Tag Archives: cushman wakefield

CBRE Cathy Teeter, WEB

Cathy Teeter promoted at CBRE

CBRE has announced that Catharine Teeter has been promoted to the position of regional sales director for the Southwest Region. In this role, she will work closely with the managing directors in CBRE’s Phoenix, Tucson, Salt Lake City, Las Vegas and Albuquerque offices on reporting business and market share activity, new business pursuits, pipelines and follow-up requirements. Her key objectives will include increasing opportunities and improving win rates for CBRE’s sales professionals. Teeter will also serve as a conduit for assisting professionals with identifying resources and information within the enterprise platform.

”I am pleased to announce Cathy’s promotion to regional sales director,” said Craig Henig, CBRE’s senior managing director and Arizona market leader. “Cathy has been instrumental in working towards our goal of achieving operational excellence, and I know she will bring the same focus and dedication to her new role. Cathy’s deep market knowledge and professional relationships coupled with her 25+ years of industry experience make her an ideal fit as our new Regional Sales Director.”

Teeter joined CBRE last spring as the director of operations for the Southwest Region. In this role, she has been responsible for the implementation and oversight of the firm’s new local market operations structure, which is designed to drive a deeper level of support to local offices and employees across markets.

Prior to joining CBRE, Teeter spent more than 25 years with Cushman & Wakefield, where she most recently served as the senior operations manager for their offices in Arizona and Nevada. During that time, she gained considerable experience successfully running profitable operations while leveraging an effective administrative infrastructure that provided superior service to professionals in brokerage, asset services, project management and valuation advisory groups. Additionally, Ms. Teeter served on national committees for broker support and broker training programs and has worked with major clients including American Express, Symantec, Lucent, Citigroup, eBay and Prudential.

Teeter holds an MA degree in Organizational Management, a BA in business administration and a professional human resources (PHR) certification. She is an active member of the Society of Human Resources Management (SHRM) and NAIOP.

Tempe Warner Self Storage

Tempe Warner Self Storage sells for $6.7M

Cushman & Wakefield announced the sale of Tempe Warner Self Storage at 1835 E. Warner Rd. in Tempe for $6.7M. Greg Wells of Cushman & Wakefield, director of the Self-Storage Industry Group represented the seller, Hibernia Tempe, LLC, and procured the buyer, StorQuest Self Storage

The 52,200 SF self-storage building offers 100 percent drive-up access units and is located on a major commercial thoroughfare in Tempe.

“The self-storage investment market is incredibly active right now. An abundance of capital from multiple sources, outstanding operating fundamentals and a lack of new supply have all contributed to this level of activity,” said Wells.

This sale is the third closing in the past 30 days for the Cushman & Wakefield Self Storage Industry Group. The three transactions included 26 properties totaling approximately 1,850,000 SF spread across seven states with a combined transaction value in excess of $150M.

Phil Jones

Phil Jones joins Cushman & Wakefield

Phil Jones has joined the Valuation & Advisory group at Cushman & Wakefield of Arizona as a managing director.

Jones will be a member of the Dispute Analysis & Litigation Support Practice (DALS). Jones is a Certified Public Accountant (CPA) specializing in forensic and fraud investigations, damage calculations, and business valuation. He is an expert in these areas and has extensive experience in contract and construction disputes.

“Phil adds a totally new dimension to our DALS group andcomplements those services we currently offer,” said Jo Dance, MAI, CCIM, Managing Director | Regional Manager for Cushman & Wakefield of Arizona. “We are pleased to add Phil’s talents to our team and to be able to broaden our platform of services to our clients.”

Prior to joining Cushman & Wakefield, Jones was Managing Director of Jones Business Advisory, LLC. He has more than 15 years of experience in financial consulting and accounting, specializing in assessing financial damages for litigation and business valuation.

Jones is a Certified Fraud Examiner (CFE), Accredited Senior Appraiser (ASA) and is accredited in Business Valuation (ABV). He is certified in Financial Forensics through the American Institute of CPAs.

