Tag Archives: neil sherman

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Country Aire Apartments in Phoenix sell for $2.8M

Neil Sherman and Carrick Sears, multifamily specialists in the Phoenix office of Sperry Van Ness, negotiated the $2,825,000 sale of Country Aire Apartments located at 1701 N. Palo Verde Dr. in Goodyear, Ariz.

The buyer, Univest, Inc of Newport Beach, Calif., purchased the 60-unit complex from Industrial Alliance Pacific Insurance & Financial Services Inc. Sherman and Sears represented both parties in the transaction.

Country Aire Apartments is a condominium community developed in 1982 which has historically been operated as a rental apartment complex. The property is individually metered for electricity and all units except one are two bedroom, one bath flats.

“Industrial Alliance foreclosed on this asset in early 2012, and subsequently invested quite a bit of time and money into improving and repositioning the property. At the time of sale it was arguably one of the nicest rental communities in that submarkett,” says Sherman.

Pro-One Plaza, located at 8607 N. 59th Avenue in Glendale, recently sold for $800,000.

Sperry Van Ness releases recent transaction list

RETAIL LEASES:

  • Rommie Mojahed and Mary Ridberg represented the landlord at Cobblestone Fiesta, located at 21542 N. John Wayne Parkway in Maricopa, to lease 1,539 SF of retail space to Empowered Athletics. This was the last available space at this shopping center.
    Peter McQuaid, Greg Vanlerberghe and Erin Schrauth represented Boost Mobile to lease 900 SF of retail space at Milsam Center, located at 10430 N. 19th Avenue in Phoenix.
  • Unwined Café leased 3,810 SF of restaurant space at Desert Market at the Foothills, which is located at the NEC of Chandler Blvd. and Desert Foothills in Phoenix. Peter McQuaid, Greg Vanlerberghe and Erin Schrauth represented the tenant.
  • Adam Lopez represented the landlord to lease 700 SF to Karla’s Yerberia Y Accessories at Olive Tree Plaza. The retail center is located at 535 E. Southern Avenue in Mesa.
  • Metro PCS leased 1,050 SF of retail space at Apache Trail Plaza, located at 3061 W. Apache Trail in Apache Junction. Beau Flahart represented the landlord in the transaction.

RETAIL SALES:

  • Shari A. Tucker-Gasser and Judy Jones represented the seller, Rockbay Properties II, Ltd., in the sale of a 3,000 SF former convenience store. The property is located at 8323 W. Peoria Avenue in Peoria and sold for $244,000.00. The buyer, AT Properties, LLC, was represented by John Asher of Arizona Private Realty, LLC.

OFFICE LEASES:

  • Justin Horwitz represented the tenant, Ideal Rehabilitation, to lease 2,092 SF of office space at La Cholla Medical Center. This medical office is located at 6261 N. La Cholla Blvd in Tucson.
  • Advanced Therapy Solutions leased 857 SF at Warner Plaza, which is located at 690 E. Warner Road, Suite 110, in Gilbert. Justin Horwitz represented the landlord in the transaction.
  • Justin Horwitz and Nicole Ridberg represented the landlord at Ventura Gateway to lease 1,352 SF of office space to Healthcare Financial Resources. Ventura Gateway is located at 8687 E. Via De Ventura in Scottsdale and the tenant will occupy suite 209.

OFFICE SALES:

  • Justin Horwitz and Nicole Ridberg represented the seller, Rialto Capital Management, LLC, in the sale of 8701 E. Vista Bonita in Scottsdale. The 981 SF office space was purchased by MCSIS, LLC for $115,000.
  • Justin Horwitz represented the seller in the sale of a 1,403 SF office condo at Warner Plaza, located at 690 E. Warner Road in Gilbert. The class “A” office condo was purchased by Mehall Contracting LLC for $95,404 and closed May 9th.
  • Pro-One Plaza recently sold for $800,000, or $33.33 per square foot, in an REO sale to Northwood Properties, LLC. The seller, 2010-1 CRE AZ-Office, LLC was represented by Justin Horwitz, Nicole Ridberg, Neil Sherman and Tony Yousif all with Sperry Van Ness. Pro-One Plaza is located at 8607 N. 59th Avenue in Glendale and consists of five buildings totaling +24,000 SF.
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Sperry Van Ness wins several awards at national conference

Each year, hundreds of advisors from Sperry Van Ness offices around the country meet to discuss company goals, share best practices and honor the offices and individuals excelling in their business at the SVN National Conference. The Phoenix Sperry Van Ness office collected several awards for outstanding achievements in 2013, including once again being named a Top 10 Sperry Van Ness franchisee.

 

The Phoenix Sperry Van Ness office, led by Neil Sherman, Shari A. Tucker-Gasser, Perry Laufenberg and Danny Lee, ranked No. 7 nationally in 2013. The ranking is based on deals closed and transaction volume from all 21 advisors specializing in the sale and leasing of retail, office, multifamily, industrial and investment sales.

 

Earning the prestigious Partners Circle Award were multifamily specialists Sherman and Lee. Sherman ended the year at No. 9 nationally, while Lee finished at No. 12.

