Tag Archives: phoenix

cybercrime

Quarles & Brady Launches Privacy and Security Blog

The national law firm of Quarles & Brady LLP, which has three offices across Arizona in Phoenix, Scottsdale and Tucson, today announced that the firm’s Data Privacy & Security Team has launched Safe & Sound, a blog that provides a practical, business-focused discussion of the legal issues relating to the privacy and security of a company’s data. This blog will keep businesses aware of current events, news, and legislation in this area.

Margaret Utterback, chair of the firm’s Madison Business Law Group, said Safe & Sound will discuss current news about U.S. and international regulations associated with privacy. It will keep businesses abreast of what they need to know to protect their electronic information.

“Our clients are facing new concerns about how safe their data is in a changing privacy landscape. They want to know how best to protect their customers from a breach,” said John Barlament, chair of the Data Privacy & Security Team. “Our Quarles & Brady lawyers often step in to help companies stay on top of changing regulations and get up-to-speed on what they need to know to be prepared. This blog will offer a place for them to get a greater understanding of what the conversation in this area is focusing on and what they need to consider.”

There are so many unknowns right now about what is required since the regulations vary from state to state and from country to country, said Heather Buchta, chair of the firm’s Phoenix Intellectual Property Group. This blog, housed on LexBlog, will allow clients to get a quick snapshot of what they need to know and what questions they should ask their legal counsel.

To subscribe to the blog and get the latest information, visit http://safeandsound.quarles.com/.

haunted

The 5 most haunted places in Arizona

Just in time for Halloween, we thought you might like to consider a ghostly visit to one of the five most haunted places in Arizona.

Hotel San Carlos, 202 N. Central Ave. Phoenix

Blood splattered on Leone Jensen’s white gown as she hit the pavement from the rooftop of the seven-story hotel. Heartbroken and lonely, 22-year-old Jensen committed suicide in 1928 at the Hotel San Carlos. Guests said they have witnessed a woman dressed in a white shear gown blown by the wind from nearby windows. Screaming children have also been heard running the halls late at night from the multiple drownings that occurred in a water well in the late 1890’s. The well remains on the first floor of the hotel and is the main water supply for the residents. Book a night in the San Carlos hotel to see what you might wake up to.

North Morton Hall at Northern Arizona University, 601 S. Knoles Drive, Flagstaff

Built in 1914, North Morton Hall on the NAU campus is a women’s residence hall and home to a girl who committed suicide in the dormitory. Her ghost has not left the premises as students have seen flickering lights, girls being locked in the bathrooms, blankets flying off beds, and even the sight of the ghost lurking the halls.

Jerome Grand Hotel, 200 Hill St., Jerome

A former hospital, a plethora of ghosts walk the halls and visit the rooms in this hotel in “Ghost City.” Many deaths have occurred in the hotel, such as Claude Harvey who was crushed by a self-serviced elevator and two suicides by hanging. Most of the ghosts are allegedly the patients who died in the United Verde Hospital. Flowers, cigar smoke, and whiskey are just some of the smells guests have said to be coming from the rooms. In the heart of the haunted city itself, witness the sights and smells of this five-story hotel.

Fox Theatre, 17 W. Congress St., Tucson

Built in 1930, the Fox Theatre was used as vaudeville and movie house. During the Great Depression, a man would linger outside of the theatre asking for money to feed his family. Watch your wallets, there has been sight of male ghosts walking about outside of the theatre and might just snatch a couple bucks. Suspicious movement of objects in the theatre have some visitors questioning the eerie environment.

Luana’s Canyon southeast of Kingman

A miner and his family lived in a wooden shack in the opening of the canyon. The husband would leave his family for days to find food and mine for gold in the mountains. One day Luana’s husband did not return from his expedition and her family began to starve. Luana began to go insane as the children begged for food and were slowly dying. Impulsive actions took over and Luana chopped up her kids in the wooden house. The remains of her children were tossed into the nearby river, where she wept and screamed in remorse for her murdered children. Her screams are said to still be heard within the canyon and the blood-splattered house is called the “Slaughter House.” Check out this landmark to see if the blood remains on the walls and Luana’s scream can still be heard bouncing off the mountains.

CityScape 2

CityScape offers options for Halloween fun

Celebrate this Halloween with plenty of tricks and treats at the hottest bars and restaurants in the Valley, all within walking distance at CityScape Phoenix.

Located in the heart of downtown, CityScape will be the place to party with a variety of different options for revelers to enjoy costume contests, dining and drinks specials, live music and more. Participating restaurants and special offers include:

LUSTRE Rooftop Garden

On Friday, October 31, LUSTRE Rooftop Garden will host the “Day of the Dead Rooftop Halloween Party” at Kimpton’s Hotel Palomar Phoenix. DJs will be spinning all night long as party-goers enjoy Espolon drink specials, Day of the Dead makeup artists, fun photographers and a costume contest with $500 in prizes and giveaways. Party starts at 8pm. Tickets are $10 online, $15 at the door.  602-876-5432

Copper Blues Live

On Thursday, October 30, dress up as a Rock Star or Rock Group and sing your favorite Karaoke songs at Stand Up Live Comedy Club. There will be drink and shot specials, as well as a contest for Best Dressed Rock Star, Best Voice and Best Group. Doors open at 11am, Halloween events begin at 8:30pm. No Cover.

On Friday, October 31, Copper Blues Live will host “Friday LIVE Goes Dead… Dead 20’s”. The speak easy themed Friday LIVE will offer happy hour from 3pm to 7pm and live music with an acoustic set from 5pm to 8pm. The Halloween party will begin at 8:30pm, hosted by a local radio talent, and will have a live band from 8:30pm to 12:30am, DJs from 12:30am to 2pm, servers dressed as ghosts and a costume contest for best 20s costume, scariest costume, sexiest costume and best overall costume, with the winner announced at 12am. Doors open at 11am, Halloween events begin at 8:30pm. No Cover. 480-719-5005

Lucky Strike

Celebrate “Bowlloween” at Lucky Strike on Friday, October 31 with complimentary tricks and treats, multiple DJs and a $500 cash prize costume contest (with a minimum of 10 contestants). Doors open at 9pm. The costume contest will be held at midnight. General admission starting at $15 with group discounts and VIP access available. 602-732-5490

Gypsy Bar

Gypsy Bar will be participating in the $1,000 cash prize costume contest (with a minimum of 10 contestants) at Lucky Strike and will feature DJ Pickster 1, DJ Tommy Roberts and DJ Body Tricks. Revelers will enjoy complimentary tricks and treats, spooky dancers and more. Doors open at 7pm. The costume contest will be held at midnight. $10 at the door.

Squid Ink

From 11am to midnight on Friday, October 31, Squid Ink Sushi will be offering Halloween dining specials including a Black Widow Roll for $16, Kraken Salad for $14 and a Bat Wing Special $12. 602-258-0510

phoenix

Arizona drops from Top 10 for job growth

We’re still slowly recovering from the staggering loss of jobs during the Great Recession, but some cities and states are rebounding faster than others. The job-growth numbers for the first three quarters of 2014 are now out. Research Professor Lee McPheters of the W. P. Carey School of Business at Arizona State University provides rankings and analysis of the winners and losers, based on the latest figures from the U.S. Bureau of Labor Statistics.

