Tag Archives: phoenix

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Legoland Discovery Center coming to Arizona Mills

Global leisure giant Merlin Entertainments and The Mills, a Simon company, today, announced plans to open a LEGOLAND Discovery Center (LDC) at Arizona Mills. LEGOLAND® Discovery Center Phoenix will be Merlin’s seventh LDC to open in the USA and reflects the success of the concept and the huge and enduring appeal of the LEGO brick. It will join Merlin’s popular SEA LIFE aquarium at Arizona Mills.

LEGOLAND Discovery Center is a unique indoor attraction, based on the popular LEGO brick. Specifically designed for families with children 3-10 years old, LEGOLAND Discovery Centers offer a fun, highly interactive and educational two to three hour experience consisting of a range of exciting LEGO play areas including a brick pool, master classes from the LEGO Master Model Builder, a fun LEGO ride, special party rooms for birthdays and other celebrations, a 4D cinema, and of course, the popular MINILAND exhibit found in every LEGOLAND Park and attraction.  MINILAND  is designed to reflect the iconic buildings of each individual attraction’s location – at LEGOLAND Discovery Center Phoenix this will include both buildings from the City’s impressive skyline and landmarks from the surrounding area, all nominated by the local community.

“The LEGOLAND Discovery Center concept has been a huge success across the globe, particularly as part of a family day out of shopping and dining. This, together with the fact that a large number of families with small children live within a 2 – 3 hour drive, makes Arizona Mills the ideal location for the attraction. We are sure visitors, both here and abroad, will embrace the Center,” said Glenn Earlam, managing director of Merlin Midway Attractions Operating Group.

This significant addition will mark a transformative time for Arizona Mills as it prepares for an upcoming summer renovation to its entertainment wing that will be centered around family friendly experiences and dining options. LEGOLAND Discovery Center Phoenix will expand Arizona Mills’ presence in the market as the state’s largest outlet and value retail shopping destination.

Plans and designs are already in place for the 60,000 square foot attraction and construction will begin in June 2015. LEGO models for the Phoenix attractions will be made in Merlin’s specialist studios around the world and shipped in during construction to be ready for the opening in late spring 2016.

“We have an excellent working relationship with Merlin at many of our properties and are very pleased to welcome LEGOLAND Discovery Center, their best global brand, to Arizona Mills,” said Gregg Goodman, president of The Mills. “This, together with SEA LIFE, which Phoenix has embraced as its own special aquarium in the desert, will play a key role in our plans to create a family entertainment district within Arizona Mills. Our goal is to make it the premier destination for families who enjoy great shopping combined with high quality entertainment and dining.”

Merlin has grown significantly since it first opened SEA LIFE in Phoenix and now has more
than 20 attractions in the US.

“Our objective is to ‘cluster’ several complementary attractions together, as we are doing in Phoenix, offering even more reason for families with young children to spend an exciting day at Arizona Mills. Indeed, projects such as this play a very important part in our future growth strategy,” added Earlam.

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Pango pay-by-phone app now available for Phoenix parking

Mayor Greg Stanton, City Councilmembers, representatives from Pango USA and the business community gathered today in downtown Phoenix to announce the Pango pay-by-phone app for on-street parking is now available in Phoenix.

“This cutting-edge innovation is helping to create a great urban core in Phoenix that makes life easier for our residents and businesses, and coming downtown even more attractive to visitors,” Mayor Greg Stanton said.

With Pango’s advanced new technology, residents and visitors are now able to pay for parking at meters through the ease of a mobile phone app, add more time to their parking session from a remote location, track where they parked and also receive discounts from local participating businesses.

The system also will allow restaurants, shops, and other businesses to provide complimentary parking validation to their customers via prepaid codes.

The use of the Pango app is available for credit and debit-card enabled parking meters and within a few weeks will also be available for coin-only meters. All existing forms of payment (credit/debit cards and coins) will continue to remain in place.

The service, which is operated by Pango USA, is available via the “Pango Parking” smartphone app, or by calling toll-free 1-844-Pango44 (726-4644).  The app is available for iPhone and iPad, Android, iOS, and Windows Mobile devices. Customers register their credit card and license plate information to create an account by visiting myPango.com. Each time a customer parks, the app or phone number is used to pay for parking by entering the parking space number found on each parking meter or pay-station sign. There is a seven cent fee for each transaction, which covers the credit-card-processing charge and other program costs. Customers may also select the option to receive text message alerts and reminders for $1.99 per month.

During the month of February, to support homeless veterans, Pango is donating $1 to Central Arizona Shelter Services (CASS) for every download of the Pango parking app and is also giving one hour of free parking to the first 5,000 to register for the Pango system.

As part of the program, Pango donated a check to Central Arizona Shelter Services.

“We look forward to being part of the transformation of Phoenix by making parking easier and more convenient for drivers in one of the top cities in the United States,” said Neal Edwards president of Pango. “We are also grateful for the opportunity to help the homeless veterans of Phoenix with the drive for Central Arizona Shelter Services, one of Maricopa County’s primary providers of services to veterans.”

“Phoenix works hard to keep our street and transit infrastructure safe and modern and this technology shows we’re using all the tools available to simplify getting around and encourage people to visit,” said Councilwoman Thelda Williams, chairwoman of the City Council Transportation and Infrastructure Subcommittee.

“This is the kind of initiative that demonstrates Phoenix’s commitment to innovation and  to finding and working with partners to make the city an even better place to call home, locate a business or visit,” said Councilman Michael Nowakowski.

“This popular app has been working for years in cities in the U.S. and worldwide,” said Councilwoman Kate Gallego. “It shows that we understand the value of our central city areas and are committed to making them better places to live, visit and do business.”