 

Overall, our entire office had a very impressive year in 2013, while making the necessary adjustment to their business plans to account for the obvious shift from distressed deals to more market-rate transactions”, said Sherman. “Additionally, Danny and I, along with the rest of our multifamily team, continue to work with investors day in and day out to maximize the return on their apartment holdings”.

 

Specialty awards gave both advisors and support staff recognition for their business practices that led them to be successful. Justin Horwitz, office leasing and sales advisor, received the Innovator of the Year Award for his outstanding efforts embracing CRE Technology to further his business. According to Laufenberg, “Justin really embraces the countless tools offered by Sperry Van Ness, and puts them to work every single day to benefit his clients”, adding “Kassandra Bruhn, our marketing communications specialist, was awarded the Collaborator of the Year Award for her dedication and leadership employing a combination of sharing knowledge, interfacing with local and national media, and building consensus within the organization”.

 

Finally, those advisors who close a certain level of transaction volume each year are honored with the Achievers Award. For 2013, this award was presented to Rommie Mojahed, Mary Ridberg and Horwitz in the Southwest Achievers division.

Real Estate and Development Awards 2011, RED Awards 2011

Sperry Van Ness Negotiates $4.45M Sale of Chandler Heights

Neil Sherman represented the buyer and seller in the sale of 16.57 acres of PAD zoned land at the NEC of Chandler Heights and Arizona Avenue. The transaction included 70KSF of partially completed retail buildings and five PADS available for sale, lease or build to suit.

The sale closed on Tuesday, December 31st at a purchase price of $4.45M. The buyer put down $1.4M and the seller financed the balance at 7% interest-only for two years.

The seller was American Pacific Chandler out of La Jolla, CA. The buyer was Real Estate Opportunity Fund of Arizona, from San Jose, CA.

Rommie Mojahed, Mary Ridberg and Neil Sherman of Sperry Van Ness will be handling the sale and leasing assignment going forward.

Palmera, Sperry Van Ness

Summit Holdings Buy Palmera Apartments For $2.3M

It was announced Monday that Summit Holdings, LLC, bought Palmera Apartments. The 64-unit multifamily complex is located at 6625 North 17th Avenue in Phoenix, AZ and sold for $2.305M or $46.44 per SF.

Palmera Apartments is currently 95% occupied and the property was recently renovated. The complex consists of 27 one-bedroom units and 37 two-bedroom units.

Neil Sherman and Carrick Sears, multifamily specialists in the Phoenix office of Sperry Van Ness, represented the buyer.

“This was not an easy transaction as there were multiple issues involved. We were delighted to have Carrick Sears and Neil Sherman on our side during multiple rounds of difficult negotiations,” said Alfred Harutunian of Summit Holdings, LLC. “By providing creative thinking and sheer determination, Carrick and Neil were able to overcome a number of obstacles and somewhat unreasonable expectations which existed and get the deal closed.”

The Seller, CalCap Advisors, was represented by Ryan Ash of ARA.

Neil 6

After Hours: Neil Sherman

Title:  Senior Vice President and Principal

Company:  Sperry Van Ness, LLC

How many years at this company?  10 Years

Your office is located in which city?   Phoenix

What are your primary responsibilities in this position?  

Long-range business planning, recruiting of new agents, mentoring junior agents and my own personal production.

Family:

Daughter Sydney (age 10) and son Connor (age 8)

Education:

High School: Hanover Park High School – E. Hanover, NJ

College: Arizona State University – Tempe, AZ  (Business and Finance)

Born in Brooklyn, N.Y. – Raised in Florham Park, N.J.

 

Favorites sports/teams?  

Phoenix Suns, Diamondbacks, Yankees, Cardinals and Patriots.  Also a big fan of college basketball and lacrosse.

 

Favorite music?

Rock, Jazz, Top 40 and Classic 70’ & 80’s hits.

 

Favorite travel destinations you’ve been to and places you’d like to see? 

Italy and France are my favorites so far. Skiing in Whistler, BC and most islands of Hawaii. Next up Asia, South America, Spain and Australia.

 

What are your favorite leisure activities? 

Travel, golf, long distance cycling, working out, coaching my son’s baseball team & scuba diving.

 

What did you think you’d be when you were growing up? 

Doctor or lawyer (several in family). Still think about law school from time to time.  It’s never too late you know.  I also wanted to be a fighter pilot or Navy Seal, but it’s probably too late for either of those careers!

 

What personal or professional accomplishment you are especially proud of?

Probably my private pilot license and instrument rating I’m now working on. Not only is the most exhilarating thing I’ve ever done, but from a business standpoint it has paid for itself many times over.

 

What would people be surprised to know about you? 

Probably my civic and charitable work. I’ve been giving back to the community since I first got to Arizona in 1980.

 

Best business advice you’ve ever been given: 

Do what you love. Strive to be the best at what you do and provide top notch service to your clients and the money will take care of itself.

 

Advice you’d share with people early in their real estate career: 

It’s easy when just starting out in your career to either try to be all things to all people or to chase the huge paychecks. Specializing in a specific product type and starting with the more realistic transactions is critical to early success.  Also there’s no such thing as a 9-5 during your first few years in the business.