Tag Archives: colliers international

Photo by Mike Mertes, Az Big Media

Cindy Cooke – Most Influential Women In Commercial Real Estate

The 12 women who made AZRE’s Most Influential Women in Commercial Real Estate list are an extraordinary bunch. While that seems implied in the recognition, it’s something that goes beyond their professional achievements. Many of these women have held minimum wage jobs, slowly working through the ranks to a C-suite. A few have known the struggles of being a single parent and what it’s like to be the only female voice in a boardroom. All of these women are active in their communities and industry organizations. And, all of them are changing the Arizona landscape one deal, drawing and deadline at a time.

Cindy Cooke
Senior executive vice president
Colliers International
Years in the industry: 33+

Cindy Cooke leads one of the top multifamily brokerage teams in the country. Throughout her career, she has completed more than $2B in transaction volume. In 2007, she set the record for the largest apartment sale in Arizona history; the $427.5M, 5,178-unit, 12-property portfolio sale in Phoenix closed in 67 days. Early in her career, she started her own commercial brokerage and mortgage broker firm, where she was the sole proprietor for a decade. She now works on a team at Colliers International with her son, Brad.

What is the hardest professional or personal challenge you’ve faced and how did you overcome it?
Achieving the next level of success without comprising service to existing clients and family, seizing opportunities as they arise and building strong teams.

What do you consider your greatest professional accomplishment?
Still working on it.

What is your favorite part of your job?
Creating success for my clients.

When you were a child, what did you want to be when you grew up and how did that aspiration affect your career?
I knew I wanted to be in the real estate business. I never deterred from that goal.

What is one little-known fact about you?
I have an organic farm in North Carolina where we grow corn, wheat and soybeans.

JLL_WhiteStar_4x6

Big Deals: Industrial/Sales, July–August 2015

It’s the big deals, and the brokers who make them, that make the market an interesting one to watch.

In every issue, AZRE publishes the top five notable sales and leases that have occurred one month out from publication based on research compiled by DTZ and Colliers International with CoStar.

1. White Star Portfolio, Phoenix
460,669 SF; $42,178,000
Buyer: The Realty Associates Fund X, LP
Seller: White Star LLC
Listing Brokers: Mark Detmer and Bo Mills, JLL

2. DMC Portfolio, Phoenix Metro
230,524 SF; $22.85M
Buyer: BH Properties LLC
Seller: Buchanan Street Partners
Listing Brokerage: DTZ

3. Canal Crossing Logistics Center, Phoenix
155,114 SF; $14.7M
Buyer: Bixby Land Company
Seller: Conor Commercial Real Estate
Listing Brokerage: Lee & Associates

4. 8700 E. Thomas Rd., Scottsdale
128,795 SF; $6.75M
Buyer: Wentworth Property Company, LLC
Seller: Andreas & Elisabeth Layher
Listing Brokerage: CBRE

5. Z Fahrenheit Building, Scottsdale
34KSF; $4,285,000
Buyer: 15690 N. 83rd Way, LLC
Seller: Z Fahrenheit Holdings, Inc.
Listing Brokerage: Airport Properties Specialists, LLC

Village at Via Linda

Colliers completes $3.75M sale of Scottsdale shopping center

Colliers International in Greater Phoenix recently sold Scottsdale’s 35,733-square-foot Village at Via Linda shopping center for $3.75 million as part of a 1031 exchange.

Arizona Partners of Phoenix, a real estate developer and investment firm, purchased the center, 8989 East Via Linda, from Village of Via Linda LLC of Los Angeles.

Colliers’ Scottsdale office brokered the transaction. Lauren Rodes, a former associate with Colliers, represented the buyer. The seller’s brokers were Mike Milic, vice president, and Tyler Bush, associate; both of Colliers.

The two-story shopping center with office space is situated on 2.67 acres. The center is approximately 60 percent leased to office and retail tenants, including two insurance companies as well as retail tenants such as a flower shop, a pet hotel and a Thai restaurant.

The center is in the “Cure Corridor,” an area along Shea Boulevard to the Scottsdale Airpark which contains a high concentration of bio-life science activity. The property also is south of the Honor Health Scottsdale Shea Medical Center (formerly Scottsdale Healthcare). Loop 101 is less than a quarter mile.

“Village at Via Linda is located in one of the most desirable submarkets in the entire metropolitan region,” Milic said. “It is located within McCormick Ranch, a mature and growing retail, office and residential area, near the Scottsdale Ranch and Gainey Ranch master-planned communities and the Cure Corridor. It is a highly attractive property.”

7th Street self storage

Colliers International completes $3 Million Phoenix land sale

Colliers International in Greater Phoenix recently completed the $3,050,000 million land sale of 3.17 acres near 7th Street and Indian School. The site will be re-developed as a 100,000 +/–square-foot self-storage facility with a small retail component on the site.

The William Warren Group Inc. of Santa Monica, Calif., purchased the land, located along 7th St. north of Indian School and near the VA Hospital, from the Gary D. and Kathleen Steele Trust of Phoenix.

The seller was represented by Troy Dixon of Dallas Real Estate, and the buyer was represented by Larry Ortega, executive vice president, and Daniel Ortega, vice president, both with Colliers International.

The William Warren Group acquires, develops and manages self-storage facilities in major metropolitan markets around the country under the name StorQuest.

