Tag Archives: Lincoln Property Company

Best Public, Commercial Buildings - AZRE Magazine September/October 2011

Phoenix Children’s expands to Biltmore Commerce Center

Phoenix Children’s Hospital has committed to a 27,265-square-foot office lease at Biltmore Commerce Center, a Class A Camelback Corridor office building that was purchased just months ago by office investment and management expert Lincoln Property Company (LPC) and a fund managed by Oaktree Capital Management, L.P. (Oaktree). The company will move into Biltmore Commerce Center next month, bringing the project to 96 percent occupied.

The is the first lease new deal signed by the building ownership, which purchased Biltmore Commerce Center as part of more than $165 million in Phoenix-area investment activity in the early months of 2015.

“PCH was looking for a location close to its main hospital that could provide office-specific space for its growing administrative and executive functions. With its location and efficiencies, Biltmore Commerce Center fit that bill precisely,” said Lincoln Property Company’s Vice President Amy Ceran. “We are very pleased to welcome PCH to our tenant mix, and look forward to putting this project’s full advantages to work for them.”

Under the lease, Phoenix Children’s Hospital will ultimately occupy 27,265 square feet of space – a full wing on the project’s second floor. They will use the space for executive offices and for administrative functions including human resources and accounting.

Scott Maxwell of CRESA represented Phoenix Children’s Hospital in the lease negotiations. Lee & Associates’ Bill Blake, Craig Coppola, Andrew Cheney and Colton Trauter represented the landlord.

LPC has also completed a number of lease renewals at the project since its purchase, including Extreme Consulting and Strategy Wealth Management.

Located at 3200 E. Camelback Rd., on the northeast corner of Camelback Road and 32nd Street in Phoenix’s prominent Camelback Corridor, Biltmore Commerce Center is known for its Alucobond® metal panel exterior and highly visible, street-facing water feature. The project totals three stories and 259,000 square feet, with efficient floorplates and an 11,000-square-foot, newly remodeled three-story atrium running through the interior first floor. It also includes ground-level parking and subterranean parking that provides quick and direct access to all tenant floors via two separate elevator banks.

Additional project renovations and features include remodeled corridors and lobbies, upgraded landscaping and the new street-facing water feature. The property has earned an average 94-point Energy Star rating over the past six years. In 2012, it was named The Outstanding Building of the Year (TOBY) by the Building Owners and Managers Association (BOMA).

The project sits across the street from two retail projects, with numerous dining, shopping and business services options.

“This is a true landmark Phoenix property, with the full support of LPC’s more than 50 years of asset and project management expertise behind it,” said LPC Director of Management Services Alisa Timm, who directs the project’s property management strategy. “Amenities like the central atrium and high-tech touches give it the power to remain at the top of the market.”

With the Phoenix Children’s Hospital lease, Biltmore Commerce Center is now almost 96 percent leased to a broad group of tenants including HDR Engineering, Coamerica, Lee & Associates, United Way, Greystar, North American Title Company, DeRito Partners and Miller Russell & Associates.

LPC is now under construction on a first-floor, 4,600 speculative office suite at the project, with estimated completion in late July. This, along with one additional 6,241-square-foot suite on the third floor, makes up the last available space at Biltmore Commerce Center.

Express Furniture Rental Lease

Daum negotiates Express Furniture Rental Lease in Phoenix

Daum Commercial Real Estate Services has negotiated the lease of a 32,241-square-foot distribution center located at 5230 W. Buckeye Road in Phoenix for just under $1 million.

Steve Bodeman, executive vice president with Daum Phoenix, represented the lessee, Express Furniture Rental, in the transaction. This represents Bodeman’s fourth lease transaction for Express Furniture Rental over the past several years.

The lessor was Lincoln Property Company and was represented by Kyle Westfall and Pat Harlan from JLL of Phoenix.

Express Furniture Rental is in the furniture rental business and caters to the temporary housing industry, which is comprised of corporate housing, traveling nurse, insurance housing and student Housing. They also offer the sale of previously rented furniture at reduced prices. Express Furniture Rental signed a seven-year lease.

With locations in eight major markets on the West Coast including Phoenix, Tucson, Portland, Seattle, Sacramento, LA, San Diego and Fresno, Express Furniture Rental has grown to be the fourth largest furniture rental company in the country.

Daum Commercial Real Estate Services specializes in industrial and office properties throughout metro Phoenix. Daum Phoenix has successfully sold and leased millions of square feet in industrial and office buildings, and land. Headquartered in Los Angeles, Daum is California’s oldest and most experienced commercial real estate brokerage company. Daum is an affiliate of ONCOR International, a premier global commercial real estate referral network comprised of more than 50 independent commercial real estate partner brokerages in 32 countries.

Camelback Square, WEB

Quantifying the Property Manager

An atrium’s high-reaching archway floods with sun throughout the day, but after the sun sets, lights installed along the ceiling kick on. Over time, those lights’ bulbs will burn out and it’ll fall on a CPM such as Alisa Timm, director of management services at Lincoln Property Company, to figure out how to change those out. The problem is they’re really up there. They’re so high, she says, that not even a lift would be enough to change them. At one of the brainstorming sessions, it was once even suggested the company should hire rock climbers to rappel into the atrium to change the lights. This beautiful design has just proven to have a really expensive operational cost. “That’s one expensive light bulb,” says Timm.

AlisaPRO

Alisa Timm

This is a case she makes for developers to utilize the insights of property managers when designing a building. While it’s not always such extreme issues as the bulb example, sometimes the insight can be as helpful as not installing an HVAC system above a conference room. More property managers, she says, are being brought into build-to-suits (BTS) in the Valley. In late January, LPC broke ground on the 258KSF office campus Waypoint, which is already 50 percent leased to American Traffic Solutions. However, Waypoint is just one of many BTS developments coming to the Valley, others include the State Farm Campus at Marina Heights, Garmin headquarters, GM IT Innovation Center, GoDaddy Global Technology Center and Isagenix at Rivulon in Gilbert.

Bret Borg, president of Borg Property Services LLC, says property managers have been particularly in high demand for office projects, like the ones listed above.

“If people can understand the way office buildings work, every dollar you save is probably $12 in value added to the building, in the landlord’s pocket,” he says.

Bret-Borg

Bret Borg

While working with Opus-West, Borg said property managers were even brought in to work on the parking garage of the Collier Center and advised on often overlooked issues such as the need to have a janitorial closet on every floor of a high-rise to save on costs for janitors to travel between floors to empty mop buckets.

“Solar is the biggest thing right now, trying to figure out whether it’s worth it,” Borg adds. “For the first few years, it’s a great option. Certainly there are some governmental incentives we can educate people on.”

He adds, “It’s encouraging that the operational side is getting more attention than it used to.”

Timm was one of many property managers who saw a return of leasing and market appropriate property management fees as vacancies decreased in 2014. LPC’s Camelback Square, a 173KSF business park with class-A office space, saw occupancy rise from 53 percent to 92 percent in a 24-month period. Rental rates increased by 13 percent per square foot (PSF).

“What that means for the client and customer/tenant is that the talent we’re able to pay to service that building is better,” Timm says. “The things we’re able to do in the building: keeping it maintained, up to standards … we can provide better services. The ripple effect is we can upgrade our software, hire more people, our offices expand and we rent more space.”

The Great Recession has led to The Great Exchange, the movement of properties by value-add buyers who purchased half-filled properties and return them to the market at 80-percent occupancy. This has helped institutions see Phoenix as a more stabilized market, says Timm.

“We saw a bunch in Camelback Square trade because value-adds came in,” says Timm of LPC.

Another popular turnabout for properties facing difficulties such as obsolescence can benefit from what Timm calls “white boxing.” This is how LPC approaches out-dated office suites. It costs about $6 to $8 PSF to white box, which essentially creates space in an office in ceiling heights and workplace openness.

“A lot of owners have a tenant improvement allowance and don’t want to spend it all at once. It’s our job to show them how successful they can be,” Timm says. “Every single day a tenant is not in a building, our client suffers.”

She recalls a property LPC tried to market for more than a year. After convincing the owner to white box, it leased in six months.

As a case study, Timm accepted the challenge to re-energize a class-A office building in metro Phoenix to increase leasing activity. The approach was to demo, redesign and construct vacant suites to increase the lease-ability of the office building. Overall construction costs came out to $20 PSF. Two suites were leased on 5+ year terms within four months of completion at rates between $21 and $22 PSF. The suites reportedly increased the building’s value with a combined transaction value of nearly $1 million.

Expect property managers to set off more than a few light bulbs in coming months.

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$165M for LPC-Phoenix in 60 days

Office investment and management expert Lincoln Property Company (LPC) and funds managed by Oaktree Capital Management, L.P. (Oaktree) have completed the $58 million purchase of Biltmore Commerce Center, a Class A, institutional-quality office building located in the heart of Phoenix’s coveted Camelback Corridor.

