ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, announced the sale of a highly renovated North Phoenix, 144 Unit, multifamily property – West 35th Apartments – for $8,820,500 or $61,253 Per Unit.
West 35th Apartments was originally constructed 1983 and was highly renovated in 2011 and 2012. The seller in this latest transaction purchased the property in 2010 through a Freddie Mac short sale process. This was the only known Phoenix large apartment community short sale that Freddie Mac approved of during the latest economic downturn. West 35th Apartments went through dramatic renovations and as a result of these renovations and its great management, the property has become the submarket leader in rental rates and occupancy. The renovations at West 35th Apartments were in excess of $1,000,000 or approximately $7,500/unit, which is considered a dramatic renovation in the Phoenix apartment industry. The property sits on approximately 4.46 acres of land, with 8 total buildings and a dedicated leasing center. All common areas were highly renovated in 2011 and 2012 and over 30% of the interiors were as well. West 35th is a solid and highly sought after “B” class community, with a mix of one and two bedroom floor plans.
“Wow, this is one of the best renovations I have ever seen on a mid-80’s constructed apartment community. West 35th Apartments even has an amazing looking glass pool fence, which is a design feature I’ve never even seen in an “A” class new apartment community in Phoenix. Due to its great presentation, residents are drawn to rent at West 35th and that’s reflective in the market leading rental rates, which they are able to achieve there. ABI Multifamily is pleased to have facilitated this sale and have represented both buyer and seller in the transaction. The combination of this perfectly renovated property and the availability of low interest rate loans, made the buyers purchasing decision easy,” stated Alon Shnitzer, Senior Managing Partner at ABI and one of the lead brokers for this transaction.
The property is ideally located in North Phoenix, just West of the I-17 Freeway and South of the Loop 101 Freeway. With easy access to a plethora of jobs, higher education schools, quality healthcare and shopping, the property is uniquely positioned for continued high demand.
“It appears that the West Valley of Phoenix and specifically the Northwest part of Phoenix, is hungry for quality living. The seller and his staff were meticulous in the design and quality of the renovations at West 35th. He has a great deal of experience with renovations and was able to maximize the rental and occupancy results,” stated Eddie Chang, Partner at ABI and one of the lead brokers for this transaction.
West 35th Apartments is located at 15615 North 35th Avenue in Phoenix, Arizona. The property is in the heart of one of the most desirable areas in the entire valley with great access to the I-17 and Loop-101 freeways. Some of the major employers in the immediate area include General Dynamics, American Express, Discover Card, Honeywell, Cox Communications, John C. Lincoln Hospital, Motorcycle Mechanical Institute, Thunderbird School of International Management and ASU West Campus. The location provides for easy access to major job centers via the surrounding freeways, while also allowing for quick access to many options in all directions for shopping, entertainment, and fine dining.
West 35ths’ high-end community amenities include:
· 24 Hour Laundry Facility
· Recreation, Entertainment and Computer Center with Internet Access
· Fully Gated
· Energy Cool Roofing System
· Picnic Area with Barbecue
· Glass Fenced Resort Style Swimming Pool and Spa with Sun Deck
· Outdoor Barbeque Grills
· Covered Reserved Parking
· Newly Renovated and Fully Appointed Rental Office
· Lush Resort Style Landscaping
Paying attention to every detail, the property takes it up a notch with the interiors. Features include:
· New Appliance Packages (select apartment homes)
· All Electric Kitchen
· Private Balconies and Patios
· Spacious Walk In Closets
· Three Tone Paint
· Upgraded Carpet and Vinyl Flooring (select apartment homes)
· Upgraded Lighting Package (select apartment homes)
· Outdoor Storage Closets
The Buyer, Univest Inc., based in Newport Beach, CA, is an experienced multifamily investor with hundreds of units in the Phoenix market.
The Seller, ICON Builders, based in Scottsdale, AZ, is an experienced multifamily developer and investor.
The Phoenix based ABI Multifamily brokerage team of Alon Shnitzer, Eddie Chang, John Kobierowski, Rue Bax and Doug Lazovick represented both buyer and seller in the transaction.
ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. The experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.
Phoenix-based Internet marketing agency Vertical Measures has been awarded two TIM digital marketing awards by AZIMA, the Arizona Interactive Marketing Association.
The awards were held on Thursday, March 26th at the Phoenix Art Museum. Named after Sir Timothy Berners-Lee, the renowned father of the internet, the AZIMA TIM Awards were created to highlight the outstanding efforts of companies and individuals in the digital marketing realm of Arizona.