“This is a technology that will make it easier to live, visit and do business in our central city areas and builds on our reputation as a city that is using technology to be more efficient and responsive,” said Councilman Bill Gates, chairman of the City Council Finance, Efficiency, Economy, and Sustainability Subcommittee.

For more information about on-street parking in Phoenix visit phoenix.gov/streets or dial 602-262-6284.

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Polsinelli recognized for real estate practice

A recent ranking of full-service law firms across the country revealed that Polsinelli is now one of the top ten law firms with the largest number of real estate partners in the country.  While many other law firms reduced the size of their real estate groups during the recession, some firms such as Polsinelli focused on growth and attracting lateral real estate attorneys who were looking for national platforms on which to build their practices.

Polsinelli’s Phoenix office recently hired Dustin Jones, a zoning and land use attorney who represents developers in obtaining land use permits in complex commercial real estate deals.  Jones, who works out of both the firm’s Phoenix and New York offices, also serves as a full-time faculty member in Cornell University’s Department of City and Regional Planning where he is a senior lecturer on zoning and complex land use issues.  Jones’ hire added to Polsinelli’s continued efforts to expand its national prominence and local dominance.

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Colliers International Hires Project Management Expert

Colliers International in Greater Phoenix has hired Bruce Herr to serve as its new Director of Project Management to streamline the design and construction of clients’ real estate projects.

From start to finish, Herr will oversee the scheduling and budgeting of projects and coordinate efforts of team members including architects, general contractors and vendors.

Herr plans to eventually expand the practice to serve as an independent, third-party project manager for interested businesses in the Phoenix area. Herr will provide the service for a fee, whether or not the business is using Colliers for its real estate transaction.

“Consistent and transparent communication is key to project management,” Herr said. “We quarterback the nuanced details so the client may focus on other business priorities.”

For the past 15 years, Herr has worked with Heery International in Seattle, a full service architecture, engineering, construction management and program management firm. During his career there, he led a team of 60 design and construction professionals and served as a project executive on projects in multiple Western states.

Most recently, Herr was Heery’s project executive for the $187 million Mariposa Land Port of Entry expansion in Nogales, Ariz. Earlier in his career he worked for Texas-based companies Brown & Root and Trammell Crow Company.

Herr’s skills include project, construction and capital expenditure management, strategic business planning, contract negotiation and management and team building.

“Bruce’s executive level experience and strong emphasis on serving the best interests of the client will propel business opportunities for our clients,” said Bob Mulhern, managing director of Colliers International in Greater Phoenix.

David J. Jacofsky, MD, chairman and CEO of The CORE Institute.

The CORE Institute celebrates 10th anniversary

Ten years ago, fellowship-trained orthopedic surgeon Dr. David J. Jacofsky, along with Dr. John A. Brown and Dr. Mark D. Campbell, believed they could provide best-in-class orthopedic care to Phoenix area residents. Ten years later, it is clear that they have been able to bring that dream to fruition with 150 care providers, 700 employees and almost half a million patients in the practice.

In January, 2005, The CORE Institute was born and over the next ten years the practice grew from one small office in Sun City West, Arizona into a nationally recognized, innovation-leading, orthopedic and neurological practice with 700 employees spanning two states and 26 facilities.

“Our phenomenal growth has been built on a platform of evidence-based medicine and meticulous outcomes tracking managed by our proprietary IT platform,” said Chairman and CEO David Jacofsky, MD. “It’s very rewarding to see our innovative approach to patient care being embraced by hundreds of thousands of patients, from all 50 states and multiple countries. The one thing that has remained the same is our commitment to a proven, evidence-based, outcomes driven, standardized patient care approach. I am proud of what we have accomplished. We’re truly honored that patients and the medical community have entrusted us to care for them at The CORE Institute over the last 10 years.”

The CORE Institute has expanded from its early years to offer care in Orthopedics, Spine, Pain Management, Neurology, Rheumatology, Plastic Surgery and Physical Therapy.  In addition to its innovative evidence-based medicine IT platform, the organization continues to be a leader in payor-reform initiatives and hospital alignment strategies.

Unique within the industry, The CORE Institute has agreements to co-manage the orthopedic departments at several major hospitals, including at five Banner Health facilities in Arizona, Green Valley Hospital South of Tucson, and St. John Providence Hospitals in Southfield and Novi Michigan. In 2013, The CORE Institute teamed up with the Cleveland Clinic, OrthoCarolina and The Rothman Institute to form the first-of-its-kind clinically integrated Orthopedic PHO (Physician Hospital Organization), operating as the National Orthopaedic & Spine Alliance LLC (NOSA).

The CORE Institute was recognized as the #1 Orthopedic Group by Ranking Arizona three years in a row, one of the Best Places to Work by Phoenix Business Journal four years in a row, and was the 2014 recipient of the IMPACT Award by the Greater Phoenix Chamber of Commerce. Over the years, numerous physicians have also been recognized by Phoenix Magazine Top Docs issue, Hour Detroit’s Top Docs issue, and several other publications.

Of today’s 700 employees, many are celebrating their 10th year of employment at The CORE Institute. It is no surprise to see the continued expansion and growth of The CORE Institute because of their committed and dedicated team.

The CORE Institute is already looking towards the next ten years, with clinics planned to open in other states, as well as overseas, in the near future.

“We’re early in our journey as a company and I’m very excited about our future as we expand our efforts to give patients best-in-class care,” concluded Dr. Jacofsky.