Top 10 cities and surrounding metro areas (1 million or more workers), for non-agricultural job growth — comparing January through September of this year to the same nine months last year:

Orlando, Fla. – up 3.7 percent
Houston – up 3.5 percent
Dallas – up 3.4 percent
Miami – up 3 percent
Portland, Ore. – up 2.9 percent
Riverside, Calif. – up 2.8 percent (tie)
Denver – up 2.8 percent
San Francisco – up 2.6 percent (tie)
Seattle – up 2.6 percent
10.  San Diego – up 2.4 percent

Top 10 states for non-agricultural job growth – comparing January through September of this year to the same nine months last year:

North Dakota – up 4.6 percent
Nevada – up 3.6 percent
Texas  – up 3.3 percent
Utah – up 3.1 percent
Florida – up 2.9 percent
Oregon – up 2.8 percent
Colorado – up 2.7 percent
Delaware – up 2.5 percent
California – up 2.2 percent (tie)
Washington – up 2.2 percent

Analysis:

The United States has added about 2.4 million jobs so far this year. The monthly average from January through September was 1.8-percent job growth nationwide. That pace is only slightly better than last year’s, when we saw an overall annual increase of 1.7 percent, so the recovery remains relatively slow.

On the state list, North Dakota has held the No. 1 spot every year since 2009, largely thanks to its oil and gas production. Nevada, Texas and Utah also topped 3-percent job growth this time, with Nevada’s economy receiving a big boost from building activity and impressive construction gains of more than 10 percent.

“Seven of the top 10 job-growth states so far this year are in the West,” says McPheters, director of the JPMorgan Chase Economic Outlook Center at the W. P. Carey School of Business. “Oregon and Delaware are new on the list this time, replacing Idaho and Arizona.”

Arizona actually fell out of the top 10 for the first time in two years. Even though it ranked No. 3 in health-care job growth and No. 5 in financial-activities job growth, the state has now dropped to No. 14 overall. Manufacturing, government and construction contributed to the decline.
The bottom 10 states so far this year are Michigan, Pennsylvania, Connecticut, Maryland, Illinois, Vermont, Virginia, New Jersey, New Mexico and last-place Alaska.  Five of these states were also on the bottom in 2013: Pennsylvania, Vermont, Virginia, New Mexico and Alaska.

McPheters notes very high interest in state economic performance right now because 30 governors are up for reelection, including those in top-10 states Nevada, Florida, Oregon, Colorado and California, as well as bottom-10 states Michigan, Pennsylvania, Connecticut, Illinois, Vermont, New Mexico and Alaska.

On the top 10 cities list, Orlando holds the No. 1 position with 3.7-percent job growth, double the national pace.

“Eight of the top large cities for job creation are in the West,” explains McPheters, “However, Florida also did well, with two cities on the list.”

Seven of the top 10 cities are clustered in Florida, Texas and California. They include Orlando, Miami, Houston, Dallas, San Francisco, San Diego and Riverside, Calif.

The greater Phoenix labor market dropped out of the top 10, as its rate of job growth slipped from 2.7 percent in 2013 to a more modest 2.2 percent during the first three quarters of this year. Phoenix is currently No. 12 among labor markets with 1 million or more workers.

Still, seven large labor markets have job creation below 1 percent: Chicago, Cleveland, Philadelphia, Kansas City, Pittsburgh, northern Virginia and lastly, Detroit.

The full rankings and other job-growth data from McPheters can be found at the W. P. Carey School of Business “Job Growth USA” website: www.wpcarey.asu.edu/jobgrowth. Use the “year to date” function for the current 2014 numbers.

Entrepreneurs

SEED SPOT hires Director of Entrepreneur Initiatives

Phoenix-based SEED SPOT, one of six incubators in the country focused on social entrepreneurs in the fields of health, education, energy and environment, human and basic rights, civic engagement, and community impact, hired C’pher Gresham as its Director of Entrepreneur Initiatives.

In his new role at SEED SPOT, Gresham will be responsible for enhancing programs, strengthening recruitment efforts, supporting funding development and guiding overall program growth strategy.

Hailing from the nation’s capital, Gresham attended The George Washington University, graduating with a BA in Psychology, Pre-Medicine, and a minor in Fine Arts and Art History. In May 2014, C’pher received his MBA with Distinction from Thunderbird School for Global Management.

Professionally, Gresham has consulted with venture capital firms, hedge funds, and large institutional investors. Prior to Thunderbird, he worked at Razoo.com, a crowdfunding platform for nonprofits and social enterprises. He has presented to the Arizona Tech Council and the Thunderbird Business Accelerator on how to leverage crowdfunding for early-stage for-profit and non-profit companies. Having worked with several startups and entrepreneurs, Gresham’s passion is spurring innovation, disrupting the market, and helping entrepreneurs.

phoenix

Arizona economy rising, report shows

Phoenix and the broader Arizona economy are expanding again after an extremely difficult recession, although growth will be more modest than the boom times of a decade ago, according to a report released today by BMO Economics.

The labor market is a bright spot, with the city remaining consistent in its job growth performance.  “The city has been a consistent job growth outperformer so far during the recovery and, after a soft patch earlier in the year, growth has accelerated again,” said Robert Kavcic, Senior Economist, BMO Capital Markets.  “If the recent growth clip persists – and we believe that it should – the Phoenix economy should be able to add roughly 85,000 new jobs by the end of 2016.”

“It’s encouraging that the economic health of Arizona, and Phoenix in particular, continues to improve,” said Steve Zandpour, newly-appointed Arizona Regional President, BMO Harris Bank. “It’s nice to see construction activity again. Projects that had been on hold for quite a while have broken ground, adding another positive stimulus to the community.”

The Valley’s economic diversity will help it continue to recover at a solid pace.  “Phoenix boasts a diverse economy with exposure to a wide range of industries in high-tech manufacturing, construction, finance and professional services,” stated Kavcic. “Of the 250,000 jobs lost during the recession, nearly three-quarters of them have recovered.”

The finance and insurance sector employs more than 125,000 people – a record high, in the city.  The fast-growing biotechnology sector also has a strong presence in the region, with two new structures recently approved at the Phoenix Biomedical Campus, including a $136 million investment by the University of Arizona.

On the housing side, the foreclosure rate across Arizona has tumbled to below 1 percent – now among the lowest in America – while higher home prices have reduced the share of mortgages in a negative equity position.  “Fundamentals support a continued, albeit more modest, housing market recovery in the city,” said Mr. Kavcic.

To view a full copy of the report, visit www.bmocm.com/economics.

housing.prices

Could Looser Lending Standards Boost Phoenix Market?

