Tag Archives: colliers international

Metro Value Add Portfolio, Colliers, WEB

Colliers’ Cooke Team brokers largest multifamily portfolio in Phoenix

The Cooke Multifamily Investments Team at Colliers International in Greater Phoenix completed the sale of a 2,759 unit-multifamily portfolio for $168.5 million. To date, the largest multifamily portfolio closed in Metro Phoenix and it could hold the record for 2014.

The size of this Class A and Class B Value-Add Metro Phoenix Portfolio attracted attention from investors around the world, but it was a local investor that was awarded the deal.  P.B. Bell of Scottsdale partnered with Stonecutter of New York City to purchase the portfolio from Standard Phoenix Fund of Arcadia, Calif.

Cindy Cooke, senior executive vice president of Colliers International, and Brad Cooke, vice president of Colliers International, served as the brokers for the seller. The buyer was self-represented.

“It was P.B. Bell’s in-depth knowledge of the assets and submarkets that helped separate them from the other buyers.  We were impressed with their upfront due diligence and ability to transfer their local knowledge to their New York equity partner.  They executed the transaction smoothly and even removed contingencies a day early,” Cindy Cooke said.

The Cooke Team provided attentive support to buyer and seller to ensure that they felt well informed and cared for.  Delivery of world-class expertise combined with strategic navigation of skills allowed a team approach between all parties for a seamless transaction.

“Having a local company that has been imbedded in the Valley of the Sun since 1976 step up to make their largest acquisition ever shows the strength of the current Phoenix apartment market.  This portfolio of seven properties represented exactly that.  The properties’ strong locations with stable occupancy of 96% set it up for a perfect position for upgrading the interiors and improving the exterior. P.B. Bell intends to use the transaction as a springboard to acquire more product.”  Brad Cooke said.

The Cooke team was hired by Standard Phoenix Fund due to their strong track record of closing portfolios at or above their target prices.  This is the second time the Cooke team has sold these seven assets; the first time as part of a 12-property portfolio in 2007 for $427.5 million, which is still the largest multifamily deal ever in Phoenix.

Five of the properties are located in the highly sought-after Southeast Valley submarket, one is located in the prestigious Camelback Corridor and one is located across from Arizona State University’s West Campus.  The properties:

Alante at the Islands

2222 N. McQueen Road, Chandler

Class A, 320 Units, Built in 1996

Crosswinds

868 S. Arizona Ave., Chandler

Class B, 374 Units, Built in 1985

Laguna Village

102 W. Palomino Drive, Chandler

Class B, 460 Units, Built in 1985

Tuscany Palms

901 S. Country Club Drive, Mesa

Class B, 582 Units, Built in 1986

Whispering Meadows

1050 S. Longmore St., Mesa

Class B, 432 Units, Built in 1979

Sienna Springs

5128 N. 15th St., Phoenix

Class B, 395 Units, Built in 1973

Tela Verde

5020 W. Thunderbird Road, Glendale

Class B, 196 Units, Built in 1984

Colliers, WEB

Colliers International sells Class-B office in Phoenix

Colliers International in Greater Phoenix has recently completed the sale of a Class B office building in Phoenix for $950,000, or $79.40 a square foot.

Phoenix-based John F. Long Properties LLP purchased the building, located at 1118 E. Missouri Ave., from Gillman, Kawecki, McCluskey and Windes Investment Partnership of Phoenix.

Peter Nieman, an executive vice president, Kathy Foster, a senior vice president, and Marcus Muirhead, an associate vice president, all of Colliers International; served as the brokers for the seller.

Nieman and Foster are members of Colliers International’s Office Properties Solutions Group. The team has a diverse base of knowledge and expertise that leads to successful and tailored real estate solutions. Muirhead specializes in office and retail investment properties in the Phoenix area.

Thomas Jacobs of Cassidy Turley served as the broker for the buyer.

The building, encompassing 11,964 square feet, was constructed in 1975.

“The seller occupied and maintained the property, taking exceptional care of it. The building attracted much interest since there is a shortage of owner-user locations that have been well-maintained in that submarket,” Foster said.

Arrowhead Health Centers, Colliers, WEB

Colliers completes $1.9M sale/leaseback for Arrowhead Health Centers in Surprise

Colliers International in Greater Phoenix recently completed a sale/leaseback transaction for Arrowhead Health Centers’ location in Surprise for $1.9 million, or $309 per square foot.

Marc Bonilla

Marc Bonilla

A buyer from Brooklyn, New York, purchased the property, 17061 N. Avenue of the Arts, suite 100, from Scottsdale Office Properties (formed by Arrowhead Health Centers).

