Tag Archives: colliers international

Economic Forecast

IREM, CCIM announce 9th annual CRE Economic Forecast

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

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

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

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

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

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

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

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

Autumn Ridge apartments

Autumn Ridge apartments sells to out-of-state investors

Colliers International in Greater Phoenix recently completed the sale of the 672-unit Autumn Ridge Apartments, a class-B complex in north Phoenix.

Houston-based Domain Acquisitions LLC in partnership with BH Equities LLC of Des Moines purchased the complex, located at 1944 W. Thunderbird Road, from Summit Autumn Ridge LLC of Los Angeles. Colliers Cooke Team, led by Cindy Cooke, senior executive vice president, and Brad Cooke, vice president, with Colliers International brokered the transaction.

Autumn Ridge Apartments is a 672-unit garden-style community with 73 buildings on 31.04 acres. An infill location with limited land available for new construction, it is adjacent to Cave Creek Golf Course and a large park with lighted walking paths. It is strategically located between the robust Deer Valley employment center and the established North I-17 employment corridor, the second largest employment area in Phoenix.

“The market is just starting the recovery in North Phoenix and we are excited to see the recent momentum in occupancy and rents. Autumn Ridge is a great asset to take advantage of in this market recovery,” said Cindy Cooke.

This purchase marks Domain Acquisitions’ re-entry into the Metro Phoenix market since the organization sold its portfolio here in 2006. “We have been patiently watching the Arizona market for many years, and the state’s economy continues to gain impressive momentum. We are excited to be back as investors in Arizona,” said Domain’s CEO, J.D. Golden.

“With Autumn Ridge, we recognized the solid location, the advantage and financial benefit of a ‘value-add’ approach, and the significant value to replacement cost—all underscored by the improving economic fundamentals in Arizona,” said Jay O’Connor, Domain’s Executive Vice President. Approximately $5 million will be spent in renovating and repositioning the property.

Laura Cathlina and Andy Hill of Berkadia Commercial Mortgage LLC originated $30.9 million in financing for the acquisition and renovation. BH Management Services will provide property management and construction services for the partnership.

The unit mix contained in one- and two-story casitas is 368 one bed/one bath at 680 square feet; 128 two beds/two baths at 816 square feet; 136 two beds/two baths at 910 square feet; 24 three beds/two baths at 1,194 square feet; and 16 three beds/two baths at 1,444 square feet.

“Autumn Ridge has excellent floor plans with washer-dryers in the majority of the units—it is well positioned for the buyer to update the interiors,” said Brad Cooke.

Terri's_Hopley, WEB

Terri’s Consign & Design office building sold for $2.8M

Colliers International in Greater Phoenix recently completed the sale of a 23KSF, class-A office building in Scottsdale for $2.87M, or $126 per square foot.

The buyer, Desert Palm Management Group of Phoenix, purchased the building, located at 15000 N. Hayden Road, from LC Coffey of Lincoln, Neb.

Colliers International Executive Vice President Greg Hopley represented both parties.

“This is an investment purchase for Desert Palm Management Group, which will have a long-term hold on the building,” said Hopley.

The freestanding building on Hayden Road was constructed in 1993 on 1.55 acres of commercial/industrial land. Terri’s Consign & Design is the anchor tenant now.

“This is great investment opportunity and an excellent location in the Scottsdale Airpark, positioned at the northwest corner of Hayden Road and Raintree Drive with easy access to the 101 outer loop freeway,” Hopley said.

Earlier this year, Hopley represented Desert Palm Management Group when it acquired a 93,500-square-foot, $6.39 million industrial building at the Chandler Corporate Center.

Lee Lee Oriental Supermarket

Retail center with Lee Lee Oriential Supermarket sells for $3.67M

Colliers International in Greater Phoenix recently completed the investment sale of a 60,080-square-foot retail space in Peoria for $3.67 million, or $61.12 per square foot.

JGNK Investments Arizona LLC, of Santa Ana, Calif., purchased the property at 7575 W. Cactus Road from 75 Cactus LLC, of Phoenix.

Marcus Muirhead, associate vice president, and Lauren Rodes, associate, both of Colliers International, represented the seller. Vicky Papoulias with Geovest Corporation of Santa Ana represented the buyer.

