Tag Archives: Colliers


Colliers: Scottsdale Airpark report details steady growth

James Keeley, SIOR, CCIM, founding partner and managing broker at Colliers International’s Scottsdale office recently released a 2030 Report for the Greater Scottsdale Airpark detailing commercial market changes in the past 30 years to the present.

The Greater Scottsdale Airpark has seen continued growth between 1981 and 2014 in the areas of available square footage and number of employees, with the exception of a slight drop in jobs from 2009 to 2011. Businesses moving into the area also steadily increased.

“The large supply of space has been absorbed since 2011, with virtually little to no new construction over the last five years,” wrote Keeley, a senior executive vice president with Colliers. He defines the Greater Scottsdale Airpark as the approximate 3,300 acres bounded by Loop 101 to the north, Thunderbird Road at the south, 64th Street to the west and 90th Street to the east.

In December of last year, office vacancy dropped to 18 percent, compared to the 30 percent vacancy rate that topped out in 2009. Despite a lack of construction, office space remains available.

Industrial, flex and retail use reached an equilibrium in late 2014. The number of buildings for sale is down dramatically, and the price has increased for buildings that become available, according to the report.

In 2014 new residential units were opened or planned. These include Liv North Scottsdale Apartment Community which opened with 240 units, Crescent Communities which began construction on 275 units and Sunrise Commons with 282 units planned to open in 2016. Optima Kierland Center in December 2014 received zoning permission to build a $300 million, 660-unit condo development project.

Last year, businesses in the area added jobs and leased more space accordingly. Keeley noted that Vanguard Mutual Fund Company added 500 employees. Accolade, the Pennsylvania-based healthcare company, announced plans to hire 300-plus employees.

Companies that moved to the Scottsdale Airpark in 2014 include Scottsdale Association of Realtors, Russo & Steel, HomeSmart and South Hills Design Corporation. They purchased or leased spaces ranging from 23,000 square feet to 38,806 square feet.

Keeley’s report averages the prices of land during the past 10 years. The lowest came in 2011 at $13.43 per square foot, while the highest was $37.40 per square foot in 2008. Prices began increasing from 2006 to 2007, at which point the price per square foot hit a high of $25.09. In 2014 land prices settled at $24 per square foot.

The end of 2014 realized 75 new sales for office, industrial and retail spaces with a sales volume of $169,544,000 for 1,433,380 square feet.

“The trend for 2015 is slow but steady absorption of space and a new three-story office building is under construction at the Loop 101 and Bahia Drive,” Keeley said.


Architectural Photography by Michael Baxter, Baxter Imaging LLC

Tuesday Morning Corp. signs 593KSF spec lease

Liberty Property Trust announced that Tuesday Morning Corporation has signed a 10-year lease for 593,600 square feet at Liberty Logistics Center I in Phoenix. The national retail chain will occupy the entire facility, located at 563 S. 63rd Avenue, in September.

Liberty acquired the building in 2013 and marketed the facility to potential distribution center users looking to expand in or relocate to Phoenix.

“The Southwest Phoenix Industrial submarket has been poised for rapid growth and we are delighted that Tuesday Moring has chosen Phoenix, and its quality of life amenities, over other cities that were in play for the company’s new West Coast distribution center,” said John DiVall, senior vice president at Liberty Property Trust. “Liberty Logistics Center I exceeds the logistics industry’s demands for today’s multi-channel fulfillment needs. It is a one-of-a kind facility.”

Liberty Logistics Center I is a state of the art LEED® facility that features cross-dock loading, 32’ clear heights, a fully gated concrete truck court, seven points of ingress and egress, R-19 insulation and skylights on 2-percent of the roof.

“We are excited to be opening our new Phoenix facility which will serve our stores in the Western United States. This is an important step in the building of our overall supply chain strategy which will ultimately involve a new facility serving the East Coast and a replacement of our current Dallas distribution center with a new state of the art center,” said Douglas B. Sullivan, senior vice president of real estate for Tuesday Morning Corporation.

With its efficient highway system, ample labor pool and proximity to California, demand for industrial space in Greater Phoenix continues to exceed available product on the market.

“After exploring numerous markets in the Western U.S., Tuesday Morning ultimately selected Phoenix as a result of a vast workforce and strong talent base in Greater Phoenix,” said Chris Camacho, president and CEO of the Greater Phoenix Economic Council. “The new logistics center in Phoenix will provide hundreds of new jobs for the region and added connectivity to a large customer base. We’re excited to welcome them to Greater Phoenix.”

Don MacWilliam, Payson MacWilliam and Tom Woods of Colliers International represented Tuesday Morning and Marc Hertzberg and Tony Lydon of JLL represented Liberty in the transaction. Megan Creecy-Herman managed the transaction for Liberty.

Colliers hires Senior Associate in National Investments Sector

Colliers International in Greater Phoenix recently hired Norah Brennan as a senior associate in the area of national institutional investment sales and single tenant net leased assets.