The acquisition represents LPC’s second transaction in a partnership with Oaktree that has generated $102 million in metro Phoenix deal activity in a 60-day timeframe. These deals include the $58 million Biltmore Commerce Center acquisition and the $42.3 million, mid-February disposition of Camelback Square, a 174,917-square-foot, Class A office asset in Old Town Scottsdale. It also increases LPC’s Phoenix investment activity to more than $165 million in the last 60 days.

Located at 3200 E. Camelback Rd., on the northeast corner of Camelback Road and 32nd Street in Phoenix’s prominent Camelback Corridor, Biltmore Commerce Center is known for its copper metallic exterior and highly visible, street-facing water feature. The project totals three stories and 259,000 square feet, with efficient floorplates, ample above- and below-ground parking, and an 11,000-square-foot, newly remodeled three-story atrium running through the interior first floor.

The property is currently 93 percent leased to a diversified group of established tenants including HDR Engineering, Lee & Associates, United Way, Greystar, North American Title Company and Miller Russell & Associates.

“Phoenix has the lifestyle, the labor and the commercial real estate to generate upside value, drive demand and respond to tenant needs at almost any point of the real estate cycle,” said Lincoln Property Company’s Executive Vice President David Krumwiede, who directed the Biltmore Commerce Center investment purchase. “It’s an exciting dynamic to work in, particularly when you have a team that can see potential at any given point in the cycle, and use their investment, development and management skills to build on that potential. It leads to a lot of opportunity in many venues, including this latest, great portfolio addition.”

“One of the many strengths of Biltmore Commerce Center is the subterranean parking, which provides quick and direct access to all tenant floors via two separate elevator banks,” said Mark Jacobs, Managing Director with Oaktree Capital Management. “Tenants can go from their car to their office in less than 60 seconds, compared to five or 10 minutes for most buildings within the submarket. In addition, the location offers great visibility while providing quick and easy access without the high traffic congestion that other projects often experience.”

Additional project renovations and features include remodeled corridors and lobbies, upgraded landscaping and the new street-facing water feature. The property has earned an average 94-point Energy Star rating over the past six years. In 2012, it was named The Outstanding Building of the Year (TOBY) by the Building Owners and Managers Association (BOMA).

“The atrium has always been a unique element of the project, but has become even more valuable following a recent renovation that transformed it into a modern, collaborative space,” said Lincoln Property Company’s Vice President Amr Ceran. “The new atrium has stylish seating areas, a café and community tables, docking stations and water features. Its inviting character provides the opportunity for clients and team members to meet, for tenants to hold events, and an area where employees can relax. It’s one of the nicest spaces of its kind in Phoenix.”

Biltmore Commerce Center sits across the street from two retail projects with numerous dining, shopping and banking options, including Central Bistro, Wells Fargo, Bank of America, Mexx 32, Tarbell’s, Tommy V’s Osteria and Pizzeria, Tomaso’s and Hava Java Café. It is within one mile of the upscale, 600,000-square-foot Biltmore Fashion Park and the Arizona Biltmore Hotel and golf resort.

“This makes for a commanding asset that, with smart management, will only continue to grow in value and prestige – both for the ownership team and the tenants who lease here,” said Krumwiede.

Cushman & Wakefield’s Chris Toci, Chad Littell, Jerry Noble, Pat Devine and Greg Mayer represented the property seller, a venture between DPC Development Company and Bridge Investment Group. LPC Director of Management Services Alisa Timm will direct the project’s property management strategy.

According to Cushman & Wakefield data, the Camelback Corridor submarket posted 358,368 square feet of leasing activity in 2014, with projects in the area experiencing record high lease rates and, in the case of the Camelback Corridor, sustaining double-digit rent growth.

Promenade Corporate Center

Promenade Corporate Center purchased by LPC, Goldman Sachs

Office investment and management group Lincoln Property Company (LPC) and partner Goldman Sachs have purchased Promenade Corporate Center in Scottsdale, with plans to re-establish the property through a strategic renovation plan with up to $1 million in improvements.

The 256,175 SF Promenade Corporate Center totals two four-story buildings at 16427 and 16435 N. Scottsdale Rd. It sits within the North Scottsdale/Kierland submarket and at the center of the Scottsdale Promenade, a 730KSF, mixed-use retail project. In all, the office and retail portions of the project total approximately 1MSF on 84 acres.

DTZ’s Rick Reeder and Brad Tecca, from the San Diego office, and Jeff Wentworth and Sean Spellman, from the Phoenix office, represented the Promenade Corporate Center seller, Excel Trust Inc. (NYSE:EXL), a retail-focused real estate investment trust. Excel remains the owner of the surrounding Scottsdale Promenade retail project.

Promenade Corporate Center is currently 80 percent occupied by tenants ranging from Fitch, Inc. and Healthcare Trust of America to Meridian Bank and Regus Corporation. They enjoy surrounding Scottsdale Promenade retail and restaurant tenants including Nordstrom Rack, Lowe’s, Trader Joe’s, PetSmart, Jos A. Bank, Pier 1 Imports and Ulta, as well as Capital Grille, Benihana, Cantina Laredo, Habit Burger Grill and In-N-Out.

“This is a fantastic addition for our team, with room to fill out the project’s vacant office space and maximize its potential as the area’s largest and best office option,” said Lincoln Property Company’s Executive Vice President David Krumwiede, who completed the investment purchase along with Vice President Amr Ceran. “We are in an upswing office market, with new, cutting-edge tenants committing to the Valley every day. We are more than excited to expose that interest to this project.”

“Contemporary companies want exactly what the Promenade offers – quality, quick freeway access, walkability and exceptional shopping and dining,” said Ceran. “Those amenities are all represented here, and sit just outside of the lobby doors.”

In addition to a lease-up effort, LPC and Goldman will invest up to $1 million in improvements to the 2004/2005-built Promenade Corporate Center. Some of these improvements include lobby renovations, common corridor painting and landscape work.

DTZ’s Wentworth and Spellman will retain the Promenade Corporate Center marketing and office leasing assignment. LPC Director of Management Services Alisa Timm will direct the property management strategy, adding to the more than 7MSF already managed by LPC across the Desert West Region.

“We’re thrilled at the opportunity to serve the Promenade’s office tenants as they map out their strategies in the new economy,” said Timm. “This is a beautiful property that will serve them well in that effort.”

“Occupancy in the North Scottsdale office submarket has increased 3.3 percent in the past year, and is expected to improve even more in the years to come,” said Wentworth. “That says great things about this area and its potential to please investors and support tenants with a vibrant amenity base.”

Promenade is the latest asset to join LPC’s track record of successful Class A office repositioning efforts. In February, the company, along with a fund managed by Oaktree Capital Management, L.P. (Oaktree), sold Camelback Square to Dallas-based Velocis for $42.3 million.

LPC and Oaktree purchased the Class A, 174,917-square-foot Camelback Square out of special servicing in June 2011. They next initiated a major renovation and leasing plan, capitalizing on a prime location in Old Town Scottsdale to improve the building from 50 percent occupied to more than 95 percent occupied with tenants including Mastro’s City Hall Steakhouse, ZocDoc, Regus, Ashton Woods, Echo Global Logistics and Digital Airstrike.

The Grand Conceptual Rendering Final

LPC will develop 3.2M SF The Grand at Papago Park Center

Papago Park Center, Inc. announced today that Lincoln Property Company (LPC) has been selected to develop the first phase of Class A and mixed-use office space for The Grand at Papago Park Center. The total project is a 60-acre, high-profile, urban mixed-use property on the last developable parcel within the 350-acre Papago Park Center.

The Grand project will serve as the final phase of one of the largest business parks in Arizona. Papago Park Center, Inc., The Grand project’s master developer, selected LPC after an extensive RFP process that included local, regional and national development candidates.

The Grand at Papago Park Center is located along the Loop 202/Red Mountain Freeway between Priest Road and Center Parkway, and is named after the adjacent Grand Canal. The Grand Canal is a waterway developed in the 1870s to bring water from the Salt and Verde rivers to Metropolitan Phoenix. It was recently relocated to run through The Grand project, creating a water feature for the development. The completion of the canal relocation project will be celebrated with an upcoming event in March.

The Grand is part of Papago Park Center, home to the corporate offices of Salt River Project (SRP) as well as First Solar, Wells Fargo Home Mortgage, DHL, Union Bank, Sonora Quest Labs, State Farm Insurance, Western Refining and Parsons Brinckerhoff. At build-out, The Grand will total more than 3.2 million square feet of mixed-use office, multifamily, hotel, retail and restaurant space, including up to six 10-story, Class A office buildings surrounding a central water feature. When combined with Papago Park Center’s existing 3.3 million square feet of mixed-use projects, there will be more than 6.5 million square feet of urban development and approximately 20,000 employees and residents. More about The Grand at Papago Park Center is available at the project’s website: www.thegrandatpapagoparkcenter.com.