Will banks start to drop their standards and let people with slightly lower credit scores and much lower down payments buy homes? That’s the big question, after the Federal Deposit Insurance Corporation (FDIC) and other agencies voted to approve new, looser lending rules this week. A well-known expert from the W. P. Carey School of Business at Arizona State University says if the change happens, and the adjustments are reasonable, then it could be good for the Phoenix-area housing market, stimulating growth.

Here are the highlights of the school’s monthly housing-market report on Maricopa and Pinal counties, as of August:

• The median single-family-home sales price went up 11 percent from last August, but that’s largely just due to having fewer sales clustered at the bottom end of the market.
• Both supply and demand in the market remain relatively low.
• Lenders have been reluctant to expand the number of people eligible for home loans, which is helping to stunt market growth.

After the housing crash, the Phoenix area had a fast boost in home prices from September 2011 to last summer. This year, prices leveled off and then rose somewhat. The median single-family-home price went up 11 percent – from $192,000 to $213,500 — from last August to this August. The average price per square foot jumped 7 percent. The median townhouse/condominium price went up 10 percent. However, the report’s author explains the median gains are not reflective of higher home values across the board.

“The median went up largely just because we saw a big drop in sales clustered at the low end of the market,” explains Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business. “The average price per square foot actually dropped last month. I expect prices to move sideways to slightly down over the next few months until supply and demand get back into balance.”

Both supply and demand are relatively low in the Phoenix-area housing market right now. Single-family-home sales activity dropped 15 percent from last August to this August. Investor interest, in particular, has dramatically fallen over the last year. The percentage of homes bought by investors in August was 14.4 percent, way down from the peak of 39.7 percent in July 2012. There aren’t a lot of cheap “distressed” homes to buy, with completed Phoenix-area foreclosures down 43 percent from last August to this August.

“Better bargains for investors can be found in other parts of the country,” says Orr. “Over the last three months, the percentages of homes bought by investors have been lower than we have seen for many years, confirming investors are no longer driving the market the way they did between early 2009 and mid-2013.”

Rental homes remain popular for those who don’t want to buy a house or who can’t qualify for a home loan. Fast turnover and low vacancy rates have already pushed rents up 5.8 percent over the last year in the Phoenix area.

Meantime, we’re seeing a lot of speculation about whether banks will lower their standards and start letting people with good – but not great – credit scores qualify for home loans. Also, conventional loan down payments could be dropped from 10 percent to as little as 3 percent. The chairman of the Federal Housing Finance Agency spoke in Las Vegas this week and indicated that Fannie Mae and Freddie Mac would likely still purchase and retain those loans, if the banks make them.

“Right now, funds are flowing only to a small proportion of potential buyers, who have excellent credit, which is contributing to weaker-than-normal demand for homes to purchase,” explains Orr. “Lenders are reluctant to take any unusual risks in an environment when Fannie Mae and Freddie Mac might take negative, profit-damaging action against the banks on loans sold to them. It appears it will take a major move by Fannie and Freddie to limit those risks before mortgage availability can get back to a normal level and support the next stage in the housing recovery.”

Orr adds, “Banks have to walk the line on their lending standards. They went from the porridge being too hot (standards too lax) to the porridge being too cold (standards too tight). It’s still a while until we get to ‘just right,’ but striking the right balance could move the Phoenix-area housing market toward more sales and more demand.”

Those wanting more Phoenix-area housing data can subscribe to Orr’s monthly reports at www.wpcarey.asu.edu/realtyreports. The premium site includes statistics, charts, graphs and the ability to focus in on specific aspects of the market. More analysis is also available at the W. P. Carey School of Business “Research and Ideas” website at http://research.wpcarey.asu.edu.

land

Big Deals: Land, June 2014 – July 2014

azre_big_dealsThere’s no such thing as a “small” deal in this industry, coming out of a recession. However, it’s the big deals, and the brokers who make them, that make the market an interesting one to watch. In every issue, AZRE publishes the top five notable sales and leases for a period of 60 days (one month out from publication) based on research compiled by Cassidy Turley and Colliers International with CoStar.

Top 5 Notable Sales (June 1, 2014 to July 31, 2014) Source: Cassidy Turley Research Department, Colliers International and CoStar.

Land Sales

1. Lincoln Road and 56th Street, Paradise Valley
12 acres; $38.7M
BUYER: Cullum Homes
SELLER: Crown Realty & Development, Inc.
Listing BrokerAGE: Nathan & Associates

2. Signal Butte and Guadalupe, Mesa
128.76 acres; $21,623,412
BUYER: Blandford Homes
SELLER: Jerry Ivy Trust

3. N. 130th Ave., Surprise
160 acres; $14,065,413
BUYER: Vistancia West Construction LP
SELLER: TNT Boys LLC
Listing Brokerage: TNT Boys LLC

4. 1350 N. Priest Dr. — Rhythm Subdivision, Chandler
29.20 acres; $11,275,290
BUYER: Mattamy Homes
SELLER: Property Reserve, Inc.
Listing Brokerage: Property Reserve, Inc.

5. 708 S. Lindon Ln., Tempe
14.60 acres; $8.75M
BUYER: Capstone Properties Corp.
SELLER: Cook Native America Ministries
Listing Brokerage: Berkadia

Pecan-Promenade

Big Deals: Retail, June 2014 – July 2014

azre_big_dealsThere’s no such thing as a “small” deal in this industry, coming out of a recession. However, it’s the big deals, and the brokers who make them, that make the market an interesting one to watch. In every issue, AZRE publishes the top five notable sales and leases for a period of 60 days (one month out from publication) based on research compiled by Cassidy Turley and Colliers International with CoStar.

Top 5 Notable Leases and Sales (June 1, 2014 to July 31, 2014) Source: Cassidy Turley Research Department, Colliers International and CoStar.

Retail Sales

1. Pecan Promenade, Tolleson
132,587 SF; $19M
BUYER: CIRE Equity
SELLER: Tate Capital Real Estate Solutions, LLC

2. Chandler Heights Village, Gilbert
50,763 SF; $12.65M
BUYER: West Valley Properties, Inc.
SELLER: Dr. Bradley A. Tinker
Listing Brokerage: Phoenix Commercial Advisors

3. South Mountain Crossing Shopping, Phoenix
132,314 SF; $11,172,825
BUYER: Lamar Companies
SELLER: Moreno Companies LLC
Listing Brokerage: Lee & Associates

4. The Shoppes at Highlands Village, Mesa
87,486 SF; $10.5M
BUYER: Glenwood Development Company, LLC
SELLER: Donahue Schriber Realty Group
Listing Brokerage: Cassidy Turley

5. Greenfield Gateway, Mesa
70,699 SF; $7,975,000
BUYER: Oakpoint Advisors
SELLER: Starwood Capital Group
Listing BrokerageS: CBRE/Colliers International

Retail Leases

Camelback Colonnade, Phoenix

Camelback Colonnade, Phoenix


1. Camelback Colonnade, Phoenix
80,328 SF
Landlord: The Macerich Company
Tenant: Food & Decor
Landlord Brokers: Mike Kallner, RED Development, LLC

2. Peoria Town Center, Glendale
56,875 SF
Landlord: SNS Investments
Tenant: State Trailer RV & Outdoor Supply
Landlord BrokerAGE: Rein & Grossoehme

3. The Village at Sun Lakes, Chandler
27,600 SF
Landlord: Arizona Partners Retail Investment Group
Tenant: Goodwill
Landlord BrokerAGE: Arizona Partners Retail Investment Group
TENANT BrokerAGE: Velocity Retail

4. Camelback Plaza, Phoenix
24KSF
Landlord: SAFCO Capital Corp.
Tenant: V&V Event Hall
Landlord BrokerAGE: ZELL Commercial Real Estate Services, Inc.
TENANT BrokerAGE: ZELL Commercial Real Estate Services, Inc.