“We worked closely with the Devonshire Neighborhood Coalition as well as city officials to create a plan to redevelop the central Phoenix site. In the end we had overwhelming support by the community and city council,” Larry Ortega said.

Photo: Mike Mertes, Az Big Media

After Hours: Wheelin’ and dealin’ Rob Martensen

Photo by Mike Mertes, Az Big Media

Photo by Mike Mertes, Az Big Media

Colliers International Senior Vice President Rob Martensen has been involved in more than 600 transactions, including industrial sales, leasing, build-to-suits and land sales, but when he isn’t making a deal he is in the driver’s seat.

How did you get into off-road racing?

I just grew up going to the races and got the opportunity to do it myself when I was in college and have been racing ever since.

 

What type of racing do you do?

I do desert racing mostly, which includes races like the Baja 1000. I have raced in 10 Baja 1000s and those are long-distance endurance races. I also race in short-course, off-road racing where there are cars all around you, flying over you and under you, flipping and crashing right in front of you. But, those races only last 14 laps, so 20 minutes and you are done. In the long races, you are in the truck for 10 to 12 hours at a time.

What is it like being in the driver’s seat?

A lot of people who played competitive sports when they were young will understand. There is a feeling you get inside before you hit the field; it is a nervous energy kind of a feeling. Most people after they graduate from high school do not get to experience that feeling again. Sure, there are pockets of adrenaline if you are going after a big deal or something you get kind of excited about, but nothing like that feeling you got before you stepped on the field. Racing is one of the ways to get that feeling again and I think that feeling keeps you young.

Is racing similar to business?

They are very similar, especially desert racing. You are out in the middle of the desert and if you have a problem with the truck or crash or something, you have to overcome that without anyone’s help. The biggest thing in desert racing is no matter what, you just always try to get to the finish. If your transmission breaks, you figure out how to get it fixed. If you get a flat tire, you change it. If you get stuck, you figure out how to get yourself out. You never give up. The Baja 1000 is like a real estate deal: you are excited at the beginning and then you start getting into it and you run into problems and work through those problems and when you get to the finish line, like when you close a deal, everyone is happy.

What is your best business advice?

Have fun doing what you’re doing. I like to mix my business with my fun. It is a lot more work to throw a big event at a race, but if I get one deal out of this the whole event pays for itself. If I don’t get a deal out of it, I still had a great time and I have given people an experience they probably would never have had. Mix business with pleasure and just have fun!

ruth

Top tenant representative Ruth Darby returns to Colliers

Colliers International in Greater Phoenix has announced the return of Ruth Darby, one of the area’s top tenant representation professionals, to its Phoenix office.

Darby, vice president, brings 16 years of in-depth corporate real estate experience. Darby has completed transactions in more than 30 markets throughout the United States and in Canada. She specializes in strategic planning, lease administration, project management and transaction management services on large national corporate accounts as well as single-location tenants.

In her new venture with Colliers, Darby will partner with Lindsey Carlson, vice president. The bulk of the team’s tenant representation is with technology companies, engineering firms and service corporations.

“Ruth and I have worked together in the past and perform really well together,” Carlson said, adding, “Ruth brings a new element of business development to our team.”

Darby previously served as a Colliers broker from 2004 to 2009. She was instrumental in advancing the “green” concept within Colliers. Working with the Green Building Group, Darby created many of the educational materials for Colliers University and served on the board for the U.S. Green Building Council’s Arizona Chapter, which conducted studies and implemented programs to help lower Colliers’ carbon foot print.

“We are very pleased to welcome Ruth back into the fold,” said Bob Mulhern, managing director of Colliers’ Phoenix office. “Ruth is a dedicated and skilled broker with an outstanding record of success and she will provide additional value and opportunities to our clients.”

Darby’s recent experience includes Newmark Grubb Knight Frank, where she was director of research and marketing for the Southwest region. She led both brokerage and property management’s research and marketing services in the Phoenix, Austin, Houston, Dallas, Portland, Seattle and Las Vegas offices.

“I am tremendously excited to be back with Colliers International, I’ve missed being on the brokerage side of the business,” Darby said, adding, “After being on the corporate side of the table, I am bringing a different point of view to the brokerage side, which is an added benefit for us in communicating and working with our clients.”

Darby also serves as an adjunct faculty member for Arizona State University’s Real Estate Development program. She is involved with the Arizona Commercial Real Estate Women (AZCREW), U.S. Green Building Council, AZ Technology Council and Women in Tech. She earned an MBA from the University of Phoenix.

Habitat X Before Picture

Scottsdale Airpark Plaza gets new design retrofit and rename

Colliers International in Greater Phoenix sold a 41,348-square-foot multi-tenant, Class B office building in Scottsdale for $4.232 million, or $102 per square foot. The former Scottsdale Airpark Plaza building is being fully redesigned, renovated and renamed Habitat-X (known as Hab-X).

EDU3 Ventures of Scottsdale and SHOP LLC of Phoenix purchased the building, located at 13430 North Scottsdale Road, from Charles Meyer of Tucson. The seller was represented by Mike Milic, vice president, and Tyler Bush, associate, of Colliers International.

Marc Bonilla, vice president in Colliers’ Scottsdale office, represented the buyers. Bonilla is also the president of EDU3 Ventures. Paul Johnson, former Phoenix city councilman and mayor, established SHOP LLC.