Tempe Mayor Mark Mitchell said development of The Grand at Papago Park Center further adds to the positive momentum of Tempe’s economy. “This is a boon to Tempe. The Grand will have impressive spaces rivaled by few in the region,” he said. “I am excited the site will feature pedestrian and bike paths connected to Tempe Town Lake that will be enjoyed by employees and the public.”

LPC is rolling out plans this month for its first office buildings. At build-out, The Grand will have a total of 1.8 million square feet of Class A space in six buildings. Construction on three parking garages will coincide with the buildings’ development.

“Being selected for this project evokes a sense of history, partnership and environmental stewardship,” said Lincoln Property Company’s Executive Vice President David Krumwiede. “We are extremely excited to work with Papago Park Center and to have the opportunity to pay tribute to the historic Grand Canal as the focal point of the development. We also recognize the all-time high demand for Tempe’s live-work-play environment, and believe now is an ideal time to build something very unique and lasting.”

The Grand is being developed through Planned Area Development (PAD) zoning and offers superior visibility, with approximately one-half mile of freeway frontage and two freeway off-ramps on Loop 202, just across from Tempe Town Lake. With two light rail stops serving the property, the site serves as the first stop on the light rail or by car coming out of Phoenix Sky Harbor International Airport and has almost immediate access to Arizona State University and the Loop 202 Freeway. It is also minutes from Interstate 10, the Loop 101 and the 51 Freeway, offering easy access to all major Valley thoroughfares as well as executive and employee housing in Paradise Valley, Scottsdale, Tempe, Chandler and Phoenix.

The project will include pedestrian-friendly multi-use paths along the Grand Canal and throughout the campus. Other nearby amenities include Papago Park, Papago Golf Course, Phoenix Zoo, Desert Botanical Garden, Tempe Town Lake, Arizona State University, Phoenix Municipal Stadium and the restaurants, shopping and entertainment within downtown Tempe’s Mill Avenue District.

“The Grand signifies the innovation and importance of the Grand Canal and the natural history of Papago Park,” said Nina Mullins, Senior Director of Papago Park Center, Inc. “It exemplifies the need to both further advance the economic vitality of our Valley and to protect the resources that sustain our more than 4 million residents.”

Jerry Roberts, Corey Hawley and Patrick Boyle with CBRE will lead the marketing and leasing efforts for The Grand’s office development. HKS Architects/Kendle Design Collaborative both serve as the office project architects and JEDunn will serve as the general contractor.

Dallas company buys Camelback Square

Velocis, a private equity real estate fund, today announced the purchase of Camelback Square, a three-story Class-A office project in the heart of Old Town Scottsdale, Arizona. The asset was previously owned by Lincoln Property Company (LPC), along with a fund managed by Oaktree Capital Management, L.P. (Oaktree).

The sale underscores the attractiveness of the project and Old Town Scottsdale.

“The Old Town Scottsdale office market is an extremely popular area that is experiencing steadily rising rents and values,” said Velocis Principal Paul Smith. “Camelback Square is our first acquisition in the Phoenix market, and one we hope to build on as we pursue additional assets in the Southwest region.”

The project buyer, Dallas-based Velocis, has been active in real estate investment since 2011, purchasing 16 assets located in markets in Texas, Colorado, Georgia, Florida and North Carolina. Velocis is led by a team of five seasoned principals who are directly responsible for the acquisition, asset management and disposition of assets.

LPC will continue to manage the property for the new owner.

“Over the last few years, we’ve witnessed a strong tenant demand in Old Town Scottsdale due to the surrounding amenity base of high-end residential, luxury shopping, hotels and entertainment options,” said Oaktree Managing Director Mark Jacobs. “We believe the tenant demand will continue and are looking to make additional investments in Old Town Scottsdale along with other areas of Phoenix.

The 174,917-square-foot Camelback Square is located at 6991 E. Camelback Rd., at the southwest corner of Camelback and Goldwater roads. It is currently 95 percent leased to tenants including Mastro’s City Hall Steakhouse, ZocDoc, Regus, Ashton Woods, Echo Global Logistics and Digital Airstrike. The project’s on-site amenities include the award-winning Mastro’s (a top 10 steakhouse in the U.S.), a bistro, tenant collaboration space and common area Wi-Fi.

“Old Town Scottsdale is an example of the new creative office environment, with the amenities investors look for to deliver solid rent growth, rising values and strong tenants year after year,” said Lincoln Property Company’s Executive Vice President David Krumwiede, who completed the deal along with Vice President Amr Ceran. “We recognized this when we purchased Camelback Square almost four years ago, and that foundation is even more evident today – following the execution of a repositioning plan that re-energized this asset as a long term centerpiece project.”

LPC and Oaktree purchased Camelback Square out of special servicing in June 2011. Since that time, they have completed a major renovation including new building entrances, modern lobby and common area finishes, a courtyard water feature and patio furniture, and upgraded building signage. They also initiated an aggressive leasing plan that – in partnership with Bill Blake, Craig Coppola, Andrew Cheney, Colton Trauter and Gregg Kafka of Lee & Associates – moved the project from just 50 percent occupied to almost 100 percent occupied.

Barry Gabel, Chris Marchildon, Kevin Shannon, Ken White and Paul Jones of CBRE led the project’s investment sales listing campaign.

Camelback Square sits adjacent to the 2 million-square-foot Scottsdale Fashion Square regional shopping center featuring the state’s only Barney’s New York and Neiman Marcus. It is located in the heart of Old Town Scottsdale, a submarket that consistently attracts forward-thinking companies seeking the area’s contemporary mix of office, residential, dining, arts and entertainment destinations.

For leasing information on Camelback Square or to discuss additional investment opportunities in the Desert West Region, please contact David Krumwiede or Amr Ceran at (602) 912-8888.

BOMA Greater Phoenix announces 2015 president

Megan Watkins, Lincoln Property

Megan Watkins, Lincoln Property Company

Lincoln Property Company (LPC) announced the appointment of Senior Property Manager Megan Watkins as 2015 President of the Building Owners and Managers Association (BOMA)–Greater Phoenix. With 315 current members, BOMA-Greater Phoenix serves as one of the Valley’s leading organizations providing education and advocacy for the commercial real estate industry.

Watkins joined BOMA-Greater Phoenix in 2004. She was elected to the Board of Directors in 2013 and served as Vice President in 2014. “Being elected to this position by my peers is an honor,” said Watkins. “I’m extremely excited to help the organization continue to educate and grow in 2015.”

A 15-year industry veteran, Watkins has been involved with the management of more than 1.3 million square feet of Arizona real estate. She is part of the award-winning LPC Desert West Region property management team, which manages approximately 7.0 million square feet of office, industrial and retail property throughout the metro Phoenix market.

“Lincoln is passionate about supporting our property leaders and their involvement in industry organizations like BOMA,” said LPC’s Director of Management Services Alisa Timm. “We are very proud of Megan’s accomplishments and know she is an excellent choice to lead BOMA in 2015,”

Watkins earned her Real Property Administrator (RPA) designation through the Building Owners and Managers Institute (BOMI) in 2008 and her Facilities Management Administrator (FMA) designation from BOMI in 2010. Earlier this year, she attended BOMA’s “The Outstanding Building of the Year” (TOBY) awards in Orlando, Florida to accept an International award for LPC’s management of the Arizona Game & Fish (AZGF) Department Headquarters in Phoenix. The building was among only fourteen buildings from across the world to earn the International honor.

As 2015 BOMA-Greater Phoenix President, Watkins will encourage member participation, continue to advance BOMA’s industry impact, deepen its relationships with public and private sector leaders, and grow the organization through new membership. “We’re always working to improve our value to constituents and connect with those who would benefit from a BOMA relationship,” said Watkins.

Waypoint at Riverview

American Traffic Solutions relocates 600 employees to Waypoint

Harvard Investments, Lincoln Property Company (LPC) and American Traffic Solutions (ATS) announced today that ATS will be relocating more than 600 employees to Waypoint, a new Class-A office campus located in Mesa, Ariz. ATS’s lease includes total occupancy of one of two new buildings planned by owner Harvard Investments and development partner LPC.

“We welcome American Traffic Solutions, the national leader in its industry, to Waypoint and are thrilled the corporate environment we are creating resonates with their leadership team.” said Craig Krumwiede, president of Harvard Investments. “We anticipate a great fit for their employees who will be within walking distance of the shopping center, restaurants, theater, park and Cubs stadium. The proximity to Arizona State University and Tempe Town Lake also add to the location’s attraction.”

The Waypoint project encompasses 19.5 acres directly east of Mesa Riverview, a 1.3 million- square-foot retail, hospitality and entertainment complex featuring over 20 dining options, 40 storefronts and a 24-Hour Fitness. Within the development, ATS will completely occupy Building One, a 108,000-square-foot space, while Building Two, a 150,000-square-foot space, is currently available for single- or multiple-occupancy lease.

