a sale price of $49.15 million. The property was approximately 80 percent leased at time of sale.

Jim Fijan and Will Mast with CBRE’s Phoenix office negotiated the transaction. The seller was The Prudential Insurance Company of America. The buyer was Irvine, Calif.-based LBA Realty, a full service real estate investment and management company.

“The sale of Kierland II is a great way to kick off 2015 and this sets the tone for what should be a good year for the office investment market,” said CBRE’s Fijan. “We expect the office market to be very active throughout 2015. The past few quarters have seen steady market improvement and buyers and sellers alike are looking to capitalize on the improved fundamentals the Phoenix office market is demonstrating.”

Developed in 2001, the four-story, class A, multi-tenant office building is currently home to Prudential, Brookfield Relocation Services and 41st Parameter. Located in the heart of North Scottsdale, the property benefits from proximity to world class retail amenities, restaurants and resorts as well as direct access to the Loop 101 Freeway via Scottsdale Road. Tenant’s amenities include ample covered parking as well as a new on-site full service restaurant.

Courtesy of CBRE

HSL Properties buys Hilton hotel, plans $16M renovation

CBRE has completed the sale of the Hilton El Conquistador Golf & Tennis Resort and the El Conquistador Country Club in Tucson, Ariz. The asset is situated on two separate parcels totaling approximately 383-acres. Financial terms of the transaction were not disclosed.

The CBRE Hotels’ team who negotiated the transaction on behalf of the seller, New York City-based MetLife, consisted of Jerry Hawkins in Tucson, Ariz.; S. Douglas Henkel in Norfolk, Va.; Lewis C. Miller in Atlanta, Ga.; Andy Wimsatt in Washington, D.C. and Jeff Woolson in Carlsbad, Calif. The buyer was Tucson, Ariz.-based HSL Properties.

Hawkins noted, “CBRE Hotels was pleased to represent MetLife in the disposition of this resort. The property was purchased by a local owner, HSL, who will bring a unique perspective to the Tucson resort market.”

HSL Properties has announced plans for $16 million in rehabilitation and capital improvements on the hotel portion of the property. The rehab work is slated to take place over the next 12 to 18 months, with most of the work happening in the slower summer months. HSL has also started the process to split off the resort’s country club and 45-hole golf course. The town of Oro Valley will purchase those assets plans to turn the 31,475-square-foot club building into a community center and contract out the golf course operations. HSL hopes to finalize that sale by March 1.

Originally built as a Sheraton Resort in 1982, the property was Tucson’s first major resort with more than 250 rooms on the original 121-acre site. The property was repositioned to its present Hilton affiliation in 2003. Today the 432-room Resort and Country Club benefit from over 100,000 square feet of indoor and outdoor event space as well as a shared synergy as Tucson’s largest golf and tennis facility with 45 holes of premier golf and 31 hard-surface tennis courts, collectively. Additionally, the property includes approximately 18 acres of developable land on Oracle Road.

Courtesy of CBRE

Peoria CVS Pharmacy sells for $6M

CBRE has completed the sale of a single-tenant, triple-net leased CVS Pharmacy located at 8332 West Thunderbird Road in Peoria, Ariz. The 13,813-square-foot retail property is situated on approximately 79,201 square feet of land.  The property commanded a sale price of $6 million, or $434.37 per square foot.

Joseph Compagno, Andrew Fosberg and Molly Busch with CBRE’s Phoenix office represented both the buyer and the seller in the transaction. The seller was New York, NY-based Empire Square Group. The buyer was KARMA Development, LLC of Santa Monica, Calif.

Guy Nesdale, partner at Empire Square Group said of the transaction, “CBRE’s team remained dedicated and diligent in working through each issue to a closing.”

The CVS property is strategically located in a densely populated area that is home to approximately 111,931 residents in a three-mile radius and 306,407 residents within a five-mile radius. Developed in 2003, this CVS Pharmacy features a Minute Clinic on site.  The property also benefits from proximity to other major, national retailers, including Lowes, Sprouts, McDonald’s, Dunkin Donuts, Verizon, Discount Tire, Subway, Burger King, Dutch Brothers, among others.

