Tag Archives: leasing

rsz_wdr_commercial_logo

Walt Danley Realty Launches Commercial Brokerage Division

Scottsdale-based luxury residential real estate brokerage Walt Danley Realty announced the formal launch of its boutique commercial brokerage division, Walt Danley Commercial.

“We chose to launch the division now because we see great opportunities,” said Tom Snyder, designated broker of Walt Danley Realty. “Across all spectrums of metro-Phoenix’s commercial real estate industry, we are experiencing a recovery cycle after several years of downturn.”

Snyder adds that unemployment is down to a four year low, new housing starts are the highest in four years and homebuilder confidence is up.

“With conditions such as record low interest rates, multifamily prices rising, considerable activity in investment grade properties and home foreclosures declining, we feel confident that now is the right time to enter the commercial real estate market,” he says.

“Our commercial division is an extension of our residential real estate brand,” says Walt Danley, president of Walt Danley Realty. “Commercial is the natural progression for us as many of our clients are investors and business owners. We look forward to servicing our clients in all of their real estate needs with our signature customer approach.”

Notably, Danley has made business decisions like this throughout his career to ensure his clients receive “white glove treatment.” When Danley was a single real estate agent, he referred business to agents outside his market area.

Then, according to Danley, rather than risk clients not receiving his high standards in service, he decided to establish a team of agents to cover a larger market area and keep that business; which later led to the founding of Walt Danley Realty.

Danley will remain at the helm of the firm’s luxury residential real estate offering, and Snyder will head its commercial division.

Snyder has experience in both commercial and residential real estate, and previously owned his own real estate brokerage for nearly 30 years. He has served as a CFO, as well as in other executive roles for national and international corporations. Snyder has serviced clients across the U.S. in site selection, planning and zoning, financial analysis, construction and leasing.

Walt Danley Commercial recently hired Guy Donahue, a real estate veteran with more than 30 years experience, as its Commercial Realtor. Previously, he was instrumental in the planning, implementing and building of the 1,000-acre master-planned community, The Ocotillo Community and Golf Course.

“It’s an honor to join such a prestigious and well-known brand,” Donahue said. “The marketing support is second to none and we’re looking forward to assisting Danley’s current clientele with their commercial real estate needs.”

Services through Walt Danley Commercial include:

• Commercial land sales

• Office building sales

• Office leasing

• Medical building sales

• Apartment sales

• Residential land sales

• Retail center sales

• Industrial land sales

• Industrial building sales

“Our commercial division will follow the same customer-centric business model that has been so successful in our residential space,” Danley added.

For more information, visit www.waltdanley.com.

Camelback Arboleda

Jones Lang LaSalle Completes Sale of Camelback Arboleda

The Phoenix office of Jones Lang LaSalle completed the sale of Camelback Arboleda, a 179,751 SF, multi-tenant office building located at 16th St. and Camelback Rd., in the heart of Phoenix’s Camelback Corridor.

Jones Lang LaSalle’s Senior Managing Director Dennis Desmond and Senior Vice President Brian Ackerman managed the sale to El Segundo, Calif.-based Westport Capital Partners LLC, a real estate investment firm specializing in distressed and opportunistic real estate assets.

Camelback Arboleda is currently 81% occupied by tenants including Stanley Consultants, Telesoft Corp., and a Starbucks administrative office. It is also the third large, opportunistic office building that Jones Lang LaSalle’s capital markets team has sold in suburban Phoenix since mid-2011. The sale price was reportedly more than $16M.

“All of these buildings are in very sought-after locations and provide great upside opportunity,” Desmond said. “They are the value-add combination that buyers have been waiting for.”

In addition to Camelback Arboleda, the capital markets team recently brokered the sale of Scottsdale Financial Center II— a 150,892 SF building at Indian School and Scottsdale roads that was purchased in late 2011 by Westport Capital Partners, and Scottsdale Centre — a 164,300 SF building located on Scottsdale Rd. near Indian Bend Rd. that was purchased in mid-2011 by Newport Beach, California-based MIG Real Estate.

According to Jones Lang LaSalle research, the Camelback Corridor was 87% occupied five years ago and rental rates averaged $30 per-square-foot. Today, occupancy has dropped to 69% and rental rates average approximately $24 per square foot.

“As local office occupancy levels improve, so do rental rates,” Ackerman said. “We are seeing signs of significant increased leasing activity now on the Camelback Corridor and that’s what is attracting investors.”