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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.

OLYMPUS DIGITAL CAMERA

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.

UberPitch

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.

Untitled

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.

rsz_cushman&wakefield

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.

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.