Brennan has worked in commercial real estate for four years, three of those years with Colliers International’s Sacramento office. Her transactions totalled more than $65 million last year. She secured a 42,000-square-foot office lease and assisted a client expand into multiple national markets.


Brennan will work with Tivon Moffitt, vice president, and Peter Bauman, associate vice president. The team completed more than $150 million in investment sales in 2014. Its pipeline consists of more than $50 million of available properties.


“Norah is poised, professional and determined. We know she will be successful in transitioning to our investment sales team,” Bauman said.


Brennan’s background in sales and hard money lending, coupled with her strong network, make her an invaluable asset to Moffitt and Bauman.


“We have had the pleasure of partnering with Norah on several real estate transactions. She is well respected by her clients and colleagues alike. We are thrilled to have her as part of our team,” Moffitt said.


In California, Brennan was active in SARTA (Sacramento Regional Technology Alliance) and Metro EDGE, the young professional branch of the Sacramento Metro Chamber. She also was an ambassador with the Roseville Chamber where she served on the marketing committee for its largest annual fundraiser.


Brennan earned a bachelor’s degree in business administration from California State University, Chico.

Colliers, Office, Costar, WEB

Desert Mini Storage owner buys 22KSF office building for $3.5M

Colliers International in Greater Phoenix recently completed a sale of a Class A, 22,345-square-foot office building in Scottsdale for $3.5 million, or $156 a square foot.

Spensa Management, LLC, of Minnesota purchased the building, located at 8525 E. Pinnacle Peak Road, from K2H Pinnacle Peak Place, LLC, of Vancouver, BC, Canada.

Mike Milic, vice president; Philip Wurth, vice president; and Tyler Bush, associate; all of Colliers International, served as brokers for the seller.

Joe Welchert of Phoenix Commercial Advisors served as the broker for the buyer.

Spensa Management, which owns Desert Mini Storage, plans to occupy part of the building for its local headquarters. The building is 43 percent occupied.

“The transaction represented a solid opportunity for Spensa Management to acquire a great office property at below replacement cost in a highly desirable area of Scottsdale,” said Milic.

500 N  Juniper, DAUM, WEB

Wallace, Plese + Dreher relocates to Chandler Corporate Center

DAUM announced May 22 that Wallace, Plese + Dreher (WP+D), one of the leading certified public accounting firms in Arizona, will move its office to Chandler Corporate Center and occupy 10,549 SF of office space. The expected move-in date will be in August.

DAUM Commercial Real Estate Services represented Wallace, Plese + Dreher, the
lessee, in the lease of a 10,549 SF office located in the Chandler Corporate Center in Chandler, Ariz.. Kirk Jenkins of DAUM’s Phoenix office represented Wallace Plese + Dreher in its leasing of the building located at 500 N. Juniper Dr.

The Rockefeller Group, owners of the building, is also relocating its southwest offices to the building.

“The new location will accommodate the firm’s growth and capitalize on a well-educated work force,” said Mark Dreher, WP+D co-founder and partner. “Another reason for the decision included the location being in a high-tech business community. Chandler’s enhanced infrastructure supports advanced business services and knowledge industries, which reinforces the firm’s commitment to client service through the
Valley and Arizona.”

Phil Breidenbach of Colliers represented landlord, RG McClintock LLC, a Rockefeller Group entity.

Desert Canyon, Colliers

Office Momentum Carries Over from Late-2013 to First Quarter

Colliers International released its 1Q office market research. Highlights are below. A full report is at the end of the story.

·         Net absorption in the Greater Phoenix institutional office market totaled approximately 697KSF in the first quarter. This marked the third consecutive quarter where net absorption topped 500KSF.

·         Net absorption was strongest in the Class B segment, where tenants moved into a net of more than 400,000 square feet. With the amount of available Class-A space down 30 percent from the peak and development limited, tenants looking for large blocks of space are finding Class B buildings the primary option.

·         Vacancy ended the first quarter at 18.9 percent, down from 19.5 percent at year-end 2013. Vacancy in the Class A segment of the market is 18.4 percent while Class B vacancy is 19.4 percent.  While the Class B vacancy rate is improving, most submarkets still have a Class-B vacancy rate above 15 percent.

·         Asking rents in the institutional-grade office market have increased in each of the past four quarters, rising 5.7 percent to $21.90 per square foot.

·         Investment activity slowed somewhat after a fairly active fourth quarter, but velocity is up considerably compared to one year ago. Tightening vacancy, rising rents and accelerating hiring is fueling investment activity, despite ongoing challenges still present in the market.

Phoenix Institutional Office Report 1Q14

2700 W. Frye Rd., Chandler

Colliers International Completes $43.1M Sale of 183KSF Office in Chandler Price Corridor

Colliers International in Greater Phoenix recently completed the sale of a 183KSF, Class-A office building in Chandler for $43.1M, or $235.50 a square foot.

