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Orvieto Investments purchases 4.61 acres in Tucson

Orvieto Investments LLC, owned by Barbara and Tom Mannschreck, has purchased an industrial property located at 3911 Highway Dr. in Tucson, which consists of an office/warehouse building of 10,760 sq. ft. with four additional outlying buildings on 4.61 acres.

The facility is leased to Jacobs Field Services, an affiliate of Jacobs Engineering, a New Your Stock Exchange traded company.

The purchase price was $887,500 and the Bank of Tucson provided a loan in the amount of $575,000.

The property was owned by an affiliate of Diamond Ventures. Pat Welchert of Cushman & Wakefield/Picor represented the seller and Robert Kaplan of Marcus & Millichap represented the buyer.

An affiliate company of Barbara and Tom Mannschreck purchased Shadow Pines Apartments and Mayfair Manor Apartments in Tucson August 28, 2014.

The purchasers are seeking additional investments in Arizona.

Glendale Shadows, courtesy of Cushman & Wakefield

Glendale Shadows apartments sell for $5M

Cushman & Wakefield of Arizona, Inc. completed the $4,975,000 sale of the Glendale Shadows Apartments, 5902 W. Royal Palm Rd.

The apartment building was constructed in 1975 and contains 138 units totaling 95,765 square feet ($51.95 PSF).  The property, which includes nine buildings, currently boasts 93 percent occupancy.
Terra Vista Investments USA of Vancouver, Canada, purchased the property from the Monterey Group of Phoenix.

“The buyer plans to reposition the property and take advantage of the location and excellent visibility on 59th Avenue,” said Brett Polachek, Senior Director in the Multifamily Group with Cushman & Wakefield.

Polachek and Jim Crews of Cushman & Wakefield successfully marketed the property for sale and represented the seller.

Fate Brewing  Rendering

Cushman & Wakefield negotiates $2M sale

Cushman & Wakefield of Arizona’s Retail Services Division negotiated the $2 million sale of 1312 N. Scottsdale Rd., which will be the new home of Fate Brewing Company.

Brian Kocour and Courtney Auther Van Loo of Cushman & Wakefield represented the seller, SBI Leasing Inc. of Scottsdale. Scottsdale-based real estate investor Tom Frenkel was the buyer and was self represented.

Steve McFate of Fate Brewing Company announced he would be expanding his craft beer operation by occupying more than 10,000 SF of the almost 15,000 SF building. The expansion will include a sizeable “beer garden” style patio and 19-foot interior ceiling heights.

McFate will continue to brew his small batch, limited-release beers at his current location just east of Scottsdale Road on Shea Boulevard. He will brew his flagship beers at the new location.

“Tom Frenkel saw an opportunity with a former restaurant of this size combined with abundant parking on Scottsdale Road,” Kocour said. “The McDowell Road corridor has a promising future. This is just the beginning of the unique, vibrant business making a home in this area.”

With five locations already in the Valley, Plato’s Closet consignment store will occupy the remaining space in the building. The sale price commanded $133.69 per square foot.

Camelback Commons, CushWake, WEB

Premier Business Centers inks 1st Arizona lease

Cushman & Wakefield of Arizona, Inc. has negotiated a lease on behalf of Premier Business Centers for its first opening of executive office suites in Arizona, located at Camelback Commons, 4742 N. 24th St.

The company, which is headquartered in Irvine, Calif., has signed a 10-year lease for 13,516 square feet on the third floor of the building.  The company plans to open its executive suites facility in March 2015.  The Premier Business Center will include 53 executive suite office spaces, two meeting rooms, a day office, kitchen and reception area.

“We are excited to enter the Arizona marketplace and provide our services to the state’s growing business community,” says Jeff Reinstein, Chief Executive Officer of Premier Business Centers.  “This is the first of several locations we plan to open in dynamic business corridors within the city.”

“This particular building provides a great central location in the Camelback Corridor, which is very appealing to executives who operate small companies or are in an incubation phase of their businesses,” says Larry Downey, Vice Chairman of Cushman & Wakefield.
Premier Business Centers, LLC is one of the country’s leading operators of executive suites and office centers.  Offering more than 70 locations throughout the United States, Premier Business Centers provides professional work environments that can be rented by the hour, day, month or year.

Downey exclusively represented Premier Business Centers in the site selection search and lease negotiations.  John Bonnell and Brett Abramson of JLL represented MS MCC Highland, LLC., owner of Camelback Commons.

Courtesy of Gensler

Manufacturing facility begins conversion into Millennial-focused office space

Construction and conversion has begun for The Circuit Tempe, a 190KSF high density class-A office project at 615 S. River Dr.

Jabil Circuit building before the conversion.

Jabil Circuit building before the conversion.

