Tag Archives: craig henig

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.

Geoffrey Harris joins CBRE Capital Markets

Geoffrey Harris, CBRE

Geoffrey Harris, CBRE

CBRE Group, Inc. today announced that Geoffrey Harris has joined the firm’s Capital Markets’ Debt and Structured Finance team as Senior Vice President. Harris is a financial services professional with more than 15 years of mortgage banking experience. Based in Phoenix, Harris will play a key role in originating net-leased transactions for the firm nationally, in the multi and single-tenant, office, retail and industrial properties space.

“I am thrilled to welcome Geoff to the team. He is a wonderful complement to our team of best-in-class debt and structured finance professionals,” said Bruce Francis, vice chairman, Debt and Structured Finance, CBRE. “His experience and skill set will expand CBRE’s reach and strengthen our capabilities to serve the diverse needs of our investment clients across the country.”

Harris joins CBRE from Meridian Capital where he was managing director. He previously served as vice president of Capital Markets at Marcus & Millichap, where he was a top performer and was ranked as a “Top Five Broker” nationally from 2007 through 2011, and a “Top Loan Originator” for three consecutive years. Additionally, he was the recipient of Marcus & Millichap’s National Achievement Award for five consecutive years. Over the course of his career, Harris has closed more than 2,000 loans in excess of $3 billion.

“Geoff’s years of experience coupled with his deep market knowledge make him an excellent addition to our team. In addition, he is one of the most respected finance professionals in the Phoenix commercial real estate market,” said Craig Henig, senior managing director, CBRE. “In our business things like integrity, trust and confidence define the line between success and failure. Geoff is the epitome of these qualities and we are fortunate to be able to call him one of our own going forward.”

Harris holds a B.S. in business management from Southwest Texas State University. Outside of CBRE, he is actively involved in the community donating to and volunteering with numerous organizations including Boys Hope Girls Hope Arizona, Boys & Girls Club of Metropolitan Phoenix, Brokers for Kids of Arizona, American Liver Foundation and Arizona March of Dimes, among many others. He is also very dedicated to raising funds and awareness for multiple sclerosis.

CB Richard Ellis Clothing Drive

CBRE Drive Nets 3,900 Articles Of Professional Clothing For Unemployed Job Seekers

CBRE collected more than 3,900 articles of professional clothing to donate to jobless people seeking employment in a Phoenix clothing drive held from Aug. 15-26.

“Business attire is one of those things most of us take for granted — until we don’t have it when we need it,” says Craig Henig, CBRE’s senior managing director. “It has truly been our privilege to be able to make a significant difference in the lives of these displaced workers by helping them get back on their feet and back to work through the donation of thousands of suits, ties, slacks and blouses.”

Local employees of the company, as well as 18 CBRE-managed buildings in Phoenix and their tenants, participated in the event, called PurSUIT of Success. CBRE donated the clothing to Fresh Start Women’s Foundation and St. Joseph the Worker.

Fresh Start is a non-profit organization that helps to build women’s self-sufficiency and self-esteem. St. Joseph the Worker helps homeless and low-income people become independent though good employment.

“The PurSUIT of Success provided our job seeking clients much more than clothing,” says Amy Caffarello, executive director of St. Joseph the Worker. “It provided positive transformations of self-image, allowing them to gain confidence and pride, two things very necessary for a successful job search.

“CBRE went above and beyond by not only filling our clothing-closet shelves but saving the organization valuable time by delivering pre-sorted, pressed, ready-to-wear clothing which we could quickly get to our clients.”

“Fresh Start is so thankful to CBRE for this clothing drive,” added Barbara Ralston, CEO of Fresh Start Women’s Foundation. “Our self-esteem center wardrobes women every week for upcoming job interviews and court appearances; it is a major part of the services we provide to women.

“We were overwhelmed with the amount of business clothing that came to Fresh Start from the PurSUIT of Success and look forward to utilizing every piece for the ladies at Fresh Start.”

 

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CBRE

www.cbre.com

Fresh Start Women’s Foundation

phoenix.wehelpwomen.com

St. Joseph the Worker

www.sjwjobs.org

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ASU Report, Commercial Real Estate, AZ Business Magazine July/August 2011

ASU Report Claims Commercial Real Estate On Upswing, Experts Still Cautious

Is Commercial Real Estate On the Upswing?