The Vertical Measures content marketing blog, one of the leading Internet marketing blogs on the web, took home honors for Best Blog. This multi-author blog covers a broad variety of topics like content creation and strategy, search engine optimization, and pay-per-click advertising. Multiple forms of original content are delivered to followers 2-3 times a week, ranging from blogs to videos, infographics to resource lists. In 2014, 155 pieces of content were published from over 15 different authors and content creators.
The AZIMA judges made these remarks about the Vertical Measures blog: “Good mix of timely relevant posts and recurring themes. Design is excellent and works within the existing site structure for lead generation and exploration opportunities. Sharing behavior is outstanding.”
“This was an exciting win for all of us because our blog is a tremendous team effort,” said Quinn Whissen, Marketing Manager for Vertical Measures. “From designers to writers, editors to contributors, our blog is a true testament to our company values. It’s not enough to tell our clients how to manage their content; we have to practice what we preach. I’m proud of how our team lives up to these ideals via our blog.”
Vertical Measures also took home an award for Best Content Marketing Campaign for their work on HowtoConvinceYourBoss.com. Convince Your Boss is a micro-site built to equip marketers with the tools needed to be able to convince their boss to invest in content marketing. Visitors can find articles, ways to respond to objections, expert video insights, tools, stats, and presentation templates. All of this will help prepare them for pitching the decision makers and starting a pilot program. Judges were impressed, saying it is a “perfect example of how to transform a common issue/problem into a viable resource for a crucial audience.”
“We were excited to be recognized by AZIMA and the Arizona digital marketing community as a whole for both our blog and Convince Your Boss. Phoenix is our home base and we are proud to be a part of this vibrant and ever-evolving industry. We are honored to celebrate everyone’s accomplishments, including our own,” said President of Vertical Measures, Chris Bird.
San Francisco-based Boomtown! is the latest tech company out of California to announce their plans to expand their operations to Scottsdale. Founded in February 2014, the company has continued to grow, and has selected the Greater Phoenix region for its first expansion.
Boomtown! fixes everyday merchant technology problems in real time, providing on-demand installation and support of in-store technology, resulting in reduced business costs, increased revenue and the prevention of lost sales.
“Being a Chicago transplant I’ve had the privilege of watching the evolution of the Phoenix/Scottsdale Start-Up scene over the past four years, all while building a company that was headquartered in the San Francisco Bay area. It’s been exciting to see the likes of Weebly, Zenefits and Apple as they set up shop here and also watch locally grown successes like WebPT, GoDaddy, and Infusionsoft, said Paul Wyer, Boomtown! Head of Operations and co-founder.
“I’ve met some really talented people in the valley that wish they had similar “bay start-up opportunities” and they felt like they had to move to California to get access to those kinds of jobs. I want to keep Arizona talent in Arizona, so we decided to build-out our Boomtown Operations Team here,” Wyer continued. “It’s a ripe location for start-up growth and we get access to eager and technically talented candidates from Valley-based universities and companies.”
Using new age technology, Boomtown! provides merchants with immediate support, remotely though the app. This saves businesses time and money. With more than 350 technicians across the country, Boomtown! is also able to dispatch local technicians to businesses when needed.
“I’m glad to learn that Boomtown has chosen to expand its operations to Scottsdale. We believe our community is a natural fit for vibrant companies who value quality of life as much as the bottom-line,” said Scottsdale Mayor W.J. “Jim” Lane.
“Greater Phoenix has a larger base of qualified software workers than any other market in the mountain region, and is poised to grow by 14 percent over the next five years,” said Chris Camacho, president and CEO of the Greater Phoenix Economic Council. “The availability of talent coupled with a competitive operating environment, continues to draw companies like Boomtown! to the region. We look forward to seeing their growth in Scottsdale.”
To learn more about Boomtown!, visit www.goboomtown.com.
A new report shows Tucson and Phoenix-area renters have had to deal with a double whammy: Dwindling or stagnant incomes coupled with significant rent hikes.
The report, released last week by the National Association of Realtors, indicated the two metro areas are among those where the gap between rental costs and household income is increasing.
“It’s something we are watching since rising housing costs are getting to unhealthy levels,” association spokesman Adam DeSanctis said.
The association collected data on 70 major metro areas and analyzed household income growth, housing costs and homeownership changes in renter and owner-occupied households over the past five years.
Tucson ranked fifth for the largest decrease in income for renters aged 25 to 44 years old. The study indicated income dropped about 3.5 percent. During the same time period, the area saw an 11 percent increase in rent.