Marc Bonilla, vice president of Colliers International’s Scottsdale office, served as the broker for the seller. Bonilla has sold every Arrowhead Health Centers clinic, transacting over $50 million during the last 10+ years.

Bonilla specializes in the sale of income-producing assets. He has extensive experience in the specialized niche of net lease investment programs including sale-leasebacks and triple net leased investment properties.

Marcus & Millichap represented the buyer. The building was constructed in 2008.

Arrowhead Health Centers provides the ultimate healthcare experience in the community. Their multi-specialty team of family physicians, physical therapists, pain management physicians, chiropractors, and massage therapists are all under one roof with seven Valley locations.

“Driving this disposition was another successful collaborative approach which has developed over a decade of working with Arrowhead Health Centers and its partners. I view Arrowhead Health Centers’ principals and partners as my teammates,” Bonilla said. “A synergistic approach has effectively launched and executed a sale/leaseback program that has created value for patients and customers. Arrowhead Health Centers can now save companies significant money on their healthcare costs.”

“Arrowhead Health Centers is the best-in-class healthcare provider. They are fully committed to the patient experience and revolutionizing the typical healthcare model,” he said. “The positive benefits of Arrowhead Health Centers’ success have helped local companies navigate through the ever changing healthcare industry, saving companies significant healthcare costs.”

“We will be expanding Arrowhead Health Centers’ reach into North Scottsdale and downtown Phoenix,” he said.

Fresenius Medical Care Building, Colliers, WEB

Triple-net leased Fresenius Medical Care Building sells for $1.75M

Colliers International in Greater Phoenix has recently completed the sale of the triple net leased Fresenius Medical Care Building in Chandler for $1.725 million, or $232 a square foot.

Prescott-based Cowboy Town, LLC, purchased the building, located at 912 W. Chandler Blvd., from 912 A&D Chandler, LLC, of La Habra, Calif. This facility, used as a dialysis center, serves the Chandler area. Fresenius Medical Care is a global company with more than 3,200 facilities and 53 dialysis centers in Arizona.

Bob Broyles, a senior vice president of Colliers International, served as the exclusive broker for the seller. Broyles is a 32-year veteran of commercial real estate and has been a specialist in NNN leased investment properties for more than 23 years. He offers principals a wealth of experience and knowledge in investment real estate and financing to address their strategic objectives and goals.

Bebe Wright and Sandy Shaffer of Arizona Commercial in Prescott served as brokers for the buyer.

The building, encompassing 7,425 square feet on a 34,848-square-foot lot, was constructed in 2000.

“The property listing had several offers within the first week. In addition, it sold and closed escrow within 45 days of marketing,” Broyles said.

The Offices at Reems in Surprise pic 2, WEB

One Step Beyond leases 12KSF in Surprise

Colliers International in Greater Phoenix recently completed an 11,800-square-foot office lease in Surprise for One Step Beyond, Inc., a Peoria-based day training organization for individuals with developmental disabilities.

One Step Beyond is leasing space at The Offices at Reems, an office condo project. The tenant signed a 10.5 year-lease for two buildings located at 15527 & 15531 N. Reems Road in Surprise. One Step Beyond moved into the first building in July and plans to move into the second in March.

Tyler Smith, a vice president of Colliers International, served as the broker for both the tenant and the landlord, Reems and Greenway, LLC, of Phoenix.

Smith, who has specialized in office properties since 1997, focuses his efforts on the West Valley submarket. He is an established market leader who has consistently ranked among the top-producing brokers throughout his career.

The Class B office condo project was built in 2008 and remodeled in 2014 for tenant improvements.

“I have been working with One Step Beyond for more than 5 years. This location will help the group continue to provide excellent service to special needs individuals throughout the West Valley,” Smith said.

Photo credit CoStar

New City Church buys office shell in downtown Phoenix

Colliers International in Greater Phoenix has recently completed the sale of a Class C office shell in downtown Phoenix for $2.3 million, or $130 a square foot.

Phoenix-based New City Church purchased the building, located at 1300 N. Central Ave., from Drapac Group of Los Angeles.

The New City Church has experienced tremendous growth in the last three years and had outgrown their current location. New City Church was attracted to the property because of its downtown location, light rail access, bike parking and proximity to the downtown arts district.

Larry Ortega, executive vice president of Colliers, served as the broker for the buyer. Ortega specializes in the sale and leasing of retail and commercial properties. He has focused on downtown Phoenix since 1990.