While many people have been watching the housing-market crisis in the Valley, fewer have paid attention to the situation in commercial real estate. Industrial and office space, retail and multi-family units are among the types of properties also affected by the recent real estate plunge. However, a recent report from the W. P. Carey School of Business at Arizona State University finds that although the housing market is still struggling, the commercial market may be starting to rebound.

“While the Phoenix-area residential housing market declined for more than three years, the commercial real estate market drop lasted less than a year and a half,” says Karl Guntermann, the Fred E. Taylor Professor of Real Estate at ASU, who authored the fourth quarter 2010 Repeat Sales Index Report (ASU-RSI) with research associate Adam Nowak.

However, Craig Henig, managing director for CB Richard Ellis, has a different take on the data.

“This report offers a clear picture of repeat sales for residential, commercial and segments of the multi-family market — on a macro-level,” he says. “However, the indices used to complete the study are trailing indicators and not necessarily what’s happening today.

“In addition, the report does not provide a breakdown or data about exact submarkets or residential and commercial property types, which would tell us which specific areas of the market or product types are still struggling or are in fact beginning to show signs of improvement,” he continues.

According to research by Cassidy Turley BRE, there have been some “glimpses” of recovery. However, the overall commercial real estate market is still relatively flat. Cassidy Turley BRE’s research adds that until significant job gains are made,
vacancies in the Greater Phoenix market cannot be absorbed because companies will not consider expanding, opening new locations or even starting new businesses.

The commercial real estate market first went negative in 2008, and by the end of 2009, commercial prices in Metro Phoenix had bottomed out at an unprecedented annual rate of decline of almost 40 percent. The new figures from ASU show that by the end of 2010, prices had already bounced back to almost a 13-percent annual rate of increase.

“Big investors are starting to buy up some of these commercial properties for 50 to 60 cents on the dollar,” Guntermann explains in his report. “Long term, the Phoenix market still has the fundamentals for growth, so they see real investment opportunities here.”

Guntermann’s report adds that developers aren’t building commercial properties right now, so no new supply is being added. This means that as the economy picks up and demand increases in the next few years, it will take a while for developers of new properties to catch up.

The ASU study is based on repeat sales and uses the same methodology as the S&P/Case-Shiller index, which was developed for 20 national housing markets. Repeat sales compare the prices of a single property against itself at different points in time, instead of comparing different properties with different quality factors.

Those in the industry put a lot of stock in the S&P/Case-Shiller index, but they say that it is a better gauge when discussing the single-family home market as opposed to commercial properties.

“This type of index only partially shows the overarching trends of the CRE industry,” says Daniel H. Pollack of Pollack Investments. “As a result of removing ‘sales with extremely high or low prices per square foot,’ the true market moving transactions are ignored. … Without these sales, the picture painted by the index is not a true representation of what is happening currently in this market.”

Pollack adds that the report does not explore factors such as large changes in supply, customer preferences and demographic shifts.

“Overall, the ASU-RSI is a good general barometer of what is happening in the market, but it fails to capture what is going on at the street level or to give any indication of how the Phoenix market compares to the rest of the country,” Pollack says. “These are both critical factors for any serious CRE professional to consider when analyzing a market.”

Arizona Business Magazine July/August 2011

Best of the Best Awards 2011, AZ Business Magazine Mar/Apr 2011

Best of the Best Awards 2011: Real Estate Commercial

Winner: CB Richard Ellis

CBRE, AZ Business Magazine Mar/Apr 2011CB Richard Ellis has been serving clients in Arizona since 1952, growing to become a dominant player in the commercial real estate market. From landlord and tenant leasing to the acquisition and sale of all property types, the company has earned a reputation as a respected leader in the business community with its vast market knowledge and enduring culture of client service. CBRE believes that the truest measure of its success comes from providing superior service to its clients — delivered by knowledgeable, creative and tenured employees, many boasting more than 20 years in the marketplace. It is this dedication to teamwork and commitment to excellence that makes it possible to serve the diverse needs of clients.
Year Est: 1952  Brokers: 101
Principal(s):
Craig Henig (Arizona/Phoenix),
Tim Prouty (Tucson)
CBRE logo, AZ Business Magazine Mar/Apr 20112415 E. Camelback Rd.
Phoenix, AZ 85016
602-735-5555
www.cbre.com/phoenix



Finalist: Ryan Companies US Inc.