Formerly an industrial manufacturing facility for Jabil Circuit, the sizable building has been dramatically re-designed to serve as the Valley’s first speculative large-scale, millennial focused office property.  Situated on the Loop 101 and University Drive, the 16.5-acre property rests in the heart of a booming Tempe office market.  The Southeast Valley has recently attracted substantial interest from tech companies and large office users who are committed to attracting and retaining a young, educated workforce.

Gensler, a global architectural leader, has masterfully redesigned the masonry industrial building.  This cutting-edge architectural firm is known for its forward-thinking designs, such as the Facebook headquarters in Menlo Park, Calif., and the Riot Games headquarters in Los Angeles.

EverWest Real Estate Partners and CarVal Investors purchased the manufacturing project from Jabil Circuit Inc. in July 2014.  “This acquisition was underwritten for high-end office from the start,” said Curt Kremer, managing director of acquisitions with EverWest. “We identified the facility as a great opportunity for a project unlike any other in the marketplace.  The location at the Loop 101 and 202 and its proximity to Arizona State University is ideal for delivering our vision.  We believe this property will attract a range of businesses from across the user spectrum.  The recent change in our standard office culture is promoting a collaborative workplace to attract the millennial labor pool and we are committed to delivering a product to allow our end users to do just that.

The Circuit Tempe will feature indoor and outdoor spaces designed for efficiency, density and collaboration.  According to a new Cushman & Wakefield report ”Facing the Millennial Wave”, today’s millennial office users are seeking expansive floor plates conducive to the flexible, collaborative-based workspace concept. The “open space” ambience at The Circuit Tempe will be completed with 17-foot ceiling heights and an abundance of natural light through the addition of 60+ skylights, new 14’ floor to ceiling high-performance windows, and large glass roll up doors.

The Circuit Tempe will provide a unique combination of indoor and outdoor spaces for its Tenants.  Sizable landscaped patios will encourage outdoor meetings in a comfortable garden setting.  Outdoor bocce ball courts, misting systems, barbecues and flat screen TVs promote recreational breaks during the workday.

“This is truly an adaptive, re-use project,” says Kremer.  “We are re-purposing a wide variety of existing elements from the property’s previous manufacturing life.  Smoke hatches are being re-purposed into skylights.  Outdoor steel structures at the site are being re-made into benches and the existing security fences are being creatively applied to outdoor patio spaces and retention areas.  Concrete and masonry debris from the demolition will be saved and later added to the retention areas in a decorative fashion.   We have taken an obsolete manufacturing facility and applied the re-use and recycle theory to create a unique and exciting work environment.”

Young working processionals place priority on transportation options and convenience.  The Circuit Tempe contains a remarkably generous parking lot with a 7:1000 parking ratio and will also feature 140 bicycle racks for those who ride to work.  The property is 1.7 miles from Arizona State University, 7 miles from Old Town Scottsdale and 8 miles to the Phoenix Sky Harbor Airport

The Circuit Tempe is planned for completion in April 2015.  Jerry Noble, Pat Devine, Jackie Orcutt and Ryan Bartos of Cushman & Wakefield of Arizona serve as exclusive leasing agents for The Circuit Tempe.

1715 S. Holbrook Ln.

IPT assigns property manager at Normal Junction

Cushman & Wakefield of Arizona, Inc. has been selected by Industrial Property Trust (IPT) to handle leasing and property management for two industrial properties at Normal Junction.

The properties, located at 1715 S. Holbrook Lane and 1895 S. Los Feliz Drive, contain a total of 140,314 square feet of industrial space. Approximately 29,471 square feet within the properties are currently available for lease.

Cushman & Wakefield recently assisted HFF, LP, in the sale of these two industrial properties at Normal Junction.  HFF enlisted Cushman & Wakefield on behalf of property sellers American Realty Advisors and BlackRidge Real Estate Group.   IPT purchased the Holbrook Lane building for $7.86 million and the Los Feliz Drive property for $4.59 million.

The Normal Junction submarket consists of 17 properties totaling 614,000 SF. During 2014, the Cushman & Wakefield team of Market Leader | Investor Services Jackie Orcutt, Senior Director John Grady and Associate Mackenzie Ford has been responsible for more than 93,000 SF of leases in Normal Junction, accounting for 15 percent of the overall absorption. Currently, the submarket has less than five percent vacancy.

“We are thrilled to be working with IPT on the leasing and management of Normal Junction,” said Orcutt. “We have experienced great absorption in the Normal Junction submarket this year and look forward to many more successes with the new ownership.” The team of Orcutt, Grady, and Ford will handle leasing for the properties.

TriWest-MRP, WEB

TriWest Healthcare expands Phoenix HQ

TriWest Healthcare Alliance has leased the entire 119,131-square-foot office building at 16010 N. 28th Ave. to accommodate its expansion for its recently awarded contract with the Department of Veterans Affairs (VA.).

The company, which had previously occupied a portion of the building as its corporate headquarters, has committed to extend its lease and expand into 55,000 square feet with the remainder of the facility, totaling 119,131 square feet.