“We’re excited about this move and all of the amenities this location has to offer,” said James Tuton, president and CEO of American Traffic Solutions. “This facility will not only be designed to meet the needs of both our Fleet Services and State and Local Government Solutions Business Units but allow us to do so under one roof.”

ATS is the leading provider of traffic safety, mobility and compliance solutions for state and local governments, fleets, and rental car companies. ATS expects to move into the Waypoint project in November 2015 with more than 600 employees. ATS is relocating from its existing offices in Tempe and Scottsdale, Arizona with plans to add as many as 150 additional employees by 2017. A privately held company, ATS has grown significantly each of the past several years and forecasts continued growth for the future.

“Waypoint represents the new era of creative office building design,” said David Krumwiede, executive vice president for Lincoln Property Company. “With large, open floor plans and high ceiling lines, the building will allow ATS employees to occupy their space in a myriad of ways –  from expansive indoor workspace landscapes and more intimate “huddle rooms” – to shaded outdoor collaborative spaces.”

Waypoint developer Lincoln Property Company is collaborating with The Davis Experience to create a “high-tech” aesthetic that extends from the buildings’ exterior to the two-story lobbies.  The façade will feature a multi-layered envelope of architectural cast concrete panels and high performance dual-pane aquamarine glazing. The interior entries will showcase clean lines, timeless materials, simple detailing, and the focal point – an open “floating” grand stair. Additionally, Waypoint features abundant parking, shaded amenity areas located around the office campus and the built-in amenity of Tempe Canal’s multi-use path.

“This is exactly the type of development we want in Mesa,” Mayor John Giles said. “High quality jobs, next to two freeways and lots of restaurants and shopping make Riverview an ideal location for employment centers like Waypoint. We hope to keep the momentum moving and see more well-planned developments like this throughout Mesa.”

Just six miles east of Phoenix Sky Harbor International Airport, Waypoint is conveniently accessed via a half-diamond off Loop 101 at Rio Salado Parkway, as well as two full-diamond interchanges along the Loop 202 at Dobson and Alma School roads.  Such accessibility makes the project one of the most desirable new office developments in the region.

“We anticipate additional interest from businesses looking to move to Waypoint and are thrilled for the nearly 1,700 jobs the project accommodates,” said District 1 Councilmember Dave Richins. “The ongoing positive impacts this creates for nearby residents and business owners is especially exciting.”

When completed, Waypoint will join an existing Hyatt Place Hotel and a 180-room, upscale brand Sheraton Hotel scheduled to open in March 2015. The hotels will include amenities such as full-service restaurants, bars, a swimming pool, a fitness facility and more than 30,000 square feet of meeting and event space.

Sapphire Scientific leased 31KSF at 21430 N. 15th Ln. in Phoenix.

Sapphire Scientific leases 31KSF in Phoenix

Commercial Properties, Inc., announced the lease of a 31,034 SF industrial suite located at 21430 N. 15th Ln. in Phoenix. John G. Soldo, SIOR of CPI’s Tempe Industrial Group represented the tenant in this transaction.

The property is a multi-tenant warehouse building owned by Columbia Arizona 15Th Industrial LLC, and is located just south of the Deer Valley Airport and south of Deer Valley Road and 15th Lane in Phoenix. The reinforced concrete building was built in  2005 and offers the new tenant immediate access to the I-17, Loop 101 and SR-51 freeways.

John G. Soldo, SIOR said, “The new tenant, Sapphire Scientific, Inc, designs and manufactures the industry’s most powerful, efficient truck mounted carpet cleaning accessories. The Class A, institutional property offered them 30′ of clear height, truckwell and grade level loading for their equipment.  Sapphire Scientific is headquartered in Prescott, Arizona, so this location off I-17 was ideal for my client.”

Steve Sayre represented the landlord, Lincoln Property Company.

Freeport Distribution Center, WEB

Lincoln Property Co. acquires Freeport Distribution Center

Lincoln Property Company (LPC) has acquired the two-building, 219,240-square-foot Freeport Distribution Center industrial project in southwest Phoenix. Freeport Distribution Center is located at the northwest corner of Buckeye Road and 51st Avenue, just minutes from the Phoenix Sky Harbor International Airport.

The project is a close-in infill site offering immediate connectivity to the I-10, I-17 and Loop 303 freeway. It boasts a strong tenant roster that includes Nestle North America and two Canadian-based, construction industry credit tenants: Moulding & Millwork (a subsidiary of Metrie) and Hardwoods Specialty (a subsidiary of Hardwoods Distribution, Inc.)

LPC purchased Freeport Distribution Center from Atlanta-based IDI Gazeley Brookfield Logistics Properties and California-based BlackRidge Real Estate Group. Brett Tremaine, Anthony Brent, Ryan Martin and Tom Simmons from HFF represented the seller. LPC will provide exclusive property management services for the new acquisition.

“Phoenix’s southwest Valley is an extremely sought-after industrial real estate submarket,” said Lincoln Property Company’s Executive Vice President David Krumwiede. “Freeport Distribution Center is a great example of the submarket’s strength and its potential to become even stronger as its key assets continue to stabilize.”

Krumwiede quickly engaged LPC’s property management team to capitalize on the project’s potential, and is looking for additional opportunities across the Southwest to do the same. “As a medium-size bay project, Freeport provides a nice balance to our regional portfolio. It is a welcome part of our company’s continued growth.”

“Freeport Distribution Center allows LPC to do what we do best, which is to bring a good asset up to its maximum value,” added Lincoln Property Company’s Director of Management Services Alisa Timm, who oversees a more than 6.5 million-square-foot management portfolio for the company’s Desert West Region. “We do this by providing the services that today’s owners need most: financial savvy, positive relationships and creative ideas that keep tenants and buildings at the top of their game.”

Located on approximately 11 acres at 5240 and 5302 W. Buckeye Road in Phoenix, Freeport Distribution Center includes one 135,114-square-foot industrial building and one 84,126-square-foot industrial building. The project features 25 – 28-foot clear heights, ESFR sprinkler system, front-load configuration and 240 – 260-foot shared truck court.

Camelback Square, WEB

National tech company signs 30KSF lease in downtown Scottsdale

Lincoln Property Company signed a 30,000 SF lease with a nationally platformed technology tenant at the Camelback Square office project in downtown Scottsdale. The confidential tenant commitment brings the Class-A building to 95 percent occupancy.

Bill Blake, Craig Coppola, Andrew Cheney, Colton Trauter and Gregg Kafka of Lee & Associates serve as the listing team for Camelback Square. Bryce Terveen of CBRE represented the tenant.

“Downtown Scottsdale is a truly unique combination of business, dining, shopping and entertainment,” said Lincoln Property Company Vice President Amr Ceran. “It is easy to understand why companies want to locate here, and we do all we can as an owner/manager to make sure we’re complimenting that choice with very positive tenant relationships and lease deals that are a win-win scenario for everyone.”

With the new lease, the 172,690-square-foot, three-story Camelback Square is now 95 percent occupied to tenants including Regus, Echo Global Logistics, Paramount Financial, Ashton Woods, Carefree Financial, Barker Education and Mastro’s City Hall Steakhouse.

“This is a very stabilized occupancy position for Camelback Square, even when compared to South Scottsdale’s recovering office vacancy rate, which is performing competitively in the low teens,” said Ceran.

LPC and Los Angeles-based investment firm Oaktree Capital Management purchased Camelback Square out of special servicing in June 2011. Since that time, LPC has completed a major renovation including new building entrances, lobby and common area finishes, a courtyard fountain and furniture, and upgraded building signage. As property owner and manager, LPC also initiated an aggressive leasing plan that moved the project from just 50 percent occupied to almost 100 percent occupied.

Camelback Square is located at 6991 E. Camelback Rd., at the southwest corner of Camelback and Scottsdale roads. It sits adjacent to the 2 million-square-foot Scottsdale Fashion Square regional mall and includes on-site amenities such as the award-winning Mastro’s City Hall Steakhouse, a casual deli and a building conference room.

AZGF 10x4, WEB

Lincoln Property Co. wins International BOMA Award

Lincoln Property Company (LPC)’s LEED Platinum Arizona Game & Fish (AZGF) Department Headquarters in Phoenix is among only 14 buildings from across the world to earn an International BOMA “The Outstanding Building of the Year” (TOBY) award at this year’s BOMA conference, held last week in Orlando, Fla.

From left to right: Jamie Britton (Kimberly Clark, TOBY Award Sponsor), Steve Harrison (BOMA Fellow), Megan Watkins (accepting award for LPC and also is the BOMA Phoenix Vice President),  Susan Engstrom (BOMA Phoenix member and International Executive Committee Member), Karen Piper (BOMA Phoenix President), Mark Covington (BOMA Phoenix BAE),  Richard Greninger (BOMA International Chair & Chief Elected Officer).

