SCOTTSDALE, ARIZONA (August 20, 2018) – Sigma Contracting, Inc. completed the last two infill buildings for multifamily project Fountains in the Green, which was 100 percent occupied upon delivery.
In addition to completing this project, Sigma is currently working on two new multifamily projects with a local developer.
The final phase of Fountains in the Green, 3019 N. 14th St., in Phoenix, comprises nine units, and totals 5,355 SF over two buildings. Construction cost of the ground-up project was $1.66 million.
Amenities include private patios and balconies and assigned covered parking. It is within close proximity to Metro light rail and easy access to banking, hospitals, retail, and shopping. It is located less than two miles from SR 51.
“We were honored to help the owner fulfill the last piece of his lifetime vision,” said Sigma President Dan Hinkson. “It is a beautiful oasis that feels secluded from the city around it.”
The property is owned by Fountains in the Green, LLC of Phoenix.
Fountains in the Green offers a unique and tranquil residential setting in the heart of Phoenix. The gated community sits on 20 acres of lush green land.
Fountains in the Green, 3019 N. 14th St., in Phoenix.
Scottsdale, AZ (August 16, 2018) — Business Real Estate Weekly of Arizona, publisher of BREW, a trade publication that covers business and real estate activity in Arizona, announced and welcomed Ilana Lowery as Executive Editor in charge of all digital and print content for the 24-year-old industry tip sheet.
A 30-year media veteran, Lowery was the former editor-in-chief at the Phoenix Business Journal, where she served in that position for 15 years. Prior to her role as chief editor, the Chicago native also served as managing editor of the paper for five years. She started there in 1995 as a reporter and projects editor for a total of 23 years at the publication.
As a reporter, she covered banking and finance, real estate, economic development, aviation, tourism and sports business. Prior to the Business Journal, she was an editor for Independent Newspapers Inc., a community newspaper chain based in Scottsdale.
Lowery also is an adjunct professor at Arizona State University’s Walter Cronkite School of Journalism and Mass Communications where she teaches business reporting.
Before moving to the Valley in 1989, Lowery served as a reporter and editor for Pulitzer Newspapers in Chicago. An award-winning journalist, she also worked for the NBC-TV affiliate in Chicago.
A 1986 graduate of the University of Illinois, Lowery earned BA degrees in Mass Communications and English.
Business Real Estate Weekly of Arizona Publisher Terry McDonnell expressed great confidence in Lowery.
“We are elated to have one of the Valley’s most veteran and respected journalists join our team at Business Real Estate Weekly. With BREW approaching our 25th year anniversary and readying for the launch of new products to celebrate this milestone next year, the timing is ideal for Ilana to be joining the BREW crew as editor. Her addition is a game changer and puts an exclamation point on our promise to provide readers with accurate, timely and independently researched real estate news,” McDonnell said.
Lowery will be responsible for growth in all areas of business and will lead BREW’s product strategy and vision across all platforms, as well as growth of the publication’s audience. Lowery will help develop new features and content. In addition, she will be instrumental in increasing the company’s online visibility and making news stories visible and accessible by BREW’s main target audiences, including the general public and real estate industry leaders.
“This is an amazing opportunity to reinvigorate BREW and help take the publication to a new level, both digitally and in print,” Lowery said. “It is the perfect position for me and gives me the chance to use all of my skills — both on the editorial and the business side of the shop to foster significant growth in all areas. I am thrilled to be working with Terry on this venture.”
Currently, Lowery serves on the executive board of Gabriel’s Angels and is a member of the prestigious women’s
professional associations Charter 100 and Central Phoenix Women. She is co-chair of this year’s Arizona Science
Center’s Galaxy Gala and honorary chair of Debbie Gaby Charities Cat Walk.
Lowery recently served on the advisory board for the Greater Phoenix Jewish News and is affiliated with the
Society of Professional Journalists, the Arizona Press Club and the Arizona Newspaper Association, which in
2015 presented her with the Order of the Silver Key, an honor for journalists who have been in the profession
for 25 years or more, contributed to the journalism profession both locally and nationally, and have inspired
In addition, Lowery is a long-time supporter of the Ryan’s House, the YWCA and the Southwest Autism
Research & Resource Center. In 2014, she was a Greater Phoenix Chamber of Commerce Athena Award finalist.