A native of Iowa, Jones earned a Bachelor of Business Administration in Accounting from the University of Iowa. He is a CPA in Arizona, Illinois and Iowa.

Courtesy of Cushman & Wakefield

New Corner Bakery to open at Tempe Gateway

Cushman & Wakefield of Arizona is delivering a new Corner Bakery to Tempe Gateway, 222 S. Mill Ave.

The 4,777-square-foot café/deli/bakery joins tenants that include Limelight Networks, Allstate, Waste Management, and Amazon at Tempe Gateway, which is now 99-percent occupied.

Summer Jackson of C&W’s retail group represented the landlord, Parkway Properties Inc., in the long-term lease transaction. Richard Francis of HeinzRich Companies LLC represented the tenant.  Jerry Noble, Greg Mayer and Patrick Devine of C&W’s office group represent the landlord in leasing the office space at the property.

“We are very excited to announce the addition of Corner Bakery,” said Jackson, associate director at Cushman & Wakefield. “They will be an excellent amenity to the project and surrounding office complexes.”

Corner Bakery will occupy the northern end-cap of the retail space that fronts Mill Avenue. Plans call for a large patio to the north and east sides of the space.  Corner Bakery offers freshly baked breads, a breakfast menu, homemade soups, pasta, salads, sandwiches as well as coffee and espresso.

Cushman & Wakefield has two additional retail spaces for lease at Tempe Gateway, 1,614 SF and 1,805 SF.   Occupancy date of Corner Bakery is Oct. 1.


DTZ will buy Cushman & Wakefield for $2B

Commercial real estate services firm DTZ is buying Cushman & Wakefield for $2 billion, according to a Wall Street Journal report.

Combined, the firm will have more than $5 billion in annual revenue, the  Journal reported. The combined firm will keep the Cushman & Wakefield name and will have more than 250 offices in 50 different countries, including its Phoenix office. The firm will also create a real competitor for CBRE and JLL, the two commercial real estate services firms that have been dominating the field.

CBRE has $9 billion in annual revenue and JLL has $5.4 billion, according to the Journal.

Stay tuned to AZRE for more information as it develops.

Metro Phoenix 1Q Market Analysis

Cushman & Wakefield: Industrial developers take action

Developers are taking action in Phoenix’ industrial market, constructing on land that has been held in wait.  This is according to the first quarter industrial report released by Cushman & Wakefield of Arizona, Inc.

“Mid-sized spaces are in short supply and developers are stepping up to fill the need,” says Jackie Orcutt, Senior Director with Cushman & Wakefield.  “The Deer Valley and Southeast Valley submarkets are particularly active with planned projects and construction.  Developers are benefitting from significant pre-lease commitments.”

Throughout the Metro Phoenix area, nearly three million square feet of space are under construction.  Approximately 1,855,179 square feet have already been completed and delivered to the market in 2015.  The majority of the new space delivered in first quarter is found in Southwest Phoenix, known for its sizable warehouse/distribution facilities.  “Developers such as Trammel Crow will be building three projects in the Valley, one in Gilbert, one in Avondale and the other in Deer Valley,” says Orcutt.  “These are experiencing some nice pre-leasing activity.”

Overall vacancy of industrial sits at just 12.5 percent, up slightly from a year ago because Metro Phoenix added approximately 6,457,851 square feet to its inventory in 2014.  Year-to-date net absorption totals 904,600 square feet, keeping pace with the rate of absorption from last year.  The largest lease signed this year  was Tuesday Morning’s commitment for 593,600 square feet at the Liberty Logistics Center at 563 S. 63rd Ave.in Southwest Phoenix on Interstate 10.  This lease was posted following the close of first quarter, so will appear in second quarter figures.

“Known for its large users, the Southwest Valley is now seeing strong demand from the smaller users,” says Orcutt.  “Many of these users are tied to the housing industry, which indicates a confidence in the resurgence of homebuilding.  While demand from these users is very positive, the Southwest area has overbuilt its facilities for users 200,000 square feet and larger.  Several new projects of that magnitude were recently constructed and we now have 15 properties available that can accommodate 200,000-square-foot users.  There simply hasn’t been the demand to fill them.  Absorption of those larger facilities will take time and patience.”