“This lease represents one of the largest office space transactions in Metro Phoenix for 2014,” said Larry K. Downey, Vice Chairman with Cushman & Wakefield.  Downey serves as exclusive agent for TriWest Healthcare.

The building is located within the four-building Marconi Research Park, situated in Deer Valley.  Marconi Research Park provides direct access to Interstate 17 and the property’s corporate neighbors include Farmers Insurance, Paychex, NAU and Deer Valley Credit Union.

“The facility’s current location is extremely accessible to TriWest’s clients and employees.  The office layout and build out of the current facility is extremely efficient based on TriWest’s office space requirements,” according to Downey.

TriWest Healthcare recently was awarded a five-year contract to administer the VA Patient-Centered Community Care (VAPC3) program.  TriWest, which specializes in providing benefits to military members and their families, announced the awarding of the contract last fall.  This expansion, which is necessary to accommodate growth, will result in the addition of approximately 275 employees.

Downey of Cushman & Wakefield represented TriWest in the lease negotiations.  Ashley Brooks, Jim Bayless and Jenny Aust of CBRE serve as exclusive leasing agents for Marconi Research Park and its landlord, Sabel Financial Group of Newport Beach, CA.

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.

Mark Seale joins Cushman & Wakefield

Mark Seale

Mark Seale

Mark Seale, CCIM-SIOR, has joined the Phoenix office of Cushman & Wakefield of Arizona, Inc., as a senior director.  He will be responsible for tenant and landlord representation for clients throughout the region.

In a career spanning almost three decades, Seale has represented many of the largest corporations, developers and institutional owners in the commercial real estate world. Some of his more notable clients include Ingram Micro, Emerson Power, K. Hovnanian Homes, McCarthy Building Company, KPMG, Brookfield, Blackrock, UBS Realty Investors, SunCor and GE.

Seale focuses on creating and nurturing relationships that span multiple business lines in multiple markets and is an expert at positioning real estate assets through strategic leasing and disposition plans while achieving the highest possible property value.

He has received many industry honors for his achievements in commercial real estate including being named a ‘Top Producer’ at his former firm, Cassidy Turley, where he was Executive Managing Director.  Seale joined Cassidy Turley from Lee & Associates by way of CB Richard Ellis (CBRE).  Prior to CBRE he worked for the Trammel Crow Company.  At all firms, he was awarded ‘Top Producer,’ and ranked among the nation’s top brokers annually.

“Mark brings many intangible qualities to the table – namely his experience and ability to mentor younger sales people,” said Jerry Noble, Market Leader | Managing Broker at Cushman & Wakefield of Arizona. “He is a proven leader in the Phoenix commercial real estate industry. We feel fortunate to have him on our team.”

Seale is a graduate of Arizona State University.  In addition to holding SIOR and CCIM designations, he is also an active member of NAIOP.

566 E. German

Cushman & Wakefield negotiates 5 SE Valley deals

Identifying prime distribution space in the Southeast Valley, the Cushman & Wakefield of Arizona leasing team of Jackie Orcutt,  John Grady, and Mackenzie Ford recently closed five tenant representation deals totaling 76,734 square feet.

The leases range in size from 3,744 SF to 26,023 SF across the Southeast Valley.

“It has become increasingly difficult to find space with ample clear height and dock-high loading south of the US-60 in the Southeast Valley,” said John Grady, a Director in the Industrial Properties Group.

 

The Southeast Valley tenants:

>> MyCom, long-term lease at 315 S. Bracken Lane, Chandler;

>> Executive Management Services, long-term lease at 607 S. 48th St., Tempe;

>> SolarCity, long-term leases at 566 E. German Rd., Gilbert; and 7931 E. Pecos Rd., Mesa;

>> Clean Energy Constructors, long-term lease at 1888 E. Broadway Rd., Tempe.

 

“We are excited to see an increase in pure industrial activity in the Southeast Valley,” said Orcutt, Market Leader | Investor Services with Cushman & Wakefield of Arizona.  “New speculative construction from industrial developers such as EastGroup Properties, Trammel Crow, and Turner Construction is timely as demand continues to strengthen east of the I-10 and south of the US-60.”

According to Cushman & Wakefield research, the Southeast Valley has delivered 109,540 SF of speculative development in 2014.  There are plans for an additional 265,000 SF of speculative industrial product to be delivered to the market in the coming 12 months.

 

Mill & Rio Salado Rendering, DWC

Hayden House Tempe plans $200M mixed-use project

Cassidy Turley has announced that Hayden House Tempe, LLC, a partnership between San Diego-based Douglas Wilson Companies (Douglas Wilson, Chairman and CEO), Hensel Phelps Development LLC, a subsidiary of Hensel Phelps based in Greeley, CO, (Jeff Wenaas, President) and Los Angeles-based Karlin Real Estate closed on 2.51 acres at the southwest corner Mill Avenue and Rio Salado Parkway in Tempe for $16,875,000. Karlin Real Estate also provided the debt in this transaction. The site is home to Hayden House, the oldest continuously occupied structure in Metropolitan Phoenix and Arizona, built 1871-1873.