She also was honored as a Woman of Distinction by the Girl Scouts Arizona Cactus-Pine Council.
Lowery’s new position is effective Aug. 16, and she can be reached at email@example.com.
Caliber – The Wealth Development Co. gives U.S. Rep. Martha McSally a first-hand look at how opportunity zones can be transformative
SCOTTSDALE, Ariz. (August 16, 2018) – With $5 trillion of investable capital sitting on the sideline and not being put into projects across the U.S., opportunity zones – created by the Tax Cuts and Jobs Act – are a way to take advantage of a tax reduction and invest in local communities.
Caliber – The Wealth Development Co., on Wednesday hosted a tour of the GC Square Apartments, 3535 W. Camelback Rd., an example of a project that can be developed in an opportunity zone. The Scottsdale-based firm showcased GC Square as U.S. Rep. Martha McSally-Ariz., who is running for the U.S. Senate, was joined by Caliber President and COO/Co-Founder Jennifer Schrader.
GC Square is a completely renovated, off-campus apartment community designed for students near Grand Canyon University in Phoenix.
“This is exactly the type of property we would transform,” Schrader said. “When opportunity zones were first announced, we saw it as a great way to invest. The old way, we were limited to the 1031 (Exchange) or in many cases business owners were not ready to sell because the tax consequences were too high. Now with Caliber’s Opportunity Zone Fund, it will provide us with another avenue to invest directly in the communities where it’s most needed.”
Arizona had 168 opportunity zones approved at the federal level, the most allowed by the law. Notable areas that were designated include much of downtown Phoenix, areas around Sky Harbor International Airport, Mesa, and Old Town Scottsdale. According to the law creating the opportunity zones, if investors keep their money in the fund for at least 10 years, there are no taxes on what was earned from the investment, only on the original capital gain used to invest in the fund.
“The last time the tax code was updated was 30 years ago; it’s not really been keeping up to what’s happening,” McSally said. “Now, there is really a change of the culture in Washington, D.C. With the Tax Cuts and Jobs Act, we wanted to unlock businesses like this. It now provides the opportunity to take resources and invest in the community. When it doesn’t make sense to sell, this is exactly what we intended it to do – unleash projects like this all over our state and all over our country.”
The opportunity zone program is awaiting final rules from the IRS. In Arizona, McSally said, all 15 counties will benefit from this new investment tool.
“This is really a big idea,” McSally said. “It will really help lower income communities, rural communities, and the reservations. There can be growth, and provide the opportunity for people to work safely, live safely, and go to school safely. This type of investment will attract new residents to move into a community. It will also help create jobs.”
The money must be invested within 180 days for it to be eligible. Investors can re-invest capital gains realized from a sale of property, stock or business to defer paying taxes. With a new fund to attract investors, Caliber will continue investing in the community with additional developments.
“There are two other complexes in this area, similar in size to this one, that are being renovated,” Schrader said. “Given the timing, one will be an opportunity zone property.”
In February, Caliber and project partner Habitat Metro purchased eight buildings on Main Street in downtown Mesa for $7.5 million. Plans call for investment and redevelopment for nearly 100,000 square feet of historic urban buildings that are important project components to the economic strengthening and transformation of downtown Mesa.
GC Square Apartments is not associated with GCU and is a separate entity.
PHOENIX, ARIZONA (August 16, 2018) – NAI Horizon Senior Vice President Denise Nunez represented the seller in negotiating the $7.15 million acquisition of Continental Ranch Self Storage in Tucson, Arizona. Nunez also secured the buyer in the transaction.
Nunez represented LPG Associates of Rohnert Park, Calif., in the sale of facility at 5650 W. Coca Cola Place, Tucson. The buyer was Baron Properties of Denver, Colorado.
“This acquisition represents the first self storage facility in Arizona for Baron Properties,” Nunez said. “With very few self-storage acquisition opportunities in Arizona, this asset drew national attention from numerous buyers and moved quickly to contract.”
Continental Ranch Self Storage totals 99,810 net rentable square feet and 736 units. It is located off of I-10 and Cortaro Farms Road, adjacent to the Arizona Pavilions shopping center. It is set off of the frontage road with access to I-10 from both Cortaro Farms and Ina roads.