Timeline of milestones:
2005: Opened The CORE Institute in Sun City West, Arizona
2006: Expanded locations to service patients in Sun City on the Banner Boswell Medical Center campus and Phoenix on the John C. Lincoln Deer Valley Hospital campus
2006: Welcomed 7 new providers to the Arizona Market
2006: Expanded subspecialties to include comprehensive spine care
2007: Welcomed 6 new providers to the Arizona Market
2007: Launched CORE Ink publication
2007: Relocated Peoria and North Phoenix clinics due to increased patient demand
2007: Expanded subspecialties to include hand and upper extremity care
2008: Launched non-profit foundation, the MORE Foundation
2008: Welcome 3 new providers to the Arizona Market
2008: Expanded locations to service patients in Gilbert, Arizona on the Mercy Gilbert Medical Center Campus
2009: Featured new treatment options for Rotator Cuff Injuries, Reverse Shoulder Replacement
2010: Welcomed 12 new providers to the Arizona Market
2010: Recognized Drs. John Kearney, Mark Campbell, David J. Jacofsky, and Steven L. Myerthall as PHOENIX Magazine’s Top Doctors in Arizona
2011: Launched first co-management agreement with Banner Del E. Webb Medical Center in Sun City West, Arizona
2011: Welcomed 8 new providers to the Arizona Market
2011: Recognized Drs. Ali Araghi and Eric Feldman as PHOENIX Magazine’s Top Doctors in Arizona
2012: Opened first Spine Center in Sun City, Arizona
2012: Recognized Dr. David J. Jacofsky as one of the “Top 26 Knee Surgeons” by Orthopedics This Week
2012: Recognized Dr. David J. Jacofsky as the “Surgeon of the Year” by Arizona Business Magazine: Healthcare Leadership Awards
2012: Welcomed 21 new providers to the Arizona Market
2012: Expanded co-management relationship with Banner Health to provide world-class orthopedic care at Banner Desert Medical Center and Banner Thunderbird Medical Center
2013: Expanded locations to service patients in Mesa, Arizona on the Banner Desert Medical Campus
2013: Welcomed World-Renowned Spine Surgeon from the Mayo Clinic, Dr. Mark Dekutoski
2013: Expanded into Michigan, first clinic expansion outside of Arizona
2013: Launched CORE Cycling Team to include a 50-member cyclist team
2013: The CORE Institute, is joined by Cleveland Clinic, OrthoCarolina and Rothman Institute to form the first-of-its-kind clinically integrated Orthopedic PHO (Physician Hospital Organization), operating as the National Orthopaedic & Spine Alliance LLC (NOSA).
2013: Built  prosthetic tail for alligator, Mr. Stubbs
2013: Welcomed Dr. Victor Nwosu to the Michigan Market
2013: Welcomed 24 new providers to the Arizona Market team
2013: Received #1 Orthopedic Group Recognition by Ranking Arizona
2013: Recognized as one of the Best Places to Work in the Valley by Phoenix Business Journal
2013: Recognized Dr. David J. Jacofsky as one of the “Most Admired Leaders” by Phoenix Business Journal
2013: Recognized Dr. Mark Dekutoski as one of the “Top 28 Spine Surgeons in America” by Orthopedics This Week
2013: Expanded co-management relationship with Banner Health to provide world-class orthopedic care at Banner Good Samaritan Medical Center
2014: Opened 70,000 sq. ft. Headquarters facility and Clinic opens in Phoenix, Arizona
2014: Expanded specialties to include Neurology, Plastic Surgery and Rheumatology
2014: Signed Orthopedic Co-Management Agreement at Green Valley Hospital in South of Tucson
2014: Welcomed Gina Ore as CEO of the MORE Foundation
2014: Welcomed 4 new providers to the Michigan Market team
2014: Welcomed 40 new providers to the Arizona Market team
2014: Reached 500th employee
2014: Completed first two-level disc replacement surgery in Arizona by Dr. Ali Araghi
2014: Received #1 Orthopedic Group Recognition by Ranking Arizona for second year in a row
2014: Recognized Drs. John Kearney, Jr. and E. Michael Lucero as PHOENIX Magazine’s Top Doctors in Arizona
2014: Recognized as one of the Best Places to Work in the Valley by Phoenix Business Journal
2014: Recognized for the IMPACT Awards for Entrepreneurial Excellence by the Greater Phoenix Chamber of Commerce
2015: Expanded Michigan Market to Grand Blanc, Michigan

For more information, visit www.thecoreinstitute.com or call 1.866.974.2673 to schedule an appointment

Phoenix construction costs expected to rise in 2015

On February 5, Mortenson released its quarterly Construction Cost Index report for Phoenix along with five other metropolitan areas in the U.S.  According to the report, non-residential construction labor, material and equipment costs in the greater Phoenix area are forecasted to increase 3% in 2015.While costs fell in the latest quarter and there was 6% decline in local, non-residential construction employment last year according to data from the Bureau of Labor Statistics, Phoenix is expected to experience labor shortages due to the effects of healthy construction activity in California, Utah and Colorado.After recording flat growth throughout 2014, a dip in quarter four brought the Phoenix index two points below the national average. This is the first time the local index has dropped below the national index since early 2011.

“I’m concerned about the upswing in costs in the surrounding states.  Those in California, Utah and Colorado have been and will continue to pull labor from Arizona,” said Ty Bohlender, chief estimator, Mortenson. “At some point we will be dramatically affected by the depletion of local labor as work picks up again in Arizona. Moreover, at some point the national trend for material price increases will surface here regardless of local market conditions.”

Currently prices of building materials and components for electrical systems in Phoenix experienced a decline. All other categories experienced remained flat or experienced a slight decline.

Mortenson tracks and reports on six metropolitan areas in the U.S. including Minneapolis, Milwaukee, Chicago, Denver, Phoenix and Seattle.  The Mortenson Construction Cost Index is calculated quarterly by pricing representative non-residential construction projects in various metropolitan areas. It is part of a portfolio of industry insights and market studies provided by Mortenson.  The Construction Cost Index is available for download at http://www.mortenson.com/company/news-and-insights/construction-cost-index.