W. P. Carey Inc., a global net-lease REIT based in New York City, purchased the building at 2700 W. Frye Rd. in Chandler from Regent Properties of Los Angeles.

Neil Glassmoyer, senior vice president; Tivon Moffitt, vice president; and Peter Bauman, senior associate; all of Colliers International in Greater Phoenix, served as brokers for the buyer and seller.

“The market fundamentals in Chandler’s Price Road Corridor are very strong and the area is poised for continued expansion. The building’s location in the heart of Chandler’s Price Corridor helped attract W. P. Carey,” Moffitt said.

The Chandler submarket features one of the lowest office vacancy rates in Metro Phoenix, as tenants are drawn to the area due to the highly educated workforce, according to Colliers International.

“Price Corridor is Chandler’s premier employment corridor, and continues to attract companies interested in quality and a sense of place,” said Chandler Mayor Jay Tibshraeny. “It is a central hub for the workforce, infrastructure and amenities that the current marketplace demands.”

W. P. Carey Managing Director and Co-Head of Global Investments, Gino Sabatini, said, “The combination of the desirable location, credit tenant and quality asset made the acquisition an ideal addition to our portfolio. Together with its criticality to the operations of QBE the property meets all our investment criteria and supports our strategy of providing secure, long-term cash flow to our investors.”

QBE Insurance, one of the 20 largest insurance and reinsurance companies in the world, is the building’s only tenant on a long-term lease. This location is QBE’s second largest office building in the country. Overall, QBE is located in 43 countries.

“This acquisition was ideal for W. P. Carey given that the tenant, QBE Insurance, is a strong and stable investment grade tenant,” Bauman added.

Regent Properties completed the building’s construction after purchasing the property in 2011 and then fully leased the building to QBE shortly thereafter.

“Regent Properties had a dynamic vision for this property. They added significant value by completing this class A office asset,” according to Glassmoyer.

“The success of this project is due in large part to the cooperation and aid from the City of Chandler’s economic team, QBE’s desire to be in Chandler and ultimately Neil and Tivon, and the entire Colliers’ team, for connecting Regent Properties with the W. P. Carey team.  This project is emblematic of our proven track record at stabilizing once troubled assets as well as our commitment and belief in the Phoenix market,” according to Eric Fleiss, president of Regent Properties.


Multifamily Vacancies Tighten as Construction Accelerates

Colliers International released the following information in its 4Q multifamily report. See below for highlights:
§  Vacancy in Greater Phoenix ended 2013 at 7.3 percent, down from 8.3 percent at the end of 2012. Vacancy has declined in each of the past four calendar years.

§  The decline in vacancy is particularly encouraging since it occurred despite a surge in the delivery of new units. With absorption outpacing completions, vacancy should continue to trend lower in 2014.

§  Average asking rents ended the year at $787, a 1.5 percent increase from year-end 2012. Tight vacancy conditions and a strengthening local economy should support more significant rent gains in 2014.

§  Multifamily sales velocity slowed somewhat in the fourth quarter, but activity in the second half of the year outpaced levels in the first half. There was an uptick in the number of properties that changed hands priced at more than $25 million during the fourth quarter.

§  Improving fundamentals and a favorable outlook drive prices higher in 2013. The median price reached $63,300 per unit in 2013, up 13 percent from 2012 and 40 percent higher than the 2011 median price.

The Greater Phoenix multifamily market closed 2013 on a positive note, with vacancy ending the year at its lowest point since mid-2006, rent increases gaining momentum and sales prices pushing higher. The strong performance in 2013 is supporting a robust outlook for 2014. In recent years, improvement in the multifamily market was supported by a very low level of inventory growth, but developers ramped up deliveries in 2013, with more than 3,300 units coming online. Despite the delivery of new units, vacancy continued to trend lower due to a surge in net absorption. It is this spike in demand that will fuel property performance in 2014.

The Greater Phoenix multifamily vacancy rate ended the in Greater Phoenix at 7.3 percent, down from 7.4 percent in the third quarter and a full percentage point lower than at the end of 2012. While there have been a few quarters where the rate has ticked higher, the overwhelming trend shows local vacancy on the decline. After peaking at 13.4 percent at the end of 2009, the rate has improved in each of the past four calendar years.
The vacancy improvement in the Greater Phoenix multifamily market has been widespread. More than 80 percent of the submarkets in the Valley have recorded year-over-year vacancy improvements and nearly 60 percent of the submarkets in Greater Phoenix have a vacancy rate at 7 percent or lower. As a comparison, fewer than 35 percent of the Valley’s submarkets had vacancy rates at or below 7 percent at this point a year ago. These trends hold at the high-end of the vacancy spectrum as well. Only three submarkets in Greater Phoenix have vacancy rates above 10 percent; at the same point in 2012, there were nearly three times as many submarkets with vacancies in the double digits.