5. Shea Scottsdale East, Scottsdale
22,450 SF
Landlord: Karlin Real Estate
Tenant: LA Fitness
Landlord BrokerAGE: Arizona Partners Retail Investment Group
TENANT BrokerAGE: Diversified Partners

Stapley-Corp-Center-32

Big Deals: Office, June 2014 – July 2014

azre_big_dealsThere’s no such thing as a “small” deal in this industry, coming out of a recession. However, it’s the big deals, and the brokers who make them, that make the market an interesting one to watch. In every issue, AZRE publishes the top five notable sales and leases for a period of 60 days (one month out from publication) based on research compiled by Cassidy Turley and Colliers International with CoStar.

Top 5 Notable Leases and Sales (June 1, 2014 to July 31, 2014) Source: Cassidy Turley Research Department, Colliers International and CoStar.

Office Sales

1. Stapley Corporate Center, Mesa
180,083 SF; $32.5M
Buyer: Buchanan Street Partners
Seller: DESCO Southwest
Listing BrokerS: Chris Toci and Chad Littell, Cushman & Wakefield
BUYING BrokerS: Mark Gustin, JLL

2. 92 Mountain View, Scottsdale
115,200 SF; $24.1M
Buyer: Equus Capital Partners, LTD
Seller: Teachers Retirement System of Illinois
Listing Brokerage: CBRE

3. Scottsdale Gateway I, Scottsdale
106,931 SF; $20M
Buyer: Equus Capital Partners, LTD
Seller: Teachers Retirement System of Illinois
Listing Brokerage: CBRE

4. Chandler Corporate Center, Chandler
67,561 SF; $13,914,000
Buyer: Palisades Capital Realty Advisors
Seller: Held Properties
Listing Brokerage: JLL

5. Zanjero Falls, Glendale
147,405 SF; $9.1M
Buyer: Select Healthcare Solutions
Seller: Pacific Coast Capital Partners
Listing Brokerage: Cassidy Turley

Office Leases

Rivulon, Gilbert

Rivulon, Gilbert


1. Rivulon, Gilbert
150KSF
Landlord: Nationwide Realty Investors
Tenant: Isagenix International LLC
Landlord Brokers: Fred Darche and John Cerchiai, Lee & Associates
Tenant Brokers: Pat Williams and Andrew Medley, JLL

2. ASU Research Park, Tempe
110KSF
Landlord: Arizona State University
Tenant: Amkor
Landlord BrokerAGE: Cassidy Turley

3. City North, Phoenix
77,391 SF
Landlord: ScanlanKemperBard Companies
Tenant: Sprouts Farmers Market
Landlord BrokerAGE: JLL
TENANT BrokerAGE: Cresa

4. First Chandler Business Park, Chandler
70KSF
Landlord: MJA Investments
Tenant: Crown Castle
Landlord BrokerAGE: Lee & Associates
TENANT BrokerAGE: Colliers International

5. Black Canyon Tower, Phoenix
33,373 SF
Landlord: The Koll Company
Tenant: Homesite
Landlord BrokerAGE: Colliers International
TENANT BrokerAGE: JLL

Broadstone

Big Deals: Multifamily, June 2014 – July 2014

azre_big_dealsThere’s no such thing as a “small” deal in this industry, coming out of a recession. However, it’s the big deals, and the brokers who make them, that make the market an interesting one to watch. In every issue, AZRE publishes the top five notable sales and leases for a period of 60 days (one month out from publication) based on research compiled by Cassidy Turley and Colliers International with CoStar.

Top 5 Notable Sales (June 1, 2014 to July 31, 2014) Source: Cassidy Turley Research Department, Colliers International and CoStar.

Multifamily Sales

1. Broadstone Camelback, Phoenix
220,280 SF; 270 units; $74.75M
BUYER: Heitman LLC
SELLER: Alliance Residential Company
Listing BrokerS: Tyler Anderson, Sean Cunningham, Matt Pesch and Asher Gunter, CBRE

2. Parcland Crossing, Chandler
518,365 SF; 383 units; $65M
BUYER: Pillar Communities, LLC
SELLER: Mark-Taylor Residential, Inc.
Listing Brokerage: CBRE

3. The Station on Central, Phoenix
419,212 SF; 414 UNITS; $53M
BUYER: HSL Properties, Inc.
SELLER: Baron Properties
Listing Brokerage: Apartment Realty Advisors

4. Verano Townhomes, Phoenix
435,840 SF; 360 units; $49M
SELLER: Cornerstone Real Estate Funds
Listing Brokerage: CBRE

5. Block 1949, Tempe
264,555 SF; 225 units; $38.7M
BUYER: Consolidated Investment Group, LLC
SELLER: Situs Holdings, LLC
Listing Brokerage: JLL

1755-S-75th-Ave-1

Big Deals: Industrial, June 2014 – July 2014

azre_big_dealsThere’s no such thing as a “small” deal in this industry, coming out of a recession. However, it’s the big deals, and the brokers who make them, that make the market an interesting one to watch. In every issue, AZRE publishes the top five notable sales and leases for a period of 60 days (one month out from publication) based on research compiled by Cassidy Turley and Colliers International with CoStar.

Top 5 Notable Leases and Sales (June 1, 2014 to July 31, 2014) Source: Cassidy Turley Research Department, Colliers International and CoStar.

Industrial Sales

1. Logistics 75, Phoenix
682,291 SF; $27.9M
Buyer: LBA Realty
Seller: Buzz Oates Enterprises
Listing and Buying BrokerS: Mark Detmer and Bo Mills, JLL

2. 1666 N. McClintock Dr., Tempe
146,142 SF; $16.05M
Buyer: Cole Credit Property Trust III, Inc.
Seller: Levine Properties, Inc.

