Tag Archives: NGKF

NGKF awarded listing assignment for future Westgate healthcare campus

Newmark Grubb Knight Frank (www.ngkf.com) has been awarded the exclusive listing assignment for a comprehensive health care campus located off the Loop 101 freeway on the northwest corner of 99th and Glendale avenues in Glendale, Arizona, next to St. Joseph’s Westgate Medical Center.

NGKF’s Global Healthcare Services group will represent the developer, 101 West Healthcare LLC of Phoenix, in attracting national healthcare companies and local providers to the project. The Phoenix-based brokerage team includes Trisha Talbot, Kathleen Morgan, Sheila Bale and Ryan O’Connor, in partnership with NGKF’s national healthcare platform, including brokers Garth Hogan and John Scruggs.

Totaling more than 200,000 square feet of ground-up development, the four- to five-building campus is expected to offer a continuum of outpatient care, from community wellness to skilled nursing facilities, as well as space for research and education. Medical office buildings for lease and/or purchase, as well as build-to-suit opportunities, are available at the project, which is expected to break ground in 2016. Phoenix-based Triarc Architecture & Design LLC is creating the design, while Mattson Construction LLC is the development’s construction manager.

“This is a state-of-the-art, outpatient healthcare campus that is strategically located in the Westgate area to service all cities in the west Phoenix metropolitan area,” John Simon, principal, 101 West Healthcare LLC, said. “Through partnerships with nearby providers and hospitals, as well as ambulatory surgery centers, healthcare groups, education and research institutions, the master plan incorporates medical and economic performance for the community and their families.”

Trisha Talbot, a director in NGKF’s Global Healthcare Services group, said the campus offers the healthcare market an opportunity to locate services in one place to serve patients of all ages and with different medical needs.

“As healthcare legislation is focused on preventative medicine, having a concentration of outpatient services together with post-acute and acute care services will foster a synergy among providers to collaborate on patient care,” she said. “The research and education component of the project also is an important piece, as it provides a place to nurture training, teaching and dynamic learning in an ever-changing industry.”

The Global Healthcare Services team provides clients with a single-source solution for every phase of acquiring, financing, developing and disposing of healthcare real estate. Utilizing a consultative approach and leveraging national resources and global reach, team members assist hospitals, health systems, physician groups, investors and developers in effectively managing their healthcare real estate operations and portfolios, creating and executing long- and short-term strategic plans that deliver reduced occupancy costs, increased efficiency and utilization, and access to capital and, ultimately, maximizing value.

Madison Square complex sells in downtown Phoenix

Newmark Grubb Knight Frank has negotiated the sale of Madison Square, a 177,312-square-foot, two-building office complex located at 5343-5353 N. 16th St. in Phoenix.

Chris Krewson, Mike Garlick and Michael McQuaid, senior managing directors in the NGKF Phoenix office, represented both the buyer and the seller in the off-market transaction, and secured the exclusive marketing assignment for the property. Madison Square Property, LLC, a joint venture formed by EverWest Real Estate Partners and CenterSquare Investment Management, purchased the office complex from Phoenix-based Orsett Properties. The purchase price was not disclosed.

Built in two phases in 1986 and 1990, Madison Square includes two, four-story office buildings and underground parking. The project was 65 percent occupied at the time of sale.

The buyer plans to reposition the value-add asset through a multi-million upgrade to Madison Square. The new ownership is working with Phoenix Design One, an interior architecture and design firm, to redesign and remodel the project, taking into account the complex’s fundamental qualities and outstanding location. In addition to its easy access to State Route 51 and Phoenix Sky Harbor International Airport, Madison Square’s 16th Street Corridor location places it squarely in the middle of a submarket which has enjoyed a burst of multifamily activity and a variety of recent retail redevelopments. The neighborhood’s positive changes and infill location, combined with the new ownership’s planned improvements, make Madison Square a very attractive environment for employers and their employees.

123RF.com, Copyright: valeriylebedev

GDC/RE founders move retail team to NGKF

GDC/RE founders Joe Doucett and Tim Gunnink are bringing their team of retail specialists to Newmark Grubb Knight Frank‘s (NGKF) Phoenix office, where the number of real estate professionals has grown fourfold in the past two years.

With nearly 25 years of real estate experience between them, Doucett and Gunnink will join the retail division of the Phoenix office as senior managing directors. Following them are Joseph Hoye, director; Tim Westfall, associate director; Ryan Moroney, associate; and Chris Osborn, associate. The group brings more than 8.4 million square feet of listings, representing 48 retail properties.

“Phoenix is one of the most competitive and desirable retail markets in the country because of its rapidly growing population, positive employment outlook and inexpensive land prices relative to other major metro areas. Every retailer wants a foothold here,” said Pete Bolton, executive vice president and managing director of NGKF’s Phoenix office. “Bringing Tim, Joe and their team aboard gives NGKF a strong and established presence in a retail market that totals more than 150 million square feet and positions us to take advantage of the expanding opportunities.”