Courtesy of CBRE

Starbucks in Tempe sells for $2.5M

CBRE has completed the sale of a single-tenant, Starbucks located at 1741 E. Warner Road in Tempe, Ariz. The 2,720-square-foot retail property is situated on approximately 32,452 square feet of land and commanded a sale price of $2.5 million.

Joseph Compagno with CBRE’s Phoenix office represented both the buyer and the seller in the transaction. The seller was Scottsdale, Ariz.-based Garrett Development Corporation. The buyer was AJ Gardner Family Trust and the Childs Family Investment Partnership of Los Angeles, Calif.

Starbucks opened for business at this location in September of 2014 and benefits from a highly-sought after infill location in Tempe. The property is situated on a pad to the newly remodeled Bashas’ anchored Cobblestone Village shopping center. The Starbucks is also adjacent to a Wells Fargo bank pad.

Pinnacle South Mountain, Courtesy of CBRE

Pinnacle South Mountain sells for $63M

CBRE has completed the sale of Pinnacle South Mountain located at 5151 E. Guadalupe Road in Phoenix, Ariz. Pinnacle South Mountain is a luxury apartment community which consists of 552 units. The asset commanded a sale price of $63 million.

Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch with CBRE’s Phoenix office negotiated the transaction. The buyer was FPA Multifamily of San Francisco, Calif. The seller was Palo Alto, Calif.-based Essex Property Trust.

Pinnacle South Mountain offers investors an excellent opportunity in the highly sought after Ahwatukee master planned community,” said CBRE’s Anderson. “The Ahwatukee area consistently sees some of the highest multifamily demand in the Valley and by implementing an interior upgrade program the buyer has an opportunity to generate significant rental growth and see a solid return on investment.”

Pinnacle South Mountain benefits from proximity to the 16,000-acre South Mountain Park, which offers residents sprawling mountain views as well as lifestyle amenities in the form of hiking and biking trails. The property is also located near Ahwatukee Foothills Town Center, which provides residents more than 1.7 million square feet of retail amenities.

Developed by Trammell Crow and BRE in two phases in 1995 and 1997, Pinnacle South Mountain features both a townhouse and garden design. Units feature nine-foot and vaulted ceilings, full-sized washers and dryers, roman tubs, French doors, wood-burning fireplaces walk-in closets and private patios and balconies with storage. The community benefits include four resort-style swimming pools with spas and poolside cabanas, two 24-hour fitness centers, a resident business center with conference room, sport courts, and barbecue and picnic areas.

The Brittany

CBRE closes more than $6.4M in transactions

CBRE has negotiated the following multi-family sales transaction(s):

  • Asset Preservation, Inc. from Los Angeles, California has purchased Desert Green Apartments, a 16-unit multi-family property located at 16243-16401 North 31st Street in Phoenix, Ariz., from Dramms, LLC of Poway, California. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both the buyer and the seller in negotiating the $700,000 transaction.
  • Leger Properties III, LLC from Eugene, Ore. has purchased Glenview Estates apartment complex, a 32-unit multi-family property located at 7002 North 76th Avenue in Glendale, Ariz. from George Loriente and Suzanne Loriente of Harbor City, Calif. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented the seller in negotiating the $1.9 million transaction.
  • 29SC Brittany, LLC., from Chicago, Ill. has purchased The Brittany apartment complex, a 92-unit multi-family property located at 708 North Country Club in Mesa, Ariz. from Pristine Estates, LLC of Tumon, Guam. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both the buyer and seller in negotiating the $3,189,680 transaction.
  • David Eitches and Sammy Aflalo from Beverly Hills, California have purchased the Villa Schiliro apartment complex, a 21-unit multi-family property located at 3029 East Paradise Lane in Phoenix, Ariz., from Stepan S. Bebekian and Chake S. Bebekian Family Trust of Phoenix, Ariz. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both the buyer and the seller in negotiating the $646,000 transaction.
Peoria & Reems in Surprise

Kent Circle purchases 38 acres in Surprise

Kent Circle Investments, LLC (Scott Seldin, manager) has purchased a 38 acre parcel on the northwest corner of Peoria Avenue and Reems Road in Surprise, Ariz. The commercial property is located in Surprise’s Greer Ranch and is 1.5 miles from loop 303. “This land is in the path of growth and one mile from our 66 acre parcel at the southeast corner of 303 and Cactus Road, across the street from Macerich’s Prasada master-planned site, that we acquired, December 2013, ” says Seldin. The Peoria Reems parcel is zoned C-2 and Kent Circle Investments is planning to hold it for future mixed-use development.