Ryan Companies US, AZ Business Magazine Mar/Apr 2011

Ryan Companies US Inc. is a 73-year-old family-owned business whose reputation for building high-quality projects and positive customer experiences has earned it repeat business with customers, subcontractors and business partners. Since opening its Southwest regional office in Phoenix in 1994, Ryan has developed and constructed more than 16 million square feet of office, retail and industrial space in Arizona. Its 80 employees are committed to exceeding expectations of customers that include UniSource Energy (Tucson Gas & Electric), W.L. Gore and Associates, The Musical Instrument Museum, Target, Avnet, AT&T, Humana, US Bank, ConocoPhillips, Taser International and more.


Year Est: 1994
Principal(s): J. Strittmatter, T. Holzer, M. Ryan Carson, C. Carefoot, A. Riley, M. McGowne, S. Jordan

Ryan logo, AZ Business Magazine Mar/Apr 2011

3900 E. Camelback Rd., #100
Phoenix, AZ 85018
602-322-6100 www.ryancompanies.com



Finalist: Adolfson & Peterson Construction

Adolphson & Peterson Construction, AZ Business Magazine Mar/Apr 2011Over the past 20 years, Adolfson & Peterson Construction (A&P) has been committed to building sustainable projects throughout the Southwest. A&P is an industry leader in delivering Leadership in Energy and Environmental Design (LEED) certified projects and high performance green buildings. Going beyond green building, A&P takes into account the purpose of the projects it undertakes, the communities impacted by its operations and A&P’s own business practices. Sustainable is much more than building green. It defines A&P’s business practices with a LEED Gold office, hybrid vehicles in the fleet, in-house carbon reduction programs, and job-site recycling on all of its projects.
Year Est: 1946
AZ Staff: 66
Principal(s): Bryan Dunn, SVP
Adolfson Logo, AZ Business Magazine Mar/Apr 20115002 S. Ash Ave.,
Tempe, AZ 85282
480-345-8700
www.a-p.com


Arizona Business Magazine Mar/Apr 2011

Commercial Real Estate Market - AZRE Magazine March/April 2011

Arizona’s Commercial Real Estate Market On Path To Slow-Going Recovery

Arizona’s commercial real estate market is on the path to recovery, but the climb is steep and slow-going, local brokers predict.

The Phoenix market experienced slight positive absorption of space in its too-many, too-empty properties last year, and the plodding progress will continue through 2011, says Craig Henig, senior managing director at CB Richard Ellis.

“I see modest improvements in each sector, but no gold rush,” Henig predicts. “We will be slower coming out of this recession (compared with the 1990s slump) because we can’t rely on construction and tourism.”

Those industries fueled Arizona’s economy for decades, generating jobs and spending throughout the marketplace.

But industry experts agree that with commercial and residential property vacancies at such a high level, construction won’t restart in the short term. And tourism, double-slammed by the recession and Arizona’s national image issues, has a slow, uphill slog back to normalcy.

All commercial real estate sectors suffered from the recession as rents plummeted, vacancies soared and foreclosures mounted, leaving lots of properties in limbo, Henig says.

The retail sector was hurt the most, followed by office and industrial, Henig says, and recuperation will happen in reverse order.

Retail commercial real estate in Metro Phoenix bottomed out in 2010, as local retailers shuttered locations and national companies put expansion plans on hold, says Cliff Johnston, Cassidy Turley | BRE Commercial senior vice president.

Vacancies, which historically hovered below 5%, sank to an alarming 12.3%, Johnston says. He expects that rate to near 11% by year-end.

“We’ve turned the corner,” Johnston says. “We expect a fairly slow but steady improvement this year.”

Denser areas of the Valley will fare best, while fringe communities, where retailers relied on rooftops that never materialized, will continue to founder, he adds.

Office properties saw a flurry of transactions in 2010, but flat, net absorption, says Bryon Carney, Cassidy Turley | BRE Commercial president.

Low rents prompted a “flight to quality,” Carney says, as Class B office users moved into more luxurious Class A digs.

In 2010, Phoenix Class A net absorption topped 500,000 SF, offset by 600,000 SF negative absorption of Class B and C space, he says.

For 2011, Carney expects smaller tenants to move into newly vacant Class B space. But he’s not expecting the 27% overall office vacancy to improve much this year. The good news, he says, is rents that continued to decline in 2010 should stabilize.