“We don’t have the jobs we need,” said Allan Mendelsberg, real estate agent at PICOR Commercial Real Estate in Tucson. “We’re doing a lot to revitalize downtown, with a lot of renovation throughout Tucson. But until we have high paying jobs, people are not going to be able to afford high apartment pricing.”
Tucson has experienced a trend in luxury property building as well, which may fuel the disparity between rental cost and income.
However, Mendelsberg, who specializes in multifamily apartment and investment properties sales, did point out that rent in Tucson remains lower than most cities at an average of $638 a month for a single unit.
The Phoenix area, which included Mesa and Glendale, saw a 2 percent increase in income during the five-year period coupled with a 9.8 percent hike in rents.
Phoenix rentals have been rising 5 to 8 percent per year for single-family homes and condominiums, said Michael Orr, director of the Center for Real Estate Theory and Practice at the W.P. Carey School at Arizona State University.
“Relative to many areas, Phoenix rentals are cheap compared to other places, but wages are low,” he said.
Nationwide, rents have increased 15 percent over the past five years, while the association estimated that household income has gone up 11 percent.
The association used data from the U.S. Census Bureau and the U.S. Bureau of Labor Statistics, among other sources.
Experts said the problem with the disparity between rent and income is that it makes it difficult for renters to become homeowners because they spend so much on rent, they can’t save for a down payment.
To relieve rental costs, increasing the supply of new home construction is a solution, Orr said.
However, builders have been hesitant since the Great Recession because of growing construction costs, buyers’ limited access to credit from lenders and concerns about the re-emergence of younger buyers, according to the association.
Lawrence Yun, chief economist for the association, said in a news release that without new housing opportunities, entry-level buyers will face affordability issues.
“Many of the metro areas that have experienced the highest rent increases are popular to millennials because of their employment opportunities,” Yun said in the release.
Helix, an Arizona-based commercial real estate investment, development, brokerage and management company, recently acquired its new headquarters office complex and also expanded its service offerings.
Located at 3335 E. Indian School Road in Phoenix, the new headquarters includes two office buildings. Helix will operate its brokerage, development and property management companies out of the main 5,000 square foot office building and plans to lease out the additional 2,500 square feet in the adjacent building.
“We have spent considerable time and effort trying to identify a long term solution for Helix,” said Ryan Spiekerman, founding principal of Helix Properties. “The building is perfect for our existing service offerings and affords us the opportunity to expand as we grow.”
In addition to the new office space, Helix recently expanded its services to include private lending programs to commercial, residential and fix and flip loans.
With expertise in acquisition, construction, development and disposition of millions of square feet of real estate in Arizona and throughout the Southwest, the Helix team has worked in nearly every segment of the commercial real estate industry: office, retail, industrial, land, self-storage multi-family housing, assisted living and medical.
National law firm Polsinelli has added Paul J. Roshka, a commercial litigator with extensive experience in prosecution and defense claims alleging violations of federal and state securities laws. Roshka represents clients before the SEC, the Arizona Securities Division and the Financial Industry Regulatory Authority (FINRA.) He has defended businesses and individuals in numerous disciplinary and enforcement matters originating out of SEC and FINRA offices across the country, and has handled securities industry arbitrations and mediations in jurisdictions nationwide.
“We are pleased to add an attorney of Paul’s caliber to our litigation team,” said Robert A. Henderson, Chair of Financial and Fiduciary Litigation Practice. “His depth of experience as an accomplished commercial and securities litigator and his ability to resolve complex disputes is a terrific complement to our national litigation team.”
Roshka joins a national team of nearly 30 attorneys in Chicago, Denver, Kansas City, Los Angeles, Phoenix, St. Louis and Wilmington who serve clients with financial and fiduciary litigation matters. Trained in alternative dispute resolution, Roshka also has an active mediation practice dedicated to assisting with a wide variety of business disputes. He is a member of the American Arbitration Association Commercial Arbitration Panel and serves as a designated mediator for the Arizona Association of Realtors®.
Among Roshka’s many distinctions are his selection as Lawyer of the Year for Securities Litigation in Phoenix by Best Lawyers in America 2013, as well as his selection for inclusion in Best Lawyers in America each year since 2005 in the areas of Commercial Litigation, Litigation- Regulatory Enforcement, and Litigation-Securities. Roshka earned his B.S. from St. Joseph’s University in Philadelphia and his law degree from the University of Connecticut School of Law. He received his training in Dispute Resolution at Pepperdine University School of Law’s Straus Institute.