Built in 1985, Hab-X features a modern glass exterior with three floors and open roof-top deck with spectacular views that will be converted into a common space, lounge area for tenants to relax, collaborate and enjoy views of the Valley. Phase one renovations included replacing and/or repairing existing building elements improving the buildings operating efficiency, full exterior building redesign, remodeling of the first floor and underground garage.

Habitat X After Photo

Habitat X After Photo

With phase one nearing completion, phase two work has begun reconfiguring the second floor adding office and clinic space, which will become headquarters for Redirect Health of Phoenix. Founded by Johnson and Dr. David Berg, CEO of Arrowhead Health Centers, Redirect Health is a new healthcare company that provides customized healthcare solutions to help businesses navigate healthcare reform. Redirect Health is affiliated with Arrowhead Health Centers. The third and final phase including roof-top deck is finalizing design review and layout.

EDU3 Ventures was established by Bonilla two years ago focusing on redeveloping, design retrofit and conceptual adaptive reuse that appeals to the new generation of company owners and employees. This is the fourth successful project EDU3 Ventures has undertaken.

“Understanding the direction this market is moving certainly helps the success of EDU3 Ventures. There are so many unique adaptive opportunities in the Valley to repurpose for the next generation of users. I am humbled to have the ability with a great team to focus my passion and expertise to preserve its culture,” Bonilla said.

Bonilla’s company has multiple adaptive reuse projects in the East Valley expected to be delivered in 2016 and he is looking for more.

“EDU3 Ventures seeks out well-positioned infill adaptive or design reuse properties that we can redesign organically and re-tenant with innovative collaborative users that create a locally grown environment that we are proud of,” Bonilla said, adding, “The passion and thought behind our Hab-X concept was born from the need for this type of modern, open space design.  The passion and commitment behind our adaptive reuse projects is simply thinking differently and understanding my tenants needs.”

For further inquiries please contact Marc Bonilla at Colliers International, 480.596.9000 or Nita Bonilla at EDU3, 480.729.9013.

lease

Colliers completes sale of luxury apartment complex in Florida

Colliers International in Greater Phoenix recently completed the sale of the 390-unit Grand Reserve at Park Isle, a gated Class A multifamily community in Florida.

Grand Reserve Borrower LLC of Dallas, Texas purchased the complex, located at 2600 W. Grand Reserve Circle, in Clearwater Florida from Standard Grand Reserve LLC of Arcadia, California.

The seller was represented by the Colliers Cooke Team, led by Cindy Cooke, senior executive vice president, and Brad Cooke, vice president, in Colliers International’s Phoenix office, which partnered with John Stone, principal and managing director, in the Colliers Clearwater office in Florida.

Built in 1998, Grand Reserve offers luxurious, spacious and well-appointed floor plans, from one to four bedrooms, with all units featuring full-size washers and dryers, kitchen design with island seating, crown molding, gas fireplaces, arched doorways, roman tubs, bonus rooms for office or library, 9-foot ceilings and tucked-under garages.

Floor plans average 1,175 square feet, with units ranging from one bedroom flats at 766 square feet to four bedroom units as large as 1,800 square feet.

The tropical resort landscaped grounds center around a tranquil lake and water features. The extensive amenity package includes a clubhouse, two resort-style pools, spa/hot tub, state-of-the-art fitness center, volleyball and tennis courts, movie theater, billiards room and dog park. Grand Reserve is 10 minutes from the much sought after Clearwater Beach.

Grand Reserve at Park Isle is centrally located to allow immediate access to several dynamic employment markets including six highly reputable medical centers and numerous business and education districts. Access to downtown areas of Clearwater and St. Petersburg are available via U.S. Highway 19, which connects with Gulf Bay Boulevard, the main road to the Westshore Business District and the city of Tampa.

“This high-end gated community has a density of only 14.44 units per acre which is hard to replace today in this infill location,” said Cindy Cooke, adding, “Grand Reserve truly feels like a resort within minutes of the beach.”

The Offices at Reems in Surprise were recently exchanged through a 1031 deferral, handled by Colliers International's Rob Martensen.

The great exchange: How 1031 exchanges affect local markets

With the talk of tax reform that would repeal or limit 1031 Exchanges, the global effect of changing like-kind deals is in the spotlight.

Section 1031 Exchanges, or like-kind exchanges, are used in commercial real estate to allow investors to reinvest their profits into a new property through an exchange of a similarly valued property and defer the taxes from the sale.

The proposed limitation in President Barack Obama’s 2016 budget would cap a deferral of capital gain at $1M.

“Historically, Section 1031 deferral has been justified on the basis that valuing exchanged property is difficult,” according to the U.S. Treasury Department’s general explanations of the administration’s 2016 budget. “However, for the exchange of one property for another of equal value to occur, taxpayers must be able to value the properties. In addition, many, if not most, exchanges affected by this proposal are facilitated by qualified intermediaries who help satisfy the exchange requirement by selling the exchanged property and acquiring the replacement property. These complex three-party exchanges were not contemplated when the provision was enacted. They highlight the fact that valuation of exchanged property is not the hurdle it was when the provision was originally enacted. Further, the ability to exchange unimproved real estate for improved real estate encourages ‘permanent deferral’ by allowing taxpayers to continue the cycle of tax deferred exchanges.”