Rental rates have responded to market conditions, rising in areas of low supply and remaining low in categories of overabundant inventory.  “The larger users can still exercise leverage in their transactions, but submarket pockets with very low vacancy are commanding rate increases,” says Orcutt.  Southeast Valley submarkets of Chandler and Gilbert have been particularly popular with highly specialized tenants, such as pharmaceutical companies.  The demand from tenants who want space south of US 60 and east of the Loop 101 has been strong.  The Southeast Valley cities of Chandler, Gilbert and Mesa now have more than a million square feet under construction.  “This is a remarkable event since the vast majority of industrial construction for the past few years has been focused in the big-box Southwest Valley,” according to Orcutt.

Leasing activity for the first three months of 2015 has been strong and is anticipated to remain so for the rest of the year.  “Our economy is strong.  Local users are growing and we continue attracting companies from outside the state.  We will keep our eye on California to see if users from that area are drawn to Arizona in the wake of the state’s water crisis.  If that situation is not resolved, it may create a new wave of demand in Phoenix,” says Orcutt.

Office Market

Office market poised for near term growth

The economic environment over the next three years will be the best for the office real estate sector in more than a decade, according to Cushman & Wakefield’s 2015-2017 U.S. Office Review & Forecast, released today. In fact, the commercial real estate services firm anticipates that the combination of rising employment and incomes, strong consumer spending and business investment growth will likely lead to strong demand across all property types.

“The U.S. economy entered 2015 with strong positive momentum,” noted Maria T. Sicola, Cushman & Wakefield’s head of Research for the Americas. “Businesses are more optimistic than they have been since 2007, anticipating strong sales growth. As their focus shifts from concerns about costs, to growing top line revenue, they are hiring more aggressively.”

The U.S. office market ended 2014 on solid footing and is poised for even stronger growth through 2017. A relatively limited construction pipeline and tenant demand for modern space translated into a lack of quality space in several markets, tipping the scales back in favor of the landlord. Some market indicators ended the year at levels not seen since the recession.

According to the Cushman & Wakefield U.S. Office Review & Forecast:

  • Although the occupier trend toward efficiencies is expected to continue, with fewer square footage allocated per employee, job growth will be strong enough to drive down vacancies.
  • Absorption over the next three years is forecast to total 175 million square feet, which is more than the past eight years combined.
  • Through 2017, 131 million square feet of new supply is anticipated, hitting annual growth rates not seen since 2008. While older-generation office buildings sit empty in many markets across the country, occupiers’ appetites for new or completely rehabbed properties show no signs of abating.
  • Average asking rent growth in the United States is expected to come in at just under 5.0 percent in 2015 and 2016, and 3.6 percent in 2017, well above the 10-year average of 2.8 percent. Markets expected to experience double-digit annual rent growth at least once over the forecast horizon include Boston, Seattle and Silicon Valley.


Occupiers continue to flock to the urban cores across the U.S., with talent attraction and retention their top priorities. “The millennial population, in particular, has demonstrated its preference for an urban environment in all facets of their lives,” Sicola said. “Working, living and playing have become a more seamless experience for this generation, which continues to enter, and will soon dominate, the labor market.”

Unsurprisingly then, the nation’s CBD markets are performing better than their non-CBD counterparts by nearly every measure. Yet while the exodus of businesses and residents alike from the suburbs to the urban core has been well-documented, many non-CBD markets across the country are thriving and are expected to continue to do so over the next several years.

“While it is true that the old-school, auto-centric suburban office park with few amenities has fallen out of favor with tenants, properties along transit lines outside of traditional downtown areas continue to attract occupiers,” Sicola said. “The best-positioned suburban properties are those that offer an ‘urban’ feel, offering a mix of office, retail, residential and recreational space.”