Cassidy Turley Executive Managing Director Brent Moser, Vice President Mike Sutton and Associate Brooks Griffith negotiated the transaction on behalf of the seller, Michael Monti’s Catering.

The partnership, Hayden House Tempe, LLC plan to develop Mill & Rio Salado, a $200 million mixed-use creative office and lifestyle-hotel development located on the 2.51 acre parcel widely considered to be the gateway to Tempe’s downtown core. This landmark project consists of a two towers: a 15-story 280,000 square foot Class A office building and a 16-story 274-key Kimpton hotel along with 17,000 square feet of complimentary restaurants and retail.

Historic Hayden House

Historic Hayden House

“Tempe is experiencing tremendous investment and revitalization. This environment combined with the Partnership’s ability to deliver a high-quality, urban mixed-use development will ensure this is a landmark project for downtown Tempe,” stated Douglas Wilson, Chairman/CEO of Douglas Wilson Companies.

Hensel Phelps has been selected as the contractor for Mill & Rio Salado. Construction is expected to start in mid-2015 with completion in 2017. Jerry Noble, Patrick Devine and Greg Mayer with Cushman & Wakefield have been awarded the leasing assignment for the office space at Mill & Rio Salado.

The historic Hayden House, one of Arizona’s original homesteads, will be preserved and repurposed as a destination restaurant to serve the Valley and the surrounding office and hotel guests. The building evolved from a typical Sonoran row house that was Charles Hayden’s family home until 1889, to a boarding house and eventually a restaurant that has been operating continuously in the building since 1924.

Carl Hayden, an Arizona Representative and Senator, was born in the home in 1877. Historians have labeled Carl Hayden “the most important person in Arizona history.” Leonard Monti purchased the property in 1954, and the restaurant, at the time known as La Casa Vieja, was renamed Monti’s La Casa Vieja. The restaurant underwent several additions to the original historic structure.

“The sale and subsequent development of the Mill & Rio Salado site is symbolic of the Tempe transformation into a destination for both corporate and high-tech companies as well as a vibrant lifestyle and entertainment district,” said Mr. Moser with Cassidy Turley.

North Tempe has emerged as one of the most desirable submarkets in the Valley.  It boasts the lowest vacancy rates in Metro Phoenix, with a Class A Vacancy rate under 5%.  It is home to several large office users in multiple industries.  Real estate leaders cite access to ASU, Light rail, freeways, walk able amenities, and true Class A office space as the leading reasons Tempe is experiencing such dynamic attention from office tenants.

The Mill & Rio Salado site is located less than a block from Phoenix’s acclaimed light rail system, across the street from Tempe Beach Park and Tempe Town Lake.  The development will compliment the core of over 3 million square feet of Class A office in Downtown Tempe that has become a magnet for the technology industry due to its central location within the Phoenix Valley and its close proximity to Phoenix Sky Harbor Airport and Arizona State University.

Denver-based Shear Adkins Rockmore Architects (SARA) and historic preservation specialist Nore Winter of Boulder, Co. have been chosen as designers and architects on the project. Both have worked with DWC previously on other projects, including the Symphony Towers in San Diego that also had a historic preservation aspect to the property.

“Because of Hayden House and the requirements with the historic preservation, both SARA and Winter have been working with DWC and their partners as their input was important to putting the sale together and getting all city/municipal approvals,” says a Cassidy Turley spokeswoman.

605 E. Grant, Tuft and Needle, CushWake, WEB

Tuft & Needle relocates to Phoenix’s warehouse district

Tuft & Needle, a startup mattress company, is relocating its headquarters to the Levine Machine Building in Downtown Phoenix’s warehouse district.

Cushman & Wakefield of Arizona, Inc. negotiated a 5-year lease as Tuft & Needle relocates from Tempe to a 5,100-square foot facility at 605 E. Grant St.

Tuft & Needle designs and manufactures a line of mattress that is exclusively available online and ships right to the door of the customer. According to Entrepreneur magazine, Tuft & Needle’s mattresses are the top-rated product in Amazon’s furniture category. The company was co-founded by John-Thomas Marino and Daehee Park, who formerly worked together at a Silicon Valley software startup.

“We really enjoyed working with Daehee and JT on this assignment,” Ryan Bartos said. “It is always fun to watch a startup begin to scale, and we’re happy to be a part of that growth. They’re doing great things and we can’t wait to see what’s next for Tuft & Needle.”

Bartos and Matt Coxhead of Cushman & Wakefield represented Tuft & Needle in the lease transaction. The landlord, Michael Levine, was self-represented.