“Every commercial property potentially could be a 1031 Exchange,” says Dave Tornell, vice president for Investment Property Exchange Services, Inc. (IPX 1031) in Arizona and New Mexico.

Colliers International Senior Vice President Rob Martensen closed three 1031 Exchanges last December, only one of which he believes would have been able to happen without the option of an exchange.

Tornell and Phoenix Commercial Advisors Senior Managing Director Chad Tiedeman project that about 40 percent of transaction volume is influenced by 1031 Exchanges. At PCA alone, the team’s three investment brokers sold 23 retail investment properties totaling more than $100M. Fifteen of those sales, a majority, had buyers who used 1031 Exchanges. Martensen and Tiedeman note that a significant percentage of buyers are Californians looking for higher cap rates.

A repeal of the tax section would raise tax burdens on those involved in transactions, which can lead to longer holding periods, reliance on debt financing and less productive deployment of capital in the economy, according to an Ernst & Young study released in March and commissioned by the Section 1031 Like-Kind Exchange Coalition.

“It’s important in general. It gives people more reason to trade a property,” says Martensen. “I don’t need to do the research to know that if 1031 were not allowed anymore, it would have a major impact on the economy.”

The largest 1031 Exchange last year occurred in New York City, when the Waldorf Astoria Hotel went for $1B. In Arizona, the largest exchange in 2014 was a $50M land deal.

“As for 1031 Exchanges in Arizona, we are close to 2004 levels,” says Tornell. “The market has recovered significantly from the bottom, which was 2009. During 2009, 2010 and most of 2011, 1031 transactions were almost nonexistent. Then, as the markets started to recover and every year since, we have seen an increase in 1031 activity. One of the larger qualified intermediaries had a 32 percent increase in transactions from 2013 to 2014 and the first quarter of 2015 is up over last year.”

Furthermore, Tiedeman, who does not support the proposed changes, adds that one-third of jobs in Arizona are tied to real estate in some capacity.

“If the law did get repealed, it would be devastating,” he says.

Orchard Pointe at Arrowhead, Courtesy of Colliers International

Senior care facility developer buys land in Arrowhead Ranch

Colliers International in Greater Phoenix recently completed a $2.23M sale of a 3.95-acre ($13 per square foot) commercial land parcel, where the 100-unit Orchard Pointe at Arrowhead senior care facility is planned.

Glendale Heritage LLC of Omaha, Neb., purchased the land, located just north of the northwest corner of Bell Road and 67th Avenue in the Arrowhead Ranch area of Glendale, from LC Coffee of Lincoln, Neb.

The seller was represented by Greg Hopley, executive vice president with Colliers International’s Scottsdale office. The buyer’s broker was Mark Huey, president of Telis Commercial Real Estate in Phoenix.

Glendale Heritage, part of Heritage Communities LLC, a developer and provider of senior living facilities, plans to build a 100-unit assisted living and memory care project at the site. This will be the second Heritage Community in the Valley; the first is in Surprise.

“This was an excellent opportunity for the buyer to purchase a quality infill site in the Northwest Valley,” said Hopley, adding, “The proximity to hotels, retail and residential developments of Arrowhead Ranch were very important to the buyer.”

Mountain West Contracting LLC of Phoenix has been selected to construct the Orchard Pointe at Arrowhead care center on the 172,062-square-foot parcel.

“It was an absolute win-win transaction for both buyer and seller,” said Hopley.

Heritage Communities has seven facilities in Nebraska and two in Iowa. Individual facilities provide different levels of care including independent, assisted and memory support living.

Rob Martensen, Photo by Mike Mertes for AZ Big Media

VIDEO: Colliers’ Rob Martensen competes in Lucas Oil race

AZRE magazine interviewed Colliers International in Greater Phoenix Senior Vice President Rob Martensen, who recently competed in the Lucas Oil Off Road Racing Series at Wild Horse Pass Motorsports Park in Chandler. Art Director Mike Mertes was there to film him in action on April 28. (Martensen is the blue vehicle before the end of the clip!)

Read a full interview with Martensen about his unique hobby in the July issue of AZRE.

Willow Springs Apartments sells for $13M

Colliers International in Greater Phoenix recently completed the sale of the 468-unit, Class C Willow Springs Apartments in Phoenix for $13.25 million or $28,312 per unit ($42.66 per square foot).

Resort on 27th LLC of Los Angeles purchased the property, located at 4715 N. 27th Avenue, from MLCFC 2007-7 North 27th Avenue LLC of Miami Beach, Florida.

Bill Hahn, Jeffrey Sherman, and Trevor Koskovich, executive vice presidents with Colliers International’s HSK Multifamily Southwest Team, represented both buyer and seller.

Built in 1986, the apartment community consists of 14 three-story buildings constructed on a rectangular-shaped site, situated on 13 acres. The property is north of Indian School Road, south of Glenrosa Avenue and west of the I-17.

Within 310,596 square feet of living space, the unit mix is 252 one bedroom/one bath, 108 two bedroom/one bath and 108 two bedroom/two bath apartments.

Unit amenities include walk-in closets, dishwashers, storage rooms and private balconies/patios. Common amenities at Willow Springs include a swimming pool, spa, laundry facility, fitness center, playground and 468 covered parking spaces, plus 280 additional open spaces.