 

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Andy Warhol exhibit coming to Phoenix Art Museum

Andy Warhol: Portraits opens at Phoenix Art Museum on March 4, 2015. One of the most influential artists of the 20th century, Andy Warhol was at the forefront of the Pop Art movement and known for his brightly colored images. This exhibition examines Warhol’s interest in capturing the likenesses of celebrities, as well as himself. On display will be more than 170 objects, including more than 90 screen print paintings, and more than 30 drawings, videos, paintings and photographs from his student days in the 1940s to the New Wave-era 1980s. Also on view will be an installation of Warhol’s reflective Silver Clouds, helium and air-filled metalized balloons.

 

The portrait subjects range from Prince and Queen Elizabeth II to Jackie Kennedy and Sylvester Stallone, along with many whose 15 minutes of fame has since faded. There are also several paintings, photographs, photobooth pictures and Polaroids of Warhol himself that predate today’s fascination with “selfies.” In working closely with The Andy Warhol Museum, Phoenix Art Museum was able to secure this exhibition of portraits. “This is a great opportunity to explore a single aspect of Warhol’s art, that spans the entirety of the artist’s career,” said Jerry Smith, curator of American and European art to 1950 and art of the American West at Phoenix Art Museum.

 

More than 25 years after his death, Andy Warhol undeniably remains one of the most influential figures in contemporary art. If he was alive today Warhol undoubtedly would be heavily involved with the fame, celebrities, reality television, ”selfies”, blogs, the Internet and social media with which modern day culture is obsessed. “Warhol recognized early on the growing trend of celebrity worship in our society, and of the powerful cult of famous personalities that dominates popular culture today,” said Amada Cruz, The Sybil Harrington Director at Phoenix Art Museum. She added, “He documented his social circle of society swans, movie stars and the demimonde of the 1960s and 1970s, providing a glamorous view of that era.”


Andy Warhol: Portraits will be on view at Phoenix Art Museum from March 4 to June 21, 2015. The exhibition was organized by The Andy Warhol Museum, one of the four Carnegie Museums of Pittsburgh. Support was made possible through the generosity of Sue and Bud Selig, JPMorgan Chase & Co., J.P. Morgan Private Bank, Contemporary Forum (a support organization of Phoenix Art Museum), APS, Cohn Financial Group, LLC, Sharron and Delbert R. Lewis Exhibition Endowment Fund, Sharon and Lloyd Powell, Heather and Michael Greenbaum, Cox and The Phoenician. For additional information about the exhibition please visit phxart.org/exhibition/warholportraits.

Sky Harbor warehouses sell for $6.3M

ViaWest Group is pleased to announce a new addition to its expanding portfolio, with the recent successful acquisition of the two multi-tenant industrial buildings located at 2950 E. Broadway Road, Phoenix, AZ.. The two buildings, 50,256 SF and 44,838 SF, are part of Broadway Crossing industrial park. The fully leased multi- tenant structures, which sit on 6.47 acres, were built in 2000. Phoenix-based ViaWest Group paid $6.302+M ($66.28 per foot) on the acquisition. The seller was CNA Enterprises of Los Angeles, a real estate investment and advisory firm. Lee & Associates Principal Matt McDougall brokered the transaction.

The buildings are fully leased and were sold on a 7% cap rate with a close date of January 30th. The property is located just south of Phoenix Sky Harbor International Airport in the very active Airport submarket.

ViaWest acquired the buildings through a fund it is managing that is expected to buy $75 million to $100 million worth of industrial buildings in the Southwest U.S. ViaWest industrial fund is interested in buying projects from 75,000 SF to 250,000 SF. In addition to the industrial property fund, ViaWest is looking for office and multi-family assests and land parcels that are ready for development.

Toscana Apartments sell for $1.75M

Marcus & Millichap Real Estate Investment Services has announced the sale of Toscana Apartments, a 24- unit apartment community located in Central Phoenix, Arizona. The asset commanded a sales price of $1,750,000 or $72,917 per unit.

Brian Tranetzki and Rich Butler, multifamily investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing assignment to market the property and negotiated the transaction on behalf of the seller, an investment partnership from Berkeley, California and the buyer, a local private 1031 exchange investor.

“Toscana Apartments is a boutique apartment community nestled between the prestigious Biltmore neighborhood and the Central Avenue Corridor in Phoenix. Toscana is one of the most unique properties in Central Phoenix in that no two floor plans are alike; there are numerous poolside units along with apartment units that are located in a huge, picturesque garden area not typical for a Phoenix setting. Select floor plans contain fireplaces, skylights and backyards.” says Tranetzki.

Built in phases beginning in 1949, Toscana Apartments consists of block construction, pitched roofs and covered parking for each unit. Situated at Bethany Home Road and 10th Street, the subject property is located in one of central Phoenix’s highest demand residential areas.

“Approximately one mile to the south of Toscana Apartments is the Camelback Corridor, one of the region’s premier urban centers with over 9 million square-feet of multi-tenant office space and approximately 951,000 square feet of shops and restaurants in two landmark shopping centers, The Shops at Town & Country and Camelback Colonnade. Biltmore Fashion Park is located approximately one mile from the subject property at the northeast corner of 24th Street and Camelback.” adds Butler.

ARA acquires 350-unit multifamily asset

American Realty Advisors, an institutional real estate investment manager with more than $6 billion in assets under management, has acquired a 350-unit luxury multifamily community in Phoenix, Arizona. The acquisition was made in partnership with Wood Partners, a national real estate company that acquires, develops, and manages mixed-use communities.