Doucett and Gunnink founded Phoenix-based GDC/RE in 2009. Within five years, the firm became one of the top retail firms in the Western U.S., offering consulting services, retailer representation and leasing and investment sales services. Prior to GDC/RE, Doucett worked with The Corritore Company, representing high-profile, mixed-use developments and lifestyle centers along with specialty retailers. Gunnink was a vice president at Phoenix Commercial Advisors.

“Retailers and retail property owners are demanding more efficiency from their real estate to achieve sustainability and growth,” said Gunnink. “NGKF’s platform of enhanced services and capabilities, including its entire suite of real estate disciplines, its access to financing and capital markets and its international footprint, equips our team to position our clients for further success.”

The addition of the GDC/RE team follows several other key hires at NGKF in Phoenix. This spring, the office welcomed Directors Kathleen Morgan and Trisha Talbot, both from GPE Commercial Advisors, where they specialized in medical office properties. Together, they brought 1.2 million square feet of primarily medical office listings in the greater metro area and became part of NGKF’s Global Healthcare Services practice.

Jerry Jacobs, executive managing director, and Michael Crystal, managing director, both joined from Cushman & Wakefield, also in spring 2014. Specializing in office tenant and landlord representation, they added two million square feet in listings, comprising Class A high-rise buildings and Class B mid- and low-rise buildings in the Phoenix CBD and surrounding area. Last year, Jacobs was recognized as one of the top producers in the Phoenix area. Crystal has leased and sold over five million square feet of office space during his tenure and is involved in more than 80 lease transactions each year.


Bella View Apartments

Bella View Apartments sell for $12.5M

Newmark Grubb Knight Frank (NGKF) negotiated the $12.5 million sale of the Bella View Apartments located at 2912 E. Indian School Rd , in Phoenix. The property, a 355 unit Class B apartment complex, was built in 1979 and sits on approximately 7.92 acres.

Karl Abert, Managing Director with NGKF’s Phoenix office represented the seller, Belleview Communities, LLC. The buyer, SPL Properties of Denver, Colo., was represented by Todd Braun at Lee & Associates.  The acquisition expands SPL Properties footprint in the Phoenix marketplace.  Multiple offers were generated prior to the bid deadline and
NGKF achieved an at-list price sale following an extensive national marketing campaign of the 6.3% cap rate opportunity.

“Following their acquisition of the previously foreclosed property, Belleview communities completed an extensive exterior and interior renovation, resulting in operational stabilization as well as substantial rental income growth,”  says Abert. “The desirable location produced high occupancy rates and provided residents convenient neighborhood services.”

4250-E-Broadway-Rd-G2, WEB

Newmark Grubb Knight Frank completes $1.8M industrial sale

Newmark Grubb Knight Frank (NGKF) negotiated the $1.8 million sale of 4250 E. Broadway Rd., a 38KSF Industrial building, in Phoenix.

Rob Stephens, Managing Director and Tricia Gumulka, Associate Director with NGKF’s Phoenix office represented the seller, Sorenson Group Management. The buyer, Forever Nutraceuticals, a worldwide distributor of vitamins was represented by Ken McQueen at Lee & Associates in the transaction.

“Forever Nutraceuticals expanded in the Phoenix market, this building is right across the street from their existing space on Wood St, says Stephens, it’s perfect for them due to the location and the fully air-conditioned facility which was a requirement for Forever Nutraceutical.”


NGKF Completes $1.9M Sale of Bell & Tatum Professional Plaza

Newmark Grubb Knight Frank is pleased to announce the sale of the 32,009 square-foot medical office building located at 4921 E. Bell Rd in Scottsdale, AZ

Managing Directors Sheila Bale and Geoffrey Waldrom and Associate Ryan O’Connor all with Newmark Grubb Knight Franks’ Phoenix office, represented the seller, FLIC Properties, LLC.  The buyer, a healthcare business owner was represented by Tanner Milne of Menlo Commercial Real Estate.  The buyer plans to occupy the remaining 21,985 square feet vacancy in the building.  A healthcare business owner is the perfect buyer to utilize the remaining contiguous space on the bottom floor and simultaneously collect income from very stable, long standing professionals”,  says Bale

In addition to the sale of the building, Newmark Grubb Knight Frank also won the property management assignment for the property.

Grubb Knight Frank

Newmark Grubb Knight Frank Sells Pine Ridge Apartments

Newmark Grubb Knight Frank completed the sale of the 301 unit Pine Ridge Apartments located at 2627 N. 45th Ave. in Phoenix.

Karl Abert, Managing Director with Newmark Grubb Knight Franks’ Phoenix office, represented the seller, Lili Rubin Investment Properties, LLC.   The buyer, Community Enhancement Group of Denver, CO represented themselves.  The property was financed with private equity and is the first acquisition by the Denver based REIT, Pine Ridge Apartments was purchased below replacement cost at just over $7 million. The buyer is planning to complete a full renovation of the property to stabilize the asset as part of their portfolio.   Pine Ridge Apartments is the second community that NGKF has marketed and sold for Lili Rubin Investment Properties within the last 12 months.