A separate rental office and clubhouse are located at the west end of the property with visibility along 27th Avenue.

The frame and stucco buildings feature brick veneer and siding accents with pitched composition shingle roofs.

 

YWCA office sells for $1.85M

Colliers International in Greater Phoenix recently completed the sale of the 31,746-square-foot YWCA Class B office building in Phoenix for $1.85 million or $58.29 per square foot.

 

Banner Health of Phoenix purchased the building, located at 755 E. Willetta Street, from Arizona YWCA Metropolitan Phoenix.

The buyer was represented by Pat Williams, managing director of Jones Lange LaSalle. The listing broker was John Barnes, vice president with Colliers International.

The two-story building is situated on 86,579 square feet adjacent to the Banner – University Medical Center Phoenix at the northeast corner of 7th Street and I-10. The park is dominated by the Banner – University Medical Center Phoenix, a Level One trauma hospital, and the second largest hospital in metropolitan Phoenix.

“Banner has plans to renovate and upgrade this fabulous medical campus over the next 20 years,” said Barnes, noting, “Demand in the area is driven by the Arizona State University downtown campus, medical research facilities at the Phoenix Biomedical Research Center (TGEN/IGC) and the University of Arizona College of Medicine, as well as state, county and city government offices.”

Built in 1986, the building consists of administrative offices, conference and meeting rooms, an outdoor swimming pool, locker rooms and a dormitory upstairs which includes a laundry room and kitchen. There is one standard sized elevator. The Arizona YWCA Metropolitan Phoenix regional offices were on the first floor, with the upstairs leased to Lodestar as a homeless shelter for veterans through August 2016.

The building is constructed of block, steel and glass. On site are 79 parking spaces with on-street parking available as well as large parking lots surrounding the property. Adjacent are medical offices to the east and west, a parking lot to the north and I-10 to the south.

 

Colliers International completes $3.3M sale of church in Scottsdale

Colliers International in Greater Phoenix recently completed the sale of the Impact Church building in North Scottsdale for $3.3 million or $143 per square foot.

Scottsdale Training Facility Partners LLC of Scottsdale purchased the building, located at 15650 North 83rd Way, from Impact Church of Scottsdale.

Greg Hopley, executive vice president with Colliers International, represented the seller. The buyer’s broker was John Quatrini, associate broker with Shell Commercial Investment Real Estate of Scottsdale.

The 23,000-square-foot commercial flex building was built-out and ready to occupy. It provides existing offices, classrooms, conference room, kitchen, sanctuary and outdoor play area.

“These amenities were important for the buyer as Scottsdale Training Facility Partners provides sales training and motivational speaking for large companies in the U.S. and abroad,” Hopley said.

Constructed in 1999, the building is situated on 1.51 acres or 65,766-square-feet of land on the southwest side of Hayden Road and 84th Street. The property sits just east of the Scottsdale Municipal Airport airstrip.

The building offers lush landscaping, Southwestern architecture, ample parking, private entrances, available building signage and easy access to the Loop 101 via Hayden Road and Frank Lloyd Wright Boulevard. It is also in walking distance to hotels, restaurants and shopping.

“This excellent location is surrounded by some of the highest demographics in Greater Phoenix,” said Hopley, adding, “This was very significant to the buyer in purchasing this asset for its corporate headquarters.”

The sale was timely for Impact Church of Scottsdale, one of the fastest growing churches in the country, which is building a new facility on the east side of Hayden Road.

“This was a great opportunity for the buyer to purchase a building ready to occupy, and conduct business literally the day after close of escrow,” said Hopley, adding, “It was an absolute win / win transaction for both the buyer and seller.”

 

Courtesy of Colliers International

16 acres of Avondale farmland sell for $1.44M

Colliers International in Greater Phoenix recently completed the investment sale of 16-acres of farmland in Avondale for $1.44 million, or $90,000 per acre.

TGV Investments LLC of Phoenix purchased the land, located at the southwest corner of Lower Buckeye and Avondale Boulevard, from Hudson Realty Capital LLC of New York City.

Paul Holland, vice president, John Finnegan, senior vice president, Chaz Smith, senior vice president, Ramey Peru, associate vice president and Adam Hood, senior associate; all of Colliers International, represented the seller. The buyer’s agent was Rob Martensen, CCIM, SIOR, senior vice president with Colliers.

The alfalfa-farmed land was purchased as part of a 1031 exchange. East of the Agua Fria River, the property is in a mixed area of farmland and single-family homes with La Joya Community High School to the north.

“Hudson is liquidating to use funds for other properties,” said Holland, who has worked with the firm previously. Hudson Realty Capital is a middle market real estate finance company focused on originating, purchasing and servicing debt secured by commercial real estate.

Untitled

Colliers announces first quarter broker promotions

Colliers International in Greater Phoenix recently promoted 10 brokers, including one to senior executive vice president and three to executive vice president. Each year, Colliers promotes brokers in the first quarter.

“The promotions recognize the dedication, talent and expertise of our brokers who know how to maximize opportunities for our clients,” said Bob Mulhern, managing director of Colliers Phoenix office. “The number of promotions points to the accelerating success of Colliers in the Phoenix marketplace. We’ve recruited 23 new brokers and more than doubled our production in the past five years,” he added.