According to the Cushman & Wakefield report, most market indicators will be at or close to their pre-recession levels by 2017. “Growth in occupied space will continue to be muted somewhat by the large-scale trend of tenants taking less space,” Sicola explained. “Still, the removal of antiquated properties to other uses will keep vacancy rates in check even as more and more construction completes. As occupiers and investors adjust to this new ‘normal,’ we expect more markets to return to equilibrium, well ahead of the next cycle.”

In addition to covering market fundamentals and trends, the 2015-2017 U.S. Office Review & Forecast offers rankings of top CBD and non-CBD markets according to vacancy rate declines, rent increases and absorption, along with three-year vacancy and rental rate forecasts for major markets nationwide. The full report can be accessed at:  http://www.cushmanwakefield.us/en/research-and-insight/2015/2015-2017-us-office-overview-and-forecast/ .


Jeff Banks joins Cushman & Wakefield

Jeffrey A. Banks has joined the Industrial Properties Division of Cushman & Wakefield of Arizona, Inc. as an Associate.

Banks’ primary responsibilities at C&W will be to focus on tenant and agency leasing for industrial properties.  Banks previously was Vice President of Business Development for Facto Express, a freight shipping and trucking company. Prior to that he was Assistant Vice President of Institutional Fixed Income for DA Davidson and Co., and FTN Financial.

“Jeff is a perfect complement to our industrial division,” said Jackie Orcutt, Market Leader | Investor Services at C&W of Arizona. “He brings great perspective from the occupier side of the business and his background in commercial lending makes him extremely well-rounded.

“He is well-poised to launch a very successful career in industrial brokerage and we are happy to be working with him,” Orcutt said.

Banks was born in Heidelberg, Germany, but was raised in the southern California area. He attended high school in Brea Olinda, Calif.  He received a Bachelor of Business Administration in Finance, Real Estate and Law from Cal Poly Pomona, in Pomona, Calif.

Dan Casey joins Cushman & Wakefield

Dan Casey has joined the Industrial Property group at Cushman & Wakefield of Arizona, Inc. as an Associate.

Casey will be responsible for industrial leasing and sales, and tenant and landlord representation focusing on the North Phoenix/Scottsdale submarkets.

Casey joins C&W of Arizona from Rein & Grossoehme Commercial Real Estate, where he served as Senior Industrial Associate. Prior to moving to Phoenix in 2011 he worked for Inland Companies in Milwaukee, Wisconsin, as an industrial brokerage assistant.

“Dan is a great addition to our Cushman & Wakefield family in Phoenix,” said Jerry Noble, Market Leader and Managing Broker at Cushman & Wakefield of Arizona. “His specialization in the Deer Valley and Scottsdale Airpark industrial markets will significantly enhance our coverage of those very active submarkets.  2015 promises to be a big year for those areas, especially along the Loop 101 corridor.”

Casey is a native of Menomonee Falls, Wisconsin. He is a graduate of the University of Wisconsin-Milwaukee, where he earned a degree in finance and real estate. He received his Arizona real estate license in August 2011 to focus on industrial sales and leasing.

Oblique & Renderings of Airport I-10-1

Airport I-10 announces three national tenant leases

Just as Airport I-10’s 600KSF Phase I approaches completion, Wentworth Property Company/Clarion Partners and the Phoenix office of JLL have announced the signing of three major, national tenant leases that bring one of the largest speculative office projects in Phoenix history to more than 35 percent pre-leased.

The new tenants at Airport I-10 include:

• DLS Worldwide, a major, volume-leveraged third-party logistics provider, leasing 78,843 square feet in Building B for a new headquarters, light manufacturing, assembly and distribution facility.

• DHL, the world’s leading postal and logistics group, leasing 40,529 square feet in Building E for a regional parcel delivery hub.

• Pilot Freight Services, a worldwide provider of transportation and logistics services, leasing 31,824 square feet in Building E for centralized pick-up and delivery service operations.

JLL Executive Vice Presidents Pat Harlan and Steve Sayre, and JLL Associate Kyle Westfall represented Wentworth/Clarion in all three leases. Mike Gordon of Cresa represented DLS. John Werstler, Jerry McCormick and Cooper Fratt of CBRE represented Pilot. Jim Wilson of Cushman & Wakefield represented DHL.