From left to right: Jamie Britton (Kimberly Clark, TOBY Award Sponsor), Steve Harrison (BOMA Fellow), Megan Watkins (accepting award for LPC and also is the BOMA Phoenix Vice President), Susan Engstrom (BOMA Phoenix member and International Executive Committee Member), Karen Piper (BOMA Phoenix President), Mark Covington (BOMA Phoenix BAE), Richard Greninger (BOMA International Chair & Chief Elected Officer).

The TOBY awards are directed by the Building Owners and Managers Association (BOMA) and are the industry’s most prestigious honor for excellence in building quality and management. Competitors for this year’s international award came from as far away as Beijing, China.

“This event is the Super Bowl of building awards,” said Megan Watkins, Lincoln Property Company’s Senior Property Manager and Vice President of the Arizona BOMA chapter. “It was clear that every winning team took great pride in their building and was honored for the recognition. I was equally honored to accept an international award on behalf of LPC while presenting the AZGF building to the world.”

“This award couldn’t have happened without the work of an outstanding team, led by LPC’s Senior Property Manager Lauren Grant, Mark Weise at the AZ Game and Fish building and all of our vendor partners,” added Lincoln Property Company’s Director of Management Services Alisa Timm. “BOMA leads our industry in promoting excellence, and LPC is proud to be a part of it.”

This is the first time that the Desert West Region of LPC has earned a BOMA award at the international level. The win follows the company’s recent local and regional TOBY wins for the AZGF project in the Government Building Category. It is a particularly significant recognition for LPC, as the company is both the project’s property manager and its original developer.

The AZGF headquarters totals 117,115 square feet at 5000 W. Carefree Highway in Phoenix. It was developed by LPC in 2007 and is the first-ever project to achieve LEED Platinum certification nationally for the organization. The property is owned by the Arizona Wildlife Finance Corporation and managed by LPC.

LPC’s property management effort at the AZGF headquarters includes a strong, longstanding partnership and forward-thinking processes that emphasize a healthy, cost-effective and productive workplace. Examples include a law enforcement branch, 24-hour fitness center, bunkhouse for visiting employees, facility and safety guidelines, and robust communications channels like intranet, web and group email systems that generate the fastest possible response times for maintenance and management needs. LPC also works hand-in-hand with AZGF to give back to the community through local organizations and volunteer opportunities. These efforts, combined with a strong on-site presence, have generated a 95 percent tenant satisfaction rate and routine 100 percent ratings for maintenance-related needs.

Harvard-LPC-Riverview, WEB

Harvard, LPC partner on final Riverview Point phase

Harvard Investments announced today that it will partner with Lincoln Property Company (LPC) to develop the second and final phase of Riverview Point, a Class-A office project directly adjacent to the 250-acre Mesa Riverview mixed-use property in Phoenix’s booming Southeast Valley.

Harvard Investments purchased the 19.55-acre land parcel for the new project from Montana Avenue Capital this week. In conjunction with LPC, Harvard Investments will build two new, Class A office buildings on the site: a three-story, 150,000-square-foot building and a two-story, 105,000-square-foot building. LPC will direct development of the project. It will also market the opportunity to build-to-suit prospects and anchor tenants.

“This project represents all of the things that make the Southeast Valley so exceptional–retail, dining, entertainment, and corporate environments, all linked by some of the state’s best educational assets and busiest transportation corridors,” said Harvard Investments President Craig Krumwiede. “These are key elements in an investment project, and they are what will make this property a strategic opportunity for companies looking for that next great address.”

“We’re operating within an area that continues to show—and grow—its ability to attract amenity-driven office tenants and make a positive, notable impact on greater Phoenix’s economic recovery,” said Lincoln Property Company’s Executive Vice President David Krumwiede. “This project will be no exception. Its timing and location are perfect for a development that will anchor this market for years to come.”

Dave Carder, Luke Walker and Eric Schultz, from the Phoenix office of CBRE, brokered the land transaction and will assist with the project’s marketing and leasing efforts. The Davis Experience serves as the project architect and Wespac Construction serves as the general contractor.

“We are very excited to work with Harvard and Lincoln on this new endeavor,” said Carder. “Momentum and demand for large blocks of Class A office space have returned to the office sector in force, and along with it great opportunity to create exceptional next-generation business environments.”

The new Harvard-LPC development is located on the borders of Mesa, Tempe and Scottsdale, just six miles east of Phoenix Sky Harbor International Airport and accessed via Loop 101 at Rio Salado Parkway and via two full-diamond interchanges along the Loop 202 at Dobson and Alma School roads. It is directly east of Mesa Riverview, a 1.3 million-square-foot retail, hospitality and entertainment complex. It is also less than one mile from the new Cubs Spring Training Facility and the newly reconfigured Riverview Park, which includes an innovative playground, six-acre lake and pedestrian path that connects the park and lake to the stadium.

When completed, the new Harvard-LPC office buildings will join an existing Hyatt Place Hotel, two existing, two-story office buildings that are approaching 90 percent occupancy, and a planned 180-room, luxury brand Sheraton Hotel scheduled to open in March 2015 and including amenities such as full-service restaurants, bars, swimming pool, fitness facility and more than 30,000 square feet of meeting and event space.

AZGF 10x4, WEB

Lincoln Property Co. advances to international TOBY awards

The Desert West Region of Lincoln Property Company (LPC) has advanced to the international “The Outstanding Building of the Year” (TOBY) awards competition for its management of the Arizona Game & Fish (AZGF) Department Headquarters in Phoenix. The awards program is directed by the Building Owners and Managers Association (BOMA) and is the industry’s most prestigious honor for excellence in building quality and management.

Arizona Game and Fish Department Headquarters

Arizona Game and Fish Department Headquarters

LPC earned a local TOBY award for the AZGF project (in the Government Building Category) in November 2013. It then advanced to the regional TOBY awards, which it also won. LPC will now move on to the BOMA/TOBY international competition, held this June in Orlando, Fla.

“We have been a part of the Arizona Game & Fish property from day one—first as its developer and then, for the past seven years, as its sole property manager,” said Lincoln Property Company’s Executive Vice President David Krumwiede. “Our longevity and relationships here make this a very special honor for us.”

The AZGF headquarters totals 117,115 square feet at 5000 W. Carefree Highway in Phoenix. It was developed by LPC in 2007 and is the first-ever project to achieve LEED Platinum certification nationally for the organization. The property is owned by the Arizona Wildlife Finance Corporation and managed by LPC.

“This headquarters serves as a functioning business operation for Arizona Game & Fish and as their grassroots outreach point to the community,” said Lincoln Property Company’s Director of Management Services Alisa Timm. “It has been a pleasure to share this project’s story with the U.S. commercial real estate industry. We’d be privileged to share the story with the world as well, with a win at the BOMA international competition.”

LPC’s property management effort at the AZGF headquarters includes a strong, longstanding partnership and forward-thinking processes that emphasize a healthy, cost-effective and productive workplace. Examples include a law enforcement branch, 24-hour fitness center, bunkhouse for visiting employees, facility and safety guidelines, and robust communications channels like intranet, web and group email systems that generate the fastest possible response times for maintenance and management needs. LPC also works hand-in-hand with AZGF to give back to the community through local organizations and volunteer opportunities. These efforts, combined with a strong on-site presence, have generated a 95 percent tenant satisfaction rate and routine 100 percent ratings for maintenance-related needs.

Dick's Sporting Goods distribution warehouse, Goodyear

Industrial Evolution: West Valley poised for land grab

Dick’s Sporting Goods built a 720KSF distribution center in Goodyear to service its West Coast stores.

A California-based investor erected a 400KSF spec shell in Surprise’s Southwest Railplex business park.

Corporate giants, Macy’s, Amazon, Sub-Zero, Marshall’s/TJ Maxx, Southwest Products and WinCo have landed or expanded their vast West Valley industrial operations within the last two years.

Even more companies are eyeing potential stakes in the burgeoning industrial parks springing up in once sleepy bedroom communities west of Phoenix.

With the recession in their rear-view mirrors, local, national and international companies are revving up manufacturing and distribution operations, and the West Valley is poised to be a big beneficiary of their expansion plans.

Justin LeMaster, Cushman & Wakefield

Justin LeMaster, Cushman & Wakefield

Available and affordable land, a deep labor pool, business-friendly state and local governments and top-notch transportation corridors contribute to the West Valley’s desirability, said Justin LeMaster, Cushman & Wakefield’s director for industrial properties.

Farsighted developers are already master-planning vast spreads of land, setting up infrastructure and even building large-scale spec structures that can accommodate another industrial giant or get sliced and diced to accommodate several smaller operations.

The developers — along with city and state economic development specialists — want their properties primed to snag the business when the lookers become movers, LeMaster said.