The seller was not represented by a broker.

The building, encompassing 17,692 square feet, was constructed in 1961. New City Church plans to redesign the building.

“This transaction is an example of persistence and creativity coming together to make a deal work for both parties.” Ortega said.

91st Street

Colliers reports two industrial transactions in Scottsdale

$2.9 Million Sale of 7327 E. Tierra Buena Lane in Scottsdale
Colliers International in Greater Phoenix announces the $2.9 million sale of a 21,008-square-foot office/warehouse/flex building at 7327 E. Tierra Buena Lane in Scottsdale. The property was built in 1996.

Henry Mohrschladt of Newport Beach, Calif., purchased the property from TR & RT Properties, Inc. of Scottsdale.

Jim Keeley, founding partner of Colliers International’s Scottsdale office and a senior executive vice president, represented the seller. Darren Tappen of Voit Commercial Services represented the buyer.

$1.45 Million Sale of 16460 N. 91st Street in Scottsdale
Colliers International in Greater Phoenix recently completed the $1.45 million sale of a 10,710-square-foot office/warehouse/flex building at 16460 N. 91st Street in Scottsdale.

Juggernaut Holdings, LLC of Scottsdale has acquired the IDS Building, built in 2004, from LME Asset Development of Scottsdale.

Jim Keeley, founding partner of Colliers International’s Scottsdale office and a senior executive vice president, and Mike Kane, a senior vice president in Colliers International’s Scottsdale office, represented the seller.

Jim Lieberthal with Cutler Commercial represented the buyer in the transaction.

The Villas at Roger Road, Courtesy of Colliers International

Tucson multifamily complex sells for $5.68M

Colliers International in Greater Phoenix recently completed the sale of Villas at Roger Road, a 232-unit Class B apartment building in Tucson, for $5.68 million, or $24,504 per unit.

Equilibrium Villas, LLC, of Washington, D.C., purchased the complex, located at 3985 N. Stone Ave., from Blue Valley Apartments, Inc. of West Palm Beach, Fla.

Bill Hahn, Jeffrey Sherman and Trevor Koskovich, Senior Vice Presidents of Colliers HSK Multifamily, served as the brokers for the buyer and the seller. Colliers HSK Multifamily uses the extensive resources of Colliers International to assist in the placement of debt, investment sales and appraisal services. By ensuring strong and efficient systems are in place for the marketing, acquisition and disposition of properties and providing superior service, Colliers HSK Multifamily has achieved the highest market share of sales of B and C-quality multifamily assets in Arizona.

“Villas at Roger Road presented an excellent opportunity to acquire an investment asset that could quickly appreciate through property repairs and the continued stabilization of income,” Sherman said.

The unit mix includes 88 one-bedroom and 144 two-bedroom/one-bathroom apartments, ranging from 500 square feet to 750 square feet. The building was constructed in 1984.

Rob Martensen Transaction

Colliers completes $5.8M sale of flex industrial buildings

Colliers International in Greater Phoenix recently completed the sale of three showroom/flex industrial buildings in Mesa, Ariz. for $5.8 million, or $61.03 a square foot.

Rob Martensen, Colliers International

Rob Martensen, Colliers International

Tucson-based Holualoa Companies purchased the buildings, located at the Superstition Springs Commerce Center, from AEW Capital Management of Boston, Mass.

Rob Martensen, SIOR, CCIM, vice president of Colliers, served as the broker for the buyer and seller. Martensen is a member of the Society of Industrial and Office Realtors (SIOR) and is a Certified Commercial Investment Member (CCIM) of the Commercial Real Estate Institute. Martensen specializes in industrial sales, leasing and land development.

The buildings, encompassing 95,035 square feet, were constructed in 2001.

“Holualoa hopes to capitalize on the recovering industrial market, specifically in the residential housing construction arena. There are few spaces available in close proximity to the new Eastmark community. Superstition Springs Commerce Center can accommodate contractors and suppliers of home-related products to supply this growing area,” Martensen said.

Kathy Foster, with AASK event participants at Kiwanis Park, Tempe. Photo by Mike Mertes.

After Hours: Kathy Foster

Knowing more about the people we work with is the fun side of business. It helps start conversations and strengthens business relationships. We hope you’ll enjoy learning more about your peers in every issue of AZRE.

Kathy Foster

In the mid-1980s, Kathy Foster moved to Arizona, where she now helps companies solve problems, through creative strategies and proactive plans to support their business. When Foster was younger, she thought she’s be a professional dancer or dance instructor and has always wanted to open a non-competitive dance studio for disabled children. Foster danced with a college troupe into her late 30s and most recently joined the board of Aid to Adoption of Special Kids (AASK), where she serves as the vice chair.