“As a Phoenix-based startup, we’re excited to partner with people like Ryan Bartos, Matt Coxhead and Michael Levine who share a genuine passion and vision for local entrepreneurship.” Daehee said. “The Levine Machine is an amazing building with a lot of history and character where we’ll continue building the best mattress company in the world.”

Centrica, Courtesy of Cushman & Wakefield

Phoenix Rising Investments starts Centrica redevelopment in Mesa

Phoenix Rising Investments, LLC has begun redevelopment on Centrica, an up to 140KSF, class-A office building at 1550 W. Southern Ave.

The adaptive re-use project located near the US 60/Loop 101 interchange in the Southeast Valley will turn three former big-box retail stores into an ideal location for companies seeking modern office space that offers abundant parking (7:1000) and a direct fiber optic backbone connection.

“We are excited to break ground on Centrica,” said Mike Hsiung, Managing Member of Phoenix Rising Investments. “Centrica is one of the few office properties in all of Metro Phoenix with the ability to offer more than 100,000 square feet of contiguous space.

“With nearly 110,000 students within 10 minutes of Centrica and more than 3 million square feet of restaurant and retail amenities within walking distance, we believe Centrica is the ideal property for any company,” Hsiung said.

Handling the leasing assignment is the Cushman & Wakefield of Arizona team of Director Matt Coxhead and Associate Director Ryan Bartos. Willmeng Construction is the general contractor and Nelsen Partners is the architect.

With demolition already underway, ’s redevelopment includes the retail pads formerly occupied by Bed, Bad & Beyond; Toys ‘R Us; and Circuit City.

“This is such a unique project for the market,” Bartos said. “Twenty-three-foot-high exposed ceilings, wide open floor plate, and access to an outstanding talent base make Centrica a highly desirable location for users.”

Mesa officials said they have been hoping to revitalize the Fiesta District, and Centrica is one of a few catalyst projects that would create additional momentum for attracting high-tech companies to that part of the city. Already in place is an infrastructure that features high-speed fiber optics.

Other amenities:

>> Employers within close proximity such as Esurance, Boeing, Banner Health and SRP;

>> Mesa Community College, one of the nation’s largest community colleges with an enrollment exceeding 25,000 students, sits directly across Southern Avenue from Centrica;

>> More than 3 million square feet of restaurant and retail amenities within walking distance to Centrica;

>> Less than half a mile from the Loop 101 corridor, US 60 and Metro Phoenix;

>> Two bus stops within 50 feet of Centrica that serve seven bus lines and a new Metro light rail station currently under construction within one mile of Centrica.

“Mike and his team are great to work with,” Coxhead said. “They have a unique sense of design and are extremely creative. We are excited for the project to get started.”

 

Mackenzie Ford promoted to associate at Cushman & Wakefield

Mackenzie Ford, Cushman & Wakefield

Mackenzie Ford, Cushman & Wakefield

Mackenzie Ford was promoted to associate with the Industrial Properties Group at Cushman & Wakefield of Arizona, Inc.

Prior to her promotion, Ford was Senior Brokerage Coordinator with the Industrial Group, working with brokers Jackie Orcutt, John Grady and Keri Scott. Ford joined the team of Orcutt-Grady in 2012 following two years as an analyst for Stream Realty Partners in Dallas.

“Mackenzie brings a great deal of professionalism and work ethic to her brokerage practice.   She has a natural drive and a strong understanding of the local market that will no doubt make her an incredible industrial broker,” said Orcutt, Market Leader | Corporate Occupier & Investor Services at Cushman & Wakefield.

Ford is a graduate of Arizona State University.  She is a member of the Urban Land Institute, 4Word, and Salvation Army Echelon.

Barbi Reuter named COO of C&W | PICOR

Barbi Reuter, PICOR

Barbi Reuter, PICOR

At its September Shareholder meeting, Cushman & Wakefield | PICOR named Barbi Reuter its Chief Operating Officer (COO), formalizing her work over the past several years.

Reuter has been with C&W | PICOR since its inception in 1985, a Shareholder since 1992, and has been an integral and critical part of the success enjoyed by the Tucson-based commercial real estate services firm throughout its growth in community market share and leadership.

As COO, Reuter leads the internal finances and operations of C&W | PICOR in addition to her externally-facing roles as the firm’s interface with Cushman & Wakefield, Inc., community and industry outreach, marketing business development, and social media.

President and CEO, Mike Hammond says, “Barbi has met and exceeded all expectations over the last 29 years and will no doubt continue to contribute greatly to the success of C&W | PICOR in this role.” Rob Glaser, CCIM, SIOR, says of his long-time C&W | PICOR colleague, I have worked with Barbi since C&W | PICOR was founded in 1985. She is very skilled, creative, and caring, and we are very fortunate to have her.”