Baron Properties has engaged Extra Space Storage as a third party management company to operate the facility. Extra Space Storage is a Real Estate Investment Trust (REIT) that currently manages more than 200 joint venture locations and almost 900 wholly-owned locations for a total of approximately 1,600 stores.
Nunez specializes in the self-storage market, offering localized expertise in Arizona and throughout the U.S.
PHOENIX ARIZONA (August 15, 2018) – True Metal Solutions, LLC, (TMS) a locally-established firm, is celebrating 5 years of providing exterior building cladding and thermal/moisture protection services to its clients in the Southwest.
Founded by Owners and Managing Partners Mark Dillard and Eric Stiller, TMS specializes in a diverse array of exterior building cladding skin systems including metal wall panels, perforated panel systems, plate systems, insulated wall/roof panels, soffit panels, and fiber cement cladding.
TMS designs, prices, and fabricates 99 percent of its products in its 16,000 SF warehouse. It self-performs 100 percent of its installations.
Grand Canyon University office building, 27th Avenue, Phoenix
“We are eternally grateful to the employees of TMS who have been with us since the beginning,” Dillard said. “We are also grateful to our new employees. They are making a difference. They have helped us be the company we have become. Human capital is the greatest asset we have and will have moving forward.”
TMS boasts a staff more than 70 employees and is located in central Phoenix just south of Phoenix Sky Harbor International Airport. It offers pre-construction, engineering, shop fabrication, field project management and installation, and sales. TMS also offers Building Information Modeling (BIM) services through its Virtual Design Department.
On average, TMS has completed approximately 60 projects a year with an average project cost of $350,000.
“Our greatest accomplishment is the culture within the company we have built,” Stiller said. “Year over year we have provided a place for people to not just have a job, but to build a career and take care of their families. Culture is also our biggest challenge. It’s not easy today to find people who are a cultural fit but we are making great progress and having fun doing it.”
TMS projects include Grand Canyon University; Northern Arizona University – SAS Student Service Center; ViaSat, Inc. (Tempe); the Sun Devil Stadium renovation project; Arizona State University Haydon Library; Mirabella at ASU; Park Central Mall renovations; the Maricopa County Intake, Transfer, and Release Facility/Detention Facility; and the University of Arizona ACC Honors Complex.
Dillard serves on multiple board in the general contracting community and is active with the Arizona Builders Alliance. During his 30-year career he has led teams in the development and fulfillment of comprehensive, multi-year local and national projects for commercial and government customers.
“I have many industry affiliations that have been a significant source of support,” Dillard said. “I am grateful and thankful for those groups that reached out in the spirit of teamwork to help us build the company we are today.”
Stiller possesses an exemplary background in engineering. During his 30-year career he has led teams of up to 250 in the execution of complex, multi-state projects ranging in size from $1 million to $100 million for public and private commercial clients.
“We adhere to five core values that help us connect with the core values of our external customers, including general contractors and architects,” Stiller said. “Very often in our proposals and bids we take the opportunity to connect not just to the projects but to their core values as well. That’s a big deal for us.”
For more information, visit truemetalsolutions.com.
ViaSat at Arizona State University Research Park, Tempe
PHOENIX, ARIZONA (August 15, 2018) – NAI Horizon represented a Phoenix refrigeration company in a long-term lease worth $2.235 million at Missouri Falls, 645 E. Missouri Ave., in Phoenix. The space will serve as its administrative office.
NAI Horizon Senior Vice Presidents Barbara Lloyd and Lane Neville and Associate Logan Crum negotiated the long-term lease on behalf of Legacy Air HVAC, LLC of Phoenix, a member of the CoolSys family of companies.
The company is leasing 11,405 SF of the 187,446 SF building. It is expanding its operation from the current location at 3529 E. Wood St., in Phoenix.
“This is an exciting next chapter for Legacy Air and its employees,” Lloyd said. “The spec build of the space worked perfectly for their office layout. The close proximity to so many restaurants and amenities within walking distance was a definite draw.”
Legacy Air has been recognized nationally through certificates and awards by some of the most prestigious companies in America. It performs work in 12 states.
Missouri Falls is located in close proximity to Midtown, Camelback Corridor, and the Piestewa Peak submarkets. It is also within close proximity to SR 51 and I-17.