Asking rents have steadily pushed higher across the Valley, ending the year at $787 per month or $0.93 per square foot. This represents a yearover- year increase of 1.5 percent, following a modest 0.4 percent increase in 2012. Looking ahead, additional vacancy declines should support further acceleration in the pace of rent growth. At the market level, asking rents should increase by approximately 3 percent, but high-demand areas and submarkets that are recovering rapidly could record rent gains of 5 percent or more.
Sales of multifamily properties dipped 15 percent from the third quarter to the fourth quarter, but activity in the second half of the year outpaced velocity in the !rst half by approximately 20 percent. While the total number of transactions lagged the third-quarter pace, there was an acceleration among higher-dollar transactions.
Nearly half of the properties that changed hands in the fourth quarter traded above $25 million; during the third quarter, transactions over $25 million accounted for 32 percent of all activity.
Improving property fundamentals, a favorable outlook and a surge at the high-end of the market drove prices higher in 2013. The median price reached $63,300 per unit for the year, 13 percent higher than the 2012 median. Pricing has made significant gains in the past two years, with the 2013 median price 40 percent higher than the 2011 median. Cap rates averaged 6 percent during the past 12 months, down from the mid-6 percent range in 2011 and 2012. With interest rates likely to rise, cap rates may not compress much further, but price growth could be driven by rising rents and tightening vacancy.


Colliers Promotes 24 Brokers

Colliers International in Greater Phoenix has promoted 24 brokers, including three to senior executive vice president and 10 to executive vice president.

Colliers announced the new positions and titles during a January 15 company meeting. Each year, Colliers promotes brokers in the first quarter.

“The promotions recognize the dedication, talent and expertise of our brokers who work hard every day to maximize opportunities for our clients,” said Bob Mulhern, managing director of Colliers International. “The number of promotions is an indication of the accelerating success of Colliers in the Phoenix marketplace. We’ve recruited 25 new brokers and more than doubled our production in the past five years.”

Senior executive vice president is a new title for the office, and it was awarded to three talented and long-standing members of the Colliers team who have more than 70 years of combined experience with Colliers.

The executive vice president position is awarded for high business production, significant industry experience and expertise, and local office leadership.

Senior Executive Vice President

Cindy Cooke

Jim Keeley

Tom Woods

Executive Vice President

Phil Breidenbach

Keith Lambeth

Bill Littleton

Don MacWilliam

Payson MacWilliam

Charles Miscio

Peter Nieman

Todd Noel

Larry Ortega

Paul Sieczkowski

Senior Vice President

Trevor Koskovich

Jeff Sherman

Vice President

Marc Bonilla

Lindsey Carlson

Tim Dulany

Danny Ortega

Associate Vice President

Mike Dupuy

Matt Fitz-Gerald

Fletcher Perry

Ramey Peru

Ryan Timpani

Mindy Korth, Valley Partnership - AZRE Magazine May/June 2011

Mindy Korth Joins Colliers, Leaves CBRE

Colliers International in Greater Phoenix has appointed Mindy Korth, a top commercial real estate executive with nearly 30 years of experience in the Phoenix market, executive vice president, adding depth to the firm’s investment sales expertise.

Korth will drive Colliers’ investment property sales by pinpointing prime business opportunities for clients, developing business strategies and conducting comprehensive sales transactions. She will collaborate closely with other Colliers’ brokers.

Korth’s well-rounded expertise includes a keen understanding of all aspects of commercial real estate transactions, location and market intelligence, and loan acquisitions.

“Mindy is a team player with extensive transactional skills and outstanding relationships with national clients who have trusted her with major complex deals for years,” said Bob Mulhern, managing director of Colliers. “The recent addition of Mindy and several other talented brokers places Colliers into a robust position for 2014.”

Prior to joining Colliers, Korth served as CBRE’s executive vice president of investment properties for 29 years, including 22 years at Trammell Crow Company prior to its merger in 2006 with CBRE, completing transactions valued at more than $2.5 billion and representing more than 18 million square feet.

She was part of the top producing Phoenix Trammell team from 1996 to 2003 and in 2005 and 2006. She was a Trammell Top 50 National Producer in 2002, 2003, 2005 and 2006. She has consistently been a CBRE-Phoenix Top 20 Producer since 2007.

Korth started her career as a certified public accountant at Deloitte before entering the commercial real estate industry.

“I’m excited to jump in and develop a pipeline of investment property sales for our clients,” Korth said. “The opportunity to propel Colliers’ client services platform and work under Bob Mulhern’s dynamic leadership is invigorating.”

AZRE magazine named her Big Deal Office Sales Broker in 2012 and People to Know in 2008, 2009 and 2011. NAIOP named her the Investment Broker of the Year in 2003, 2008, 2009 and 2010.

Korth is a board member of the Discovery Triangle Development Corporation and Balsz Community Education Foundation. She is the former board chair of Eight/KAET Public Television’s Community Advisory Board and Valley Partnership.

