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CORE Institute Opens 69K SF HQ Facility

On January 22, Councilwoman Thelda Williams, The Greater Phoenix Chamber of Commerce, City and community leaders, will join Phoenix-based orthopedic group The CORE Institute for its ribbon cutting and grand opening reception of its new national headquarters and its new North Phoenix Clinic at 5:30pm.

The new facility serves as The CORE Institute’s national headquarters as it continues to expand both locally and nationally, and includes a clinic with nearly 60 exam rooms and research center.  CBRE completed the 69,251-square-foot 15-year lease of the Union Hills Corporate Center office building located at 18444 N. 25th Ave. in Phoenix last March.  Construction of the facility upgrades were completed in December.  The company hopes to add as many as 750 new employees across the country within the next 24 months and the new location will help facilitate that growth.

“We’re very pleased that The CORE Institute has committed to stay within our City and grow its national presence with Phoenix proudly listed as its national headquarters,” said Greg Stanton, Mayor of the City of Phoenix.  “The CORE Institute is yet another example of the excellent business climate that Phoenix provides to companies as they grow both inside, and outside of Arizona.”

“We outgrew our existing 50,000-square-foot facilities but we knew that we wanted to keep our headquarters in Phoenix as we took the next steps to grow our company outside of Arizona,” said The CORE Institute Chairman and CEO David Jacofsky, MD.  “The Union Hills Corporate Center facility allows us the flexibility to add staff as necessary as we expand and implement our Excellence through Evidence® platform across the nation.”

“The CORE Institute is excited we have reached this milestone of expansion,” said Arizona Market President, Dr. John Brown. “Combining the clinical expertise will allow us to create a Center of Excellence, helping us achieve our future vision of continued growth and better serving those in need of our orthopedic services.”

188 Employees working at The CORE Institute facilities in North Phoenix, Central Phoenix, Administration, Physical Therapy, and Research Lab have all moved into one Center of Excellence.  A key factor in the building selection was that it allowed The CORE Institute room for expansion by taking additional square footage to add employees as it continues to grow.

Since The CORE Institute’s inception in 2005, it has expanded in Arizona from four providers to over 100 and cared for over 43,000 new patients in its Arizona clinics. Its growth has been built on a platform of evidence-based medicine and meticulous outcomes tracking managed by a proprietary IT platform.  The CORE Institute has cared for hundreds of thousands of patients, from all 50 states and eight countries.  The CORE Institute currently has locations Arizona and Michigan.

Union Hills Corporate Center is located at a full diamond interchange on the southeast corner of Interstate 17 and Union Hills Drive and one mile south of the Loop 101 freeway interchange.  Its proximity to Interstate 17 and the Loop 101 offer tenants access to the Northwest Valley labor market and an abundant supply of amenities in the neighboring residential areas. Ashworth Construction, Inc., was selected by The CORE Institute to perform tenancy construction for the newly renovated facility with interior design work performed by Archicon.

british airways

British Airways Adds Additional Flight Between Phoenix And London

British Airways announced that the nonstop service between Phoenix Sky Harbor International Airport and London Heathrow Airport will increase from six to seven days per week beginning December 5, 2012.

“This is great news for Phoenix and our entire region,” Mayor Greg Stanton said. “Intercontinental flights are huge contributors to the success of our Phoenix airport system, our city’s economy and our region’s overall economic future. Building upon the $33 billion the airport pumps into our economy each year, this new flight is a boost that shows how our economy continues to improve.”

This community has seen an economic benefit from the nonstop British Airways flight since it first arrived in Phoenix on July 1, 1996. Adding the seventh day of service is estimated to bring the total economic impact of this flight to $100 million per year.

“International air service development is a focus for us at the city of Phoenix because it’s good for jobs, business and our overall economic development,” said Phoenix City Councilwoman Thelda Williams, who serves on the Downtown Aviation Economy and Education subcommittee.

Airports compete for air service and Phoenix city manager David Cavazos is keenly aware of how important flights are to the vitality of the city and the State. “My goal is to continue to gain additional international routes, while ensuring that this British Airways flight remains successful,” he said.

This European service is important not only to the business community, but to the tourism industry as well. Sherry Henry, director of the Arizona Office of Tourism, said, “International visitors tend to stay longer to explore the state and more flight options from London will give travelers from the UK and Europe additional opportunities to visit Arizona.”