3. Black Canyon Business Park, Phoenix
218,777 SF; $13.1M
Buyer: BKM Capital Partners, LP
Seller: Business Properties Management
Listing Brokerage: Cassidy Turley

4. Jabil Circuit, Tempe
193KSF; $11,415,000
Buyer: EverWest Real Estate Partners, LLC
Seller: Jabil Circuit, Inc.
Listing Brokerage: Cushman & Wakefield

5. 9235 S. McKemy St., Tempe
81,200 SF; $7.5M
Buyer: Development Services of America, Inc.
Seller: Atlas Development Corporation
Listing Brokerage: Cassidy Turley

Industrial Leases

Kyrene 202 Business Park

Kyrene 202 Business Park


1. Kyrene 202 Business Park – Building I, Chandler
50,544 SF
Landlord: EastGroup Properties
Tenant: CORT Business Service Corp
Landlord Brokers: Paul Sieczkowski and Rob Martensen, Colliers International
TENANT Brokers: Jim Wilson, Cushman & Wakefield

2. 3315 W. Buckeye Rd., North Building, Phoenix
43,357 SF
Landlord: The Blackstone Group LP
Tenant: DAT Cabinets
Landlord BrokerAGE: JLL
TENANT BrokerAGE: Southwest Commercial Brokerage

3. 4707 W. Van Buren St., Phoenix
40,541 SF
Landlord: William I & Patricia M. Grubman Trust
Tenant: Allied Packaging Corporation
Landlord BrokerAGE: Cassidy Turley
TENANT BrokerAGE: American Realty Brokers

4. 1502 E. Haldey St. – Bldg. 6, Phoenix
36,368 SF
Landlord: Phoenix Adobe Partners, LLC
Tenant: Allied Packaging Corporation
Landlord BrokerAGE: Harrison Properties
TENANT BrokerAGE: Cassidy Turley

5. 4445 E. Elwood St., Phoenix
37,552 SF
Landlord: ADOT;Prologis
Tenant: J & K Cabinetry, Inc.
Landlord BrokerAGE: ADOT
TENANT BrokerAGE: Colliers International

Trucks CrossingBorderat Nogales

4 big ideas shaking up Arizona-Mexico trade

While all of us have no doubt been busy getting enlightened by the endless stream of political TV ads, there have been lots of exciting things happening to grow Arizona’s cross-border trade profile with our neighbor Mexico.

Matchmaker, matchmaker, make me a match Dennis Smith and the team at the Maricopa Association of Governments deserve applause for the launch of the new website, BIEN, which not only means “good” or “right” in Spanish and French, but is an acronym for Building an International Economic Network.

Via BIEN, businesses in Arizona can set up an online profile that can connect them with buyers and sellers beyond our borders. Users can search for a business by distance, industry type or name.

As MAG Chair and Youngtown Mayor Michael LeVault said, the site “allows companies in Arizona, Mexico and Canada to directly connect with each other using technology instead of travel to broaden their customer base.”

BIEN is a great new tool in Arizona’s trade toolbox. Kudos to MAG for making it happen.

Down Mexico way Years since it was shuttered, Arizona once again has an official presence in Mexico’s political and economic capital city.

I was proud to join recently a delegation of about 70 business, academic and political leaders led by Arizona Commerce Authority CEO Sandra Watson, Phoenix Mayor Greg Stanton and House Speaker Andy Tobin, for the official ribbon-cutting in Mexico City of the state’s new trade office, a joint project with the city of Phoenix. U.S. Ambassador to Mexico Tony Wayne, the consummate diplomat and an outstanding representative our country’s interests, was on hand to mark the special occasion.

Before the new office’s opening, not only was Arizona falling behind border state competitors like Texas and California, but even states like Iowa maintained a presence in Mexico City. Meanwhile, Arizona was nowhere to be found in Mexico’s largest city, despite Mexico being our state’s largest export market.

Re-opening the office is the right move at the right time. We have seized on this unique moment in Mexico’s history. Reform-minded President Enrique Peña Nieto has positioned his country to grow rapidly by opening Mexico’s energy sector to foreign investment. With a new trade office, Arizona and Mexico businesses alike now have a one-stop shop to start making the connections that will remind folks on both sides of the border of what an incredible asset our international border is to our economy.

As Gov. Brewer said, “As long as we continue to pursue and capitalize on important business and investment opportunities, we will enjoy a strong, continually thriving and mutually-beneficial partnership with Mexico long into the future.”

A port of opportunity The newly redesigned Mariposa Port of Entry in Nogales is open for business just as the busy produce season is ready to kick into high gear.

The Chamber’s Garrick Taylor blogged about the new port last week, but the big takeaway is that while a redesigned Mariposa is great for Arizona-Mexico trade, its value will be diminished if the feds don’t adequately staff the inspection booths. Even the most modern port of entry can’t efficiently move cargo if there’s not enough personnel to carry out the inspections.

Kudos to the entire Arizona congressional delegation, which last week sent a letter to Department of Homeland Security Secretary Jeh Johnson making clear that Arizona’s land border ports have real staffing needs that need to be addressed.

Expand the travel zone When former Mexico President Vicente Fox was in town a few weeks ago, the MAG team touted the effort it’s leading to expand Arizona’s travel zone statewide to Mexico visitors. The idea makes a lot of sense, and it’s something the Chamber supports.

Under current law, Mexican nationals with a valid Border Crossing Card (BCC) entering Arizona at certain land border ports can travel only as far north as Tucson before being required to secure further documentation and pay an extra fee. Traveling to places like Phoenix or Flagstaff requires an extra step and increased hassle in what should be a more seamless process. After all, the travelers who have valid BCCs have already been vetted at a U.S. consulate in Mexico, they still undergo inspection at the port of entry and, if the inspecting officer desires, the traveler can still be referred for more involved secondary screening or even be denied entry.

Doing paperwork with travelers who want to visit the Grand Canyon or go shopping in Scottsdale is not a good use of limited Customs and Border Protection personnel resources. Arizona’s travel zone has been expanded once before. It’s time to open up the whole state to Mexican tourism.

Glenn Hamer is the president and CEO of the Arizona Chamber of Commerce and Industry, which is committed to advancing Arizona’s competitive position in the global economy by advocating free-market policies that stimulate economic growth and prosperity for all Arizonans.

Loop 202 - AZ Business Magazine Oct/Nov 2006

State ready to buy homes for Loop 202 extension

Plans to extend the Loop 202 freeway around the Phoenix area’s southern edge are nearing final approval, and owners of approximately 200 homes are being told they’ll soon have to find new places to live.

The proposed South Mountain Freeway would extend from Interstate 10 near the Ahwatukee section of southeast Phoenix with I-10 on the metro area’s west side.

The project has been on the drawing boards for decades, but the state Department of Transportation recently sent letters to people whose property lies in the path of the freeway.

ADOT spokesman Tom Tait says appraisal of homes is about to start but that ADOT won’t begin purchasing properties until the Federal Highway Administration approves the project.

ADOT expects that approval early next year. Construction could begin early as 2016.

Mark Covington, Exec QA, WEB

Leasing the sun

Mark Covington Executive Director Building Owners Management Association of Greater Phoenix

Mark Covington
Executive Director
Building Owners
Management Association of Greater Phoenix


BOMA Greater Phoenix has been working toward the efficiency and sustainability of its members and other commercial buildings for many years.

Its Kilowatt Krackdown energy benchmarking and tuning program has engaged almost 500 commercial buildings in the Valley of the Sun since 2009 and has helped Phoenix to grow from No. 23 on the list of Energy Star Certified buildings to No. 12 last year. That’s one of the reasons BOMA is so concerned to see the decision by the Arizona Department of Revenue (DOR) to tax leased rooftop solar systems.