With this acquisition, the holdings managed by American Realty Advisors encompass more than 153 assets, including multifamily, office, retail and industrial properties throughout the U.S.

“The low-density layout of this asset, approximately 25 units per acre, coupled with its central location in the sought-after Camelback East submarket of Phoenix, makes it well-positioned relative to the newer high-density product,” says Stanley Iezman, Chairman and CEO of American Realty Advisors. “The acquisition is well-aligned with American Realty Advisors’ strategy to acquire well-located assets in major institutional markets nationwide on behalf of our investors, where we can implement enhancements through active management in order to add value to these assets and drive yields for investors.”

The asset, currently known as Pinnacle Towne Center, will be re-named “Altera Highland,” and will undergo a property-wide renovation program conducted by the partnership. In addition to the competitive physical attributes, the community is well located with immediate access to the large employment centers serving Phoenix with immediate proximity to strong retail, including Whole Foods, The Shops at Town and Country, and the Camelback Colonnade.

“By upgrading this asset, American will be able to increase rents at the property, capitalizing on the advantages offered by the asset’s larger townhome floorplans with direct-access garages relative to the newer luxury product which offers smaller average unit sizes and structured parking,” explains Iezman.

“This community reflects the demands of today’s renters, including amenity-rich living in a central location,” says Iezman, who notes that the property also features a luxury clubhouse, two resort-style pools with spas, and a fitness center, all of which will be upgraded as part of the planned enhancement program.

The Altera Highland community is located at 1601 E. Highland Avenue, Phoenix, Arizona. American Realty Advisors and Wood Partners represented themselves in the acquisition. The seller, a REIT controlled by Essex Property Trust, was represented by Tyler Anderson of CBRE.

With over $6 billion in assets under management, American Realty Advisors is an investment manager to institutional investors, and has provided real estate investment management services for over 26 years utilizing core and value-added commingled funds and separate accounts. American acquires assets directly or provides equity, preferred equity, mezzanine debt, debt and hybrid debt to primary investors and developers operating throughout the United States for office, industrial, multi-family, and retail properties. More information regarding American can be found at www.americanreal.com.

Fractured condominiums turns class-A apartments

The Phoenix office of JLL has completed the $18.1 million investment sale of Indigo, a formerly fractured Phoenix condominium asset that over 24 months was transformed into a high demand, 108-unit Class A apartment community.

JLL Executive Vice President John Cunningham and JLL Vice President Charles Steele represented the seller, Seattle-based Goodman Real Estate. The buyer was Belkorp Holdings, Inc.

“Goodman recognized the potential of Indigo as a rental versus for sale project, and simultaneously executed a development and buy-back strategy to ‘de-fracture’ the community,” said Cunningham. “This is a great case study demonstrating the recovery of our multifamily market.”

Indigo is located at 16160 S. 50th Street, near I-10 and Chandler Boulevard in Phoenix’s Ahwatukee submarket. Goodman purchased the property in 2013 as a fractured multifamily development, with 17 of its 30 Class A units previously sold as condominiums and with the infrastructure in place to build an additional 78 units. Over 24 months, the owner acquired many of the previously sold units and developed the additional 78 units to de-fracture the 108-unit community to 101 rental units and seven individually owned units.

Today, Indigo features one- and two-bedroom, open-concept floorplans ranging from 903 square feet to 1,524 square feet. Unit amenities include stainless steel appliances, granite countertops, in-home washers and dryers, walk-in closets and personal patios or balconies. On-site amenities include a resident lounge, fitness center and resort-style pool and spa with cabanas and barbeques.

The project currently sits at 94 percent occupied.

“Phoenix added more than 55,000 jobs last year, which helped push the metro multifamily vacancy rate to 5 percent,” said Steele. “While single family home starts continue to lag the long-term trend, we feel that robust employment and population growth will be the catalyst for stronger absorption of multifamily units in the coming years.”

Sven Tustin named VP of Conor Commercial

John A. Dobrott, President – Industrial Division of Conor Commercial Real Estate, a member of The McShane Companies, announced that Sven Tustin has joined the firm as vice president of its Southwest regional office.  Tustin will be headquartered in Conor Commercial’s office in Phoenix, Arizona, managing development activities within a wide variety of market sectors throughout Arizona and the Southwest Region.  In his role, he will provide strategic direction and management of Conor Commercial’s land selection and acquisition, feasibility/underwriting, entitlements, holdings, speculative development, build-to-suit opportunities, financing, leasing and disposition activities.

With nearly 12 years of commercial real estate development experience, Tustin most recently served as Vice President, Development and Investment for Trammell Crow Company where he oversaw development activities within the industrial, office and mixed-use market sectors throughout Phoenix and Las Vegas, Nevada.  In this capacity, Tustin managed the development of over one million square feet of office and industrial properties.  His responsibilities included the detailed coordination of project team members and outside entities, establishing and adhering to project budgets and schedules, and the management of tenant improvement undertakings.  He was also responsible for identifying new development and investment opportunities through undeveloped land, non-performing loans and value-add acquisitions.

In addition, Tustin worked for Development Planning and Finance Group Inc. in Phoenix, Arizona, and Walnut Street Management based in Denver, Colorado.

“Sven is a highly-qualified and valuable addition to our team,” stated Dobrott.  “With his appointment to Vice President and his vast experience within the Phoenix and greater Southwest markets, Conor Commercial is positioned to deliver best-in-class development services to our clients.  Tustin’s years of expertise in providing development expertise across the industrial, office and mixed-use markets, among others, provides our firm with the resources and depth to immediately enhance our position within these sectors and geographical areas.”