The East Valley Partnership, a business advocacy group dedicated to improve business and quality of life in the East Valley region of Greater Phoenix, is hosting the Statesperson’s Luncheon at noon on Monday, March 30 at the East Valley Institute of Technology (EVIT) located at 1601 W. Main Street in Mesa, Ariz.
Attendees of the Statesperson’s Luncheon will hear from Congresswoman Kyrsten Sinema (AZ-9) and Congressman Matt Salmon (AZ-5) on various topics regarding the PHX East Valley.
Attendees will have the opportunity to ask the two congress representatives questions related to recent bills, immigration, education reform and budget, and the most important issues in their respective districts.
The Statesperson’s Luncheon is open to East Valley Partnership members and the public. Individual registration is $50 for members and $65 for non-members. Table reservations can be made for $600 for members and $750 for non-members. Seating is limited and reservations are requested by March 26 online at www.EVP-AZ.org or by phone at 480-834-8335 ext. 201.
Arizona Summit Law School was named one of the “2015 Most Diverse Law Schools” in the United States by PreLaw Magazine.
The private law school, located in downtown Phoenix, earned an A+ rating and was named among the top ten law schools for diversity by the publication, which regularly evaluates law schools across the country accredited by the American Bar Association.
The PreLaw Magazine’s diversity rating is based upon ethnic diversity in comparison to the national average for students and faculty. The study was conducted to identify law schools in the United States that do the best job at including all races, rather than focusing on only one or select races. The publication, which is a law school journal published by National Jurist, recognizes the best law schools in the country for diversity accomplishments, and for putting diverse voices and backgrounds in the classroom.
“As we enter our tenth year, Summit Law is reflecting on the impact we are having in the legal community and on the communities we serve,” said Dean Shirley Mays. “Earning this top-tier ranking and significant national recognition is rewarding and reinforces our commitment to diversifying the legal profession and providing legal career opportunities to individuals of diverse backgrounds.”
CBRE announced the sale of a four-building, 245,745-square-foot industrial portfolio in El Paso, Texas, on behalf of New York-based Sullivan Crosby Trust. Phoenix, Arizona-based ViaWest Group purchased the portfolio in an off-market transaction for an undisclosed price.
The buildings are approximately 50 percent occupied—short-term tenants bring it to 75 percent occupancy. They are located south of Interstate Highway 10 in the central El Paso submarket. According to CBRE Research, the central El Paso submarket is approximately 94.7 percent occupied as of Q4 2014.
“We are very excited about our first purchase in El Paso. This acquisition is part of the ViaWest Southwest Fund and is our first purchase outside of Phoenix with the Fund. We are hopeful that this is the first of many as we expand further into El Paso, Salt Lake City, Las Vegas, and some other southwestern cities. This property fits all the attributes that we are looking for: a solid, infill location; excellent clear height and truck court; the ability to add value immediately; and a great brokerage team with the CBRE guys,” said Steven Schwarz, Principal at ViaWest Group.
“The portfolio is made up of good, quality assets. Once a few deferred maintenance items are addressed, these assets will be highly competitive,” said Mr. Perez Giese, Senior Vice President and Director of CBRE’s El Paso/Ciudad Juarez office.
This is the first El Paso-area acquisition for ViaWest Group. A host of rehabilitation projects are slated for the properties, including new roofs, landscaping, fencing, equipment replacement and more.
ViaWest has selected CBRE to lease and manage the properties. Mr. De la Mora will lead the leasing assignment.
Cox Communications has announced that four Phoenix-area employees, Lance Zielinski, Vince Merseal, Jim Mayorga, and David Rosales, have been promoted and will each be taking on new responsibilities as field operations supervisors.
As recently promoted field operations supervisors, each of these Cox Arizona employees will now be responsible for assuring the quality performance of installation and technical services of all Cox Communication products, including optimizing Cox Arizona’s network for the continued rollout of Cox Arizona’s 1G internet service throughout the Valley.
Lance Zielinski began his career with Cox in 2008. Zielinski quickly progressed to an expert technician and then became one of the first Home Security technicians in the Valley. His expertise has earned him the role as the Home Security subject matter expert for Scottsdale, while also mentoring all new Home Security trainees at Cox Arizona. Zielinski was promoted out of Cox’s Scottsdale location.
Vince Merseal began his career with Cox in 2005 as a field technician, and progressed to become one of the first employees to help install Cox Arizona’s recently launched 1G internet service. During his career with Cox Arizona, he achieved the recognition as a three-product expert, held the position as a field mentor, and also filled an interim field supervisor role. He was promoted out of Cox’s Scottsdale location.