Kent Circle Investments, LLC was represented by Brad Cleaves, BC Commercial Real Estate, Inc. The seller was represented by Greg White, Senior VP, CBRE.

Welnick Skyline Rendering, WEB

Historic Welnick Bros. market slated for infill project

CBRE has completed the sale of Welnick Bros. Marketplace located at 345 W. Van Buren St. in downtown Phoenix. The property, which has been earmarked for a future, urban-infill retail project, commanded a sale price of $930,000.

Christoper Ackel and Pat Horan with CBRE’s Phoenix office negotiated the transaction on behalf of both buyer and seller. The buyer was a joint venture between James Kuykendall, a former Bar-S Foods Co. CFO, and Pat Cantelme, a former CEO of PMT Ambulance. The seller was Joyce Reiff.

The development of downtown continues to be a positive trend for the City of Phoenix,” said CBRE’s Ackel. “A strong downtown core is essential to an economically strong central business district and projects like the one planned at Welnick Marketplace will only enhance what Downtown Phoenix offers those who frequent the area, whether because they live or work downtown or they want to experience one of the many entertainment options in the area.”

Welnick Bros. Marketplace is listed on the Arizona State Historic Property Inventory and the City of Phoenix considers the building one of the most distinctive Spanish Colonial buildings in Phoenix. The property was built in 1927 by Leo and Ed Welnick. The brothers came to Arizona in 1912 to build their grocery business. At time of construction, Welnick Bros. Marketplace was one of the best equipped groceries in Phoenix, even including cold storage for fish and poultry. The builder was Wasielewski Contruction Company, whose projects also include Brophy College Prepatory School, The Luhrs Tower and the Hotel St. James.

Most recently, the property was home to Dave Reiff Printing Co. Dave and Joyce owned and operated the printing company for nearly 40 years, but the property has been vacant the last ten. Mr. Cantelme and Mr. Kuykendall have plans to restore and redevelop the property for retail use and will retain the Welnick Marketplace moniker, dropping the “Bros.” The purchase and redevelopment of Welnick Marketplace is the first urban infill project for Mr. Kuykendall and Mr. Cantelme, but will likely not be the last. The two say they are exploring other potential acquisition and redevelopment projects that will bring value to the City of Phoenix.

DynamiteTatum, WEB

Shops at Dynamite & Tatum sells for $1.9M

CBRE has completed the sale of the Shops at Dynamite & Tatum, a retail strip center located at 28255 N Tatum Blvd, in Cave Creek, Ariz. The property commanded a sale price of $1.9 million.

Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office negotiated the transaction on behalf the seller, Bainbridge Island, Wash.-based Pacific West Land. The buyer, Cave Creek Shoppers Mall, LLP, of Vancouver, B.C., Canada, was represented by Nathan Cardon of Cardon Commercial.

The Shops at Tatum & Dynamite is a quality, well-leased and stable property,” said CBRE’s Julius. “It should provide the buyer with steady cash flow over the years.”

Developed in 2006, Tatum & Dynamite Plaza is located just north of the Desert Ridge area. It is conveniently located along the border of Phoenix and Cave Creek with Scottsdale’s border just to the east. The retail strip center totals 8,725 square feet and tenants include Goodwill Donation Xpress, Allstate Insurance, Pieh Tool Company, Summit Chiropractor, as well as a barber shop and a dentist.