“The seller presented a good investment opportunity, having negotiated a new 20-year lease with the occupant, Lee Lee Oriental Supermarket, about a year ago,” said Rodes.

The class-B building was constructed in 2002 and is situated on 5.39 acres at the southwest corner of Cactus and North 75th Street.

“This sale brought multiple offers from several qualified and interested parties,” said Muirhead. “The buyer was selected because of a cash offer and opportunity for a quick closing,” he added.

48 Piedmont, CoStar

Wilson Engineers signs long-term lease in Phoenix

Colliers International in Greater Phoenix recently completed a 14,629 SF long-term lease in a class-B office building in southeast Phoenix for Wilson Engineers.

Wilson Engineers, LLC of Phoenix leased space at 9633 S. 48th St. from 48 Piedmont Place, LLC of Phoenix.

Kathy Foster, senior vice president, and Lindsey Carlson, vice president, both of Colliers International, represented the tenant.

“Wilson Engineers has been a long-term tenant with 48 Piedmont. The property has supported their growth and will continue to serve as their headquarters,” said Foster.

Wilson Engineers specializes in water, wastewater, and reuse engineering. Wilson provides full-service design and construction administration capabilities, which includes planning, preliminary design, detailed design, scheduling, budget estimating, construction phasing, and operation and maintenance requirements.

Crown Castle photo, WEB

LGE Design Build starts construction on Crown Castle BTS

LGE Design Build has broken ground and is currently in the process of constructing Crown Castle’s 70KSF, two-story class-A office build to suit in Chandler.

Crown Castle, the nation’s largest provider of wireless infrastructure, expects to move into the new facility next summer, located at southeast corner of Germann Road and Stearman Drive. Crown Castle provides wireless carriers with the infrastructure they need to keep people connected and businesses running. With approximately 40,000 towers and 14,000 small cell nodes supported by approximately 6,000 miles of fiber, Crown Castle has a significant presence in the top 100 U.S. markets.

“With an innovative, cutting-edge client, the design intent is to create a unique experience by providing a specific context within the desert and Chandler,” said David Sellers, president of LGE Design Build. “We’ll connect the outside environment with texture, colors and materials to convey corporate elegance.”

The build to suit’s entry includes steel beams and columns, accented by sandstone and a wood finished, with interior concrete panel walls and tinted glazing, contributing to a sophisticated corporate feel. The building also will have two balcony areas and metal trellises to provide shade around the building.

Hi-Health, Courtesy of Sperry Van Ness

Sperry Van Ness reports 4Q retail, office transactions


Mary Ridberg and Rommie Mojahed represented the seller, Jorde Hacienda Inc. in the $1,700,000 sale of a 152,460 SF PAD at Higley Village. Higley Village is located at the SEC of Higley Road and Queen Creek Road in Gilbert. The buyer was ARJ Properties LLC.

Trenton McCullough and Shari A. Tucker represented the buyer, Casa Mirage Properties, LLC in the $3,070,000 purchase of a 20,130 SF multi tenant retail building located at 13915 N. Dysart Road in El Mirage. The seller was El Mirage Partners, LLC and was represented by Cam Stanton and Andrew Fosberg of CBRE.



Baja Tacos leased 1,800 SF of restaurant retail space at Barkley Center, located at 1437 E. Main Street in Mesa. Beau Flahart represented the landlord.

Fix it Wireless, LLC dba Metro PCS leased 2,000 SF of retail space at Pecan Promenade, located at 9820 W. Lower Buckeye Road in Tolleson.  Beau Flahart represented the tenant and Brad Douglas of Cassidy Turley represented the landlord.

Mary Ridberg, Rommie Mojahed and Beau Flahart represented the landlord at Fiesta Crossing in the 5,116 SF lease to Living by the Word Church.   Fiesta Crossing is located at 1660 S. Alma School Road in Mesa.  Jody Dents of US Preferred Realty represented the tenant.

Kings Ranch Dental leased 3,000 SF of retail space at Apache Trail Plaza. Apache Trail is located at 3061 W. Apache Trail in Apache Junction. Beau Flahart represented the landlord.

Larry Charles leased 1,200 SF of retail space at Plaza 32, located at 2822 N. 32nd Street in Phoenix. Mary Ridberg and Carrick Sears represented the landlord.