She also is a member of Social Venture Partners of Arizona and Arizona Commercial Real Estate Women having served on both boards. Korth is involved with ULI Arizona, NAIOP Arizona and International Council of Shopping Centers. She earned a bachelor’s degree in business administration from Arizona State University.

(from L to R): Rob Martensen, Christine Nagle, Paul Sieczkowski, Mary Beth Campbell, all with Colliers International

Commercial Real Estate Firms Gets Charitable for Holidays

Arizona Builders Alliance:

Members of the Arizona Builders Alliance, a construction industry association, has collected thousands of toys that will be wrapped and delivered to approximately 300 children in CPS custody (residents of Sunshine Group Homes) and approximately 100 children who live at Sunshine Acres Children’s Home in Mesa. A major toy-wrapping effort will take place on Thursday, Dec. 19, when Santa’s helpers from the construction industry are overtaking Corbins Electric facilities and turning it into gift-wrapping workshop, in preparation for the toy deliveries.
Four companies within the construction industry locally – McCarthy Building Companies, Corbins Electric, Sundt and Wilson Electric – are leading the effort on behalf of the Arizona Builders Alliance to collect, wrap and distribute the toys. More than 100 construction companies are participating in the general toy drive benefiting CPS children in need this year.
“This is my third year serving as chair of our holiday toy drive event, which is very important to me,” said Joshua Marriott, an estimator at McCarthy Building Companies. “The amount of joy that the gifts and party bring to the kids is priceless. The toy-wrapping effort takes a lot of work, but it’s definitely worth it.”
Volunteer elves will be wrapping hundreds of toys at Corbins Electric on Thurs., Dec. 19, and delivering them on Fri., Dec. 20, to Sunshine Acres and Sunshine Group Homes. Members of the media are welcome to attend the wrapping festivities where tons of toys are wrapped and loaded into a box truck for delivery to the children on Dec. 20 where volunteers will pass out gifts to children at Sunshine Acres Children’s Home and they will also get a special visit from Santa. The Sunshine Acres Party is from 6-8 p.m. Friday, Dec. 20.


Throughout the year, Hines and Colliers International in Greater Phoenix are busy developing and brokering projects.
But each December, they are as busy as Santa’s elves ensuring that needy Phoenix families have a holiday to celebrate.
John Orsak, director of Hines property management, started “Santa’s Sak” in 2011. The program provides the abused, neglected and troubled youngsters involved with All My Children, Inc., with electronics, games, books, sporting equipment and passes for movies and activities.
Hines has helped 100 kids in the last two years and expects to deliver presents to another 100 this year on Dec. 21. The experience touches Orsak, especially Hines’ impact on a teenage girl who said she wouldn’t have had anything to celebrate on Christmas without Santa’s Sak.
Colliers International in Greater Phoenix has been adopting families during the holidays for more than 15 years and also makes time for employees to feed the homeless.
Started by Paul Sieczkowski, senior vice president, about 30 to 50 Colliers employees participate in the adopt-a-family program each year. A former Colliers employee even dresses like Santa and the employees surprise the family.
One year, Colliers delivered presents to a family that lived in a house with a dirt floor. The family cried when Colliers presented the gifts and food.
Colliers will deliver more presents and cheer this year on Dec. 23.
Colliers also helps hungry families. About 30 Colliers employees served lunch at St. Vincent de Paul on Dec. 6.

McCarthy Building Companies: McCarthy Building Companies builds and renovates schools throughout the Southwest, with many projects right here in metro Phoenix. As a result, the education services team hears about many needs within local school districts. Over the years, there has been a consistent request from schools for books that students can take with them to read at home in order to develop reading skills. To meet this need, the members of McCarthy’s education team have worked in tandem with the company’s Heart Hats committee for the past seven years to create an annual Santa Book Delivery.
On Dec. 20, McCarthy Heart Hats volunteers will join Santa, Mrs. Claus & the Jolly Elf (played by McCarthy employees) for the delivery of new wrapped books to every student at Heatherbrae Elementary in Maryvale, a Title I school that serves kindergarten through 5th grade students in the Cartwright Elementary School District. Santa & Mrs. Claus will visit with each child individually, giving away 750 books to students at the school.
McCarthy’s goal is to have a gift for everyone at the school, so gift cards are given to each teacher along with a donation of school supplies from Office Essentials, assisting teachers who are reaching into their own pockets these days simply to provide supplies for their classrooms.
Books and gift cards are provided by McCarthy’s Heart Hats. The new books are chosen based on reading and grade level, with the help ofeducators’ recommendations. Two or three titles are chosen per grade based on popular or suggested reading titles for the age group. The books are not gender specific so they are appropriate for either boys or girls.