Jim Mayorga has been a dedicated Cox employee for the past eight years as a Universal home technician, as well as a mentor for the Avondale, Tempe, Union Hills and Mesa locations. Mayorga achieved an associate’s degree in computers and electronics, which led him to pursue a career in Cox’s technical field. Mayorga was promoted out of Cox’s Tempe location.
David Rosales has worked with Cox since 2007, and has held the role as a Universal home technician and as a field mentor at Cox’s Tempe, Scottsdale, Mesa and Avondale locations. Rosales was promoted out of Cox’s Tempe location.
Central Phoenix just got a new addition to its housing life with the opening of the new, ultra-hip @51 apartment community, a project brought to the Valley by Smithfield Properties, Chicago-based developer of high-end residences and adaptive reuse projects.
Designed by San Francisco-based Berkelhamer Architects, @51 is a contemporary residence set between the Biltmore area and midtown Phoenix. In addition to the 191 units, a ground-level restaurant will anchor the project and a rooftop nightclub with a pool will be available for special events. The community is located at the southeast corner of 16th Street and Georgia, ideally situated with ease of access to north and south ramps of State Route 51 freeway.
“We envisioned this community as contributing to the social and economic fabric of this geographic area – with residents who choose this area to reside for its fantastic restaurants, shopping and diverse local flavor,” said Bill Smithfield of Smithfield Properties. Smithfield also developed another modern community that opened last year in the Camelback corridor, Domus.
@51 will add to the local flavor with a restaurant at ground level, anticipated to open later this year. The restaurant, situated at the northwest corner of the property, comes from national proprietor Lettuce Entertain You, the brains behind dozens of popular restaurants in Chicago, Minneapolis, Washington DC and Scottsdale’s Don & Charlie’s.
Luxury apartment manager Mark-Taylor Residential is overseeing leasing of the community, located at 1615 E. Georgia. Rentals of the studio, one- and two-bedroom apartments range from $925 to $2800.
Sitting atop a multi-level parking garage, the community is a well-planned infill development that epitomizes urban living at its best. The large rooftop outdoor pool/exercise room and lounge overlooks the landscape to the east, offering unparalleled views of Piestewa Peak and Camelback Mountain. The development is immediately adjacent to a 10-acre city park, Desert Storm Park, offering paved cycling, running and dog-walking paths.
The community is now part of a portfolio of Mark-Taylor-branded communities all owned by different entities, but all with a uniform management approach and high standards of excellence. Mark-Taylor’s management group consists of local experts with deep roots in Arizona, a team that appreciates a lean and flat internal structure so that decisions can be made quickly and effectively.
Daum Commercial Real Estate Services has negotiated the $1 million sale of a 5,600-square-foot office building located at 775 E. Covey Lane in Phoenix.
Carl Johnson with Daum Phoenix represented the seller while Menlo Group represented the buyer in the transaction. The seller of the Phoenix office building was Meco Real Estate Holdings, LLC of Windsor, Calif. ORP, LLC of Peoria was the buyer and bought the office space to relocate their headquarters.
Vaught’s practice includes counseling employers on matters involving the ADEA, FMLA, ADA, OSHA, Title VII, hiring and discipline, complaint investigations, and wage and hour issues. He also represents employers in related proceedings in state and federal courts, and before the Equal Employment Opportunity Commission, Department of Labor, and state administrative agencies. Vaught also has significant experience handling trade secret, unfair competition and restrictive covenant matters throughout the United States, and representing employers in related court proceedings.
He received his law degree from the University of Kansas Law School and his bachelor’s degree from the University of Kansas.
Lee & Associates Arizona announced the three-office building leasehold sale of Papago Arroyo, 1255, 1275 and 1295 E. Washington St., Phoenix for $40,850,000. Combined, the buildings total 279,503 SF which calculates to $146.15 per SF. The cap rate was reported to be 7% based on first year NOI performance.
Lee & Associates’ Coppola-Cheney Group and Jerry Marrell, Principal, negotiated the sale along with Bob Young and Glenn Smigiel of CBRE. The buyer was listed as Papago Arroyo Associates, LLC of Honolulu, HI. The seller was Greenwood & McKenzie RE Investments, of Tustin, CA.
“Papago Arroyo is part of the story that keeps getting better in Tempe. Located along the light rail system, this three-building campus is only minutes away from Phoenix Sky Harbor Airport, three major freeways and Arizona State University, which will always make it attractive to tenants,” said Andrew Cheney. “The new development underway in Tempe only adds to this property’s upside, he added.