The new leases join with a 63,470-square-foot pre-lease completed by JLL in mid-2014 with Anixter International, Inc., a leading global distributor of enterprise cabling and security solutions, electrical and electronic wire and cable, and OEM supply fasteners and other small parts.

Inclusive of Anixter, this brings JLL’s new lease commitments at Airport I-10 to 215,000 total square feet, leaving the project’s three-building, 600,000-square-foot Phase I at 35 percent leased, before construction is even finalized.

“Modern companies want modern buildings. This is making all types of users more sophisticated about what they look for in an industrial location,” said Harlan. “They are requiring the kind of improved function that you get from features like higher clear heights, better overall building layout and better truck maneuverability. Airport I-10 checks all of these boxes, and because of this is attracting tenants making an overall flight to quality – a trend that is happening across the entire industrial market.”

“Airport I-10 was designed to give modern industrial tenants a home in the heart of Phoenix’s industrial distribution network. We couldn’t be more pleased with the companies that have committed to space here,” said Wentworth Property Company Principal James R. Wentworth. “They are a barometer of the types of businesses that we believe will continue to chose Airport I-10 and build out one of the submarket’s best and last industrial parcels.”

Located at the northwest corner of 24th Street and Rio Salado, Airport I-10 Business Park represents the last large, developable parcel left in the Sky Harbor International Airport submarket. Phase I includes three Class A industrial buildings totalling more than 600,000 square feet (277,954 square feet, 169,109 square feet and 156,000 square feet). This portion of the project is 35 percent pre-leased to Anixter, DHL, DLS and Pilot.

At build out, the 58-acre Airport I-10 property will include five Class A industrial buildings totalling 920,584 square feet, with a modern environment for corporate users and fully equipped with state-of-the-art features such as ESFR sprinkler systems, 30- to 32-foot clear heights, cross-dock loading and 140- to 200-foot truck courts.

Rosie Keller joins Cushman & Wakefield

Rosie Keller has joined the Corporate Occupier & Investor Services Division of Cushman & Wakefield of Arizona, Inc. as portfolio manager.

Keller joins Cushman & Wakefield after 15 years at Ryan Companies, where she began her career in the construction and development departments. Her background includes experience as a property manager and senior property manager.

Keller has managed an average of 2 million square feet of office, industrial and retail space in Phoenix, and 500,000 SF in San Francisco and Washington, D.C. Her clients have ranged from institutional (Mitsubishi Estate, Rockefeller Group Investment Management, and Sumitomo Corporation of America) to high-net worth individuals (Ryan Funds). Keller worked with Sumitomo to develop/implement a commercial real estate management platform for 2.1 MSF of Class A office product from San Francisco (123 Mission) to Miami (Miami Center).

Keller will be responsible for managing Cushman & Wakefield’s office and retail property management portfolio. She will work alongside Patti Farina, Director, who has been instrumental in growing Cushman & Wakefield’s industrial property management division to more than 12 MSF, the largest industrial management portfolio in Arizona.

“When we started our search for a Portfolio Manager, we knew we were looking for a dynamic, well-respected, and highly experienced individual,” said Jackie Orcutt, Market Leader | Investor Services for C&W of Arizona. “Rosie has a roll-up-your-sleeves mentality with an infectious competitive energy that has proven to be an outstanding complement our team.”

Keller is a member of BOMA Greater Phoenix and Valley Partnership. She is a native of El Paso, Texas. She attended Northern Arizona University and Arizona State University, where she received a Bachelor of Arts in Spanish and Literature.


Chris Toci named top producer at Cushman & Wakefield

Cushman & Wakefield of Arizona, Inc. has announced its top producers for 2014.  For the second straight year, Chris Toci, executive director in the Capital Markets group, led the Phoenix office.

Toci negotiated investment sales totaling $290.4 million and approximately two million square feet in a variety of property types, including corporate campuses, Class A office buildings and a notable adaptive reuse project in Tempe.