Sonoma Place, Colliers

Sonoma Place Apartments in Peoria Sell for $6.53M

Colliers International in Greater Phoenix recently completed the $6.53M sale of the 100-unit Sonoma Place, located at 11600 N. 75th Ave. in Peoria, for $65,300 a unit, or $80.33 a SF.

Denver-based Investment Property Exchange Services acquired Sonoma Place from Mentor Properties of Scottsdale. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers’ HSK Multifamily team represented both parties.

Built in 1985, Sonoma Place is a two-story apartment complex with two bedroom/two bathroom units on 7.4 acres with 81,280 net rentable square feet. Recent renovations include new interior and exterior paint, landscape enhancements, refinished countertops, improved fixtures and the installation of washers and dryers into units.

Common amenities include a swimming pool, spa, outdoor barbecues, business center, playground and large grassy courtyards.

Sonoma Place is near higher education opportunities and entertainment destinations including Glendale Community College, Arizona State University’s West Campus, Arrowhead Towne Center, Westgate Entertainment District and University of Phoenix Stadium.

Photo courtesy of CoStar

Colliers International Completes $7.8M Sale of Tempe Office Building to SRP

Colliers International in Greater Phoenix recently served as advisers in the sale of a Tempe Class B office building, 1511 N. Project Drive, to SRP for $7.8 million or $122.97 per square foot.

SRP purchased the 61,807 square-foot-building from Altier Credit Union to expand its administrative space. SRP already occupied approximately 40,000 square feet of the building, located about 300 feet from its headquarters, and leased the land to Altier Credit Union.

Michael Milic, vice president of Colliers International in Greater Phoenix, served in an advisory role as Altier Credit Union’s consultant to the transaction. SRP did not have a broker in the transaction.

Altier Credit Union, one of the Valley’s oldest financial institutions, housed its headquarters in the Tempe building. An Altier Credit Union branch will remain in the building through a 15-year leaseback. Milic is serving as Altier Credit Union’s broker as it purchases a new Tempe headquarters, now in escrow.

Altier Credit Union and SRP have a long history.

Employees of SRP Water Users Association started Altier Credit Union in 1947 as the Water Users Employee Federal Credit Union. The institution changed names through the years to SRP Federal Credit Union in 1955, SRP Credit Union in 1998 and, finally, Altier Credit Union in 2006.

Mary Beth Campbell, Colliers

Mary Beth Campbell Promoted at Colliers

Mary Beth Campbell has joined Colliers International’s U.S. Marketing Team as Digital Content Manager, effective October 14, reporting to Hubie Sturtevant.

This summer, Sturtevant joined the U.S. marketing team in Seattle as Marketing Director | USA. Sturtevant brings a broad background in marketing communications and PR to this role, having served as creative director with Costco Wholesale and most recently as Director of Marketing Communications at enterprise cloud computing provider Concur.  Hubie serves as single point of contact for national service line and practice group marketing support, working with the local and national teams on a project-by-project basis.  He also manages the U.S. marketing communications and creative teams, along with driving U.S. PR and managing our agency relationship.

In her new role, Campbell will remain in Phoenix and partner with global and local marketing teams to develop content and digital assets for Colliers.com, including national-level services and practice groups. She will also support best practices in SEM/SEO and leverage social media and other digital channels to support U.S. Marketing objectives.

Cambell joined Colliers in 2005 as a Marketing Coordinator for the Greater Phoenix region. In 2006, she was promoted to the position of Communications Manager, and her responsibilities evolved to encompass many aspects of marketing and communications, including managing content on Colliers.com – and driving the build out of the Greater Phoenix website in support of the launch of Colliers.com 2.0 – establishing a social media presence and improving internal marketing services and resources for the Greater Phoenix region.

Northern Terrace

Northern Terrace Apartments Sell for $9.1M

Colliers International in Greater Phoenix negotiated the sale of the 260-unit Northern Terrace Apartments, located at 5220 W. Northern Ave. in Glendale, Ariz., for $9.1 million, or $35,000 per unit.

Scottsdale-based Sonoma Terrace Properties LLC, a partnership between Jay Chernikoff and Cal DeSouza, acquired Northern Terrace Apartments with a loan from Mutual of Omaha Bank.

The seller was Northern Terrace Apartments LLC of Pewaukee, Wis., a real estate investment firm. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers’ HSK Multifamily team represented both parties.

“Northern Terrace represented a highly-desirable investment opportunity for Sonoma Terrace Properties LLC,” Koskovich said. “The Sonoma Terrace Properties LLC partnership will make considerable investments in the property by improving the community’s infrastructure, renovating building facilities and improving common area amenities.”

Koskovich added that Sonoma Terrace Properties LLC will retain BMSI, the property management company, and plans further improvements through streamlined operations and interior and exterior capital improvements.

Northern Terrace, built in 1979, is two-story complex consisting of 16 buildings on 9.17 acres with 185,504 net rentable square feet. The complex has new roofs and a newly renovated pool and spa.