The landlord, ICIC Commercial Investments 3, LLC of Phoenix, was represented by Mike Strittmatter and Brad Anderson of CBRE.
PHOENIX, ARIZONA (August 14, 2018) – The importance of the relationship between Arizona and Mexico dates back to when former Gov. Paul Fannin was the state’s chief executive from 1959-1965. He proclaimed at the time that Arizona and Mexico were “neighbors for good.”
Today, Mexico is Arizona’s largest trading partner. In 2017, Arizona conducted $15.4 billion worth of business with Mexico, nearly $7.5 billion in exports and $7.9 billion in imports.
ULI Arizona’s September Main Program, “Arizona and Mexico: The Crossroads of Real Estate and Commerce,” will explore the state of real estate and commerce between Arizona and Mexico and what opportunities there are for companies and individuals in both regions.
The event is scheduled for Sept. 13 from 7:30 a.m. to 9:45 a.m. at Scottsdale Museum of the West, 3830 N. Marshall Way, Scottsdale. Member registration is $75, private; $55, public/under 35/non-profit; and $40, student. Non-member registration is $100, $75, and $60.
Moderating the event will be Juan Ciscomani, Senior Advisor for Regional & International Affairs, Office of Arizona Gov. Doug Ducey. Panelists include Jose’ Pablo Martinez Buentello, Project Manager, Skybridge Arizona; Lyman A. Daniels, SIOR, FRICS, RPA, CPM, President, CBRE; and Carolynne Hunter, Vice President of Supply Chain and Logistics, St. Clair Technologies, Inc.
Register at arizona.uli.org/event/arizona-mexico-crossroads-real-estate-commerce/
PHOENIX, ARIZONA (August 13, 2018) – It was an evening of celebration this summer as the NAIOP Arizona Developing Leaders Young Professional Group (YPG) Mentor Program hosted graduation for the 2017-2018 class at Arizona Country Club.
Mentors and protégés gathered in a private dining room for a reception, presentations, and a dinner. The 15 protégés, grouped into four teams, pitched development proposals on Packard Stadium, the SWC of Rural Road and Rio Salado Parkway in the North Tempe submarket.
Teams were matched (three mentees and one mentor) throughout the 9-month program. Teams created a development and business plan for the site. The program culminated with project presentations to equity sources, pitching them to invest in their respective deals.
JMJ Development and its Packard North deal took home first-place honors. The winning project called for 300,000 SF of Class A office with future phases for multifamily and retail.
Team members were Mollie Zemer, Barclay Group; Josh Tracy, Ryan Companies US; and James McDonald of Cresa. Their mentor was Keith Earnest of VanTrust Real Estate.
The other mentors were Molly Carson, Ryan Companies US; Cathy Thuringer, Trammell Crow Company; and Jim Wentworth, Wentworth Property Company. Event judges were Brian Kearney, Catellus Development Corp.; Ben Geelan, Holliday Fenoglio Fowler, L.P. (HFF); and Ben Baumes, Catellus Development Corp.
“This program offers a great educational opportunity for the YPG protégés through introduction to and participation in various aspects of real estate development,” Thuringer said. “Having served as a mentor for the past three years, I am a huge proponent of the program for the knowledge and exposure it affords the young professional to the complicated world of development.”
“The YPG program continues to offer one of the most practical real estate immersion programs for young professionals in the Valley,” Billy Cundiff with Hines said. “They are able to get first-hand experience and education through the case study by some of the most well-known leaders in the real estate community.”
Cundiff chaired this year’s program. The other protégés were Matt Avila, Atmosphere Commercial Interiors; Chris Beal, JLL; James Cohn, CBRE; Shane Essert, HFF; Shelby Guddeck, DLR Group; Nicole Iglehart, Newmark Knight Frank; Chelsea Porter, The Renaissance Companies; Bryan Smith, GPEC; and Brian Zurek, Transwestern.
The YPG program provides participants with access to industry leaders while taking a hands-on educational approach via case-based learning, said YPG Co-Chair Cullen Mahoney of Trammell Crow Company.
“The program is well-suited for young real estate professionals looking to strategically grow their networks while learning the development business,” Mahoney said.