Senior Vice President, Colliers International in Greater Phoenix
Years at Colliers: 1 year at Colliers International (20 years in industry)
Primary responsibilities in this position: Helping companies solve problems, creating strategies and future proactive plans to support their business.

Family: Husband, Jack
Sons: Jack, 15 years old, and Aidan, 12 years old
Pets: Baxter (dog), 5 years old

Born/raised: I was born in Pittsburgh, Penn., and lived in New Jersey and Michigan. I moved to Arizona in the mid-1980s.

Favorites
Sports/teams: Football; Steelers and Cardinals
Music: I love all types of music and variety, depending on my mood. I enjoy everything from top 40, to classical music, to the ‘60s and up! Songwriters from the 1960s are my favorite.
Travel destinations: I would love to go to Egypt someday. For now, I enjoy anything with a beach – Mexico, the Caribbean and Hawaii.
Leisure activities: Contemporary dance, pilates and yoga

What did you think you’d be when you grew up?
I thought I would be a professional dancer or a dance instructor. I always wanted to open a non-competitive dance studio for disabled children. Everyone should have the chance to enjoy the benefits of dancing and performing.

Of what personal or professional accomplishment are you most proud?
Professional: A client recently mentioned he thinks people before profits. I am most proud of having the same high standard of integrity and ethics.
Personal: Although I have always continued to dance, I am proud of performing with a local college in my late thirties. Dancing with women nearly half my age was an accomplishment.

What would people be surprised to know about you?
I spent summers in high school working at my family’s oil change business.

Best business advice you’ve been given?
I had a great mentor early in my career in corporate real estate. He always said spend money like it’s your own and make decisions as you would for yourself.

Regardless of the client, type of business or issue, I always become an extension of the company. I don’t think like a broker. I think like business leaders and put myself in their shoes, always exploring every avenue, not just the easiest one.

Advice you’d share with people early in their real estate career:
Starting out in corporate real estate is a great springboard to brokerage. It gives you the perspective and experience to understand all phases of the real estate process, not just the brokerage piece.

Please tell me about your involvement with (AASK). How long ago did you join and why? How much time do you dedicate “after hours” (outside of work) to AASK?
I joined the board for Aid to Adoption of Special Kids (AASK) two years ago. Currently, I serve as the vice chair. I have a very dear friend who adopted two children through AASK. AASK has always been very close to my heart. Most people have no idea of the growing issue and large number of kids in foster care. More than 15,300 children are in foster care, many in group homes and shelters. AASK is the largest agency in Arizona solely focused on finding families for Arizona’s foster children.

My personal mission is to raise awareness, increasing the number of foster homes and raising money for non-funded programs such as AASK’s mentor and sibling programs. The mission of AASK and its board is to improve the lives of Arizona’s foster children by ensuring that every child has a relationship with someone who cares.

453623347

Vacancy ticks higher as tenant demand patterns shift

Colliers has release its 2014 Medical Office Report for the first quarter. Highlights include:

  • Economic and employment growth slowed in the first quarter and these demand drivers spilled over into the medical office market. Despite the recent slowdown, there are indications that growth should accelerate in the coming quarters, supporting future space demand.
  • Vacancy in the Greater Phoenix medical office market ticked up to 20.4 percent in the first quarter, compared to 19.5 percent at year-end 2013. Negative net absorption of 142,000 square feet was recorded in off-campus buildings, with the Scottsdale submarkets accounting for nearly 85,000 square feet of this total.
  • Vacancy in on-campus medical office buildings was 13.1 percent in the first quarter, slightly higher than the five-year average of 12.4 percent.
  • Sales activity in both traditional medical office buildings and medical office condos has slowed in recent quarters, due in part to a drop-off in distressed properties changing hands. With fewer REO properties selling, prices have ticked higher in both condo and non-condo sales.

Click here to download the full report [.PDF].

Kirk Kuller joins Colliers investment property sales team

Kirk Kuller Joins ColliersColliers International in Greater Phoenix has appointed Kirk Kuller a vice president. Kuller brings 15 years of financial experience into his new position, including the structuring and underwriting of more than $50 billion in transactions.

Kuller joins Colliers’ investment property sales team led by Mindy Korth, recently named the NAIOP Investment Broker of the Year for 2013.

Adding new depth to Korth’s team, Kuller specializes in advising clients about the structuring of large, complicated deals, providing clients with guidance through the financial process and preparing robust financial analyses and market studies for clients’ chief financial officers and other executives.