The unit mix includes 152 one-bedroom and 68 two-bedroom/two bath apartments and 40 studios, ranging from 460 to 1,000 square feet.

Community amenities include two swimming pools and spas, two laundry facilities and outdoor barbeques. In addition, the complex has 260 covered and 115 uncovered parking spaces.

William Littleton & Tivon Moffitt

Two Colliers Brokers Earn Top CoreNet Global Awards

William S. Littleton and Tivon Moffitt, executives at Colliers International in Greater Phoenix, have earned two of the highest honors awarded by CoreNet Global, the world’s leading professional association for corporate real estate and workplace executives.

Littleton, senior vice president of corporate solutions, is being recognized for completing the Senior Leader of Corporate Real Estate Certificate (SLCR). Prior to earning this distinction, Littleton already achieved a Master of Corporate Real Estate (MCR) and a Society of Industrial and Office Realtors® (SIOR) designation.

Moffitt, a Colliers vice president, has secured the Master of Corporate Real Estate (MCR) designation, the industry’s most prestigious distinction.

Littleton is one of just 16 individuals honored this year with the SLCR certificate. He completed six seminars designed to enhance his business perspective, strategic approach to decision-making, financial analysis skills and leadership abilities. The seminars are designed to position participants for a greater role in their organization.

Moffitt, who was awarded with the MCR, the industry’s highest designation, participated in more than 100 hours of classroom training, two elective seminars and a capstone, followed by a graded assessment. He achieved this all within a 5-year period.

Moffitt was one of a record 146 global corporate real estate executives – representing 15 countries – to earn the Master of Corporate Real Estate designation in 2012.

CoreNet Global’s Master of Corporate Real Estate designation provides critical business skills and reflects Moffitt’s strategic competence and successful experience as a corporate real estate expert.

Ed Beasley

Colliers International Appoints Ed Beasley to Government Solutions Team

Colliers International announced the addition of Ed Beasley to the firm’s Government Solutions team.

Beasley will be vice president and brings nearly 30 years of public sector experience in economic development and administration, most recently as the former city manager of Glendale.

“Ed’s experience in the public sector makes him a great addition to our team,” says Dwight Hotchkiss, president, Brokerage Services | USA. “He has played an integral role in growing and strengthening the economy in his region, attracting major business investments, and creating thousands of jobs.”

During his 10-year tenure as city manager in Glendale, Beasley successfully negotiated several major economic development projects, including the University of Phoenix Stadium (home of the NFL Arizona Cardinals), the Jobing.com Arena (home of the NHL Phoenix Coyotes) and a state-of-the-art spring training facility that is used by the Chicago White Sox and Los Angeles Dodgers.

He also helped bring the 2008 Super Bowl and the Fiesta Bowl to Glendale, generating tremendous economic benefit.

In his new role, Beasley will be based in Phoenix, and will leverage Colliers’ nationwide integrated platform to deliver services tailored to the unique needs of state, county and municipal government.

His work will be focused on advising these and other entities on issues relating to economic development, asset management and public-private opportunities.

“We are thrilled to have Ed on the Government Solutions team at Colliers,” said Kurt Stout, executive vice president, Government Solutions. “Government entities are increasingly recognizing that their real estate assets have tremendous potential to generate revenue and spur economic growth.

“Ed is a nationally recognized expert who can help our firm’s government clients develop creative solutions from their real estate holdings.”

Beasley has served in administrative positions for a variety of municipalities in addition to Glendale, including Wyandotte County, Kan.; Pinal County;, and the cities of Eloy and Flagstaff.




Transwestern Closes Lease Renewal of Phoenix Health Plan HQ

Transwestern has secured a lease renewal and 40% expansion for Phoenix Health Plan’s corporate headquarters space in the Catalina Terraces complex, 7878 N. 16th St.

In the long-term renewal, Phoenix Health Plan has leased an additional 19,000 SF to accommodate new personnel for two of its medical plans: Phoenix Health Plan and Abrazo Advantage Health Plan. With a total of 64,000 feet of space, it is the largest tenant in the building.

“We were thrilled to assist Phoenix Health Plan in securing additional space to accommodate their growth,” said Kate Morris, senior vice president at Transwestern. “This is a centrally located building that offers an easy commute for employees who live throughout the Phoenix metropolitan area. And by restructuring the Health Plan’s current lease, they were able to take advantage of favorable economic terms.”

Phoenix Health Plan was represented by Morris and Vince Femiano, vice president, both of whom are based in Transwestern’s Phoenix office. The Catalina Terraces owner, Santa Fe, N.M.-based Rosemont Realty, was represented by Phil Breidenbach and Keith Lambeth of Colliers International.

Built in 1990 and renovated in 2002, the 3-story Catalina Terraces structure is located at the top of 16th St. and Northern. It offers amenities including the Point Hilton Resort and several restaurants. With easy access to Downtown Phoenix and the Squaw Peak Parkway, Catalina Terraces is minutes from the Camelback Corridor. In 2006, the building was awarded an ENERGY STAR® Label for its operating efficiency.