Applications for the 2018-2019 NAIOP YPG Mentor Program will be available in September. All NAIOP members who are age 35 or under qualify to participate in the Developing Leaders program, whether they joined through the DL membership category or as part of a corporate membership.
PHOENIX, ARIZONA (August 13, 2018) – NAI Horizon represented the landlord in a long-term lease worth $1.92 million at Phoenix Corporate Center for medical transportation firm Veyo.
NAI Horizon Senior Vice President Tyler Smith, Vice President Troy Giammarco, and agent Joe Pequeno represented the landlord, Bay Pacific Phoenix Corporate Center LLC, an Arizona limited liability company.
“Ownership worked closely with Veyo to meet their needs,” Smith said. “We are happy to have a national tenant such as Veyo join the growing family at Corporate Center.”
Veyo is leasing 19,436 SF at Phoenix Corporate Center, 10010 N. 25th Ave., in Phoenix. NAI Horizon holds the exclusive leasing assignment for the 440,000-square-foot office complex along the reinvigorated I-17 corridor in North Phoenix.
Corporate Center features much sought after big blocks of space with mountain views ranging from 15,000 SF to 75,000 SF. The property is currently undergoing its capital improvement program. It is ideal for national corporate back office clients. By 2023 Metro light rail will serve the area.
The tenant, Veyo, LLC, was represented by Darius Green of Keyser Company.
U.S. Rep. Martha McSally-Ariz., will join Caliber President & COO/Co-Founder Jennifer Schrader in viewing the project, assessing its economic impact
SCOTTSDALE, Ariz. (August 9, 2018) – Caliber – The Wealth Development Co., invested in the community in 2015 with the acquisition of GC Square Apartments, a completely renovated, off-campus apartment community designed for students near Grand Canyon University in Phoenix.
With a Tax Reduction Opportunity Fund in its toolkit to attract investors, Caliber is poised to continue investing in the community with additional developments.
GC Square, 3535 W. Camelback Rd., is positioned in one of Arizona’s 168 opportunity zones approved at the federal level. It’s an example of a project that can be developed in an opportunity zone.
On Wednesday, August 15, Scottsdale-based Caliber will showcase GC Square with tours of the 164-unit apartment project. U.S. Rep. Martha McSally-Ariz., running for the U.S. Senate, will join Caliber President and COO/Co-Founder Jennifer Schrader.
“This has been a project of passion to revamp this area and offer affordable, inviting housing for students and people in the community,” Schrader said.
McSally will view the project firsthand and see for herself the before and after as well as review the economic impact of jobs and pride in the community.
Opportunity Zones are a way to take advantage of a tax reduction created by the Tax Cuts and Jobs Act. The money must be invested within 180 days for it to be eligible. Investors can re-invest capital gains realized from a sale of property, stock or business to defer paying taxes.
As the area continues to grow, so does the importance and impact of GCU and other businesses. Economists report that GCU alone represents an estimated annual economic impact of more than $700 million.
Arizona had 168 opportunity zones approved at the federal level, the most allowed by the law. Notable areas that were designated include much of downtown Phoenix, areas around Sky Harbor International Airport and Old Town Scottsdale.
According to the law creating the opportunity zones, if investors keep their money in the fund for at least 10 years, there are no taxes on what was earned from the investment, only on the original capital gain used to invest in the fund. These zones represent growth where median incomes fall below the national average.
Since acquiring the circa 1972 multi-family property in December of 2015, Caliber’s repositioning of this aging asset into a first-rate community is a project in cooperation with the design team at 3rd Story Architecture. Property transformation required extensive exterior and complete interior building redevelopment.
GC Square is a mix of studio, one-bedroom, and three-bedroom apartments. Located one block from Grand Canyon University, it is a gated community with a diverse range of outdoor and indoor amenities. Community amenities include an expansive clubhouse with large screen HDTVs and a pool table, workout room, a clothing care center, business center, resort-style pool and spa, pet-friendly washing stations, BBQ gas grills, outdoor fire pit, movie theater, as well as property access control, video surveillance and alarm system.
GC Square is partially owned by the Caliber Diversified Opportunity Fund II, LP, a fund that offers accredited investors the opportunity to invest in “middle market” U.S. commercial real estate assets to build wealth through a combination of current income and capital appreciation.