Desert Ridge Corporate Center, CBRE

Desert Ridge Corporate Center sells for $58.6M

CBRE has completed the sale of Desert Ridge Corporate Center (DRCC) located at 20860, 20830 and 20910 N. Tatum Blvd. in Phoenix. The institutional grade office and retail development is located in the Desert Ridge master-planned community. The asset totals 293,161 square feet and commanded a sale price of $58.6 million. The property was 75 percent leased at time of sale.

Barry Gabel and Chris Marchildon with CBRE’s Phoenix office, along with Kevin Shannon, Ken White and Paul Jones in Los Angeles, negotiated the transaction between the buyer, Los Angeles-based Regent Properties, and the seller, FCA Partners, LLC of Charlotte, N.C.

Despite the fact the property is not fully stabilized, Desert Ridge Corporate Center attracted significant interest from local, regional and national buyers,” said CBRE’s Gabel. “This is definitely a testament to the continued recovery of the Phoenix investment market as well as the resiliency of the Paradise Valley submarket, which continues to perform at the top of the metro Phoenix market.”

Desert Ridge fits perfectly within our strategy of buying value-added office properties across the western United States,” said Eric Fleiss, President of Regent Properties. “We are committed, experienced investors in the Phoenix market specifically, and believe this high-quality asset is a great addition to our portfolio.”

DRCC consists of two class A office buildings (137,983 and 137,225 square feet, respectively) and a 17,953-square-foot, multi-tenant specialty retail building. The property is located on land encumbered by a State of Arizona ground lease with 78 years remaining. Tenants include GEICO Insurance, Vantage Retirement, Wells Fargo Bank, C.H. Robinson Worldwide, K. Hovnanian Homes, Summit Energy, SimonMed Imaging and Scottrade.

Developed in 2007, DRCC benefits from an amenity-rich location in the Paradise Valley submarket. The property is minutes from the 1.2 million-square-foot Desert Ridge Marketplace, two championship golf courses and the 628,000-square-foot High Street mixed-use development. DRCC is also highly accessible at the intersection of the Loop 101 Freeway and State Route 51.

Coldwater Depot Logistics Center

Coldwater Depot Logistics Center enters phase 3

Trammell Crow Company (TCC), one of the nation’s largest commercial real estate developers and investors, and joint venture partner Clarion Partners, a leading U.S. real estate investment manager, announced Tuesday that construction has begun on Coldwater Depot Logistics Center, Phase 3, a 187KSF, class-A speculative industrial building in Avondale, Ariz. Construction is scheduled to be complete 2Q 2015. This is the third and final phase of the venture’s 66 acre master-planned Coldwater Depot Logistics Center industrial park.

Coldwater Depot Phase 3 will be the first distribution building developed in Southwest Phoenix in 7 years that is specifically designed for 100,000-150,000 square foot warehousing requirements. This historically important user size range has been largely underserved as new developments in recent years have focused on much larger buildings. Much of the existing inventory of smaller distribution buildings are now 20-30 years old and do not have desirable attributes such as 30’ clear height, 52’ x 60’ column spacing, ample truck maneuverability, trailer parking and the ability to secure truck courts.

“The Coldwater Depot Logistics Center project has been a tremendous success for the TCC/Clarion venture given the quality of buildings, location along the Interstate 10 freeway and growth and demand within the submarket,” said Cathy Thuringer, Principal with Trammell Crow Company’s Business Unit.  “This third phase will target the smaller industrial user, a segment of the market that has become increasingly active as the economy continues its recovery.”

Coldwater Depot Phase 3 sits on 11.7 acres along Interstate 10 at 127th Avenue in the heart of the Southwest Phoenix industrial market. The site is minutes from Loop 101, Loop 303 and I-17, with close proximity to Sky Harbor International Airport and downtown Phoenix. The facility has access to local, regional and national markets via an integrated network of interstate and intrastate freeways. Local amenities include Avondale City Center, Gateway Pavilions, Shops at Alameda Crossing, Gateway Crossing, Hilton Garden Inn, Homewood Suites, The Estrella Falls Regional Mall and Wigwam Golf Resort & Spa.