Shari A. Tucker-Gasser and Trenton McCullough represented the landlord at Mountain Park Square, located at 4232 E. Chandler Blvd. in Ahwatukee, in the leasing of a 5,012 SF space to Hi Health.  The space was leased to the former Secreto’s restaurant.

Mary Ridberg and Rommie Mojahed represented Potato Barn to lease 22,252 SF of retail space at Scottsdale 101 Retail, located at the NWC of Mayo Blvd. and Scottsdale Road in Scottsdale.

Firehouse Subs opened their newest location at Watson Marketplace, located at 485 S. Watson Rd. in Buckeye. Mary Ridberg and Rommie Mojahed represented Firehouse Subs in the 2,300 SF, 120 month lease.

Mary Ridberg, Rommie Mojahed and Beau Flahart represented the landlord at Mesa Vista Plaza in the leasing of 1,155 SF of retail space to tenant Nguyen Nail Salon, who was represented by Scott Teerink of MEB Commercial Management Group, LLC.


Justin Horwitz and Nicole Ridberg represented the landlord at Ventura Gateway, located at 8687 E. Via De Ventura in Scottsdale, to lease 990 SF of office space to Developmental & Educational Psychological Services.  The tenant was represented by Gregg Sherman of Cassidy Turley.

Also new to Ventura Gateway, The Law Offices of David Baker.  Justin Horwitz and Nicole Ridberg represented the landlord and Colby Everett of Cassidy Turley represented the tenant.

Justin Horwitz represented Amer-X-Security in the leasing of 4,358 SF of office space at 15841 N. 77th Street in Scottsdale.  Mike Kane of Colliers represented the landlord in the transaction.

Cedar Court, WEB

Cedar Court in Glendale sells for $6.25M

Colliers International in Greater Phoenix recently completed the sale of Cedar Court in Glendale, a 116-unit class-B multifamily complex, for $6.25 million, or $53,879 per unit.

Emma Capital Properties Inc. of Toronto, Ontario, purchased the property, at 5215 W. Peoria Avenue, from Cedar Court Condominiums LLLC of Glendale.

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

Built in 1986, Cedar Court has 77,408 square-feet, in seven two-and three-story buildings, positioned on 4.07 acres. The community has 56 one bed/one bath units with 580 square-feet, 24 one bed/one bath units with 630 square-feet; and 36 two bed/two bath units with 828 square feet.

The condominiums are within two miles of Arizona State University West and Glendale Community College, and just over three miles from the Thunderbird School of Global Management. Other nearby employment centers include the Aurora Behavioral Health System and the Banner Thunderbird Medical Center. Cedar Creek is three miles away from Interstate-17.

“The buyer was attracted to the high-quality design and construction of this 1980s-era property. This was clearly an A-quality property at the time it was built,” said Hahn.

Main Pic Promenade, WEB

Promenade at Desert Sky sells for $11.85M

Colliers International in Greater Phoenix recently completed the sale of Promenade at Desert Sky, a 300-unit class-B apartment complex in Phoenix, for $11.85 million, or $39,500 per unit.

Desert Sky Estates, LLC, of Woodmere, New York, purchased the property, at 6233 W. Thomas Road, from WT Promenade LLC of Englewood, Colo.

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

Built in 1987, Promenade at Desert Sky features the highest quality architecture and design compared to class-B competitors in the Phoenix multifamily market. The apartment community consists of 216,140 square-feet, in 17 two-story buildings, situated on 11.4 acres. A wide frontage area faces an active thoroughfare at the entry.

Unit mix is 68 one bedroom/one bath, at 525 square-feet, and 124 one bedroom/one bath, at 690 square-feet. There are 68 two bedroom/one bath, 860 square-feet, and 40 two bedroom/two bath, 910 square-feet, apartments.

“Promenade at Desert Sky is one of the more physically attractive multifamily assets in the immediate area. The buyer will be able to leverage this attribute along with light physical improvements to derive above average performance in terms of rents and occupancies moving forward,” said Sherman.

data center to be built in price corridor in chandler

Colliers International hires first mission critical data center expert

Colliers International in Greater Phoenix has hired Michael Ortiz, its first mission critical and data center expert, to help capture the data center construction market which is expected to boom to $20 billion in the U.S. and $80 billion globally by 2020, according to a 2011 Data Center Knowledge article.