“Smart, creative developers will make the West Valley a successful high-growth market for years to come,” he said.

The numbers confirm the trend.

An impressive 4.5 MSF — nearly 94 percent of the metro area industrial construction started or completed in 2013 — is in the West Valley, according to Jones Lang LaSalle’s Q4 Industrial Report.

Q4 absorption was 1.96 MSF, and only 15.3 MSF of the West Valley’s 90.7 MSF total industrial inventory was still available at year’s end.

Nevertheless, 4.5 MSF is a significant amount of new inventory for a post-recession market, and, in fact, it boosted Valleywide industrial vacancy rates above 12 percent.

Anthony Lydon, Jones Lang LaSalle

Anthony Lydon, Jones Lang LaSalle

Industry experts aren’t worried.

“The new, grown-up, industrial tenants coming to market right now are looking for 300KSF, 400KSF and above,” said Anthony Lydon, Jones Lang LaSalle managing director for Supply Chain & Logistics Solutions.

Less than half of the West Valley’s available space meets that criteria, and a few big employers could snatch that up in a flash, he said.

Like LeMaster, Lydon expects that to happen sooner rather than later.

“Over the next 24 to 36 months, the Valley, and the West Valley in particular, will see significant new job creation,” he said.

So what makes the West Valley suddenly so attractive to the industrial users?

“Economics and location,” said Pat Feeney, CBRE senior vice president for industrial services.

Cost is key
Of the metro area’s three major industrial hubs ­— the airport area, the Tempe/Chandler corridor and the West Valley — the first two are nearly out of developable land, Feeney said. And scarcity makes that land pricey, especially for a large user.

Pat Feeney, CBRE

Pat Feeney, CBRE

A skilled and diverse labor force that moved west when the home builders did is another major factor, he said.

“Nearly 70,000 people live in Goodyear, but only 14,000 or 15,000 work in Goodyear,” Feeney said.

When big employers like Sub-Zero, Amazon and Macy’s held job fairs for their new West Valley digs, they typically attracted eight to 10 qualified applicants for every position, he said.

“They all shared that they were so happy they could pick the cream of the crop,” Feeney said. “It’s a really big draw.”

David Krumwiede, Lincoln Property Company

David Krumwiede, Lincoln Property Company

Staffing a large warehouse is a major economic concern, especially for companies with labor-intensive, e-commerce picking systems, said David Krumwiede, executive vice president for Lincoln Property Company, which owns 6 MSF in its four-state Desert West Region, 2.4 MSF of that in the West Valley, including Goodyear AirPark and 10 Lincoln.

Arizona’s main competition for the big industrial users looking to establish or expand operations in the West is California’s Inland Empire, Krumwiede said.

While the Inland Empire’s construction costs are comparable to Arizona’s, labor costs in Arizona, a right-to-work state, are much lower, he said.

“We are extremely competitive with California’s Inland Empire if a user has more people than trucks,” Krumwiede said.

And big energy consumers, such as companies employing sophisticated e-commerce logistics technology, can save as much as 30 percent to 40 percent in operating costs by locating in Arizona instead of California, Lydon said.

But possibly the biggest economic incentive for many industrial users is Arizona’s much more favorable tax basis, Krumwiede said.

All of the West Valley’s large planned business hubs have designated areas that are Foreign Trade Zone capable, and that’s a big selling point for companies that do significant international business in parts or products, Krumwiede said.

“If a company qualifies, it can see a 72 percent reduction in property taxes,” Feeney said. “It’s a tremendous benefit.”

And a benefit none of the nearby states can offer, he said.

Such issues make Arizona, especially the West Valley, where land is available and affordable, a clear economic winner over California.

Location, location, location
Second only to the West Valley’s attractive economics, is its advantageous location, less than half-a-day’s drive from the southern California ports — a major consideration for retailers and e-commerce leaders like Amazon, as well as manufacturers like Sub-Zero, according to the experts.

Rob Martensen, Colliers International

Rob Martensen, Colliers International

“If you can get out of traffic and get closer to the ports in Los Angeles and Long Beach, you can make that in six hours,” said Rob Martensen, Colliers International vice president.

That means truck drivers can log a round trip and still stay within federal guidelines regarding length of time on the road, a feat not so easy to accomplish from the East Valley.

And for companies distributing products regionally — Macy’s or Dick’s Sporting Goods, for example — the completion of the Loop 303 will forge the final freeway link that can speed trucks to and around cities and states north and west of Phoenix.

“It will open the gateway,” LeMaster said. “Companies want to be in Phoenix, and the West Valley will be the industrial hub of Phoenix with the (Loop 303/I-10) interchange.”

Overall, the combo of favorable attributes will ensure the West Valley lands on the short list for large and small industrial users for the next decade or so, Krumwiede said.

“The companies that are already out there — Amazon, Target, Costco, PetSmart, Staples, Macy’s — are all household names. It’s a great start. We’ll see more of those,” he said.

“My vision is that a lot of that vacant land will be put into production in the next five to 10 years.”

Game and Fish, WEB

Lincoln Property Company Grows Portfolio to Highest Point in Office’s History

The Desert West Region of Lincoln Property Company (LPC) this week pushed its management portfolio to the highest point in the office’s history with the assignment of 7025 North Scottsdale. Under the leadership of new Director of Management Services Alisa Timm, the firm also retained 100 percent of its nearly 6 million-square-foot portfolio in 2013 through multiple sales transactions, and expects continued and significant expansion in 2014.

 

Alisa Timm

Alisa Timm

The announcement came on the same day that LPC earned The Outstanding Building of the Year (TOBY) award by the Building Owners and Managers Association (BOMA) for management of the Arizona Game and Fish (AZGF) Department Headquarters. Located at 5000 W. Carefree Highway in Phoenix, LPC developed the project in 2007. It was the first-ever project to achieve LEED Platinum certification nationally for the organization and LPC has retained the management assignment for the campus ever since.

We are known as a very successful property developer and owner, but we are also an exceptional property manager. In fact, 50 percent of our portfolio is third-party management,” said Timm, a 25-year industry veteran. “That we have retained these clients year after year, and through changes in ownership, is noteworthy and extremely unusual in a rising market like Phoenix, where volatility is increasing.”

Because LPC also owns and develops projects, we approach management assignments with an ownership attitude, which is different than other firms,” added Lincoln Property Company’s Executive Vice President David Krumwiede. “I consider our team the most elite managers. We have the talent, and we give our experts the time and resources they need to fully commit to a project’s goals in a very sophisticated way.”

For AZGF, this includes a strong partnership and forward-thinking processes that emphasize a healthy, cost-effective and productive workplace. Examples include a 24-hour fitness center, bunkhouse for visiting employees, facility and safety guidelines, and robust communications channels like intranet, web and group

AZ Game and Fish

AZ Game and Fish

email systems that generate the fastest possible response times for maintenance and management needs. LPC also works hand-in-hand with AZGF to give back to the community through local organizations and volunteer opportunities. These efforts, combined with a strong on-site presence, generate a 95 percent tenant satisfaction rate and routine 100 percent ratings for maintenance-related needs.

LPC’s management portfolio now also includes 7025 North Scottsdale. Totaling 91,148 square feet, the three-story, Class A office building provides direct frontage to Scottsdale Road, adjacency to market-leading amenities and prime mountain views. LPC’s new Senior Property Manager, Lauren Grant, will oversee the project. With almost 10 years of commercial real estate experience, Grant has managed more than 2 million square feet of Class A office and retail product in Arizona and California.

The new assignment joins an LPC property management portfolio that also includes contracts retained through sales transactions of Broadway 101 Commerce Park, an 11-building, 808,000-square-foot mixed-use project in Mesa, Ariz., and Sky Harbor Business Center (formerly Lincoln Sky Harbor), a 130,000-square-foot project located next to Phoenix Sky Harbor International Airport.

Property management is paramount to a building’s success, but it becomes particularly critical in challenging economic times,” said Timm. “We are honored that our clients retain us year after year. You know you are succeeding when owners come back to you time and again.”

Under direction by Timm, LPC expects to continue to grow that presence in 2014, with an emphasis on office, industrial and retail assignments, and with plans to grow its new Las Vegas office as well as expand into Utah and New Mexico in the next 24 months.

