Tag Archives: Jerry Noble

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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.”

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.

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.

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.

Jabil Circuit, CushWake, WEB

Former Jabil warehouse sells for $11.4M

Cushman & Wakefield of Arizona, Inc. negotiated the $11.4 million sale of a former electronics manufacturing/warehouse building at 615 S. River Dr.

The 193,000-square-foot property was built in 1982, expanded in 1994 and expanded again in 1997. It includes 176,000 square feet of fully air-conditioned manufacturing and warehouse space and 17,000 square feet of office space. It sits on 16.5 acres with direct frontage on the Loop 101 and close proximity to the Scottsdale and Chandler submarkets.

“EverWest Real Estate Partners and CarVal Investors will reposition the property as creative office space and will fill the void felt by the many tech-related users in the market seeking modern, collaborative office environments with above-standard parking,” said Chad Littell.

“We are excited about the opportunity this building will bring to the market. Upon completion of the renovations, the property will offer high-tech creative office space with a 7:1 parking ratio in a thriving and high-demand large user market,” said Curt Kremer, Managing Director  – Acquisitions with EverWest Real Estate Partners.

Littell, Chris Toci, Jackie Orcutt and John Grady of Cushman & Wakefield of Arizona collaborated with John Boyd of Signature Associates in Michigan, a Cushman & Wakefield affiliate, and Tim Callahan of Cushman & Wakefield Florida, to represent Jabil.  The buyers are EverWest Real Estate Partners and CarVal Investors.  Jerry Noble, Ryan Bartos and Orcutt of Cushman & Wakefield will be retained to handle the leasing.

St. Petersburg, Fla.-based Jabil announced it would close the facility last September. Jabil moved into the building in 2005 when it took over an electronics manufacturing business.

Charles Miscio, a senior vice president at Colliers International

Could The Current Real Estate Mess In Arizona Have Been Prevented?

A few short years ago, when Arizona’s residential market was really cooking, Charles Miscio was getting his teeth cleaned when his dental hygienist made an ominous comment: She owned eight houses and was renting them out to investors, speculators and anyone in between.

“It seems like everyone got caught up in that irrational thinking,” says Miscio, a senior vice president at Colliers International, who has more than 20 years of experience in the Arizona real estate market. “The train had left the station and no one thought it would stop. Well, it took some major missteps by Wall Street, but I think everyone can agree that money train has stopped.”

Fortunately, Miscio adds, Arizona did learn some lessons from past real estate market cycles, and things, especially in the commercial sector, should begin to look better following another nine to 12 months of uncertainty.

“Mid-2010 is what we as brokers are looking toward for recovery,” he says.
Right now, real estate executives and economic experts concede, a credit crunch, plummeting home values and corporate uncertainty have consumer confidence at historic lows. Companies aren’t expanding, leasing or buying more office space or hiring workers. Consumers, in turn, are wary about their jobs and have resisted spending on everything from new cars to health care.

It begs the question, though: Could anything have been done to prevent the current malaise?

Miscio says perhaps those with business ties to real estate (finance, mortgage, brokers, developers, etc.) should have watched the indicators better and kept a skeptical eye on the ever-outreaching building patterns. Developments continually moved to the periphery of the desert, making long commutes a norm for many and impacting the quality of life for many more. Exotic financial structures, which seemed too good to be true, also emerged. As it turns out, reality eventually set in.

“We just need to pinch ourselves once in a while,” the Colliers executive says.
Pat Feeney joined CBRE in 1985, and has ridden many waves in the market. Today, he is a senior vice president dealing mostly with industrial projects. He says current action in all sectors is down, and like, Miscio, he believes any improvement is closely tied to the replenishment of consumer confidence. That could take a while, as the Conference Board’s Consumer Confidence Index, a widely watched gauge of consumer spending, continues to fall to all-time lows. Currently, confidence in the economy is the lowest on record.

Feeney has seen these cyclical patterns before and believes, in the end, this too shall pass; it’s just a matter of time, although there are a few caveats in this current cycle.

“Historically, cycles come and go — the wounds heal and everyone goes back into battle,” he says, adding that past cycles were always followed with an “oomph factor.” That “oomph” was the Internet and tech boom earlier this decade, and the housing boom of the mid-2000s.

“Where is that next oomph?” Feeney asks, citing comments made by an economic analyst at a national economic strategy session.

“…it took some major missteps by Wall Street, but I think everyone can agree that money train has stopped.” — Charles Miscio, Colliers International

“This dramatic improvement also needs to be worldwide, since all of our economies are tied together. I agree with the cyclical thought process; I just think this one will take longer. I just don’t know how long.”

Several things from past booms are playing a huge role in the current bust. A run-up in the cost of land over the past decade held the lid on the market, as did escalating construction and material costs. Some key zoning changes, mostly around Sky Harbor International Airport, have also equated to a real estate industry that could be much worse off.

“This time around, there wasn’t unbridled and uncontrolled activity,” Feeney says. “This was more economically controlled and driven.”

Like many, Feeney remains bullish on Phoenix. People will always want to escape the inclement areas of the U.S. and the congested and strange factor of California. Arizona is a great place to live and affordable housing, one way oranother, will return.

Jerry Noble, a first vice president at CBRE agrees: “Phoenix continues to grow and be a leader in U.S. growth. We have always seen dynamic employers looking for space in quality locations with an affordable work force. Our fundamentals just need to stabilize and we’ll get back to where we need to be.”


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