The stable, Class A project is situated on a ground lease with 68 years remaining. The highly-sought after location has driven leasing demand for the remaining space. It is currently at 96% leased.
The buildings were developed in 1998 are situated on the Tempe/ Phoenix border. The property offers 5 per 1,000 ratio of parking, close access to major freeways, light rail stations and Phoenix Sky Harbor International Airport.
Cooper, Cardinal and Company LLC, a boutique multi-family investment brokerage firm with headquarters in Phoenix, Arizona, represented the Seller in the sale of McLellan Apartments, an 8-unit turn-key multi-family community located in Phoenix, Arizona. The sale price of $525,000 equates to $65,625 per unit or $93.21 per square foot.
Jack A. Cardinal, a Managing Director of the firm, and Jennifer Runyon, an Investment Associate, represented the buyer in the transaction. “The asset has been in the same family for over 40 years; has all two bedrooms and one bath floor plans with a washer/dryer in each unit. The property was 100% occupied at close of escrow. This is truly was a once in a generation opportunity for the buyer.” stated Cardinal.
The 5,632-square foot apartment community was built in 1965 on a 0.58-acre lot. Jennifer Runyon added, “This casita style property felt more like an intimate townhome community than an apartment complex. Unique features including individual carports and private patios were well suited for the Buyer’s needs. Pride of long-term ownership was clear in the meticulous maintenance and hands-on management approach.” With proper management and continued care, this asset will continue to serve as a steady income producing opportunity. Please contact Jack Cardinal, 602-457-7751, for professional and expert guidance before making your next move in the multifamily market.
FirstBank Holding Company, a holding company with 15 banking locations throughout Arizona, announced a $1 million community development investment with Trellis (formerly Neighborhood Housing Services of Phoenix), an organization dedicated to making financially stable homes, neighborhoods and communities possible in Maricopa County. FirstBank’s contribution will provide qualified homebuyers up to $25,000 to be used as a down payment toward the purchase of a new home.
Trellis was founded in 1975 with the help of the City of Phoenix and Neighborhood Works America, a national nonprofit organization that provides financial support, technical assistance and training for community-based revitalization efforts. The organization focuses on lending, learning and building by offering mortgages with little to no down payment, providing financial literacy classes and acquiring and renovating distressed properties, respectively.
“We made this contribution to Trellis because we believe in helping people who are pursuing the American Dream of home ownership,” said Angelo Chin Foo, banking officer at FirstBank and Trellis board member. “Trellis is a multi-service organization that has made a significant impact on the community over its 40-year history. With this investment, we hope to play a small role in helping Trellis deliver its mission of providing more affordable housing to Arizonians.”
Structured as an “equivalent equity investment,” FirstBank’s $1 million contribution allows qualified homebuyers to borrow up to $25,000 towards the purchase of a new home. Homebuyers repay the loan to Trellis over a 15-year period, and Trellis will use the repaid funds to provide assistance to homebuyers across Maricopa County, in perpetuity.
“Access to affordable housing benefits everyone. Individuals and families become stable and more economically secure, neighborhoods become more active and cities gain jobs and tax revenues,” said Patricia Garcia-Duarte, president and CEO of Trellis. “We rely on generous partners like FirstBank to help us strengthen our local communities and empower homebuyers, and we couldn’t be more grateful for this generous support.”
FirstBank opened its first location in Arizona in 2007 and has since expanded to 15 locations. All Arizona branches offer a full range of services, including Free Checking, Free Business Checking, mortgages, home equity loans and commercial loans. The bank is the main sponsor of Arizona Give Day, a 24-hour online giving initiative aimed at increasing individual giving throughout the state.
For more information, visit TrellisAZ.org.
Squire Patton Boggs announced the promotion of 40 lawyers as partners and principals. The promotions are within most of the firm’s key practices and involve lawyers from 21 offices around the world.
“I would like to congratulate all of our colleagues on their well-deserved promotions,” said Mark Ruehlmann, chair and global CEO of Squire Patton Boggs. “This set of promotions reflects the real depth and breadth of talent that runs throughout our firm and also the scale of ambition we share for growing our business and providing the highest quality service to our clients.”