10 Lincoln, Lincoln Property Company

LPC Developments Bring 5,000 Jobs to West Valley

Just two weeks after unveiling its plans to develop a major new business park in Goodyear, Ariz., Lincoln Property Company (LPC) has announced another new business park project, 10 Lincoln.
10 Lincoln will total more than 1 MSF on 72 acres. The development consists of five buildings ranging in size from 80 KSF to 500 KSF, with anticipated uses of distribution, e-commerce, manufacturing assembly and retail.
Together with LPC’s just-announced Goodyear AirPark, the firm now offers approximately 340 acres of active West Valley industrial opportunities, with the potential to bring more than 5,000 new jobs to the Phoenix market.
“Phoenix’s West Valley submarkets are becoming increasingly well known as convenient, cost effective sites for some of the nation’s largest distribution and e-commerce firms,” said Lincoln Property Company’s Executive Vice President, David Krumwiede. “We expect this demand to only continue, and will approach these new business parks accordingly. Ultimately, we see both as multi-year projects—ones that will allow us to offer local and national clients with the best shovel-ready land in the Southwest.”
10 Lincoln is located at 83rd Avenue in Phoenix, directly fronted by Interstate 10 to the north and bordered by Van Buren Street to the south. The project is Foreign Trade Zone capable, offering the potential for a 75 percent reduction in real and personal (equipment) property tax. Immediate corporate neighbors include Amazon, PetSmart, Cardinal Health, Target, Bose, Home Depot, Costco, Living Spaces and Sysco. Butler Design group has provided the project site plans. The site sits at a full diamond interchange.
“This is one of the West Valley’s last close-in, still undeveloped industrial parcels,” said Jones Lang LaSalle Managing Director Marc Hertzberg, who along with Jones Lang LaSalle Managing Director Anthony J. Lydon serve as the exclusive marketing coordinators for the project. “It is surrounded by established commercial and residential development, giving incoming companies a built-in employment and amenities base, and allowing 10 Lincoln to immediately begin serving and employing those who live and work nearby.”
The announcement of 10 Lincoln falls just two weeks after plans were unveiled for Goodyear AirPark, a 267-acre business park located just south of the southwest corner of Litchfield Road and the newly widened Highway 85, and directly south of the Goodyear Airport. LPC is the exclusive developer for the project, which is a joint venture with Carefree Partners Investments.
M

Lincoln Property Company Sells Project Near Sky Harbor Airport

Lincoln Property Company announced the sale of Lincoln Sky Harbor to LTJ Skyline/Grand Stable and Carriage.  Lincoln Sky Harbor is situated on 7.57 acres and consists of three buildings totaling approximately 130,000 SF.  The property is located at the northwest corner of 16th Street and Interstate 17, in Phoenix, and neighbors Phoenix Sky Harbor International Airport.

Phoenix Sky Harbor International Airport is ranked as one of the nation’s top 10 busiest airports for passenger traffic with a $79M daily economic impact. “Being adjacent to one of the nation’s top ten busiest airports has been a key factor to the success of the development,” said David Krumwiede, Executive Vice President, Lincoln Property Company.

Noted as a successful in-fill project, the industrial project was developed by Lincoln Property Company in partnership with INVESCO, a leading independent global investment management firm operating in more than 20 countries.

“Lincoln Sky Harbor is an attractive investment for many reasons, including the stable tenant base, the freeway exposure and proximity to Phoenix Sky Harbor International Airport,” continued Krumwiede.  “This infill project is one of many Lincoln projects that have capitalized on under-utilized properties.”

Lincoln Property Company was awarded the “Spec Industrial Development of the Year – 100,000 to 250,000 SF” for the Lincoln Sky Harbor project by the Arizona Chapter of the National Association of Industrial and Office Properties (NAIOP).

The property is 93.4% occupied with tenants such as GardaWorld, one of the top 10, fastest-growing security companies globally. GardaWorld is headquartered in Montreal, Canada, and provides business solutions and security services around the world.  Other tenants include Premier Lighting, 1-800-Flowers and The Synthetic Grass Store. Lincoln Property Company will continue to manage the property under the new ownership.

“LPC is pleased to continue serving as the property manager,” said Alisa Timm, CPM, Director of Management Services, Lincoln Property Company.  “Lincoln is known for managing properties with the philosophy of making decisions as if the asset was our own.  LPC will continue to provide the highest level of management service to the new ownership.”

Lincoln Property Company was represented by Daniel P. Calihan, Pat Feeney, Joe Porter III, and Rusty Kennedy of CBRE.  LTJ Skyline/Grand Stable and Carriage negotiated on their own behalf.

N:BDG201313089PresSITE13089-ST02 Work (1)

Collaboration Leads to 267-Acre Goodyear AirPark Industrial Site

David Krumweide

David Krumweide

Lincoln Property Company and industrial specialists in the Phoenix office of Jones Lang LaSalle (JLL) have collaborated to attract corporate design/build projects to a major new, multi-employer business park named Goodyear AirPark in Goodyear, Ariz.

The announcement comes on the heels of a joint venture formed between LPC and property owner Carefree Partners Investments. LPC will be the project’s design-build developer, based on the firm’s national scope, local office accessibility and ability to deliver an array of high-end design-build products. Jones Lang LaSalle Managing Directors Anthony J. Lydon, SIOR, and Marc Hertzberg, SIOR, serve as the project’s exclusive marketing coordinators.

The project, at build-out, has the potential to add approximately 4,000 new jobs to the market.

We’re on the front end of the next wave of industrial building,” said Lincoln Property

Click for larger view.

Click for larger view.

Company Executive Vice President David Krumweide. “It is the opportune time to capture employer interest and make very big, very positive, very lasting contributions to the Valley’s job growth.”

Goodyear is the Valley’s gateway from Southern California. Employers seeking new space solutions in Arizona can take advantage of our 30 to 40 percent operational cost savings, and the 267 acres of shovel-ready land that Goodyear AirPark provides to respond to their demand,” said Lydon. “LPC also has the financial and construction expertise to build exactly what corporate employers need, whether it is office, industrial, flex or research space. That gives us tremendous leverage toward our mission: to attract businesses that will provide long-term value to the greater West Valley market.”

According to JLL, only 10 percent of Goodyear’s 189 square miles is currently developed, offering significant opportunity for site selection and design-build activity. Current nearby industrial employers include Amazon, Macys, SubZero, Cancer Treatment Centers of America and Dick’s Sporting Goods.

Goodyear AirPark is located just south of the southwest corner of Litchfield Road and the newly widened Highway 85, directly south of the Goodyear Airport. Its 267 acres include flexible/divisible lot sizes with Highway 85 frontage and direct access to I-10 (via the I-10 reliever highway), a bicoastal, federal corridor that serves as the metro area’s main transportation artery. The site is also in close proximity to I-8 and the proposed Loop 202 and under construction Loop 303 freeways.

Goodyear AirPark offers variable zoning and is Foreign Trade Zone capable, which translates into a potential 75 percent reduction in real property tax and personal property (equipment) tax and duty deferral or elimination.

rsz_final_camelback_square_main_photo_11-1-12

Regus Lease At Camelback Square One Of Largest Deals In Scottsdale In Past 18 Months

 

Regus, the world’s largest provider of flexible workspace for business, is the newest tenant to lease at Camelback Square, selecting a 16,000 SF premises.

Camelback Square is a 172,690 SF, three-story building, owned and managed by Lincoln Property Company. The project is at 6991 E. Camelback Rd. across from Scottsdale Fashion Square. Home to Mastro’s City Hall, the project is just west of the prestigious intersection of Scottsdale and Camelback roads in Scottsdale.

Regus continues to expand and capitalize on the growing demand from entrepreneurial business ventures, start ups and small businesses. Regus has more than 1,500 locations in 600 cities worldwide.

Regus’s global network of workspace, which allows businesses to explore new opportunities without the upfront capital investment or long-term risk, recently opened for business in their 100th country, Nepal. In Metro Phoenix, this new Regus suite is the 18th location in the company’s network of flexible workspaces.

In addition to the anticipated increase in small business activity Regus’ expansion signals, this 16,000 SF deal is one of the largest lease deals in the past 18 months in the Scottsdale submarket and represents an upward trend in commercial real estate volume in the Camelback Corridor.

:This transaction brings Lincoln’s Camelback Square property up to 85% occupancy, making our performance significantly better than the 24% vacancy rate in the Phoenix market as a whole,” said David Krumwiede, Executive Vice President, Lincoln Property Company. “In fact, we’ve seen a 15% increase in occupancy over the past year in this highly sought-after property.”

“We’ve seen a lot of activity with tenants relocating within this desirable Scottsdale submarket,” said Amr Ceran, Vice President, Lincoln Property Company. “Tenants are looking for the high quality real estate that Camelback Square offers.”

The CBRE team of Jim Fijan, Jerry Roberts and Corey Hawley represented the landlord. Tom Adelson and Kevin Calihan of CBRE represented the tenant.