“Kirk’s financial acumen and leadership in providing solutions for elaborate projects will propel Mindy Korth’s first-rate team to an even higher level,” said Bob Mulhern, managing director of Colliers International in Greater Phoenix.

Kuller previously served as the managing director of CBRE’s Financial Consulting Group for the Southwest region where he assisted in the financial structuring and underwriting of more than 350 million square feet of office, retail, industrial and multifamily housing projects with a total value of more than $50 billion.

In addition to his capital markets experience, Kirk has an extensive understanding of corporate real estate and tenant advisory services. His consultative approach enables stakeholders to make fully informed real estate decisions.

“Kirk’s strategic planning capabilities and personal knowledge of the intricacies of complicated underwriting processes is unmatched in the market today,” Korth said.

Kuller is a member of NAIOP and a licensed Arizona real estate professional. He earned a bachelor’s degree in business administration from the University of North Dakota.

“I am excited to join Colliers International and assist Mindy Korth in streamlining the financial structuring and underwriting process for clients, enabling them to make informed and timely decisions to accelerate their business,” Kuller said.

3350 E. Hemisphere Loop, Tucson, Ariz.

Colliers completes $18.95M sale in Tucson

Colliers International in Greater Phoenix recently completed the sale of a 143,650-square-foot Class A office building for $18.95 million, or $131.95 a square foot.

W. P. Carey Inc. on behalf of CPA®:17 – Global, one of its managed REITs, purchased the building, which is leased to a single tenant. The seller was Summit Properties of Seattle.

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 transaction is the largest office sale in Tucson based on square footage since January of 2008 and involves one of the highest quality assets in the market,” Moffitt said.

“This sale shows demand for assets in the Tucson market that have investment-grade tenants,” Bauman said.

Constructed in 2002, the building is located at 3350 E. Hemisphere Loop in Tucson and is situated on 16 acres at the Tucson International Business Center.

“The buyer acquired this Class A office building well below replacement cost with a high-quality tenant in place,” Glassmoyer said.

Gino Sabatini, W. P. Carey Managing Director and Co-Head of Global Investments, noted, “The quality of the tenant and the criticality of the asset to their operations made this an attractive investment for W. P. Carey. The building’s size along with significant improvements made by the tenant are key factors in meeting the tenant’s unique requirements and consequently enhanced the investment value of the asset for us.”

Lease at Diablo Technology Center

Colliers Completes 247,000 SF of New Leases at Diablo Technology Park

Colliers International in Greater Phoenix has completed 247,000 square feet of new leases at Diablo Technology Center in the last year and is currently marketing additional space there for a data center and also a speculative suite.

The leases at 2900 S. Diablo Way in Tempe include 110,000 square feet for Computershare, 71,000 square feet for Xerox and 66,000 square feet for Emerson, a manufacturing and technology company.

Charles Miscio, an executive vice president at Colliers International, and Danny Plapp, a senior associate with Colliers International, served as brokers for the landlords, Walton Street Capital of Chicago and The Muller Company of Irvine, Calif.

Computershare is the most recent transaction at Diablo Technology Center. Dan Dobric of Newmark Grubb Knight Frank served as Computershare’s broker.

In the other transactions, Emerson was not represented by a broker while JLL served as Xerox’s broker.

Motorola Solutions is the Diablo Technology Center’s original tenant, dating back 20 years, and continues to operate on a long-term lease.

Remaining in the project is 38,000 square feet of repurposed space that Colliers International is marketing to data centers and also an 18,000-square-foot speculative suite.

The Diablo Technology Center has a new 13,000-square-foot fitness center that serves as an amenity for all tenants. In addition, negotiations are underway for a food operator, with 1,500 to 2,000 employees on campus, to serve on-site breakfast and lunch and offer catering services.

“The building’s convenient location near Interstate 10, large campus environment with amenities and ample parking attracted the tenants,” Miscio said. “Success of the project is due to strong institutional ownership through The Muller Company and Walton Street Capital.”

“In addition, Diablo Technology Park’s proximity to high-quality employees in Tempe and the landlords’ involvement helped to drive the successful transactions,” Plapp said.

Generic Building, WEB

Retail absorption dips to start 2014, gains likely later in the year

Colliers International in Greater Phoenix released its 1Q report for retail in 2014. Read the highlights below. Link to full report at the end of the post.