Michael Ortiz

Michael Ortiz

Construction for data centers, the fastest-growing real estate class in the world, is forecast to expand over the next four years as demand for facilities increases and regulations in the energy industry prompt upgrades. A key driver behind this growth has been the soaring influence of data in consumers’ lives. Humans have created more information in the last 10 years than in the entire history of collecting data. Usage of data is expected to continue rising as the average individual will carry approximately 6.6 devices by 2020 as compared to 3.5 devices today, according to the Stevens Institute of Technology in New Jersey.
Ortiz joins Colliers International as an associate vice president and a member of Colliers’ national Technology Solutions Group, a select group of brokers specializing in data centers. He collaborates with clients and fellow brokers across the entire Colliers platform to identify, create and deliver mission critical infrastructure and data center-specific solutions to end users, developers and investors.

Ortiz brings more than 15 years of commercial real estate experience and in-depth knowledge of mission critical infrastructure and data centers. His skills include quantitative credit underwriting, asset management, sales and operational expertise. Ortiz has managed data centers from a developer perspective, delivering solutions to early-stage entities up to Fortune 1000 clients.

Ortiz also has data center policy experience. He served as a senior member of the Arizona Data Center Coalition, which helped to pass S.B. 2009, signed by Gov. Brewer in 2013. The goal of the IT-specific tax reform legislation is to elevate Arizona’s positioning in the U.S. as a top tier data center market.

“The legislation levels the playing field relative to other states that offer IT-based tax programs to attract free-standing data center facilities and colocation tenants with 500 kw or greater in IT deployment,” Ortiz said.

Since data centers rely heavily on equipment, the primary expenses for a tenant are recurring server and equipment refresh costs, occurring approximately every 36-42 months, he said.

“With the new legislation and Arizona’s many manmade and natural attributes that make it an optimal destination for data centers, our state is poised to experience noteworthy growth in this sector,” said Bob Mulhern, managing director of Colliers International in Greater Phoenix. “Michael brings the caliber of expertise and leadership that makes him the right person to propel momentum and drive our clients to new successes.”

Arizona’s lack of earthquakes, abundant access to affordable and diverse forms of energy, and proximity to Fortune 500 headquarters in cities such as San Francisco, Los Angeles, Dallas and Denver, make the state a desirable place to locate mission critical properties and data centers, Ortiz said.
“The Phoenix data center market continues to be very appealing to West Coast companies seeking relief from the higher power costs in California. Excellent tax incentives and lower utility costs have made Phoenix a very strong competitor against California and Texas data center sites,” said Tim Huffman, EVP national director of Colliers’ Technology Solutions Group. “The Colliers Technology Solutions Group offers a full suite of data center strategy and transaction services to companies around the world. Michael Ortiz’s experience working on the landlord side of the business brings a uniquely qualified perspective to our team and to our clients. We are very pleased to have him on board.”

As part of Colliers’ global platform that includes 16,000 professionals in 63 countries, Ortiz, who is fluent in Spanish, will serve clients throughout the U.S. and may also serve clients internationally. Latin America is poised to see significant IT-spending over the next several years.

Before joining Colliers, Ortiz served as the senior asset manager for the Western region at Digital Realty Trust, which led the Arizona Data Center Coalition initiative in partnership with the Greater Phoenix Economic Council, Arizona Commerce Authority and data center developers such as CyrusOne, PhoenixNAP and IO Data Centers. At Digital Realty, Ortiz managed a two million-square-foot portfolio of technology-based assets delivering data center solutions to clients in the Southern California and Arizona markets.

At Scottsdale-based Global Mission Critical Services, Ortiz served as the senior director of the IT Advisory Services Group where he drove and diversified the sales program, strengthening channel relationships with IT, healthcare and aviation companies. In 2013, Ortiz also founded a real estate advisory firm, Hemisphere Capital Advisors, LLC. His firm provided advisory services in the areas of asset management, sales and operations for office, industrial and data center clients.

Additionally, Ortiz’s experience includes serving as a credit officer for the Bank of Tokyo- Mitsubishi UFJ, Ltd., and as a commercial lending analyst for JPMorgan Chase.

“I’m excited to join Colliers, a unique global company that treats each client’s real estate needs with a local service approach. Colliers is about people doing business with people they like and trust as experts in this information technology-based real estate sector,” Ortiz said. “We look to provide creative, simplified solutions for companies to make mission critical infrastructure and data centers a valuable piece of their real estate portfolio.”