Tustin earned a Master of Science degree in Real Estate and Construction Management from Daniels College of Business at the University of Denver following a Bachelor of Arts degree from the University of California, Santa Barbara.  He is currently a member of the Arizona Chapter of NAIOP (Commercial Real Estate Development Association) and resides in Scottsdale, Arizona.  Tustin can be reached at:

Sven Tustin

Vice President – Southwest Region

Conor Commercial Real Estate

3131 E. Camelback Road, Suite 115

Phoenix, AZ  85016

602.845.5200 (main number)

602.515.0884 (direct dial)

602.508.6167 (fax)

stustin@conorcommercial.com

UberPitch

Uber opens headquarters in downtown Phoenix

monroe1One of Phoenix’s most recognizable mid-century modern landmarks is undergoing a significant renovation project aimed at embracing the building’s vintage design features with a modern twist of style and technology. With the improvements already underway, the new digs are attracting a  premier set of technology, design and entertainment tenants to Downtown Phoenix in addition the traditional mix of government, legal, financial and administrative uses.

111 West Monroe has signed three high-profile tenants that add to the unique tenant mix, proving the office tower to be one of Downtown Phoenix’s hippest addresses. Uber, Cannon Design and Mornin’ Moonshine were attracted to the building for its distinctive design and renovations to the exterior ground floor, interior lobby, landscaping, signage and valet parking garage.

Rialto Capital, a national real estate investment and asset management company, in a joint venture with Ironline Partners, a Phoenix-based commercial real estate group (principals, Tim O’Neil and Robert Karber), are delivering a best in class, amenity rich property with 5 star customer service, at competitive pricing. The new ownership acquired the 50-year-old office tower in April 2014, admiring the property’s core urban location and functional configuration, which is ideal for both large corporations and small, entrepreneurial businesses.

Uber, a $40 billion company, will use this location as their Arizona operations office. A social juggernaut, Uber has become a household name by delivering on-demand car service at the touch of a button. The company demonstrated monstrous growth in 2014 and is constantly offering new employment opportunities in Arizona that continue to have a positive impact on the local economy.

Cannon Design, an international design firm, offers a range of services from architecture and engineering, to product design, graphics and interior design. With an award-winning creative work culture, the company utilizes the most advanced virtual technologies to fully integrate Cannon designers from all of their offices into a single unified firm without walls.

Mornin’ Moonshine is a boutique “grab and go” coffee concept created by DJ Fernandes, a local architect and restaurateur whose other projects include hotspots Vovomeena and Tuck Shop.  As one of the pioneers of small batch and cold brew coffee in Phoenix, Mornin’ Moonshine will fuel Downtown Phoenix with specialty craft java. .

111 W. Monroe’s exciting new tenants were drawn to the architecturally-unique building by its premier downtown location, proximity to light rail, bike sharing, valet visitor parking, and responsive local ownership. Uber and Cannon Design have already opened for business in the building. Mornin’ Moonshine will be open by Valentine’s Day.

“We are thrilled with the business community finding its way to 111 W. Monroe,” said Tim O’Neil of Ironline Partners. “The restoration is designed to raise the bar for architecturally significant properties in Downtown Phoenix, offering a destination for people who demand both institutional grade facilities and a local, boutique experience.”

Charles Miscio and Danny Plapp at Colliers International (602.222.5071) have the office leasing assignment and are welcoming  smaller niche businesses by providing small, entrepreneurial, flexible ‘spec suite’ options while ensuring larger businesses’ needs are met through responsive ownership and custom interior space improvements.  Some of  the most desirable space at 111 W. Monroe remains available, as the penthouse boasts 27,000 square feet available with naming rights and spectacular city views. Although filling quickly, the building also has available ground floor retail space.  Courtney Auther and Brian Kocour at Cushman & Wakefield (602.229.5967) have the retail leasing assignment.

Jared

Morrison, Clark & Conover promotes Jared Asay

Morrison, Clark & Conover CPAs announced the addition of its newest financial partner, Jared Asay, CPA, CCIFP, effective January 1, 2015.

Jared joined the firm in 2011 and has been an important part of securing the “Business. Life. Legacy.” of every client Morrison, Clark & Conover serves through accounting, financial strategy and consulting.

For more than 15 years, Jared has been providing attest and consulting services to businesses in the construction and real estate industries. Over the course of that time, he has developed strong working relationships with Valley bond agents, surety companies, bankers and other construction industry professionals, that really help Morrison, Clark & Conover’s clients as they grow.

Madison Square complex sells in downtown Phoenix

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

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

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

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

123RF.com, Copyright: valeriylebedev

Zach Sakas joins Gust Rosenfeld

ZDS 06Gust Rosenfeld, PLC announced that Zachary D. Sakas joined the firm on February 2, 2015.  Sakas’s practice concentrates public finance, municipal law, and real estate finance.

“Gust Rosenfeld is a preeminent firm in public finance and municipal law in Arizona and it is exciting to join such a distinguished group of colleagues,” said Sakas, who previously worked for J.P. Morgan Asset Management in Scottsdale where he managed approximately $400 million in assets.

Sakas received his J.D. from the University of Texas, graduating with honors and completed additional MBA coursework regarding real estate development and financial modeling.  He holds an undergraduate degree, summa cum laude with Honors, from the University of Arizona. Currently Sakas serve on the board of the Phoenix Art Museum Men’s Art Council and he also is a member of the University of Arizona Honors College Advisory Board.

“We are very pleased to welcome Zack to our firm and to our practice,” said Scott Ruby, partner at Gust Rosenfeld. “In addition to his work at J.P. Morgan, Zach brings solid legal experience in bond counsel and real estate finance law and a commitment to the community. He will be a valuable addition to our team.”