  • Net absorption in the Greater Phoenix retail market turned negative in the first quarter for the first time in three years. Negative net absorption was approximately 103,000 square feet. Still, the longer-term trend is for retailer expansion; net absorption over the past 12 months has totaled 2.7 million square feet.Tenant demand is typically weakest in the first quarter, as ,retailers often expand late in the year and then close under-performing stores after the holiday shopping season.
  • Vacancy ended the first quarter at 10.8 percent, up from 10.7 percent at year-end 2013. Despite the recent uptick, the prevailing trend is for declining vacancy. The rate is down 80 basis points year over year.
  • Shopping center transaction activity is gaining momentum, with sales velocity in the first quarter increasing 8 percent from fourth quarter levels and more than doubling the number of properties sold in the first quarter 2013.

Phoenix Retail Market Report

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.

Deal, WEB

Colliers: Transaction Activity Mixed, But Land Prices Continue to Push Higher

Colliers International of Greater Phoenix has issued the 2H 2013 Phoenix land report. We’ve included the highlights with a link to the complete report below.

·         The Greater Phoenix housing market is posting price gains, but the pace of appreciation has been slowing in recent months after being among the top-performing markets in the country in 2012. One area where home prices have continued to gain momentum is in new home sales, where the median price topped $300,000 in December 2013.

·         Sales activity for land for residential uses slowed in the second half of the year, as did single-family permitting activity. Multifamily permitting increased in the second half of the year and for all of 2013, multifamily permitting was up 9 percent from 2012 levels.

·         Sales activity involving parcels for industrial and other commercial uses accelerated in the second half of 2013 in response to strengthening demand for office and retail space.

·         While sales activity levels for land parcels were mixed in 2013, prices pushed higher across the board. Current market fundamentals are improved over recent years and the outlook has brightened. Additional volatility surrounding activity levels is likely, as demand for new homes and commercial real estate has been uneven.

Read more: Phoenix Land Market Report H2-13

Desert Canyon, Colliers

Colliers International Completes 5-Year Lease of Global Business Travel and Events Firm

Colliers International in Greater Phoenix recently completed the 5-year lease of Carlson Wagonlit Travel, a Paris-based business travel and meetings and events company.

Carlson Wagonlit Travel selected Desert Canyon 100, located at 2401 W. Peoria Ave. in Phoenix, for its large, flexible floor plans and proximity to employees’ residences. The company, which has a presence in 150 countries and territories, is leasing 25,815 square feet.

Constructed in 1999, Desert Canyon 100 is a three-story, Class A building located near Interstate 17, allowing quick access to downtown Phoenix and Phoenix Sky Harbor International Airport.

Keith Lambeth, senior vice president at Colliers International, and Ryan Timpani, senior associate at Colliers International, served as brokers for the landlord, St. Paul Fire and Marine Insurance Company of St. Paul, Minn.

Richard Collins with CD Commercial Advisors of Phoenix and Stephen Pisarik with Studley of Irvine, Calif., served as brokers for Carlson Wagonlit Travel.

Left to right, from top: Cindy Cooke, Bill Hahn, Trevor Koskovich, Keith Lambeth, Bill Littleton, Don Macwilliam, Payson Macwilliam, Todd Noel, Jeff Sherman.

Phoenix Brokers Are Among Top at Colliers International

Colliers International in Greater Phoenix’s national office recently honored brokers for their financial achievements, ranking nine of them in the top 10 percent of brokers in the United States, Canada and Latin America.  

The brokers were recently recognized as 2013 Everest Club qualifiers at a reception in Atlanta during the Colliers International 2013 Americas Conference.

“The foundation of our success is the strength, expertise and depth of our staff,” said Bob Mulhern, the managing director of Colliers International in Greater Phoenix. “We are very proud of our top brokers who provide outstanding service to help our clients accelerate their businesses.”

 

2013 Everest Club honorees:

·       Cindy Cooke, Executive Vice President

·       Bill Hahn, Senior Vice President

·       Trevor Koskovich, Vice President

·       Keith Lambeth, Senior Vice President

·       Bill Littleton, Senior Vice President

·       Don MacWilliam, Senior Vice President

·       Payson MacWilliam, Senior Vice President

·       Todd Noel, Senior Vice President

·       Jeff Sherman, Vice President

The Paragon_pic - Smaller

The Paragon at Kierland Sells for $57.75M

The Colliers International in Greater Phoenix Southwest Multifamily Advisors’ team recently completed the sale of The Paragon at Kierland, a 276-unit, Class A luxury apartment complex located on the Westin Kierland Golf Course, for $57.75 million or $209,239 a unit/$200 a square foot.