Ortiz earned the Equity Office Properties’ 2005 Excellence Award and is a member of the National Society of Hispanic MBAs. He earned an MBA from Indiana University and a bachelor’s of science degree from Purdue University.

Crowne Plaza San Marcos

Crust Pizza signs 10-year least at Crowne Plaza San Marcos

Colliers International in Greater Phoenix recently negotiated a 10-year restaurant space lease at Crowne Plaza San Marcos Golf Resort and Hotel in Chandler.

Crust Management, LLC, of Phoenix, leased 6,550 square feet, 2,850 square feet of which is in the basement of the resort located at 1 San Marcos Place. Crust was represented by Ken Flynn of Realty One Group in Scottsdale.

Michael Farrar, vice president in Colliers’ Scottsdale office, represented the landlord, San Marcos Hotel, LLC, of Chandler.

The tenant will renovate the space for a Crust Pizza, which has restaurants in Scottsdale and Phoenix. Ground was broken in September and the restaurant opening is anticipated in late spring 2015.

“The Crust’s concept is based on the owner growing up in the back of his father’s pizzeria on Long Island where he learned traditional family recipes,” said owner Mike Merendino, adding, “In keeping with the nostalgia of the San Marcos, we’re planning a prohibition speakeasy-style lounge.”

The San Marcos was purchased by Interwest Capital Corporation in January 2013 and a multi-million dollar makeover ensued.

“This historic 1912 resort, with Frank Lloyd Wright-inspired Mission Revival architecture, is listed on the National Register of Historic Places,” Farrar said, adding, “The Crowne Plaza San Marcos is in the heart of Chandler’s entertainment district and is an icon for the East Valley. Crust Pizza will be a valued addition to this signature property.”

2851 W.  Kathleen Rd Flex-Office Showroom, WEB

Deer Valley submarket sees its largest transaction of the year

Daum Commercial Real Estate Services has negotiated the all-cash, $21.6 million sale of a 145,000-square-foot flex-office showroom project located at 2851 W. Kathleen Road in the Deer Valley submarket area of Phoenix.

Bob Lundstedt and Chris Rogers of Daum in Phoenix represented the seller, Intravest 2851 Kathleen LLC of Phoenix. The buyer, a subsidiary of Griffin Opportunities of Pacific Palisades, Calif. was represented by Ben Prater of Colliers International of Sacramento, Calif.

The 9.55-acre property was developed in 1988 and is fully leased to Climatec, the largest privately-owned building technologies company in the nation. Climatec is a leading provider of advanced building technologies and energy solutions.

The flex-office building was renovated in 2009. This marks the first investment in the Valley for Griffin Opportunities and the largest transaction in the Deer Valley submarket this year.

Daum Commercial Real Estate Services specializes in industrial and office properties throughout metro Phoenix. Daum Phoenix has successfully sold and leased millions of square feet in industrial and office buildings, and land. Headquartered in Los Angeles, Daum is California’s oldest and most experienced commercial real estate brokerage company. Daum is an affiliate of ONCOR International, a premier global commercial real estate referral network comprised of more than 50 independent commercial real estate partner brokerages in 32 countries.

CBRE hires two first vice presidents

Brian Raczynski, CBRE

Brian Raczynski, CBRE

CBRE has hired First Vice Presidents Brian F. Raczynski and Tim Watters, two tenured, well-respected commercial real estate professionals, to join the firm’s Office Services Group in Phoenix.  They will partner on a team that will deliver integrated, strategic landlord advisory services including asset management and the acquisition, disposition and leasing of office space in the Phoenix metro market.

Raczynski and Watters have an established track record and a solid reputation in the industry, which complements our market-leading lineup of office services brokerage professionals,” said Craig Henig, CBRE’s senior managing director and Arizona market leader.  “Their combined talent and market knowledge add value and strengthen our ability to serve the complex real estate requirements of office property owners and operators.”

Tim Watters, CBRE

Tim Watters, CBRE

Raczynski also returns to CBRE after seven years with Colliers International, where he was also a senior member of the top producing Landlord Advisory Group. Over the course of his 20-year commercial real estate career, Raczynski has leased more than 5.2 million square feet of office space. His efforts have increased his clients’ gross revenues by more than $320 million to date. He has extensive experience with asset management and leasing for some of the country’s most active pension and endowment funds; he also has significant experience negotiating contracts with public sector entities like the DEA, FBI and Veterans Affairs, among others. In 1999 he was named CBRE’s Rookie of the Year in Phoenix.