Named a 2012 Woman of Influence by Inside Tucson Business, Reuter is a past local and national leader for BOMA International and is now active with the Tucson Metro Chamber, CREW Network, Women Presidents’ Organization, Greater Tucson Leadership, Arizona Town Hall, International Council of Shopping Centers (ICSC), Tucson’s Leading Women, PICOR Charitable Foundation, and is Board President for Tucson Girl Chorus and a Tucson CREW board member and Past President.

1888 E Broadway 1, CushWake, WEB

Clean Energy Contractors outgrows its Tempe location

Cushman & Wakefield of Arizona, Inc. negotiated a lease for Clean Energy Contractors, relocating the electrical contracting company to 1888 E. Broadway Rd.

The company leased a 26,023-square-foot space, bringing the property to full occupancy. Clean Energy Contractors took possession of the space this week, relocating from 1856 E. 6th St. in Tempe.

John Grady, Jackie Orcutt and Mackenzie Ford of Cushman & Wakefield’s industrial division represented Clean Energy Contractors in the lease negotiations.

“As a sign of a strengthening economy, it s positive to see companies expanding quickly,” Grady said. “The tenant outgrew its former space within nine months. This property was one of the few remaining in Tempe that offered an available yard suitable for Clean Energy Contractors’ needs.”

Rick Foss and Isy Sonabend of NAI Horizon represented the landlord, Tempe Partnership.

 

Scottsdale Executive Office Center, Courtesy of Cushman & Wakefield of Arizona

Scottsdale Executive Office Center signs new tenants

Cushman & Wakefield of Arizona, Inc. negotiated 21,085 square feet of new leases at Scottsdale Executive Office Center, 15880, 15990 and 16100 N. Greenway-Hayden Loop.

Ingram Micro, Inc., a Santa Ana, Calif.-based firm, opened a technology incoming call center and occupies 14,926 SF. PHX Architecture relocated from a central Scottsdale location into 6,159 SF.

“The Scottsdale Executive Office Center meets the needs of tenants who require dense floor plans with 5.77:1000 ratio parking to go with it,” said Chris Nord, Associate Director with Cushman & Wakefield of Arizona, Inc.  “The bay depths allow for efficient floor plans and a 1 percent load factor keeps the required size of the premises smaller than competing office properties.”

Nord and Michael White of Cushman &Wakefield represented the landlord, Perry Investment Trust No. 1. Mark Seale of Cassidy Turley represented Ingram Micro. Victor Gilgan and Scott Fey of Omni America, LLC represented PHX Architecture.

Both tenants took occupancy this month, bringing the property to 87 percent leased. Other tenants include Trivita, Stella & Dot, MWA Intelligence, and Landmark Education.

Cresa Phoenix

Elontec leases 28KSF in Phoenix

Cresa Phoenix announced Tuesday that it completed a 28,231 square foot lease for Elontec, LLC at Freeport Industrial Center, 5502 W. Buckeye Rd., in Phoenix.

Cresa Phoenix Vice President Ted Liles negotiated on behalf of the tenant, Elontec, LLC, an award winning, female owned furniture, relocation and cabling company. The landlord, BC 5 Buckeye LLC, was represented by Justin LeMaster and Mike Gilbert of Cushman & Wakefield.

“The retail exposure and increased operational efficiencies at Freeport Industrial Center will accommodate Elontec’s growth for the foreseeable future,” said Liles.

Elontec, LLC provides office furniture, installation and space design, as well as commercial relocation and cabling services. The tenant will be combining two locations into the class a distribution facility that will serve as the their new headquarters.

Cody Kollmann joins Cushman & Wakefield

Cody Kollmann, Cushman & Wakefield

Cody Kollmann, Cushman & Wakefield

Cody Kollmann has joined Cushman & Wakefield of Arizona, Inc. as an Associate in the Office Division of the Tenant Representation Group.

Kollmann, formerly an intern at Cushman & Wakefield this past summer, will be working with Senior Director Jay Hoselton and Senior Associate Chris Nord.  His intern experience included market research, updating tenant information, and working with the office and industrial teams.

Kollmann graduated from St. Gregory’s University in Shawnee, Okla., where he earned a Bachelor of Science degree in Business Administration. He also played two years of collegiate baseball at St. Gregory’s. He is a member of NAIOP and earned his Arizona real estate license in 2013.

Bob Kline joins Cushman & Wakefield capital markets group

Bob Kline, Cushman & Wakefield

Bob Kline, Cushman & Wakefield

Signaling a move to expand its Capital Markets platform, Cushman & Wakefield has added a capital markets and commercial real estate veteran to its leadership roster. Bob Kline of RW Kline Companies has joined the firm as Senior Managing Director of the Equity, Debt and Structured Finance Group (EDSF).

Kline was previously CEO of the No. 1 CMBS debt restructuring firm in the world and the leader of the equity/debt advisory team at RW Kline Capital, LLC.