Gust Rosenfeld is a full service law firm established in 1921 with offices in Phoenix, Tucson and Wickenburg. The firm is known for the quality of its lawyers and legal advice as well as its creative insights and practical solutions in business, public and civil law.  Gust Rosenfeld is experienced in alternative dispute resolution, bankruptcy and creditors’ rights, business and corporate law, commercial finance, education law, environmental law, franchises and franchising, insurance, intellectual property, labor and employment, litigation, natural resources, public finance, public law, real estate, taxation, and trusts and estates.

Smart & Final to lease three locations in Valley

Brokers, Martin Leon and Chris Corso of De Rito Partners, Inc. recently announced that they will represent Smart & Final, a value-oriented grocer serving household and business customers with three new location leases.

Founded as the Hellman-Haas Grocery Company in 1871, Smart & Final operates nearly 250 warehouse stores under the Smart & Final and Cash & Carry Smart Foodservice banners. The new location leases will be Smart & Final Extra! stores, which are larger than traditional Smart & Final locations. They will also have an expanded selection of products for both business and household customers.

The first new store will be located at the Tatum and Thunderbird shopping center,  owned by Westwood Financial. This store will be 28,289 square feet.

The second new store will be located at 35th Avenue and Greenway in a property owned by Weingarten REIT. This store will be 28,985 square feet.

The third new store will be located at a property owned by Brixton Capital, on Guadalupe and Gilbert. This store will be 35,949 square feet.

Smart & Final currently has seven stores in the Valley and has been in Arizona for more than 30 years.

“These three locations are the first new Smart & Final locations to open since 2004, another indication of improving market conditions here in the Metro Phoenix area,” said Martin Leon, a broker at De Rito Partners.

All three location leases are scheduled to open during Q2 and Q3 of 2015.

 

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Discover’s Phoenix facility has 250 job openings

Discover, which operates several customer care centers across the country, has announced more than 250 open positions at its Phoenixl office. The hiring initiative will include customer care representatives, analyst positions and service support.
Customer care center representatives will handle inbound calls, share features about Discover’s card options and provide helpful information to Discover’s cardmembers. Analyst will provide modeling and analytical support for departments throughout the customer care center, including credit risk management, marketing, corporate risk management, internal audit and finance.
“We’re committed to creating a workplace culture of collaboration, inclusion and respect, and are excited to expand our workforce in Phoenix with more than 250 promising job opportunities,” said Jim Panzarino, executive vice president and chief credit and card operations officer at Discover. “Our Phoenix Customer Care Center offers the training, resources and tools for our employees to flourish and grow their careers while also providing an industry-leading, award-winning customer experience.”
Discover has received industry and local recognition as a top employer in the region for its company culture, including:
·         Ranked among the Top 25 Companies for Culture & Values in 2014 by Glassdoor.com
·         Listed as one of the Top Companies to Work For in Arizona by CareerBuilder in 2014
Best Places to Work For Extra-Large category
·         Ranked among the highest in Customer Loyalty (18 years in a row) according to the 2014 Brand Keys Customer Loyalty Engagement Index Report.
In addition to its dedication to employees and customers, Discover is committed to contributing positively to the community. In Phoenix, Discover’s employees have helped with local educational programs, supported the troops, and raised funds for charitable organizations. As of 2014, the local office has:
·         Helped build 15 homes with Habitat for Humanity Central Arizona
·         Sent 450 care packages to the troops overseas and also contributed 300 clothing and bath sets to support Operation Shower
·         Raised $6,642 for Susan G. Komen
·         Collected 260 pounds of food for the Salvation Army
·         Participated with Paseo Hills’ Junior Achievement program
The Phoenix center provides customer service, banking, marketing services and supportive functions for Discover and Discover Network customers. The location is a state-of-the-art center with 375,000 square feet of space that is home to an on-site café, fitness center, lounges and sports facilities.

To see current opportunities to work for Discover, including more information regarding locations and benefits, visit mydiscovercareer.com.

Osborn Place apartments sell for $1.83M

CBRE has negotiated the following multi-family sales transaction:

 

  • Phoenix Fund IPIRG, LLC from San Diego, California has purchased Osborn Place apartment complex, a 30-unit, multi-family property located at 1414 East Osborn Place in Phoenix, Ariz. from EQ Downtown, LLC of Tempe, Ariz. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both buyer and the seller in negotiating the $1.83 million transaction.
Bella Place

Bella Place apartments sell for $7.7M

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Bella Place, a 280-unit apartment property located in Phoenix, AZ, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $7,725,000 which equates to $27,589 per unit.

Cliff David, a Marcus & Millichap vice president investments, and Steve Gebing, a senior director with Institutional Property Advisors, a Marcus & Millichap company, both located in the firm’s Phoenix office, represented the seller, Mentor Properties Inc.  The buyer, an individual/personal trust, was secured and represented by Pete Te Kampe, a Marcus & Millichap vice president investments, also located in the firm’s Phoenix office.

“Bella Place is strategically located west of the Central Avenue Office Corridor in Phoenix, one of the most prominent office and employment concentrations in the metro region with over 13 million square feet of office space and more than 60,000 employees ,” says David.

The property is situated on 9.50 acres at 2025 West Indian School Road, featuring a street window of 658 linear feet, promoting drive-by visibility to over 62,000 vehicles per day. “This is a notable benefit from a leasing standpoint, having the ability to generate resident prospects in large volume through walk-in traffic is a distinct community advantage,” adds David.