Raczynski attended Central Connecticut University and holds dual Bachelor of Science degrees in accounting and finance.

Watters, who began his real estate career at CBRE in 2000, returns to the firm from Colliers International’s Phoenix office where he served as a senior member of the company’s Landlord Advisory Group for the past seven years. Since 2002, he has leased over one million square feet and has been involved in more than 100 lease transactions annually. Prior to entering the commercial real estate industry, Watters was a professional hockey player in the National Hockey League for the Winnipeg Jets and Los Angeles Kings. He also competed in the 1980 and 1988 Winter Olympics for the Canadian National Team.

He holds a Bachelor of Science degree in business administration from Michigan Technology University.

CBRE is the market leader of office services in the metropolitan Phoenix market. Leveraging local market knowledge against a world-class, global real estate services platform, CBRE’s office services experts act as advisors and become an invaluable part of clients’ decision-making processes by providing integrated products and services including strategy development, management, finance, corporate services, consulting and leasing.

Villa Serena Main Pic, Colliers, WEB

Villa Serena apartment complex sells for $6.42M

Colliers International in Greater Phoenix recently completed the sale of Villa Serena, a 137-unit Class B apartment complex, for $6.42 million, or $46,861 per unit.

Janet LePage of North Vancouver, BC, purchased the complex, located at 4221 W. Dunlap Avenue, from Bligh Group, LLC, of Rancho Santa Fe, Calif.

Bill Hahn, Jeffrey Sherman and Trevor Koskovich, senior vice presidents with Colliers International’s 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.

“Villa Serena provided the buyer with a good opportunity to acquire a clean building with solid cash flow and an upside through modest interior improvements,” said Sherman.

Built in 1982, the garden-style 117,732-square-foot apartment property is situated on 5.04 acres and consists of one, two and three-story buildings.

Unit mix is 63 one bedroom/one bath apartments and 60 two bedroom/two bath apartments. An additional 14 two bedroom/two bath flats are single-level casitas.

“This is a clean property positioned in a rebounding submarket that will benefit from the continued recovery in the local economy,” Sherman said.

Carleton Club Apartments

Class-B apartment complex sells for $22.25M in Phoenix

Colliers International in Greater Phoenix recently completed the sale of the 436-unit Carleton Club Apartments, a Class B complex in Phoenix, for $22.25 million.

Phoenix-based Bruckal Developments Inc. purchased the complex located at 17425 N. 19th Ave., completed in 1984. The buyer has plans for major renovations in the near future.

Cindy Cooke, senior executive vice president of Colliers International in Greater Phoenix, and Brad Cooke, vice president of Colliers International, served as the brokers for the seller. The Cooke Multifamily Investments team has represented the seller in more than 20 transactions since 2010.

The buyer was self-represented.

“We overcame the challenge of a submarket in the beginning stages of recovery by personally contacting our key relationships and using our extensive databases to strategically seek investors who typically look for value-add properties in recovering markets,” Cindy Cooke said.

The Cooke team has maintained a strong track record of closing 97 percent of their listings over the last 30 years.

San Marin Apartments

Utah investor buys San Marin Apartments

Colliers International in Greater Phoenix recently completed the sale of the 176-unit San Marin Apartments in Tucson.

Chartwell Capital Partners of North Salt Lake, Utah, purchased the complex, located at 5650 S. Park Ave., from Bridge Investment Group Partners of Murray, Utah.

Cindy Cooke, Senior Executive Vice President of Colliers International in Greater Phoenix, and Brad Cooke, Vice President of Colliers International in Greater Phoenix, served as the brokers for the seller. The buyer was self-represented.

The garden-style apartment property, situated on 5.76 acres, was built in 1986 and began renovations in March 2011. Renovations included upgrades to common areas, new equipment for the fitness center, new playground, new barbeque area, exterior paint, landscaping, lighting, signage, pool resurfacing and asphalt repairs. Additionally, approximately 50 units have been upgraded.

“The San Marin Apartments provide a strong investment opportunity by continuing the interior renovation program started by the seller,” Brad Cooke said.