The following lawyers have been promoted as partners in the Phoenix office:
• Jaime R. Daddona, Corporate
• Jacob B. Smith , Tax Strategy & Benefits
Squire Patton Boggs is one of the world’s strongest integrated legal practices. With 44 offices in 21 countries, the firm is renowned for its local connections and global influence, delivering comprehensive legal services across North America, Europe, the Middle East, Asia Pacific, and Latin America. With expertise spanning all key sectors, the firm is also known for its preeminent public policy practice and deep-rooted relationships in Washington DC and Brussels. For more information, visit www.squirepattonboggs.com
The third annual Eight’s Check Please! Arizona Festival will be held on March 22nd, 2015 at Cityscape in Downtown Phoenix from 11 a.m.-3 p.m.
The culinary festival will feature local, independent eateries from hamburger haunts to five-star, gourmet restaurants. Local foodies will be able to try an array of different foods and explore in this one-stop shop festival.
A featured show on Eight, Arizona PBS, establishments that have appeared on the shows in previous episodes will again make an appearance at the festivals.
However, new to the festival in 2015 will be the showcase of different chef’s talents as they display their abilities to feed in style; this will include a second panel of top Valley chefs and a lineup of cooking demonstrations by local chefs on two stages, provided by SubZero/Wolf. You can also take a tour of favorite wines with Chef Christopher Gross, who will also provide insight into his favorite wine and food pairings.
The festival will be featuring the following returning establishments: Switch Restaurant & Wine Bar, The Wild Thaiger, Salerno’s, Haus Murphy’s, Frasher’s Steakhouse & Lounge, The Salt Cellar, Flavors of Louisiana, Rancho Pinot, Cowboy Ciao, Jewel of the Crown, Cucina Tagliani, Tarbell’s, San Tan Brewing Company, Thee Pitts “Again,” Hob Nob, Phoenix City Grille, Red, White and Brew, Betty’s Nosh, Avanti Restaurant, MacAlpine’s Restaurant & Soda Fountain, and TEXAZ Grill.
For the opportunity to try out these restaurants and explore the new additions as well, you can buy your ticket at www.azpbs.org/checkplease/festival. General admission is $79 if bought online, but $89 if bought at the door on the day of the festival. Cost admissions include food, wine and beer sampling as well as panel discussions, cooking demonstrations and guest lectures.
Last year, the event sold out, so obtain your ticket soon if you would like to attend.
For more information on sponsorship and participation opportunities with Eight’s Check, Please! Arizona Festival, please contact Chelsea Fox at R Entertainment Co., 480.657.7333 ext.15 or email Chelsea@r-entertainment.com.
Colliers International in Greater Phoenix recently promoted 10 brokers, including one to senior executive vice president and three to executive vice president. Each year, Colliers promotes brokers in the first quarter.
“The promotions recognize the dedication, talent and expertise of our brokers who know how to maximize opportunities for our clients,” said Bob Mulhern, managing director of Colliers Phoenix office. “The number of promotions points to the accelerating success of Colliers in the Phoenix marketplace. We’ve recruited 23 new brokers and more than doubled our production in the past five years,” he added.
William S. Littleton SIOR, MCR, SLCR was promoted from executive vice president to senior executive vice president of corporate services. Littleton has almost 30 years of experience with Colliers. This position is awarded for high business production, significant industry experience and expertise and local office leadership. Littleton has leased and sold in excess of $500 million of industrial and office properties throughout North America, EMEA (Europe, Middle East and Africa) and Asia/Pacific.
Bill Hahn, Jeff Sherman and Trevor Koskovich of the HSK Multifamily Team were promoted to executive vice president from senior vice president. This team’s success in Arizona led it to branch out to other states, where it is actively disposing of assets in Las Vegas; El Paso, Texas; and Albuquerque, N.M.
Promoted from vice president to senior vice president were Brad Cooke and Rob Martensen, SIOR, CCIM. Cooke joined Colliers in 2006 and is part of the Colliers Cooke Team, where his primary role is client relationships in acquisitions and dispositions in the multifamily investments sector.
Martensen, during his 18 years with Colliers, has been involved in more than 700 transactions involving industrial sales, leasing, build-to-suits and land sales. He specializes in assisting industrial landlords, developers and tenants, helping them make successful decisions in the Phoenix market by providing a deep knowledge of current industrial trends and product types.
Associate vice presidents who are now vice presidents are Marcus Muirhead and Ryan Timpani. Muirhead joined Colliers in 2006. A member of the Colliers Healthcare Services Group, he specializes in medical office and retail investment properties. Timpani is a member of the Lambeth-Noel-Timpani team—one of the top producing office properties teams in Metro Phoenix. He joined Colliers in 2010.