According to the Department of Revenue’s own figures, the proposed tax on leasing systems would more than offset the utility savings for homeowners for at least the first several years of the lease and cost commercial property owners a large chunk of anticipated savings.

BOMA Phoenix’s membership and our Advocacy Committee actively supported a bill introduced in the state Senate last session to make leased solar energy devices or systems designed to serve on site electricity needs considered to have no value, and to add no value to the property for tax purposes. Unfortunately, this bill did not advance.

The DOR has recently begun sending valuation notices to Arizona companies that are involved in these solar leases. Two of the companies are now challenging the DOR in court. While BOMA hopes the lawsuit progresses successfully and the state reverses its plan to tax these systems, it is also encouraging legislators to revisit this issue in the next session.

Making efficient use of the abundant Valley sunlight is the right thing to do from a business and sustainability standpoint.

lawyer

Bryan Cave Elects Kyle Hirsch to Partnership

Hirsch.K.0224.P150_CroppedBy a vote of the partnership, the international law firm Bryan Cave LLP has elected 14 new lawyers to partnership in the firm, effective Jan. 1, 2015, including one new partner in Phoenix.

Kyle Hirsch practices with the Bankruptcy, Restructuring & Creditors’ Rights and Commercial Litigation Client Service Groups. Hirsch’s practice primarily focuses on defending and asserting creditors’ rights in state, federal and bankruptcy court.

As a complement to his work on behalf of the firm’s clients, Hirsch uses his Spanish language fluency to provide pro bono legal assistance to members of the Phoenix community. He was named the Children’s Law Center Attorney of the Year for 2009 by the Volunteer Lawyer’s Project and one of the Top 50 Pro Bono Attorneys in Arizona for 2007 by The Arizona Foundation for Legal Services & Education. Hirsch is an active member of the Maricopa County Bar Association, presently serving as treasurer of the Association and previously serving as chair of the Bankruptcy Section. He received his J.D., magna cum laude, Order of the Coif, from Arizona State University in 2005 and a B.A. from Middlebury College in 1996.

“We are pleased to welcome Kyle into partnership. He has demonstrated an ability to provide superior legal services to our clients as well as a strong commitment to be a leader and contributor in our community,” said Jay Zweig, managing partner of the Bryan Cave Phoenix office.

lanning

Lanning Receives Economic Development Leadership Award

Kimber Lanning, Executive Director of Local First Arizona, was awarded the Citizen Leadership Award by the International Economic Development Council (IEDC) for her extraordinary commitment in promoting economic development.  The honor was presented on Tuesday, October 21, during IEDC’s Annual Conference in Fort Worth, TX.

“The Citizen Leadership Award celebrates a community or business leader, or an individual who is not an economic development specialist, but who plays a major leadership role in economic development pursuits,” said William C. Sproull, IEDC chair. “Ms. Lanning is a fine example of such an individual.”

A longtime leader in the Phoenix metropolitan area, Kimber Lanning began her career as a successful entrepreneur and currently serves as Executive Director of Local First Arizona. Her enthusiasm in supporting local businesses and community culture has shaped her career and helped transform the city.

“This award is a milestone in a changing economy, one that is now recognizing the work of Local First Arizona and other Local First initiatives as a viable part of economic development.” said Phoenix Mayor Greg Stanton. “Kimber can proudly accept this award on behalf of everyone working to create sustainable, resilient, diverse, and vibrant local economies in their own communities.”

Witnessing the adverse effects of local businesses departing from her community, Ms. Lanning took a different approach towards economic development when she opened an art gallery in a blighted area in central Phoenix. Her dedication to her business and neighborhood attracted other small business owners to the area and inspired a neighborhood transformation. Lanning’s willingness to contribute energy, creative event planning, and economic development strategies led to the reduction of crime in the area by 62 percent, created over 135 full time jobs, and provided immeasurable community pride.

In 2003, Ms. Lanning launched Local First Arizona in an effort to inspire others to stay in Phoenix to help build a world-class city.  She knew that in order to encourage residents to feel connected and rooted to the area, a climate needed to be cultivated so that local businesses could compete against chain stores and large companies. Ms. Lanning developed a specific strategy to gain the traction needed to move the needle on Arizona’s economy. She streamlined the City of Phoenix’s Adaptive Reuse program, which was so cumbersome that it was preventing small businesses from opening. Ms. Lanning’s pilot program was a success and is now encouraged citywide. Because of her persistence, Phoenix’s overall economic strategy now includes small businesses that have important connections to the community.

Ms. Lanning’s innovative small business and entrepreneurial programs have proven to be highly successful. She went to work on the state’s procurement procedures, transforming them from a “low-bid wins” policy to a focus on selecting local contracts. She also created a Spanish language initiative and the Fuerza Local Accelerator Program to assist and encourage low-income Latinos in entrepreneurial endeavors.

Because of Ms. Lanning’s leadership of Local First Arizona, the organization is now the largest locally owned business coalition in North America with over 2,600 business members large and small. Most importantly, the local business community reported sales were up 8.1% in 2013, almost twice the national average. In 2013, Ms. Lanning shared Local First Arizona’s success with rural communities surrounding Phoenix by incorporating the Arizona Rural Development Council and encouraging sustainable development in rural communities through an annual Rural Policy Forum.

Kimber Lanning is actively and enthusiastically involved in fostering cultural diversity, economic self-reliance, and responsible growth for the Phoenix metropolitan area. She has come to economic development via unconventional means but quickly demonstrated to her community that her ideas and programs work.

“The successes of Local First Arizona over the last decade have underscored the broad range of strategies that Arizona needs to pursue for sustainable economic development,” said Ms. Lanning. “Through supporting entrepreneurs and locally owned enterprises—both large and small—we are maximizing the ecosystem of a healthy economy that builds widespread prosperity and supports more jobs. Local First Arizona is creating healthy local economies across the state that will in turn draw further economic development opportunities.”

insurance

Lovitt & Touché Rebrands After 100 Years in Arizona

Lovitt & Touché, an Arizona-based insurance brokerage and benefits solutions provider, announced today a rebranding of the agency that emphasizes its local roots and commitment to the community.

“Business Focused, Community Minded” will now serve as the slogan, which Chief Operating Officer Charlie Touché says speaks to the heart of the company’s history and values. “We have roots that reach back more than a century in Arizona, and we have become fixtures in the Phoenix and Tucson communities. Despite our growth, however, we have always considered our business to be family-run and community-focused. We pride ourselves on these traits, and we want to be known for them.”

Founded in 1911, Lovitt & Touché is one of the largest insurance agencies in the United States with nearly 200 employees and more than $300 million in total annual premiums. It offers comprehensive employee benefits solutions, property and casualty insurance, bonds and surety, specialty insurance and risk solutions for businesses along with personal insurance for key individuals of those companies. It has offices in Tempe, Tucson and Las Vegas, and primarily serves businesses and individuals in Arizona and throughout the Southwest.

Lovitt & Touché is a major contributor to community causes and initiatives statewide, donating hundreds of thousands to local charities annually.