The largest single transaction closed by Toci was an $85.1 million, 332,815-square-foot sale of Anchor Centre in the Camelback Corridor. Another significant deal was the $51 million, 337,439-square-foot sale of an office portfolio for American Express.

Other top producers include:

• Multifamily Advisory Group: Jim Crews;

• Office Group: Larry Downey and Mike Sayre;

• Investment Properties: Chad Littell and Chris Toci;

• Industrial Group: Jackie Orcutt and John Grady;

• Tenant Representation: Don Rodie, Blaine Black and Sam Murik.

“We are very proud of all our Top Producers this year,” said Jerry Noble, Market Leader and Managing Broker for C&W of Arizona.  “In 2014 Cushman & Wakefield participated in several transactions that helped shape the market. We are privileged to serve so many great clients and look forward to a strong market in 2015.”

Tablerock Apartments in Flagstaff sell for $14.35M

Cushman & Wakefield of Arizona, Inc. has negotiated the $14.35 million sale of Table Rock Apartments, located at 3400 S. Lake Mary Rd.

The property, which was built in 1998, contains 100 apartment units in five buildings and was 98 percent occupied at the time of the sale.

Virtu Investments of Venice, Calif., sold the property to Red Rock Investment Management, also of Venice, Calif. The sale price brought $143,500 per unit, which equates to $139 per square foot.

“A student-oriented property with strong operations and proven rent increases, Table Rock Apartments are one mile from the Northern Arizona University campus,” said Jim Crews, Senior Director with the Multifamily Property Group at Cushman and Wakefield. “The property features an interior value-add opportunity.”
Crews and Brett Polachek of Cushman & Wakefield represented the seller in the transaction.


Uber opens headquarters in downtown Phoenix

monroe1One of Phoenix’s most recognizable mid-century modern landmarks is undergoing a significant renovation project aimed at embracing the building’s vintage design features with a modern twist of style and technology. With the improvements already underway, the new digs are attracting a  premier set of technology, design and entertainment tenants to Downtown Phoenix in addition the traditional mix of government, legal, financial and administrative uses.

111 West Monroe has signed three high-profile tenants that add to the unique tenant mix, proving the office tower to be one of Downtown Phoenix’s hippest addresses. Uber, Cannon Design and Mornin’ Moonshine were attracted to the building for its distinctive design and renovations to the exterior ground floor, interior lobby, landscaping, signage and valet parking garage.

Rialto Capital, a national real estate investment and asset management company, in a joint venture with Ironline Partners, a Phoenix-based commercial real estate group (principals, Tim O’Neil and Robert Karber), are delivering a best in class, amenity rich property with 5 star customer service, at competitive pricing. The new ownership acquired the 50-year-old office tower in April 2014, admiring the property’s core urban location and functional configuration, which is ideal for both large corporations and small, entrepreneurial businesses.

Uber, a $40 billion company, will use this location as their Arizona operations office. A social juggernaut, Uber has become a household name by delivering on-demand car service at the touch of a button. The company demonstrated monstrous growth in 2014 and is constantly offering new employment opportunities in Arizona that continue to have a positive impact on the local economy.

Cannon Design, an international design firm, offers a range of services from architecture and engineering, to product design, graphics and interior design. With an award-winning creative work culture, the company utilizes the most advanced virtual technologies to fully integrate Cannon designers from all of their offices into a single unified firm without walls.

Mornin’ Moonshine is a boutique “grab and go” coffee concept created by DJ Fernandes, a local architect and restaurateur whose other projects include hotspots Vovomeena and Tuck Shop.  As one of the pioneers of small batch and cold brew coffee in Phoenix, Mornin’ Moonshine will fuel Downtown Phoenix with specialty craft java. .

111 W. Monroe’s exciting new tenants were drawn to the architecturally-unique building by its premier downtown location, proximity to light rail, bike sharing, valet visitor parking, and responsive local ownership. Uber and Cannon Design have already opened for business in the building. Mornin’ Moonshine will be open by Valentine’s Day.

“We are thrilled with the business community finding its way to 111 W. Monroe,” said Tim O’Neil of Ironline Partners. “The restoration is designed to raise the bar for architecturally significant properties in Downtown Phoenix, offering a destination for people who demand both institutional grade facilities and a local, boutique experience.”