“We’re excited about kicking off this project with the Trammell Crow Company and growing our portfolio in the Southwest Phoenix submarket,” said Ryan Collins, Vice President with Clarion Partners.

Rusty Kennedy, Dan Calihan and Pat Feeney with CBRE’s Phoenix office have been appointed the leasing agents for the building. Butler Design Group is the architect and Renaissance Companies will serve as the general contractor.

Economic Forecast

IREM, CCIM announce 9th annual CRE Economic Forecast

IREM and CCIM will present the 9th annual commercial real estate Economic Forecast at the Tempe Center of the Performing Arts on Thursday, Jan. 15, 2015. IREM and CCIM will begin the program by honoring Jerry Colangelo, who will be recognized as the Person of the Year by the organizations.

The panel discussion will be moderated by Peter Bolton of Newmark, Grubb, Knight, Frank. Each panel member will discuss their area of expertise as it relates to the current commercial real estate environment and then predict, based on the metrics of the commercial real estate business, achievements by year’s end.

The program will begin at 8 a.m. and continue until noon. The program will include;
Jerry Colangelo Program Honor

Multi-Family Panel
o    Cindy Cooke – Colliers International
o    Mark Schilling – MEB
o    Tom Lewis – Alliance

Office Panel
o    Jim Fijan – CBRE
o    Chris Toci – Cushman & Wakefield
o    Matt Mooney – Parkway Properties

Retail Panel
o    Judi Butterworth – Velocity Retail
o    Greg Laing – Phoenix Commercial Advisors
o    Pat McGinley – Vestar

Industrial Panel
o    Stein Koss – Lee & Associates
o    Tony Lydon – JLL
o    Mark Singerman – Rockefeller Group

The Tempe Center of the Arts is located at 700 W Rio Salado Parkway, Tempe, Ariz., and more information on the 2015 IREM/CCIM Economic forecast can be found here.

Talavi, courtesy of CBRE

Progressive Leasing to bring 500 jobs to Phoenix in 2015

CBRE has negotiated a 20,000-square-foot office lease at Talavi Corporate Center located at 5651 West Talavi Blvd. in Glendale, Ariz. Progressive Leasing, a Draper, Utah-based financial services vendor for retailers and merchants, will open its first operations center in Arizona, bringing approximately 500 new jobs to metropolitan Phoenix by the end of 2015.

Ashley Brooks, Jim Bayless and Jenny Aust with CBRE’s Phoenix office negotiated the lease between the landlord, Los Angeles, Calif.-based ROF II Talavi, LLC and the tenant.

Progressive Financial helps retailers and merchants service their customers by offering a lease/purchase program to customers that currently cannot qualify for traditional financing or as an alternative financing option. The company was founded and is headquartered in Draper, Utah. The lease at Talavi Corporate Center marks Progressive’s first location outside of Utah.

Our new Glendale facility is an important part of Progressive’s growth plan and our ‘always up’ strategy,” said Ryan Woodley, CFO/COO of Progressive. “Our expansion requires a great labor force, superior facilities, and few geographic or weather anomalies. Glendale was a perfect fit for our needs.”

Opening in November, the new support center will be Progressive’s second operations site and include underwriting, customer service, retailer support, and collections teams. Progressive anticipates hiring 50 employees per month, reaching 500 employees at the center before the end of 2015. Open positions will be posted at www.progleasing.com.

Glendale is an excellent location because of our abundant, qualified workforce and close proximity to multiple major transportation corridors,” said Economic Development Director for the City of Glendale Brian Friedman. “Our process for expedited development services has really given us the reputation of working with the client to ensure they open within their timeframe.”

Developed in 2002, Talavi Corporate Center is a ±152,936-square-foot, class A, three-story office project in Glendale. The property offers tenants access to a talented, well-educated labor pool of nearly 1.3 million within a 30-minute commute. Additionally, the property’s corporate neighbors include Delta Dental of Arizona, Alaska USA Federal Credit Union, CSAA/AAA Insurance, Phoenix Heart PLLC, John C. Lincoln Medical Services and Credit Union West creating a dynamic professional environment in the immediate area.