With Cushman & Wakefield, Kline will spearhead a specialized national CMBS advisory practice focused on CMBS debt maturities, assumptions, restructurings and rescue capital. Blending his existing advisory team with C&W’s Capital Markets team, Kline will create the largest CMBS debt restructuring practice in North America. Additionally he will represent Equity, Debt, and Structured Finance clients with a primary focus on the West. He will work closely with the Phoenix, Los Angeles and Dallas offices, and will also assist in other regions where he has been active.

“Bob’s expertise in the analysis, planning and execution of equity, debt, restructuring and structured finance transactions is among the most impressive in our industry,” said Jim Underhill, CEO of the Americas for Cushman & Wakefield. “He brings strong client relationships and an outstanding track record of high-profile transactions in many of the top markets in the Americas, Europe and Asia. We look forward to the important role he’ll play in our EDSF group, including developing Cushman & Wakefield’s national CMBS advisory practice and assisting our loan sales platform group led by John Howley.”

Jay Quinn also joins Cushman & Wakefield as Managing Director – Capital Markets Equity, Debt, and Structured Finance Group. Quinn has more than 30 years of experience focused on commercial real estate debt and equity, diversified investments, portfolio management and structured finance. He was previously with RW Kline Capital, LLC.

“As a recognized commercial real estate leader and a top producer, Bob provides a breadth of experience and global coverage that will add tremendous value as we continue to strengthen our Capital Markets equity, debt and structured finance platform,” said Steven Kohn, President of the EDSF group.

As CEO of RW Kline Companies, Kline operated five vertical operations with 60 associates and 11 offices. He has facilitated more than 600 note sales, acquisitions and more than $8.7 billion in restructurings.  He and his Capital Markets team at RW Kline Capital placed more than $3.1 billion in capital in the commercial real estate markets in the past 18 months.

“Cushman & Wakefield has an excellent culture of collaboration and is recognized for both its strong brand and the talent of its Capital Markets professionals,” Kline said. “I’m very pleased to join Cushman & Wakefield and I look forward to expanding our practices. I see great opportunity in leading the firm’s specialized CMBS restructuring/turnaround practice while contributing to the growth of the overall Capital Markets business.”

Briarwood Apartments

126-unit Briarwood Apartments sell for $4.05M

Cushman & Wakefield of Arizona, Inc. negotiated the $4.05 million sale of the Briarwood Apartments, a multi-family property located at 3450 W. Missouri Ave., in Phoenix.

Briarwood was built in 1983 and contains seven buildings and 126 units. The property was 90 percent occupied at the time of the sale.

Edward Sibley of Phoenix sold the property to David Barnes of Vancouver, B.C., Canada.  The sale price brought $32,143 per unit, which equates to $59 per square foot.

“Briarwood should benefit from the expansion taking place at Grand Canyon University,” said Brett Polachek. “The buyer plans to spend additional capital upgrading both the interior and the exterior of the property.”

Polachek and Jim Crews of Cushman & Wakefield represented the buyer in the transaction.

 

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Reconnecting Tucson

While Phoenix is in the throes of commercial recovery, Tucson is, comparably, about 18 to 24 months behind. The city’s proximity to the border is touted as a draw for investors, but the player with the best hand remains the University of Arizona (UA), which is not only the largest employer in southern Arizona but also the nucleus to an otherwise stagnant city.

As development stands, experts point out Tucson has added 1,900 student housing units in the last year and the retail and office sectors in proximity to UA and Pima Community College show promise. In April, Colliers closed the largest office sale in Tucson since 2008.

“Multifamily has led the recovery in almost all markets,” says Cindy Cooke, who heads the Cooke Multifamily Investment Team at Colliers. “Since so much of Tucson is UA and the medical school, I think you only see that continue to be strong. The growth will be fantastic.” The first sign in recovery, she says, is when vacancy increases. Right now, Tucson’s multifamily vacancy is at 7.9 percent. In 2009, it exceeded 11 percent.

The UA is working to spin its innovation to the private sector and create small firms offering high-paying jobs in many areas of core competency, says President and Managing Shareholder of Cushman & Wakefield | PICOR, Mike Hammond. “The UA more than ever drives our community in a positive direction,” he says.

Kurt Wadington, Sundt Construction’s Tucson building group leader agrees. He adds that “apart from downtown and other isolated projects, Tucson’s market continues its softness in the shadow of a very slow economic recovery.”

Tucson’s streetcar project, Sun Link, aims to strengthen those existing assets and ignite future development. “With the recent infusion of student housing and corporate offices, downtown has become a desirable location for restaurants and bars as more people live and work in the area,” says Wadington. “This increased day and nighttime activity, that is expected to increase when Tucson’s new streetcar becomes operational on July 25, has numerous developers considering additional retail, office and housing projects.”