William S. Littleton SIOR, MCR, SLCR was promoted from executive vice president to senior executive vice president of corporate services. Littleton has almost 30 years of experience with Colliers. This position is awarded for high business production, significant industry experience and expertise and local office leadership. Littleton has leased and sold in excess of $500 million of industrial and office properties throughout North America, EMEA (Europe, Middle East and Africa) and Asia/Pacific.

Bill Hahn, Jeff Sherman and Trevor Koskovich of the HSK Multifamily Team were promoted to executive vice president from senior vice president. This team’s success in Arizona led it to branch out to other states, where it is actively disposing of assets in Las Vegas; El Paso, Texas; and Albuquerque, N.M.

Promoted from vice president to senior vice president were Brad Cooke and Rob Martensen, SIOR, CCIM. Cooke joined Colliers in 2006 and is part of the Colliers Cooke Team, where his primary role is client relationships in acquisitions and dispositions in the multifamily investments sector.

Martensen, during his 18 years with Colliers, has been involved in more than 700 transactions involving industrial sales, leasing, build-to-suits and land sales. He specializes in assisting industrial landlords, developers and tenants, helping them make successful decisions in the Phoenix market by providing a deep knowledge of current industrial trends and product types.

Associate vice presidents who are now vice presidents are Marcus Muirhead and Ryan Timpani. Muirhead joined Colliers in 2006. A member of the Colliers Healthcare Services Group, he specializes in medical office and retail investment properties. Timpani is a member of the Lambeth-Noel-Timpani team—one of the top producing office properties teams in Metro Phoenix. He joined Colliers in 2010.

Former senior associates Danny Plapp and Peter Bauman were named associate vice presidents. Plapp specializes in landlord advisory services in Class A and B office properties throughout metropolitan Phoenix. He joined Colliers in 2012.

In addition to becoming associate vice president, Bauman was named Rookie of the Year for Colliers International in Greater Phoenix. This honor is given to a broker with one to two years’ experience who has met the Colliers’ Phoenix office standards for a productive year. His focus is investment sales, especially national net leased assets.

Colliers top producers in 2014 were Cindy Cooke, Brad Cooke, Trevor Koskovich and Jeff Sherman, Todd Noel and Keith Lambeth, William S. Littleton, William R. Hahn, Paul Sieczkowski, Rob Martensen, Kim Soule’, Philip A. Wurth, Don MacWilliam and Payson MacWilliam, Mindy Korth, John Barnes, Tivon Moffitt and Jim Keeley. 

Recognized for 30 years of service was Tom Knaub, vice president. Acknowledged for 10 years of service was Jerry Tenge, senior vice president.

Seven brokers have five years of tenure: Bob Broyles, senior vice president; Tim Dulany, vice president; Hahn, Koskovich and Sherman, all new executive vice presidents; Tyler Smith, vice president and Phil Wurth, vice president. Administrative assistant Bertie Burckle was recognized for 20 years of service.

In the Real Estate Management (REMS) division of Colliers International, Jonni McCray was promoted to operations coordinator from administrative assistant.

Three REMS employees were recognized for 10 years of service: Eulalio M. Castaneda and Larry Dillion, both at ASU Brickyard and Tammy Forbis, assistant property manager.

Those with five years of tenure included Amanda Joiner, senior service center coordinator and

McCray. Also with five years are Steve Skibbe, building engineer; Robert Verdugo, maintenance technician; and Brian Wedgeworth, assistant chief building engineer; all at the ASU Downtown Campus.

Siete II building sells for $3.2M

Colliers International in Greater Phoenix recently completed the sale of the Class B, 54,072-square-foot Siete II building in Phoenix for $3.2 million.

Orsett Acquisitions LLC of Phoenix purchased the building, located at 3707 North 7th Street, from UFB Development Corporation of Indianapolis.

Both parties were represented by the Colliers Office Solutions Group: Phil Breidenbach, executive vice president, Peter Nieman, executive vice president, Kathy Foster, senior vice president, and Lindsey Carlson, vice president.

Orsett Acquisitions is one of Arizona’s leading developers and operators of office, industrial and retail real estate projects.

UFB Development Corporation, created in 1934, is the real property division of Indiana Farm Bureau Inc., a comprehensive financial services company with more than 1,200 employees.

Built in 1988, the three-story Siete II is situated on a 2.3-acre lot. The building fronts 7th Street, south of Indian School Road. It is positioned between the Camelback Corridor and downtown Phoenix, and is within two miles to State Route 51 and I-10.

“Orsett plans to update the building, specifically modernizing the structure and suites to respond to new tenants looking for offices in the 7th Street area. The upgrades will make Siete II more competitive in the market,” Breidenbach said.  “The terms were right for both UFB and Orsett; it was truly a win-win transaction,” he added.

Chandler land zoned for multifamily infill sells for $1.57M

Colliers International in Greater Phoenix recently completed the $1.575 million sale of 4.91 acres ($7.37 per square foot) of land zoned for multifamily in the heart of Chandler.

MPC Development LLC of Phoenix purchased the land, located on Alma School Road between Chandler Boulevard and West Fry Road, from Grossman/Robson Associates of Phoenix.

The seller was represented by Chaz Smith, senior vice president, John Finnegan, senior vice president, and Ramey Peru, associate vice president, of Colliers International. The buyer’s broker was Mark Forrester, senior partner with Hendricks and Partners of Phoenix.