OldSchool07, WEB

Old School O7 sells for $6.1M

Joe Compagno of CBRE has sold Old School O7, considered one of the most unique urban infill redevelopment projects in Phoenix. The 9,293-square-foot shopping center commanded a sale price of $6.1 million – or $656 per square foot – and a cap rate of 5.5 percent. The tenants include Starbucks, the Z’Tejas restaurant-concept Taco Guild and Buffalo Exchange.

CBRE’s Compagno represented the local seller, O7, LLC, a company formed by Phoenix-based Wetta Ventures, in the transaction. The buyer, Beverly Hills, Calif.-based Old School Property, LLC, was represented by Steven Stein with TauroREIS of Torrance, Calif.

“Successful urban infill retail projects like Old School O7 are highly sought after by investors. As economic drivers move demand back to city-centers, urbanization and adaptive reuse will continue to be significant forces in the commercial real estate market in Phoenix,” said Compagno. “Redevelopment efforts like Old School O7 exemplify this trend. We recognized a window in the marketplace to capitalize on aggressive pricing for this unique piece of real estate, consulted ownership and then proceeded to set the market with this sale.”

Old School O7, formerly a Methodist church and a school building built in the late 1800s, was purchased by the seller in the spring of 2012 and was quickly redeveloped into one of the most captivating infill retail projects in metropolitan Phoenix. The former church is now home to the Taco Guild restaurant, while the school houses the Buffalo Exchange. The Starbucks is in a newly constructed free-standing 1,700-square-foot building located on the hard corner. Old School O7 is nestled in the heart of Central Phoenix along the coveted 7th Street major arterial at Osborn Road.

Esplanade rendering, courtesy of CBRE

Esplanade to undergo Gensler-designed renovations in 2015

The Esplanade has announced that the mixed-use development will undergo renovations to its ground plane and retail space with work slated to begin in first quarter 2015.

Renovation plans currently include strategies to open up the three main entry points to the retail portions of the property to make them more inviting and accessible to visitors. Additionally, the walkways will be redesigned so retailers can provide their customers with indoor/outdoor spaces in which to shop and dine. The central corridor will be reimagined to create a community square offering a space for the Esplanade community to come together. The space will offer outdoor seating as well an area for community events.

The Esplanade is one of the area’s most prestigious and sought-after office locations; it’s the heart of the Camelback Corridor,” said Andi St. John, managing director of Asset Services with CBRE, which oversees management of the entire Esplanade complex. “The planned renovations will capitalize on the existing cache commanded by the property and create a first-class retail experience better connecting the complex to the Biltmore community.”

MetLife, the owner of the property, has tapped CBRE to oversee management of the renovations. Gensler has been selected as the project’s architect and design firm. A general contractor has yet to be announced. CBRE is also responsible for property management and the marketing and leasing of the retail portions of the property. JLL handles the marketing and leasing of the office space.

Located on E. Camelback Rd. in Phoenix, the Esplanade benefits from proximity to a wealth of amenities, including adjacency to the Biltmore Fashion Park with its myriad of iconic retailers and restaurants. Offering office tenants a vibrant community in which to work, shop and dine, the Esplanade epitomizes the “lifestyle” type of work environments modern office users want.

Real estate professionals recognize that economic drivers are moving move back to city-centers and office buildings can no longer just be office buildings,” said Traci Russell, vice president with CBRE, who oversees the marketing and leasing assignment on retail space at the Esplanade. “The Esplanade already offers office tenants a mixed-use, well-amenitied environment in a core location. With the planned renovations the complex will be elevated to become the epicenter of the Biltmore community. Not only will office tenants benefit, but the Esplanade will become a place for neighborhood residents and Biltmore visitors to gather and connect as well.”

KohlsShops, WEB

Prescott Valley shopping center goes for $2.75M

CBRE has completed the sale of a net leased shopping center located at 3264 N. Glassford Hill Road in Prescott Valley, Ariz. Shadow-anchored by a Kohl’s department store, the 8,639-square-foot retail property commanded a sale price of $2.75 million. The property is known as The Shops at Glassford Hill Marketplace.