For more information on British Airways, visit British Airways’ website at britishairways.com.

Metro Center Entry

Metrocenter Unveils New Mall Entrance Design

Phoenix Metrocenter mall owner Carlyle Development Group unveiled new mall entrance designs and an innovative leasing and redevelopment plan that will transform the 1.3 MSF retail landmark into a multi-faceted, mixed-use environment for shopping, dining and entertainment.

CDG presented its plans last week at an on-site industry event — the first of its kind since CDG purchased the mall, which is located on Interstate 17 between Peoria and Dunlap roads.

Event attendees included top Phoenix commercial real estate brokers, Phoenix Police Commander Benny Piña and Phoenix Councilwoman Thelda Williams. It also included Phoenix-based Butler Design Group, the architect of the new mall entrances.

“This was an opportunity to share our vision and strengthen the industry connections that will revitalize Metrocenter,” said Carlyle Development’s COO Warren Fink. “It is a turning point — the next step in our promise to make Metrocenter a fun, safe atmosphere where customers and tenants will thrive. Having the support of the Phoenix brokerage community, Phoenix Police and City Council is a welcome part of that process.”

Piña and Williams participated as event speakers, providing updates on the submarket and safety, and underscoring their support for the mall revitalization efforts.

“I am very excited to see the enthusiasm and determination of Metrocenter’s new ownership team to turn Phoenix’s original mall into a destination once again,” said Williams. “It is about time somebody realized the potential of the mall and the surrounding area.”

“This was a wonderful way for the new ownership group to reach out to the local brokerage community. The mall looks sharp and the data provided by Commander Piña was enlightening,” said Colliers Vice President for Retail Properties Brian Woods. At the event, Piña provided statistics that debunk the safety perception of Metrocenter and instead point to a safe environment similar to other well-known Phoenix area malls.

“Metrocenter has great freeway exposure and tremendous daytime population and traffic counts. It epitomizes the type of infill property that is ‘hot’ in our market right now,” said Woods.

As presented at the event, CDG’s repositioning plan for Metrocenter focuses on:

  • Creating a mixed-use environment, including office and apartment uses that meet the needs of local shoppers and the community — a trade area of more than 156,000 daytime employees and more than 455,000 residents.
  • Signing a new retailer for the vacant Broadway location and consolidating in-line shop space to add new “mini-major” mall tenants; potentially attracting new retailers to the Arizona market.
  • Incorporating family friendly, cultural and entertainment-oriented tenants that reenergize the mall, help change the incorrect perception of the project and establish Metrocenter’s position as a positive force for the community’s 173,000+ households.
  • Completing facility upgrades, the first of which are contemporary new mall/tenant entries and outdoor patios designed by BDG.

“I remember coming to Metrocenter as a child. It was an event,” said BDG Principal Rick Butler. “The mall has been in transition for the past several years, but it’s actually in great condition—inside and out. We are very pleased to be on a team that wants to bring Metrocenter back as a true destination point.”

In the renovation process, CDG will call on its more than 30 years of value-add real estate experience and an in-house development group that offers tenant improvement, ground-up construction and overall project management services.

New York-based CDG purchased the regional mall in January 2012, after the property spent three years in various stages of foreclosure and receivership. In March of the same year, CDG announced a new Metrocenter leasing and management team that includes on-site General Manager Brent Meszaros and Senior Vice President of Leasing Anita Blackford, and a partnership with locally based Phoenix Commercial Advisors as the mall’s exclusive retail broker representative.

The 1973-built Metrocenter is currently home to more than 125 retailers and department stores including Dillard’s, Macy’s, Sears and a 12-screen Harkins Theatres. Other popular tenants include the Phoenix Conservatory of Music and in-line retailers such as Aéropostale, Bath & Body Works, The Children’s Place, Victoria’s Secret, Journey’s, Charlotte Ruse, Sports Chalet and Finish Line.

The project totals approximately 525,000 SF of shop space and 840,000 SF of anchor space. That space was enhanced in 2007 via a $32M renovation that revitalized common spaces, upgraded the food court, enhanced security systems and added a new children’s area and a new community room.