“Arizona is our home, and we are committed to making it a better place for our team, our clients and our neighbors. The next phase of our branding efforts will better reflect this,” said Dave Wilder, executive vice president of Lovitt & Touché.

Along with the slogan, Lovitt & Touché is set to launch an updated logo and advertising campaign with a fresh and modern look. They will be officially unveiled at a rebrand launch party on Oct. 23, held at US Airways Center from 4 to 7 p.m.

To learn more about Lovitt & Touché, visit www.lovitt-touche.com.

Palmcroft Pic, WEB

Historic apartment complex in Phoenix sells for $1.2M

ORION Investment Real Estate announced the sale of Palmcroft Apartments, a 12-unit apartment complex in Phoenix, for $1,200,000.  The property was built in 1940 and was 90% occupied at the time of sale.  It consists of three studios, eight one-bedroom and one two-bedroom units and is located in the Encanto Palmcroft Historic District. The Arizona-based sellers have owned the property for 22 years.

“Palmcroft is a premiere multifamily asset loaded with charm and character and has a historic designation, noted Jackie Allen, Vice President of Multifamily Investments at ORION.  Allen brokered the transaction and was part of purchasing entity.

Jackie Allen focuses on investment sales of multifamily properties.

Luhrs Building: Iconic building towers over important adaptive reuse project in downtown Phoenix

The Luhrs Endures

Nestled among the steel and glass high rises in downtown Phoenix, the Luhrs Building stands as a symbol of the iconic brick-and-mortar structures that once graced the inner city.

As the City of Phoenix embraces the concept of adaptive reuse, the Luhrs Building, constructed in 1924 at a cost of $553,000, is part of this trend to repurpose existing buildings with retail or office additions.

According to the City of Phoenix website, the number of adaptive reuse projects – renovating buildings and turning them into new spaces – has increased since it started its adaptive reuse program in 2008. There were 17 projects in the first year. That number jumped to 48 in 2013.

“Historic, unique buildings are excellent prospects for adaptive reuse,” says Summer Jackson, associate director with the retail services division at Cushman & Wakefield of Arizona, the brokerage firm handling the retail leasing assignment for the Luhrs Building.

“Many restaurateurs are taking advantage of these spaces to create new concepts that cater to the demand in the area. It’s an opportunity to do something innovative – something different,” Jackson adds.

One such establishment that has taken advantage of the opportunity is the Bitter & Twisted Cocktail Parlour, 1 W. Jefferson. Owner Ross Simon says he was looking for a space with a great history and some genuine “wow factor.” A space, he says, that had a real city feel for a concept that would be at home in any major city around the world.

“Also something that could lend itself well to the cocktail-centric concept,” Simon adds.

Adaptive reuse is evident elsewhere around Phoenix. Some of the more notable examples include:
» Culinary Dropout at the Yard, a former motorcycle dealership built in the 1950s on 7th Street.
» Taco Guild at Old School O7, the former Bethel Methodist church on Osborn Road.
» Southern Rail and Changing Hands bookstore at the Newtown Phx, the former Beef Eaters restaurant built in 1961 on Camelback Road.
» Windsor and Churn, which share a restored 1940s building on Central Ave.

“Consumers are looking for an experience,” says Courtney Auther Van Loo, Associate Director with the Retail Services Division at Cushman & Wakefield. “While maintaining historical architecture styles and a building’s unique iconography, developers and tenants have created one-of-a-kind experiences and breathed new life into these landmarks. This style of reuse combines a contemporary feel with a touch of the classic.”

When he was selecting a site, Simon says he wasn’t necessarily looking for a space in an adaptive reuse project. “But after I revisited the space and thought about the layout a bit more to know it would work, I was sold on it,” he says.

Bitter & Twisted, as well as Subway sandwich shop have become retail tenants at the Luhrs Building. “I had a real idea of what I wanted the overall place to look and feel like from an operational standpoint and from a guest experience point of view,” says Simon, who adds that Bar Napkins Production worked on the initial layout and all the architectural plans. Southwest Architectural Builders was the general contractor.

As the light rail whizzes by the Luhrs Building on Jefferson, it’s evident a sense of “newness” is also being felt downtown. An $80 million, 19-story hotel – the 320-room Luhrs City Center Marriott – breaks ground later this year at the northwest corner of Madison Street and Central Avenue.

The project is being developed by the Hansji Corporation of Anaheim, Calif. It’s the same family-owned company that purchased the “Luhrs Block” in 2007. For the past 38 years, Hansji Corp. has developed more than 2MSF of office, retail and hotel space.

coutney-summer-ross-rajan

“It (the Luhrs Block, which also includes the Luhrs Tower) was really our first historical building,” says company President Rajan Hansji. “We knew it was something special. You can’t recreate this. It’s history. It gave me a new appreciation (for historical properties).”

Hansji says he is pleased with the outcome of Bitter & Twisted and its historical feel, including exposed original walls and beams.

“That corner is going to define the block,” Hansji says. “It (Bitter & Twisted) will be the catalyst for the rest of the block. It’s an amazing and unique space. The hotel’s exterior will utilize different brick colors and utilize the Luhrs’ history.”

A Guide to Applying for a Bank Loan

BMO Private Bank Boosts AZ Senior Staff

BMO Private Bank announced new senior staff additions and promotions at the wealth management firm’s Arizona offices, which serve high-net-worth individuals, family-owned businesses, endowments and foundations throughout the Western United States.

• Ashley Ober is now serving as managing director of the greater Phoenix market, overseeing strategic development and delivery of wealth management services provided by a team of financial professionals. He was previously the firm’s regional director of private banking.
• Paul Tees was hired as the Tucson managing director. He will be responsible for the overall growth and management of the Private Bank for all of Southern Arizona, with a team of bankers reporting to him.
• Jason Miller, CFP®, was promoted to market manager for Greater Phoenix. In addition to his responsibilities as Director, Financial Planning – Western U.S., he will now have management responsibilities for the Arizona team of financial planners.
• Lindsey Jackson, an estate planning attorney, joined the firm as senior trust administrator. She will oversee trust administration for high-net-worth clientele.
• Tony Tanner was hired as a senior client advisor. This newly created position is designed to assist clients who have more complex financial planning and advising needs.
• Craig Shelley has been hired as a wealth advisor. He will serve as an advisor to high-net-worth individuals, families and organizations, including closely-held and family-owned business, endowments and foundations. He will assemble the appropriate team of professionals to provide a full range of wealth services as part of an overall personal wealth management strategy.

“The caliber of our team is second to none,” said BMO Private Bank Western U.S. President Matt Miller. “As we continue to expand our presence in the U.S., we are adding top-notch professionals who are truly committed to our clients and possess the skills necessary to help high-net-worth individuals and families navigate complex financial decisions to achieve their goals.”

New business in the Western U.S. region has increased significantly over the past year. To further support the influx, Miller says BMO Private Bank is increasing staffing to focus on positions that enhance the client experience.