The transaction is the highest per unit sale to date in 2013 and the highest per unit sale in the last five years for properties without an active condo map in the Phoenix market, according to Colliers International in Greater Phoenix.

Sentinel Real Estate Corporation of New York City acquired the property at 15608 N. 71st Street in Scottsdale. The seller was Sunstone Realty Advisors of Vancouver, Canada.

Colliers’ Southwest Multifamily Advisors’ team of Jerry Tenge, senior vice president of multifamily investments; and Tristan Charlesworth, an associate; served as the exclusive representatives of Sunstone Realty Advisors. The Southwest Multifamily Advisors previously negotiated the acquisition of The Paragon on behalf of Sunstone in November 2009 for $34.2 million ($123,913 a unit/$118.19 a square foot). The Paragon has risen in value by $23.55 million in four years.

In total, more than 65 investors bid on the property and 22 investors placed bids at more than $50 million.

Sunstone selected Sentinel for its ability to close the deal.

“The Paragon is among the most elite investment properties in Arizona. The future opportunities at The Paragon are numerous from converting the complex into condos, running a timesharing program or continuing to operate the complex as apartments,” Tenge said.

Built in 2000 and renovated in 2008, The Paragon consists of 289,233 rentable square feet in 23 three-story buildings, along with a single-story recreation building, set on approximately 10.4 acres. The unit mix includes one-, two- and three-bedroom apartments ranging in size from 924 square feet to 1,323 square feet. Current occupancy is 98 percent.

“The luxury apartment complex has been maintained with meticulous care and is located in a highly desirable resort area of Scottsdale near fine shopping, dining and golfing,” Charlesworth said.

Located just west of the Loop 101 and Scottsdale Road, The Paragon is situated along the Westin Kierland Golf Club at the Westin Kierland Resort & Spa and is within walking distance of 30 prime restaurants and more than 100 specialty shops at Kierland Commons and Scottsdale Quarter.

Unit amenities include gourmet chef’s kitchens, ceramic countertops, custom cabinetry, built-in microwaves, full-size washers and dryers, oversized walk-in closets and large private patios or balconies in select units. The property is designed with many resort-style features including a heated pool with pool bar, fire pit and cabanas.

Scott German

Colliers International Hires Office Properties Leader

 

Colliers International Greater Phoenix named Scott D. German vice president of office properties for its Scottsdale office.

German is leasing and selling Scottsdale office buildings, and providing consultation on development and land acquisition for clients.

During his 28 years in the Metro Phoenix commercial real estate industry, German has completed more than 2,000 lease and sale transactions in office, medical and industrial buildings. He specializes in financial analysis and contract negotiation.

“Scott’s expertise in landlord and tenant representation complements the accomplished team of our Scottsdale office,” said Bob Mulhern, managing director of Colliers International Greater Phoenix. “Scott is well-versed in the intricacies of the Scottsdale submarket having focused on the area for much of his career.”

Previously, German served as a vice president at CBRE for more than six years where he helped lead the industrial team as it developed build-to-suit distribution buildings, light industrial multi-tenant parks, office parks and two of the largest multi-tenant office/back office parks in the Metro Phoenix market.

In addition, German served as a vice president at NAI Horizon for 11 years and as a senior associate for almost 10 years at CBS Property Services.

“Colliers’ skilled management team, its laser-sharp focus on serving the needs of clients and its positive environment attracted me,” German said. “I have known a number of remarkable Colliers brokers throughout my career and it’s an honor to join this dedicated team.”

A member of the Arizona Technology Council and National Association of Industrial and Office Properties (NAIOP), German earned his bachelor’s degree in finance from Arizona State University.

 

 

Peter Bauman

Colliers Expands Team Specializing In Investment Sales, Corporate Tenant Representation

 

Colliers International in Greater Phoenix announced that Peter Bauman, senior associate, has joined the Phoenix office.

Bauman specializes in investment sales and corporate tenant representation. Client services include dispositions, acquisitions, site selection, financial analysis and strategic planning. Bauman partners with Tivon Moffitt, vice president.

“Peter is a welcome addition to the Colliers team,” said Bob Mulhern, managing director of Colliers International. “He has a strong work ethic, is a dedicated professional, and is enthusiastic about working closely with other brokers to best serve our clients. We are fortunate to have Peter on board.”

Bauman’s background includes expertise in the healthcare industry and extensive international business experience in Ghana, The Netherlands, United Arab Emirates, Indonesia, United Kingdom and Costa Rica. Prior to joining Colliers, Bauman was with Fresenius Medical Care North America in northern California, where he helped improve patient productivity and clinic profitability.