Charles Miscio and Danny Plapp at Colliers International (602.222.5071) have the office leasing assignment and are welcoming  smaller niche businesses by providing small, entrepreneurial, flexible ‘spec suite’ options while ensuring larger businesses’ needs are met through responsive ownership and custom interior space improvements.  Some of  the most desirable space at 111 W. Monroe remains available, as the penthouse boasts 27,000 square feet available with naming rights and spectacular city views. Although filling quickly, the building also has available ground floor retail space.  Courtney Auther and Brian Kocour at Cushman & Wakefield (602.229.5967) have the retail leasing assignment.


Curtis Chickerneo named to board of Youth and Families First

Curtis Chickerneo of Cushman & Wakefield of Arizona, Inc. has been named to the board of directors of Youth and Families First, a behavioral health agency which provides youth and families with support and services.

Chickerneo became involved with YAFF when he negotiated lease transactions for the organization in 2014 in Prescott, Glendale and Tucson. Kourtney Stafford is the CEO and Matthew Brosius is the CFO of YAFF, which has a fourth location in Mesa.

“We are honored to have someone with the experience and expertise that Curtis has in the ever-changing demands of real estate and commercial leasing to join our board of directors,” Stafford said. “Curtis has been instrumental in assisting us in finding quality office space to accommodate the growth of our agency. Curtis has advocated for our agency from Day 1 in getting the best deal for us. He has been a pleasure to work with and always presents with the up most professionalism.”

According to the YAFF website, its mission is to provide youth and families with the hope that tomorrow can be better than today by empowering them for life-long success, inspiring hope in individuals, and fostering strong community connections.

“Youth and Families First ‘s real estate needs have been unique and rewarding as a professional assignment for me,” Chickerneo said. “It has been very enjoyable taking care of them and watching/being a part of their growth.  I am honored and thankful to be part of their board of directors and look forward to serving the community in this very worthwhile organization.”

Chickerneo has been with Cushman & Wakefield for two years since joining the firm as an intern.

819 W. Fairmont, Daum, WEB

Daum negotiates $1.7M industrial sale

Daum Commercial Real Estate Services has negotiated the $1.721 million sale of a 27,872-square-foot industrial building located at 819 W. Fairmont Avenue in Phoenix.
Rich Sica and Jay Krew with Daum Phoenix represented the seller. Justin LeMaster of Cushman & Wakefield represented the buyer in the transaction.
The buyer, SPCLO IV, LLC of Phoenix bought the industrial space for distribution purposes and also plans to lease a portion of the building.
The seller of the free-standing industrial building was West Fairmont Investments, LLC of Scottsdale.


Matt Nebeker joins Cushman & Wakefield

Matt Nebeker, Cushman & Wakefield

Matt Nebeker, Cushman & Wakefield

Matt Nebeker has rejoined the Office Properties Division of Cushman & Wakefield of Arizona, Inc.

Nebeker is a 10-year veteran of the Phoenix commercial real estate industry, focusing on East Valley office leasing. He previously worked at Cassidy Turley (now DTZ) and Trammell Crow, and returns to Cushman & Wakefield, where he worked from 2006-2008.

“We are thrilled to have Matt back with Cushman & Wakefield,” said Jerry Noble, Market Leader | Managing Broker at C&W of Arizona. “Matt’s energy and experience are a terrific addition to our office properties group.”

Nebeker is a member of NAIOP Arizona and Executive Council Charities of Greater Phoenix. In 2009 and 2010 he was top overall broker in the Southeast Valley. Landlord clients served include Parkway Properties, Hannay Investment Properties, Wilson Properties and LBA Realty. Nebeker’s tenant representation clients include such companies as Schein Inc., Kyocera of America and Hubbard Engineering.

Nebeker is an Arizona native and attended high school near San Diego.  He graduated from Arizona State University in 2002 with a Bachelor of Science degree in Finance.

123RF.com, Copyright: valeriylebedev

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.