 

 

azcrew

Cultivating and Connecting: AZCREW

As the business environment in commercial real estate is changing, so is the mission and vision of AZCREW, the Valley group comprised of professional women in the industry.
Leadership development, education, networking and business development are but a few of the organization’s building blocks. Building a strong member base, embracing social media and branding are important as well.
Ericka LeMaster, senior vice president of Commercial Real Estate Finance at Alliance Bank of Arizona, been an active member for four years and is chair of the Programs Committee. AZCREW provides the platform, she says, “Where I can (with our very talented committee) exercise my passion for selecting educational tropics and arrange the high-quality luncheon speakers.
“Through being an active participant, I have had the pleasure to provide lending services to some of our members’ customers as well as refer new business to our title and legal membership base,” she adds. “Aside from new business opportunities I have made friendships that will survive my career in commercial real estate finance. AZCREW is driven by passionate professionals and I am proud to be a part of this organization.”
Since becoming involved with AZCREW, says Krystal Dill, marketing manager at Lincoln Property Company, she has experienced countless opportunities to grow professionally, make new connections and build great relationships.
“As a member of the (national) Crew Network, AZCREW is a wonderful resource for women in commercial real estate that offers access to local and national networks to cover every aspect of a transaction,” Dill says. “The organization encourages leadership and fosters success among its members. This is especially true of our committees where team members work together at a common mission to achieve specific goals.”
Upon membership, Dill signed on to the PR/Outreach Committee and was asked to serve as co-chair with Jackie Orcutt of Cushman & Wakefield. The committee is charged with overseeing community outreach, attracting new members, preparing quarterly newsletters and promoting AZCREW.
“Last year we were asked to plan the inaugural fundraiser event for scholarships to benefit the MRED program at Arizona State University,” Dill says. “We partnered with the AZCREW Special Events Committee to create a festive, elaborate and successful Black and White Affair. The event exceeded all expectations, enhanced brand awareness, built a partnership with ASU and benefitted terrific students.”
Programs offered by both the local and national organizations provide excellent education opportunities, says Cathy Teeter, acting market leader for Cushman & Wakefield of Arizona. AZCREW advocates a closing of the industry’s gender gap through quality leadership and respected professionalism. “AZCREW provides an invaluable resource and platform for not just women in the marketplace, but for the industry as a whole,” Teeter says.
“This organization improves the commercial real estate field by encouraging diversity and providing career development opportunities for dynamic women.
“Personally, I have found the networking system of AZCREW to be very important,” she says. “The monthly luncheons are informative and the subject matter is always timely. The social components, such as the annual charitable golf tournament and mixers, provide wonderful avenues to build relationships. The group encourages positive, professional relationships with all members of the real estate community.”
AZCREW is unique in that it brings people together from all sectors of the real estate industry. At any given luncheon, Teeter says, “you can sit at the table with your banker, attorney, broker or property manager.
“AZCREW has been very successful over the years, as demonstrated by the impressive number of females serving in leadership roles throughout the Metro Phoenix real estate market,” Teeter adds.
Little did she know years ago when Edythe Higgins of Wells Fargo encouraged her to join did Melinda Hinkson, business development, Sigma Contracting, that she would find AZCREW — and CREW — to be so fulfilling on so many levels.
“As a business owner and industry participant, I have benefitted not only from the networking but also the educational opportunities that CREW provides,” Hinkson says. “Even so, I am only in my infancy with the CREW Network, because there is much more opportunity and support through the national network that I have yet to avail myself of. There are annual conventions, leadership meetings, a deal database, professional development training, speaking, writing and leadership opportunities and awards programs, in which I have yet to participate.
“All of that provides me with many additional tools and opportunities for both personal and professional growth as I go forward within the CREW organization.”
Locally, Hinkson participates on the membership committee helping AZCREW grow its membership. She is also on the Golf Committee, which plans and runs the organization’s annual charity golf tournament, held at Gainey Ranch.
“AZCREW not only has provided me with the camaraderie of like-minded ambitious women, but has also afforded Sigma many opportunities to partner with other members on local building projects, and opened doors of opportunities with brokers, developers, and property management teams,” Hinkson says. “AZCREW has been a significant lifeline for both myself and my company throughout these trying economic times.  Its support has transcended basic networking, and I knew I’d found a valuable resource when several of us that hiked the Havasupai continue to look forward additional outings, including an upcoming canoe trip.  This is the group that will continue to challenge me to better myself and my relationships, whether personal or professional.”
In an industry where things are happening rapidly — changing ownerships, competition, social media and technology — no one can afford to sit back and be complacent, says Lisa Bentley, director of marketing, McCarthy Nordburg.
“You must know your market inside and out, be sharp and truly connected,” Bentley says. “That means constantly listening, reading and building relationships. The importance of AZCREW to me as a professional woman in commercial real estate is about knowledge, information and support  being the crux of why I rejoined after many years. I received information about a couple of the programs and went as a non-member. I found them to be so interesting, as it relates to our interior architectural design business, either because a broker or client was speaking.
“The programs were informative and relative to our local economy and I ran into so many nice folks I had worked with previously, that was my ‘aha’ moment. The plus with AZCREW is that the women not only speak the mission, they live it.”
Val Marciano, partner, Jaburg | Wilk, says AZCREW is an organization that “continues to shape my career.”
“While my practice of real estate litigation for 30 years has provided its own exposure to fascinating and unforeseen experiences — it is true that life is better than fiction — my membership in AZCREW has brought a new facet to my professional life,” Marciano says. “The splendor of AZCREW is that it unites distinct professions in a symmetry that expands its members’ business while, at the same time, promotes personal growth. The term ‘networking’ has become a mundane term, leading one to glaze over with the thought of perfunctory ‘meet and greet’ sessions that do nothing more than take time from other more interesting prospects.
“AZCREW has found a way to allow its members to connect, become associates, and form professional friendships that enrich one’s professional life. It is the formation of those meaningful professional friendships and associations that transcend ordinary networking, leaving AZCREW in a league of its own.”

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Lincoln Property Company Expands into Las Vegas

 

The Desert West Region office of Lincoln Property Company is expanding into the Las Vegas commercial real estate market.

Based in Phoenix, the regional office also serves metropolitan areas in Arizona, Utah and New Mexico.

“Lincoln Property Company has a presence in more than 200 municipalities in the United States, and is focusing on expanding our presence in the Las Vegas market with institutional property management, acquisitions, development and construction management,” said David Krumwiede, Executive Vice President, Lincoln Property Desert West Region.

“We believe that now is an opportune time to enter the Las Vegas market as it’s showing signs of steady growth.”

Lincoln Property Company was recently awarded an assignment in Las Vegas: the property management contract for a 273,301 SF office/industrial complex, Bigfoot Business Park.

Bigfoot Business Park is at 6235-6375 S. Pecos Rd., conveniently situated less than three miles from McCarran Airport in Las Vegas.

The property consists of seven buildings total and is owned by Hong Kong-based Bigfoot Properties, Inc. Bigfoot Properties, a subsidiary of Bigfoot Entertainment, is a property investment company with a broad international portfolio across Asia and North America.

Their investments, which cover a variety of sectors in the real estate market, have included the development, acquisition and repositioning of prime residential, commercial and hotel properties.

“Lincoln Property Company is growing our business with this client across the country,” said Alisa Timm, CPM, Director of Management Services, Lincoln Property Desert West Region.

“We often find that national LPC clients like Bigfoot Properties validate our expertise on projects in other markets, and call on us again when they have commercial real estate needs in new markets.”

“As a Lincoln Property Company client in other metropolitan areas, we appreciate Lincoln’s eye toward ownership. They treat their client’s properties like they would their own, and have the capability to successfully manage this property to our high standards,” said Alan Krinzman, Principal, Bigfoot Properties, Inc.

Bigfoot Business Park is currently occupied by 153 tenants including United Blood Services, Sweet Tours, DAL Global, HS Brands International, The Tungland Company, Professional Fitness Institute, Health Profile Institute and the International Academy of Film & Television. The property features a full time on-site management office, covered parking and four move-in ready suites.

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Diamond Ventures Selects Lincoln Property Company for Management of Calendar Stick

 

Lincoln Property Company has been awarded the property management assignment for Calendar Stick by the new property owner, Diamond Ventures.

Calendar Stick is a 72,697 SF, 2-story, Class A, multi-tenant building at 9237 E. Via De Ventura in Scottsdale, just off Loop 101. The office building is 100% occupied.

“This is our first acquisition in the Phoenix market and we are currently looking for additional investment opportunities,” said Bill Kelly, CEO of Diamond Ventures. “Tapping into the depth and breadth of Lincoln Property Company’s experience in the Valley real estate market has made the process exceptionally smooth.”

The property is part of a larger complex located in a highly desirable central Scottsdale area just north of Salt River Fields, Talking Stick Resort & Casino and the Pavilions at Talking Stick. The building construction has many exquisite interior and exterior details, unrestricted mountain views, newly constructed spec suites and abundant parking.

“We are pleased to take on this new management assignment and excited to add such a respected client, Diamond Ventures, to the LPC portfolio of clients,” said Alisa Timm, CPM, Director of Management Services, Lincoln Property Company Desert West Region.  “LPC’s property management division continues to expand as we exceed the expectations of our clients and provide outstanding customer service to tenants.”

Tucson-based Diamond Ventures purchased the property at the end of 2012 and is a new active investor in the Phoenix market.