Former senior associates Danny Plapp and Peter Bauman were named associate vice presidents. Plapp specializes in landlord advisory services in Class A and B office properties throughout metropolitan Phoenix. He joined Colliers in 2012.
In addition to becoming associate vice president, Bauman was named Rookie of the Year for Colliers International in Greater Phoenix. This honor is given to a broker with one to two years’ experience who has met the Colliers’ Phoenix office standards for a productive year. His focus is investment sales, especially national net leased assets.
Colliers top producers in 2014 were Cindy Cooke, Brad Cooke, Trevor Koskovich and Jeff Sherman, Todd Noel and Keith Lambeth, William S. Littleton, William R. Hahn, Paul Sieczkowski, Rob Martensen, Kim Soule’, Philip A. Wurth, Don MacWilliam and Payson MacWilliam, Mindy Korth, John Barnes, Tivon Moffitt and Jim Keeley.
Recognized for 30 years of service was Tom Knaub, vice president. Acknowledged for 10 years of service was Jerry Tenge, senior vice president.
Seven brokers have five years of tenure: Bob Broyles, senior vice president; Tim Dulany, vice president; Hahn, Koskovich and Sherman, all new executive vice presidents; Tyler Smith, vice president and Phil Wurth, vice president. Administrative assistant Bertie Burckle was recognized for 20 years of service.
In the Real Estate Management (REMS) division of Colliers International, Jonni McCray was promoted to operations coordinator from administrative assistant.
Three REMS employees were recognized for 10 years of service: Eulalio M. Castaneda and Larry Dillion, both at ASU Brickyard and Tammy Forbis, assistant property manager.
Those with five years of tenure included Amanda Joiner, senior service center coordinator and
McCray. Also with five years are Steve Skibbe, building engineer; Robert Verdugo, maintenance technician; and Brian Wedgeworth, assistant chief building engineer; all at the ASU Downtown Campus.
Banner Health has awarded the contract for the design of the new Banner – University Medical Center hospital facility in Tucson to Shepley Bulfinch architects of Phoenix, in association with GLHN Architects & Engineers, Inc. of Tucson. The 11-story tower is scheduled for completion in 2019.
This news follows Banner’s acquisition of the University of Arizona Medical Center, which was finalized on February 27.
“We are honored to be working with Banner Health as they rebuild the core of the hospital,” said Shepley Bulfinch’s David Derr, AIA, principal-in-charge for the project. “Both Shepley and GLHN know the University Medical Center well from our previous work, and we understand its importance to the residents of Tucson and surrounding communities.”
Shepley Bulfinch brings national expertise in academic medical center design to the project, with clients that include Yale-New Haven Hospital and Dartmouth-Hitchcock Medical Center. The firm prepared the Master Plan for the new facility and completed the hospital’s surgical services renovation and expansion in 2013. Elsewhere in Tucson, Shepley Bulfinch worked with city officials and community stakeholders on the development of the Main Gate Overlay District near the University of Arizona campus.
Tucson-based GLHN has collaborated on significant local projects, including the Streetcar Maintenance and Storage Facility and Pima County Courts Complex, both integral to the city’s downtown redevelopment efforts. The firm has provided services to the healthcare industry for over 40 years, working at over 120 VA Medical Centers nationwide and renovating more than 100 areas on the University of Arizona Medical Center campus.
CBRE has negotiated the sale of Esplanade III, a 218,266-square-foot office building located at 2415 East Camelback Road in Phoenix. Financial terms of the transaction were not disclosed. The property was approximately 95 percent leased at time of sale.
Jim Fijan and Will Mast with CBRE’s Phoenix office negotiated the sale, along with Kevin Shannon of CBRE’s South Bay, California office. The seller was an institutional client of AEW Capital Management, L.P. The buyer was Dallas-based Crow Holdings.
“This is the highest price per square foot for a multi-tenant, class A asset since the downturn,” said CBRE’s Fijan. “Office fundamentals are improving and pricing is approaching pre-recession levels. Investors are taking notice and have shifted their attention to Phoenix, especially as pricing in coastal markets skyrockets.”
As part of the Esplanade mixed use development, Esplanade III benefits from the wealth of on-site amenities shared by the complex. MetLife, owner of the other four office buildings in the development, recently announced a refresh of the retail amenities such as new restaurants and a new common area business center.
Developed in 1997, Esplanade III is a ten-story, class A, multi-tenant office building located in the heart of the Camelback Corridor. Ninety-five percent leased at time of sale, tenants include CBRE, Alliance Residential, Regus, Helios and Major League Baseball’s western headquarters, among others.