Colliers Promotes Two To VP; Hires Healthcare Specialist

Colliers International in Greater Phoenix announced that Jeffrey Sherman and Trevor Koskovich have each been promoted to the position of vice president of multi-family properties.

Sherman and Koskovich specialize in the acquisition and disposition of investment-grade, income-producing multifamily properties and portfolios ranging in size from 40 units to 300 units, serving the private and institutional capital markets.

They partner with Bill Hahn, senior vice president, as the Colliers HSK Multi-family Specialists team. They represent local, national and international banks, Fannie Mae, Freddie Mac, and CMBS special servicers in the disposition of REO assets, while also assisting buyers in the acquisition of multi-family assets that are poised for repositioning to increase value.

In 2011, Sherman and Koskovich were jointly ranked as the No. 3 Multi-family Producers in the U.S. They were also recognized as the No. 2 Team in 2012 and the No. 3 Team in 2011 in Greater Phoenix, along with their partner Bill Hahn.

“Jeff and Trevor are focused, smart and strategic with an exceptional commitment to providing superior service to their clients.” said Bob Mulhern, managing director of Colliers International in Greater Phoenix. “They are two of our hardest-working professionals, and they have excelled at positioning themselves as multifamily market leaders. We are very pleased to recognize their achievements with the title of vice president.”

Sherman graduated magna cum laude from the W.P. Carey School of Business at Arizona State University with a BS in finance and a diploma from the Barrett Honors College. Koskovich received a BA in communication, with a minor in business economics, from ASU. Both are members of Colliers International’s Multi-family Advisory Group.

Colliers also announced that Colleen McPherson has joined its Scottsdale office as vice president of its national Healthcare Services Group.

McPherson has been a commercial real estate industry leader, specializing in healthcare sales and leasing in Metro Phoenix for more than 12 years. Throughout her career, she has formed strong relationships and focused on the assets and real estate needs of hospital systems, medical service providers and physicians. Her service delivery includes landlord and tenant representation and investment acquisitions and dispositions on a local and national level.

“We are very pleased to welcome Colleen to Colliers,” Mulhern said. “With in-depth experience in healthcare-related real estate sales, leasing and development, Colleen is a valuable addition to our team. Her expertise and strong relationships throughout the healthcare community will enhance our service offering in this market space.”

“Colliers offers a highly-specialized national healthcare services platform and comprehensive client services to meet the needs of healthcare investors, owners, landlords, tenants and developers,”  McPherson said. “The reach and support of Colliers on a local, national and global level will allow me to identify opportunities and provide effective real estate solutions to ensure the best outcome for my clients.”

Prior to joining Colliers, McPherson was a vice president with the Grubb & Ellis Healthcare Properties Group, focusing on healthcare sales, leasing and investments. She was previously vice president with the Plaza Companies, working closely with physicians, hospital systems and city economic development directors on medical office development plans. Prior to that, she was a vice president with CBRE, responsible for medical office leasing and sales.

McPherson is a member of NAIOP and serves on its National Medical and Life Sciences Forum. She holds a bachelor of arts in education from the University of Arizona. She is actively involved in a number of community organizations, including Touchstone Behavioral Health, Pendergast Education Foundation, Arizona Diamondbacks Charity, CHW East Valley Foundation, and Phoenix Rescue Mission – Changing Lives Center.

Eric Bell (left) and Mike Ciosek (right)

Colliers Promotes 2 To Vice President

Colliers International in Greater Phoenix announced that Eric Bell and Mike Ciosek have each been promoted to the position of vice president of industrial and office properties.

Bell and Ciosek specialize in the sale, lease and development of industrial and office properties, with expertise in landlord and tenant representation, investments, acquisitions, dispositions, build-to-suits and land.

They are experts on the Deer Valley and the I-17, Loop 101, Loop 303 and West I-10 corridors in Metro Phoenix. Their in-depth knowledge of these markets is invaluable in providing strategic real estate solutions to landlords, tenants, investors, sellers and buyers.

“Eric and Mike represent some of the best talent in our organization and we are pleased to recognize their achievements,” said Bob Mulhern, managing director of Colliers. “Their experience, knowledge and record of success in the office and industrial properties markets have earned them these well-deserved promotions to vice president.”

Bell and Ciosek each have more than 11 years of experience in the industry and have partnered since 2003. They are ranked in the Top 10 Producers year-to-date 2012.

Bell holds a Bachelor of Arts in Business Economics from Brown University. Ciosek holds a Bachelor of Arts and Sciences from Western Michigan University. Both are active members of the National Association of Industrial & Office Properties (NAIOP) and the Urban Land Institute (ULI).Ciosek joined Colliers in 2001 and Bell joined in 2003.

For more information on Colliers, visit www.colliers.com.