The industrial sector will continue to lead the recovery in 2011, says Andy Markham, Cassidy Turley | BRE Commercial executive vice president.

“In 2010, we had 4 MSF absorption, and we’ll see more in 2011,” Markham says.
The vacancy rate will improve from 14% “to low double digits by the end of 2011,” he predicts.

While Phoenix sorts out its skewed recovery, Tucson waits for the spillover, says Tim Prouty, managing director of CB Richard Ellis’ Tucson office.

Tucson has fewer vacancies and higher rents than Phoenix because it was not overbuilt prior to the recession, Prouty says. But Phoenix’s excess capacity and lower rents appear more attractive to companies looking to expand or locate new regional offices or industrial operations in Arizona, he adds. “We’re glad we’re not Phoenix, but Phoenix is our biggest challenge,” Prouty says.

He doesn’t expect much movement in Tucson’s office or industrial sectors in 2011. But retail is already showing “some select growth,” including new locations for big-box retailers Costco and Walmart.

Arizona’s commercial real estate experts cite several factors for their modestly positive outlook for 2011.

They include improvement in the national economy, a favorable tax structure compared with that of California and pressure for lenders and CMBS special servicers to shake loose desirable properties at current market value.

“There was anemic investment sales activity in 2010, but now more properties are coming to the market,” Henig says. “We’re hoping investment sales and leasing will balance out in late second quarter.”

There is pent-up demand for investors to purchase the lender-owned properties at the right price and enough tenants willing to lease space if rents are significantly low, says Pat Dempsey, Lee & Associates principal.

“Now we are seeing properties (for sale) in every corner of the Valley and in all property types,” Dempsey says. “We’re more bullish than we have been in two or three years.”
Still, Stanton Shafer, Cassidy Turley | BRE Commercial executive vice president, predicts sales of those properties will be more like a trickle than a flood in 2011, despite buyer interest.

Many lenders and CMBS servicers remember the RTC fire sales of the 1990s and are hesitant to lose potential money by selling too soon and too low, he says.

“There is an abundance of capital out there now,” Shafer says. “And there is more pressure to sell, and more properties in the pipeline. But there is no way to generalize (lender action). What we can say is there hasn’t been much so far, and in 2011 we expect more.”
Jeffrey Hartland, Cassidy Turley | BRE Commercial senior vice president, sums up the overall 2011 outlook: “The light at the end of the tunnel is no longer the train.”

For more information about Arizona’s commercial real estate market and the CRE companies mentioned in this story, visit:

cbre.com
brephoenix.com
lee-associates.com

AZRE Magazine March/April 2011

 

2010 Best of the Best Awards

2010 BOB Awards: Real Estate Commercial

The following companies won the Gold, Silver and Bronze rankings in the Real Estate Commercial category of the 2010 BOB Awards.

2010 Best Of The Best Awards: Real Estate Commercial


2010 Best of the Best AwardsCB Richard Ellis
Brokerage Firms: 25 Brokers or more

Year Est.: 1952
Brokers: 104
Principal(s): Craig Henig (Arizona/Phoenix), Tim Prouty (Arizona/Tucson)
cbre.com/phoenix

2010 BOB AwardsReliability and value: a combination Arizona businesses and consumers have come to depend on from Verizon Wireless. We offer the value of Friends & Family, plus a Mobile to Mobile calling community of more than 80 million — all backed by the nation’s largest and most reliable wireless voice and 3G network. Since 2000, we have invested more than $755 million in our wireless network in Arizona and more than $50 billion nationally. This means customers can make more calls, send e-mails, text and picture messages, plus enjoy expanded wireless access to the Web.


2010 Best of the Best AwardsSmithGroup

Architectural Firms: 11 Architects or more

2010 BOB AwardsYear Est.: 1973
Lic. Architects: 35
Principal(s): Michael Medici, Bob Colletta, Mark Kranz, Mark Roddy, Brad Woodman, Mark Patterson, Eddie Garcia, Eric Kirkland, Mark Adams, Kristy Kevitt
smithgroup.com

2010 BOB AwardsMcCarthy Building Companies

Contractors: General 100 Staff or more

2010 BOB AwardsYear Est.: 1977
AZ Staff: 218
Principal(s): Bo Calpert, Deniss Tucker
mccarthy.com

2010 Best of the Best Hall of Fame