Tag Archives: NGKF

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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.”

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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.