Joseph Compagno with CBRE’s Phoenix office represented the seller, Prescott Valley Signature Entertainment, L.L.C. of Prescott Valley, Ariz., in the transaction. The buyer, Oceanside, Calif.-based Zynda Family Trust, was represented by Rob Walter of Century 21 Arizona West.

This shopping center is brand new 2014 construction.  Our team brought this property to market prior to any tenants being open for business.  We executed on a pre-sale for the developer and sourced an all cash Southern California 1031 exchange investor,” said CBRE’s Compagno. “We took Phoenix pricing to Prescott Valley, Arizona.”

The Shops at Glassford Hill Marketplace consists of five-tenants on triple net leases in a 100 percent occupied building. The property totals 8,639 square feet and sits on 1.02 acres. The building was under construction as the property went to the market for sale and was finished just prior to the close of escrow.  The property sits as a pad to a Kohl’s department store. Brand new leases have been signed with Pacific Dental Services, Sally Beauty Supply, Verizon Wireless, Presto Title Loans and Nationwide Vision. The property also benefits from proximity to a new Walmart Supercenter and Fry’s, which both border the property.

Joseph Compagno specializes in the sale of net leased retail investments across the United States.  His retail team works on the behalf of both private and institutional owners.

Building six at the Sonoran Corporate Center

Helix acquires Sonoran Corporate Center building

Helix, an Arizona-based commercial real estate brokerage, management, investment services and development company, recently acquired new Scottsdale commercial property, Sonoran Corporate Center Building 6 for $1.57 million.

Located just off the 101 and Princess Drive, in Scottsdale, Sonoran Corporate Center includes a 10,154 square foot building that is 100 percent occupied by Medical Practice Innovations Inc. The property was purchased from A Company of Brothers, LLP, a Washington limited liability partnership. The broker for the buyer was Mitchell Stravitz with CBRE Inc.

“Although this asset is 100 percent leased, we still looked at this as a value add play,” said Ryan Spiekerman, founding principal of Helix Capital. “With rents significantly below market we feel we can create value once the lease expires or sell it to an owner/user. It is an optimal size in a highly desirable sub-market.”

With expertise in acquisition, construction, development and disposition of millions of square feet of real estate in Arizona and throughout the Southwest, the Helix team has worked in nearly every segment of the commercial real estate industry: office, retail, industrial, land, self-storage multi-family housing, assisted living and medical.

Fiesta Arms

Fiesta Arms apartments sells in Phoenix

Elain and Maher Meida from Phoenix has purchased the Fiesta Arms apartment complex, a 20-unit multi-family property located at 8822 North 1st Street in Phoenix, from FSFA 89, LLC, of Phoenix, Ariz. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented the seller in negotiating the $740,000 transaction.

1100 N. Hamilton_office

Bell Steel buys industrial property in Chandler

CBRE has completed the sale a 46,119-square-foot industrial property located at 1100 N. Hamilton St. in Chandler, Ariz. The property, which sits on 14.83 acres, commanded a sale price of $4.5 million.
Evan Koplan and Mike Parker with CBRE’s Phoenix office negotiated the sale on behalf of the seller, TW Steel of Chandler. The buyer, Gilbert-based Bell Steel Inc., was represented by Steve Larsen with JLL.
1100 N. Hamilton Street in Chandler is an extremely unique opportunity given its size, heavy industrial zoned land, cranes, power, and location within the thriving Chandler submarket,” said CBRE’s Koplan. “We were able to find the buyer, who instantly found value in all of the existing improvements, within hours of bringing this property to the market. With the Chandler submarket vacancy rate just above 6 percent for this particular product type, it’s currently very challenging for a user to find existing opportunities like this.”
The property at 1100 N. Hamilton Street features a mix of  buildings on heavy industrial land. The sale included a 4,000-square-foot office building, a 29,319-square-foot fabrication building, a 10,800-square-foot office/warehouse building and a 2,000-square-foot storage building all on 14.83 acres. The property also features multiple cranes with heavy power and covered parking.