Unit mix is 88 one-bedroom apartments, 56 two-bedroom/one bathroom apartments and 32 two-bedroom/two bathroom apartments.


The West’s most developable town

Valley Partnership has announced the topic for its upcoming monthly breakfast on Friday, Aug. 22. This month’s program will feature an update on current real estate conditions in Scottsdale, Ariz. Panelists will discuss what’s been happening in “The West’s Most ‘Western’ Town” as well as future opportunities for the commercial real estate and development community.

The Scottsdale update panel will feature Danielle Casey, economic development director for the City of Scottsdale; Jim Keeley, senior vice president with Colliers International; and Jonathan Keyser, founder of Keyser Co. City of Scottsdale Mayor W.J. “Jim” Lane will also be the featured “Mayor’s Minute” panel and will give a brief update on current development projects within the city.

“The City of Scottsdale is one of the most dynamic centers of economic development within the Valley,” said Richard Hubbard, president and CEO of Valley Partnership. “Scottsdale has proven to be a desirable location for companies looking to locate and/or expand within the Valley, and as the economy continues to improve it is important the commercial real estate and development communities are educated on potential opportunities and challenges that will come from Scottsdale’s business growth.”

In addition to the panel the Community Project Committee will feature a “hands on” display of instruments to be installed in the sensory section at the site of this year’s recipient, Arizona Foundation for the Handicapped. Members may also order engraved bricks.

The Valley Partnership Monthly Breakfast will take place Friday, August 22nd at the Phoenix Country Club located at 2901 North 7th St. in Phoenix. Registration begins at 7 a.m.; program begins at 7:45 a.m. To register, visit www.valleypartnership.org and click on the “Monthly Breakfast” tab.

Fletcher Heights Marketplace, WEB

Fletcher Heights Marketplace in Peoria goes for $3.15M

Colliers International in Greater Phoenix recently sold the 26,658-square-foot Fletcher Heights Marketplace in Peoria for $3.15 million, or $118 a square foot.

Daniel Ortega, a vice president, and Larry Ortega, an executive vice president; both of Colliers International, represented the seller, LB-UBS 2003-C7 Fletcher Heights Marketplace, LLC, of Phoenix. The buyer, Eleven Investments, LLC, of Fargo, N.D., was self-represented.

The Class B neighborhood retail shopping center, located at 20783 N. 83rd Avenue, is primed for a new start with a 75% occupancy rate.

“Colliers International was selected by the seller because of our past successes in adding value to properties by attaining lessees in order to prepare the retail property for sale,” said Daniel Ortega.

Constructed in 2006, the center was anchored by a chain grocery store, which exited during the Great Recession. Part of the vacant space was converted into a thrift store.

“The loss of the anchor store was a major challenge in retaining tenants as well as adding new tenants to the center,” he said.

Among the new retail tenants are Delex Realty, Planet Beach Spa and Farmers Insurance.

“The area is a stable upper middle class neighborhood with new housing starting back up,” said Daniel Ortega.  “The trade area opened up when the off-ramp at Union Hills became operable, allowing traffic to flow right by the center,” he added.

“The area is making a slow comeback with service type operators trying to find space to service the local neighborhoods. As the economy recovers, this center will again flourish,” he said.

Cave Creek CVS sells for $6.75M

Cassidy Turley reports that Mountain Villas, LLC, has purchased the 13,813 square foot CVS Pharmacy located at 28138 N. Tatum Blvd. in Cave Creek, AZ (85331) for $6.75 million.

Michael Campbell and Ed Colson Jr., CCIM,of Cassidy Turley’s San Diego office represented Mountain Villas LLC. John Wertz of Colliers International represented the seller, Charles W. Hostler Trust.

“We worked tirelessly with our client to satisfy his 1031 exchange and accomplish his investment goals.  We looked at a wide variety of potential deals,including those with credit and non-credit tenants, as well as a variety of geographies and product types.” said Mr. Colson.  “At the end of the day we were able to narrow  the search to a property that fits our client’s risk threshold. With this acquisition, he can also drive to see his new investment anytime.”

The free-standing CVS Pharmacy building, with drive-thru, is ideally located at the signalized intersection of N. Tatum Blvd and E Dynamite Blvd,  CVS has been successfully operating at the site since it was built in 2005 under a long-term triple net (NNN) lease.

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


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.