Previously, Bauman held the positions of exploration manager and geologist for Wyoming Mining and Exploration in Ghana, West Africa, from 2007 to 2009. He created feasibility studies, which he presented to investors to secure funds for operations. His responsibilities also included profit and loss forecasts, annual budgets, mine plans and exploration growth models.

“When I made the decision to pursue a career in commercial real estate, I spoke with a number of brokers at various firms,” Bauman said. “The decision to join Colliers was driven by the dynamic and synergistic work environment, the entrepreneurial spirit, and the strong core values that are ingrained in the Colliers culture. There was an immediate connection with Colliers and with Tivon Moffitt.”

Bauman holds a Bachelor of Science in Oceanography and a Bachelor of Arts in Geology from Humboldt State University in Arcata, Calif.

rsz_casa_carranza

Casa Carranza Apartments In Mesa Sell For $9.1M

 

Colliers International in Greater Phoenix negotiated the sale of the 272-unit Casa Carranza Apartments at 1903 N. Country Club Dr. in Mesa for $9.1M, or $33,456 per unit.

SPL Real Estate & Management Company of Denver acquired Casa Carranza in an all-cash transaction. The seller was Summit Equity Investments, Inc., a Los Angeles-based real estate investment firm. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers’ HSK Multifamily team represented both parties.

The community, which was built in 1979, was originally acquired by Summit in 2010; and Summit completed extensive remodeling in 2011. Most significant was the addition of a $1.5M, 281-kilowatt solar power system, which covers 15,000 SF atop new parking canopies with 1,004 high-efficiency solar panels. This is believed to be the largest covered-parking solar power system added to an apartment community in Arizona.

The solar system provides an annual utility savings of approximately $50,000, by replacing approximately 25% of total energy consumption with solar energy and generating more than 475,000 kW hours annually. The project takes advantage of the Salt River Project’s production-based renewable energy incentive program.

“Casa Carranza represented a highly-desirable investment opportunity for SPL Real Estate & Management Company,” Koskovich said. “The solar power system drives real savings for the property and greatly enhanced the property’s value. Summit made other considerable investments in the property, improving the community’s infrastructure, renovating building facilities, and re-tenanting.”

Koskovich adds that SPL will self-manage Casa Carranza and plans further improvements through streamlined operations and taking advantage of their property management expertise. This is SPL’s second multi-family acquisition in metro Phoenix, with plans to acquire additional multi-family assets.

Casa Carranza is a 2-story complex consisting of 14 buildings on 7.5 acres with 126,600 net rentable SF. The unit mix includes 104 studios, 166 one-bedroom and 2 two-bedroom apartments. Community amenities include two swimming pools, laundry facilities, shaded ramadas and covered parking. Renovations completed by Summit include a new playground, lighted basketball court and soccer field, dog park and exterior paint.

 

AZCREW Q&A: Lindsey Carlson, Associate VP, Office Property Solutions, Colliers Intl.

Screen Shot 2013-07-26 at 11.12.33 AMQ:Professionally, what does it mean to you to be a member of AZCREW?

A: I am surrounded by an incredible group of women with knowledge and expertise in a variety of aspects related to real estate. Involvement in AZCREW has allowed me to learn from my peers and become a well-rounded broker who provides a high level of service to meet and exceed my clients’ expectations. It has given me great perspective and insight into what is happening in the commercial real estate market. I have such confidence in referring any of my fellow AZCREW members to my clients, knowing they will take great care of them.

Q: What about AZCREW do you find to be most rewarding?

A:  I’d say the networking with other successful women for whom I have the greatest respect. The friendships that have developed while serving on various committees and the board have been invaluable in providing a strong sense of community while working in a mostly male-dominated profession. The support we provide to each other, not only professionally but personally, is remarkable. These are amazing women with great stories, and many are role models and mentors to me. I aspire to have the same impact they have had on our community. Through AZCREW’s community service, many of us give time and resources to help women-focused groups, such as Fresh Start, UMOM and Susan G. Komen, which has been truly inspiring.

Q: Was there an “aha moment” when you realized being a member was invaluable?

A: Several years ago, we hosted our first CREW Careers event to mentor young women who were interested in a commercial real estate career. This program gave them hands-on experience and exposure to a wide range of real estate careers, while demonstrating how rewarding and fun it could be. Seeing the excitement on their faces while surrounded by a group of women who they could look up to and respect was extremely satisfying. I felt we truly made a difference in their lives and, hopefully, encouraged more women to join our industry.