“This is a highly desirable infill Chandler location with multifamily zoning approval in place,” said Smith, noting MPC homes is planning to construct 77 townhomes on the site, which was previously approved for 92 residential units.

The land is south of the “The Park at Chandler,” which is a 268,000+ square-foot, mixed-use commercial development anchored by Home Depot, Safeway and Staples. The Park Business Center is to the west.

Just east from the land is the San Marcos Golf Course and Resort. Also nearby are downtown Chandler, Chandler Regional Medical Center, Chandler Fashion Center and the Price Road Tech Corridor.

The property has excellent regional access since Chandler Boulevard and Alma School Road are exits on the Loop 101 and Loop 202.

bruce

Colliers International Hires Project Management Expert

Colliers International in Greater Phoenix has hired Bruce Herr to serve as its new Director of Project Management to streamline the design and construction of clients’ real estate projects.

From start to finish, Herr will oversee the scheduling and budgeting of projects and coordinate efforts of team members including architects, general contractors and vendors.

Herr plans to eventually expand the practice to serve as an independent, third-party project manager for interested businesses in the Phoenix area. Herr will provide the service for a fee, whether or not the business is using Colliers for its real estate transaction.

“Consistent and transparent communication is key to project management,” Herr said. “We quarterback the nuanced details so the client may focus on other business priorities.”

For the past 15 years, Herr has worked with Heery International in Seattle, a full service architecture, engineering, construction management and program management firm. During his career there, he led a team of 60 design and construction professionals and served as a project executive on projects in multiple Western states.

Most recently, Herr was Heery’s project executive for the $187 million Mariposa Land Port of Entry expansion in Nogales, Ariz. Earlier in his career he worked for Texas-based companies Brown & Root and Trammell Crow Company.

Herr’s skills include project, construction and capital expenditure management, strategic business planning, contract negotiation and management and team building.

“Bruce’s executive level experience and strong emphasis on serving the best interests of the client will propel business opportunities for our clients,” said Bob Mulhern, managing director of Colliers International in Greater Phoenix.

5555 W. Lower Buckeye Rd.

Prologis sells Phoenix warehouse for $24.25M

Colliers International in Greater Phoenix recently completed the sale of a 486,241-square-foot warehouse in Phoenix for $24.25 million, or $49.87 per square foot.

Exeter Property Group, headquartered in suburban Philadelphia, bought the property, at 5555 W. Lower Buckeye Rd., from Prologis Inc., a San Francisco-based REIT.

Executive Vice Presidents Don MacWilliam and Payson MacWilliam with Colliers International represented the buyer and seller.

Exeter Property Group and Prologis are real estate investment organizations for which one shared area of specialization is the acquisition, development, leasing and management of industrial properties.

Prologis built the cross-dock distribution warehouse in 2013. The building sits on a 27.73-acre lot in Park Riverside 2, part of a 150-acre industrial park setting in a designated Foreign Trade Zone magnet site.

The LEED-certified building has a 1,893-square-foot office, 118 dock-high doors, and four drive-in doors. The warehouse is in the favorable Riverside Tax District and has quick access to the I-10 and future Loop 202. Corporate neighbors include Amazon, Home Depot, Frito Lay, Federal Express, Kraft, DHL and Marshalls.

“This is the largest industrial building Prologis has constructed in Phoenix and the property is ideal for distribution-oriented tenants,” said Don MacWilliam, adding that Exeter will lease the warehouse and the MacWilliam brothers will retain the leasing assignment.

Exeter has acquired other properties in southwest Phoenix, including another warehouse from Prologis, at 2225 S. 43rd Ave., purchased in early 2014.

“This was an excellent opportunity for Exeter to establish a larger presence in the Phoenix market with a quality distribution facility,” said Don MacWilliam, noting, “The timing and price was also right for Prologis to complete the transaction with Exeter.

The Offices at Reems

California investor buys two Surprise office buildings

Colliers International in Greater Phoenix recently completed the sale of two office buildings in Surprise, for $2.15 million, or $182.17 a square foot, which are presently leased to One Step Beyond Inc., a nonprofit of Peoria.

Richards Family Trust of San Diego purchased the buildings, located at 15527 and 15331 North Reems Road, from Reems & Greenway LLC of Phoenix. The two free-standing units are among eight at The Offices at Reems, a Class B business park built in 2008.

Marcus Muirhead, associate vice president, and Tyler Smith, vice president, with Colliers International were the listing agents. The buyer was represented by Chuck Wasker and Evan McDonald, of Colliers’ San Diego office.

One Step Beyond took possession of the 11,802 square feet this summer, when the non-profit entered into a long-term, triple net lease. Based in Peoria, One Step Beyond provides comprehensive programming for people with developmental disabilities.

“This is a 1031 exchange investment purchase for the buyer who recently sold a property in San Diego,” said Muirhead. “The buyers wanted a passive investment which is provided through the lease terms,” he added.

Smith brokered the lease for One Step Beyond. He specializes in office properties, focusing on the West Valley submarket. Muirhead concentrates on investments properties with an eye to health care and offices.

Talavi, JLL, WEB

Phoenix Heart buys its office building

In a deal that points to rising corporate confidence, the Phoenix office of JLL has completed a $6.25 million class-A office building sale that brings Phoenix Heart – the anchor tenant at 5859 Talavi – from project tenant to project owner.