Developed by Lincoln Property Co. in 1973, Bella Place features unit interiors complete with a fully equipped kitchen including a frost-free refrigerator, chrome finish faucet, laminate countertops, dark wood cabinetry, stainless steel sink, and garbage disposal. Select units also feature a walk-in closet; resurfaced bath tubs and countertops, new shower valves, brushed nickel hardware, and wood-style vinyl flooring in the high traffic areas. Community amenities include two swimming pools, one spa, two common barbecue areas, and two on-site coin operated laundry facilities with new laundry equipment. The leasing office was enhanced to offer a new fitness facility, internet center, and DVD library. Furthermore, the property exterior was upgraded to include new exterior paint, new roofs, two tank-less domestic hot-water boilers, resurfaced parking lot, second floor deck work, and perimeter fencing. In total, the asset has benefited from over $700,000 in exterior capital improvement, invested intelligently to boost revenue and increase resident retention.

Reliable Forklift Sales buys 3 acres, plans expansion

Daum Commercial Real Estate Services has negotiated the $1.337 million sale of a three-acre improved industrial land parcel located at the northeast corner of 21st Street and University Drive in Phoenix.

Steve Bodeman with Daum Phoenix represented the buyers, Don and Mary Carlson, owners of Reliable Forklift Sales of Phoenix.

 The seller, Swaine Asphalt of Phoenix, was represented by Matt Hobaica of Lee & Associates in Phoenix.

Reliable Forklift Sales is doubling in size and relocating from 3652 E. Chipman Road in Phoenix. The buyers plan to add a 15,000-square-foot warehouse building to the new site for a sales, services and rental center for the forklift company. The industrial parcel is currently home to a 2,000-square-foot office building and a 4,000-square-foot steel industrial shop, which Reliable Forklift Sales will also occupy.

Daum Commercial Real Estate Services specializes in industrial and office properties throughout metro Phoenix. Daum Phoenix has successfully sold and leased millions of square feet in industrial and office buildings, and land. Headquartered in Los Angeles, Daum is California’s oldest and most experienced commercial real estate brokerage company. Daum is an affiliate of ONCOR International, a premier global commercial real estate referral network comprised of more than 50 independent commercial real estate partner brokerages in 32 countries.

Gary Lento

Gary Lento Joins Gordon & Rees in Phoenix

Gary Lento has joined the Phoenix office of Gordon & Rees as a member of the firm’s Commercial Litigation Practice Group.

Mr. Lento brings more than 20 years of experience handling business transactions, construction, employment, product liability, professional negligence, and real estate disputes. Mr. Lento is licensed to practice law in Arizona, California and Wisconsin. He has tried cases ranging from criminal prosecution and defense, to personal injury and business disputes. He represents businesses and employers before the National Labor Relations Board, the Equal Rights Division of the Department of Workforce Development, the Federal Trade Commission, the Department of Justice, and the EEOC. Mr. Lento earned his B.A. and J.D. from Catholic University of America in Washington, D.C.

“We welcome Gary to Gordon & Rees,” said Leon Silver, a partner in the Phoenix office. “As our team continues to grow, we are pleased to be able to offer Gary’s experience and outstanding trial skills to our clients.”

phoenix

Stanton: Super Bowl showcases re-branded Phoenix

In the midst of the Super Bowl excitement, Mayor Greg Stanton and the city’s Community and Economic Development Director Christine Mackay have unveiled a new campaign to send a clear message: Phoenix is hot for new economic opportunity.

“We are about to welcome more than 1 million people to our city, and it’s important that we go all-in to showcase how Phoenix has transformed,” Stanton said.  “Our investments in human capital, a concentrated effort to increase exports, and stronger public-private partnerships have positioned us to be more competitive in the global economy.”

Many corporate leaders already are in town for the Super Bowl on Feb. 1, and Mackay is seizing the opportunity to sell Phoenix as the ideal place to start or grow businesses.

“As companies look for new sites to locate and expand, Phoenix competes very well on a national basis,” Mackay said.  “Our new campaign provides an updated community profile that will help us tell the Phoenix story to companies seeking to create quality jobs in a new market.”

Mackay and the city’s Community and Economic Development Department assembled a profile of Phoenix that highlights its strengths as the state’s center of government, commerce and culture.  The campaign emphasizes the city’s growing entrepreneur ecosystem, investments in higher education and bioscience facilities, and the success of the 20-mile light rail system.

Stanton referred to the campaign as a “re-branding” of Phoenix. “This is the perfect moment for us to show the rest of the world why Phoenix is the best place to work, live and play,” he said.

Joshua Becker - Headshot

Gallagher & Kennedy adds Joshua S. Becker

The law firm of Gallagher & Kennedy announced today that Joshua S. Becker has joined the firm as a shareholder in the business law and intellectual property practice groups.

The primary focus of Mr. Becker’s business law practice is all aspects of franchising, including franchise development and maintenance, franchise licensing and agreements, franchise sales, and federal, state franchise law compliance and mergers and acquisitions. He also advises franchisors in all aspects of the franchise relationship, including operational compliance, enforcement of system standards, default, termination, renewal, workouts, transfers, remodeling/reimaging, debt restructuring, acquisition of franchised outlets, sale of company-operated outlets and sale of franchise systems.

Within his intellectual property practice, Mr. Becker assists technology and digital industry clients with domestic and international license agreements, corporate formation and structure, and trademark registration and maintenance.

Prior to joining Gallagher & Kennedy, Mr. Becker served as senior vice president and assistant general counsel for Kahala Corp., where he directed and managed litigation and trademark activities for national franchises including Cold Stone Creamery.

Mr. Becker is a member of the State Bar of Arizona, the American Bar Association, the American Bar Association Forum on Franchising and the International Franchise Association. He was recognized as a 2013 Rising Star by Southwest Super Lawyers and as one of Arizona’s Finest Lawyers in 2012.

Mr. Becker earned his J.D. in 1998 from the Arizona State University College of Law and his B.S. in 1995 from the University of Arizona.