Though pens are to drawing boards, and the Sun Link has generated a “flurry of land sales,” there is some hesitation in development. Cushman & Wakefield | PICOR called Tucson a market in search of demand in its Q1 2014 reports. “One-liners are always a little true and at the same time false,” says Hammond. “Tucson says it wants good jobs but it acts differently when they appear.

Tucsonans tend to like the environment and object to nearly any attempt to develop on the land. This depresses demand as the process to develop anything is cumbersome and expensive with very little certainty of success, so we grow slower and some would say that is good. The right balance is tough to achieve.

“As government indebtedness drops, it is anticipated Pima County, followed by other jurisdictions, will pursue bonding authorizations for badly needed capital projects. Other needs may be met through public-private partnerships as public infrastructure needs continue to mount.”

UA is closely followed by Raytheon Missile Systems, Davis-Monthan Air Force Base and the State of Arizona as top employers. Simply, southern Arizona relies on government funding.“I think the big rock the southern Arizona market is waiting for is some resolution at the national level on debt and how government goes forward at the federal spending level,” says Hammond.

“Much of our area is dependent of spending at the federal level and that has been decreasing, whether for infrastructure, military in general — the A10 fighter specifically — and Raytheon. No one expects funding to increase in these areas and these are very good jobs that bring new money into the area. The multiplier effect is real in the creation of jobs or the loss of jobs as the case may be.”

Jerry Noble and Jackie Orcutt

Noble, Orcutt named market leaders for Cushman & Wakefield

Cushman & Wakefield Inc. has named Jerry Noble and Jackie Orcutt as Market Leaders of its Arizona operations in Phoenix. Noble and Orcutt have previously served as leading commercial real estate professionals for C&W in Phoenix.

“We could not be more pleased with our decision to entrust our Phoenix operations to Jerry and Jackie,” says Joe Cook, chief operating officer, US Markets for Cushman & Wakefield. “They each possess extensive knowledge of the local market and have demonstrated the highest degree of professionalism within the industry.  Their commitment to the success of Cushman & Wakefield in Arizona positions our company for dynamic growth in the market as we align and expand our services around our Investor and Occupier clients.”

Noble, market leader and managing broker, is a recognized leader in office properties brokerage with more than 17 years experience in the Phoenix market. He joined Cushman & Wakefield in 2013 after having served as First Vice President at CBRE and as Vice President with Trammell Crow Company. Recognized as one of the city’s leading office properties experts, Noble has experience with sales, leasing, valuation, and buyer representation. He is a board member of the Arizona SIOR Chapter, and is a member of local NAIOP and CCIM Chapters. In his new capacity, Noble will manage the brokerage divisions of Cushman & Wakefield of Arizona.

Jackie Orcutt, market leader, investor services, one of Cushman & Wakefield’s leading industrial properties specialists, worked at CBRE for five years before joining the company in 2011.  The company recognized her nationally in 2013 with receipt of the Rising Star award. She has been named as one of the “40 under 40” most influential people in commercial real estate, and recognized as one of the 20 most influential women in the industry. During her career, Jackie has represented leading owners of institutional industrial product in sales and leasing transactions. Orcutt is a board member of AZCREW, serves in leadership for NAIOP and has worked on the ULI Partnership Forum. In her new capacity, Orcutt will manage the company’s property management division and have responsibility for integrating and delivering management, agency leasing, and capital markets services to property owners and investors.

Noble and Orcutt will continue their work in office properties and industrial properties brokerage in addition to their management roles. The two leaders will serve as the senior management team for the company, along with recently hired director of operations, Stephanie Sandro.

5341 W. Luke, WEB

Roof Products Inc buys Phoenix manufacturing facility

Cushman & Wakefield of Arizona, Inc. negotiated the $1.45 million sale of a manufacturing facility at 5341 W. Luke Ave.

The 35,000-square-foot property was built in 1985, and sits on two acres. The property was not on the market at the time of the sale. However, when discovered, it turned out to be the ideal building for Roof Products Inc. (RPI), which is based in Chattanooga, Tenn.

RPI has been in Arizona for 13 years. The new building will serve as its Western regional headquarters. RPI is a manufacturer of roof curbs and also furnishes sky lights for its customers.

Justin LeMaster and Mike Gilbert of Cushman & Wakefield’s industrial division represented RPI.

“Due to the lack of supply of functional, freestanding buildings in the marketplace, we searched high and low to uncover the right facility for our client,” LeMaster said. “This facility gives Roof Products the ability to expand its business and its presence in the Western U.S.”

“The industrial team of Justin LeMaster and Mike Gilbert exceeded our expectations throughout the entire process,” said Robert Banicki, President of RPI. “Due to our growing business, customer demand and need for a specialized facility, we wanted to own our next building. Justin and Mike used their market knowledge and relationships in the brokerage community to identify the perfect facility for our company.”

The sale price commanded $41.50 per square foot.  Peter Batschelet of Lee & Associates represented the seller, Wynn Properties LLC.