For more information about services and operations, visit www.bmoprivatebank.com.

same sex

Marriage Equality Coming to Arizona

Today U.S. District Court Judge John Sedwick ruled against Arizona’s constitutional amendment banning marriage equality, making Arizona the latest state to see such a ban struck down in court since the U.S. Supreme Court handed down its historic marriage rulings last June.

“This is a wonderful day for Arizona,” said Phoenix Mayor Greg Stanton. “Today’s ruling confirms what we have known for so long: that same-sex couples have a right to equal protection under the law.  This did not happen on its own — many people across our country have worked tirelessly to demand justice for all, and we owe a debt of gratitude to those in Arizona who have fought to overturn Arizona’s ban.  Now that a federal court has ruled Arizona’s ban unconstitutional, there is no justifiable reason for the state Attorney General and county clerks to delay issuing marriage licenses to same-sex couples who want to marry.”

In Connolly v. Jeanes, brought by private counsel, and Majors v. Horne, brought by Lambda Legal, on behalf of same-sex couples, Judge Sedwick rejected Arizona’s ban on marriage equality saying it violated the U.S. Constitution. Judge Sedwick was nominated by President George H.W. Bush.

“Yet again, today’s court rulings affirm there is no justifiable reason to keep these discriminatory marriage bans on the books,” said Human Rights Campaign (HRC) Legal Director Sarah Warbelow. “Laws prohibiting same-sex couples from marrying serve no purpose other than to harm Americans who simply want to protect and provide for themselves and their families. Ultimately the U.S. Constitution does not allow states to continue discriminating against committed and loving gay and lesbian couples.”

Judge Sedwick declined to issue stays in the rulings pending appeal.

A full feature map on the current state of marriage equality can be found here.

On Monday, October 6th, the nine justices of the Supreme Court announced they had declined to hear any of the cases pending before them challenging state bans on marriage for same-sex couples.  This allowed the circuit court decisions striking down the bans to stand, meaning same-sex couples in Utah, Oklahoma, Virginia, Wisconsin and Indiana could legally marry.  In addition, it left in place the circuit court rulings striking down same-sex marriage bans from the Fourth, Seventh and Tenth Circuits.

On Tuesday, October 7th, a three-judge panel for the United States Court of Appeals for the Ninth Circuit (which covers Arizona) unanimously ruled that state bans on marriage for same-sex couples are unconstitutional in Idaho and Nevada. That same day, the stay on the court ruling in Colorado was lifted, allowing same-sex marriage to proceed. On Thursday, October 9th, West Virginia’s Attorney General agreed to stop defending the state’s ban, bringing the total number of states with marriage equality to 28, plus Washington, DC.

On Friday, October 10th, a federal district judge ruled against North Carolina’s constitutional amendment banning marriage equality, and on Sunday, October 12th, a federal district judge ruled Alaska’s same-sex marriage ban as unconstitutional. The Ninth Circuit’s temporary stay of Alaska’s marriage equality decision is due to expire later today. These decisions bring the total number of states with marriage equality to 31, plus Washington, DC.

With today’s decision, same-sex couples are now able to marry in 31 states and Washington, DC, including: Alaska, Arizona, California, Colorado, Connecticut, Delaware, Hawaii, Idaho, Illinois, Indiana, Iowa, Maine, Maryland, Massachusetts, Minnesota, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, New York, Oklahoma, Oregon, Pennsylvania, Rhode Island, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin.

Gallup puts support for marriage equality at 55 percent – an astonishing 15 point increase from just 5 years ago – with other polls showing support at even higher margins.  And support for same-sex marriage rights continues to grow in virtually every demographic group.  According to ABC News / Washington Post, 77 percent of adults under age 30 favor marriage equality.  40 percent of Republicans – an all-time high and jump of 16 points in under two years – now support marriage for gay and lesbian couples, while the number of Catholics supporting marriage has grown to 62 percent,according to the New York Times.  These numbers continue to grow, with no indication that support will slow down.

Crossroads Corporate Center

Crossroads Corporate Center sells for $7.18M

CBRE has completed the sale of Crossroads Corporate Center located at the northwest corner of I-17 and Bell Road in metropolitan Phoenix. The ±105,107-square-foot office/flex building commanded a sale price of $7.18 million.

Barry Gabel, Chris Marchildon, Ashley Brooks, Jim Bayless and Jenny Aust with CBRE’s Phoenix office negotiated the sale between the buyer, a joint venture between Scottsdale-based Everest Holdings and Chicago-based Walton Street Capital, and the seller, Pittsburgh, Penn.-based Kossman-Phoenix Limited Partnership. Brooks, Bayless and Aust will also handle the marketing and leasing of the property, which is currently vacant.

“Crossroads Corporate Center offers a significant opportunity for additonal value,” said CBRE’s Gabel. “With 105,107 square feet of contiguous space and the possiblity of a second level, the property has excellent lease-up potential and should be met with much demand from users in the market.”

Crossroads Corporate Center was built in 1987 and renovated in 2009. The property sits on ±11 acres and features multiple points of ingress and egress. With ±24’ clear height, abundant glass-line, a large floor plate and eight per 1000 parking ratio, Crossroads Corporate Center is an ideal option for employers with heavy parking needs who are also looking for the open-concept, modern work space today’s employees demand.

“Crossroads Corporate Center offers potential tenants an excellent opportunity for customization of the space; the property is a blank slate,” said CBRE’s Brooks. “The space could be leased to a number of different user-types with a variety of needs. It has excellent potential for a traditional corporate user or could be utilized by a company looking to create modern, flexible workspace with a mix of collaborate and private office space and common/recreation areas for employees.”

The property benefits from proximity to the intersection at the I-17 and Loop-101 Freeways as well as full visibility from I-17 and two access points to the frontage road, which allows for easy access to labor markets, amenities, and residential developments. The property is accessible to 1.49 million people within a 30 minute drive and offers 1.5 million square feet of retail and restaurant amenities within a five-mile radius.

 

HFF OM - Camelback Center

HFF arranges acquisition financing for Camelback Center

HFF announced it has arranged acquisition financing for Camelback Center, a 32,963-square-foot, CVS-anchored retail center in Phoenix.

HFF worked on behalf of a private real estate fund advised by Crow Holdings Capital- Real Estate to secure the fixed-rate loan through Guggenheim Commercial Real Estate Finance, LLC.  Loan proceeds were used to acquire the property.

Camelback Center is situated on 3.85 acres at the intersection of Camelback Road and 16th Street in Phoenix’s Camelback Corridor, an area that contains some of the city’s most upscale neighborhoods.  North of the property is access to the Piestewa Freeway, the main north-south route through the middle of the city.  Built in 2003, the center is 100 percent leased to CVS, Chipotle Mexican Grill, Jimmy Johns, H&R Block, Tropical Smoothie Café, European Wax Center and Massage Envy.  The center is shadow-anchored by Total Wine & More.

The HFF team representing the borrower was led by senior managing director Paul Brindley and associate director Jeff Sause.  Douglas Mueller of Mueller & Associates Realty Advisors in Phoenix served as co-broker on the transaction.