JLL Senior Vice President Brian Ackerman represented the property seller, Credit Union West, in the transaction. Marcus Muirhead of Colliers International represented Phoenix Heart.

Recognized as a leading Valley cardiology group, Phoenix Heart PLLC currently occupies 50 percent of the 35,904-square-foot building at 5859 W. Talavi Blvd., within the Talavi Business Park in Glendale, Arizona. The building’s remaining space is fully occupied by quality tenants including Credit Union West, John C. Lincoln and Wallick & Volk.

“This deal points to a new level of confidence and solid market recovery,” said Ackerman. “Five years ago, recession fundamentals and uncertainties would have blocked this type of sale, but today the outlook is optimistic. Tenants are more confident, and considering opportunities to buy their buildings and secure the benefits of a market upswing.”

The 5859 Talavi building is located near the southeast corner of Bell Road and 59th Avenue in Glendale, Ariz., with an immediate area that is inundated with retail amenities that attract tenants to work in Talavi Business Park. It is adjacent to the Talavi Town Center retail project and surrounded by neighbors such as the Thunderbird School of International Business, ASU West and Midwestern University.

175 E. Corporate Place

$730K Chandler sale to benefit foster kids

 Colliers International in Greater Phoenix recently completed the sale of an office building in Chandler for $730,000, or $81.29 a square foot, to a non-profit that supports foster children.

Aid to Adoption of Special Kids (AASK) of Phoenix purchased the building, located at 175 E. Corporate Place, from TMS Properties, LLC, of Phoenix.

Kathy Foster, senior vice president, and Lindsey Carlson, vice president, both of Colliers International, represented the buyer. Tim Tapia of the Upland Group was the seller’s broker.

Built in 2004, the 8,980-square-foot building provides AASK with its first East Valley location. The organization has existing offices in Phoenix and Peoria. AASK promotes positive and stable relationships for Arizona’s foster children by recruiting, training and supporting foster families, adoptive families and adult mentors.

After completing the transaction and wanting to further support the organization’s mission, Foster and Carlson created “Team AASK” to raise donations. Foster also serves on the organization’s Board of Directors.

Through Team AASK, metro Phoenix businesses donated more than $50,000 in time, services and materials to build out the space, providing items such as donated furniture and discounted flooring. Foster and Carlson also donated a portion of their sales commission.

“We found companies eager to support efforts to aid an unprecedented number of children in Arizona foster care. The donations enable AASK to continue non-state funded activities such as the Mentoring Program, Sibling Camp and Todos Los Ninos. We couldn’t have done it without Team AASK,” Foster said.

Team AASK members include Colliers International in Greater Phoenix, Grand Canyon Title Agency Inc., ReSource Flooring, Blood Systems, Interior Solutions, McCarthy Nordburg, Wespac Construction Inc., Gust Rosenfeld P.L.C., Engelman and Berger PC and Arizona Business Bank.

“We are grateful for the opportunity to advance AASK’s mission and help connect foster children with caring adults,” Carlson said.

Ron Adelson, CEO of AASK, said because of the team’s backing, hundreds of children will have the chance to succeed.

“Kathy Foster and Lindsey Carlson have gone out of their way to support AASK’s mission. After guiding us through the purchase of our East Valley location, they led the effort to raise funds, allowing us to continue essential programs that support foster children and recruit additional families.”

Foster and Carlson are part of the top-producing Office Properties Solutions Group with Colliers International.

Midtown on Main, Courtesy Colliers International

Midtown on Main Apartments sell for $34.95M

Colliers International in Greater Phoenix recently completed the sale of the 472-unit Midtown on Main Apartments, a transit-oriented, class-B complex in Mesa for $34.95 million, or $74,047 per unit.

Houston-based Domain Acquisitions LLC in partnership with BH Equities LLC of Des Moines (DFA/BH Midtown LLC of Houston, Texas) purchased the complex, located at 2121 West Main Street, from Bay Club Partners LLC of Beaverton, Oregon.

The transaction was brokered by the Colliers Cooke Team, led by Cindy Cooke, senior executive vice president, and Brad Cooke, vice president.

Built in 1985, Midtown on Main is a garden-style community with 42 three-story buildings on 18.5 acres. Within 391,178 square feet of total living space, the unit mix is 186 one bed/one bath units (730 sf), and 286 two bed/two bath units (893 sf).

This gated community realized $4 million in capital improvements in 2006, and the new owner will renovate 100% of the unit interiors and significantly enhance and expand the site’s amenity package. The amenities include a 10,000-square-foot recreation facility with indoor basketball and racquetball courts, three swimming pools, sand volleyball court, covered children’s’ play area, covered parking, and beautifully landscaped grounds with gas barbecue facilities throughout.

“The purchase of Midtown on Main is a continuation of our commitment to re-establish a sizable, strategically located multifamily portfolio in Arizona,” said Jay O’Connor, executive vice president of Domain.

Midtown on Main is southeast of the Loop 101 and 202 interchange, and west of Dobson Road. The apartment community is located directly on the Metro Light Rail line that connects Mesa to Tempe, Sky Harbor International Airport, and Metro Phoenix.

“Midtown is an excellent value-add opportunity located in an infill urban area where Tempe and Mesa are starting to merge. One of the major components creating this merge is the recently expanded Metro Light Rail,” said Cindy Cooke.