by Peter Madrid | Aug 13, 2018 | News & Updates
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.
by Peter Madrid | Aug 13, 2018 | News & Updates
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.
by Peter Madrid | Aug 9, 2018 | News & Updates
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.
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.
by Peter Madrid | Aug 8, 2018 | News & Updates
TEMPE, ARIZ. (August 8, 2018) – Caliente Construction, an Arizona-based general contractor providing commercial construction services in the Western U.S. for almost 30 years, joined the City of Chandler in celebrating the completion and ribbon cutting of the $10 million Chandler Public Safety Training Center Wednesday morning.
The newly constructed 29,130 SF, two-story masonry building for the City of Chandler includes a 250-seat auditorium with wheelchair lift, lobby, elevator, classrooms, fitness room, defensive tactics room, restrooms, break room, driving and weapons simulation rooms, and locker rooms. The building sits on five acres at 3550 S. Dobson Rd.
The 250-seat auditorium at the new City of Chandler Public Safety Training Center built by Caliente Construction.
“It’s a real privilege to be able to be a part of the team that built this world-class facility for public safety, for police and fire, for the men and women who are protecting our community,” said Caliente President/CEO Lorraine Bergman. “We’re very proud we had the opportunity to do it.”
In addition, Caliente constructed administrative office and IT space, and three training prop buildings with training platforms and simulated roofs.
“This is an important day for public safety in Chandler and the whole region,” said Chandler Mayor Jay Tibshraeny. “This 29,000-square-foot facility gives us the ability to consolidate a number of functions and provide the finest training available. It will be a central East Valley public safety hub.”
Site work included excavation; drainage/retention; paving/parking; lighting; security fencing and gates; landscape and irrigation; wet and dry utility extensions and services; sidewalks; signage; and roadway modifications. A pedestrian bridge extending from the front entry to the parking lot was built over the retention area.
“The community will benefit from the fire and police departments training in this state-of-the-art building,” said Caliente Assistant Project Manager DeWayne Selvig. “This includes the firetruck driving simulator and the weapons simulator. This building will allow these public safety entities the ability to further expand their training capabilities and be more effective.”
Architect of record was MWL Architects/Richard P. Rehfeldt Architect Ltd. Notable subcontractors included Riggs Concrete, S&S Paving, Holly Steel, Danson Masonry, Star Roofing, AJP Electric, Tek Star Plumbing, JD Sun Mechanical, and Extreme Drywall.
“A project like this gives Chandler the ability to train its personnel to the best of their ability,” said Caliente Project Director Brian Lewis. “It gives that foothold for Chandler to be on the cutting edge, not just for its residents but for others as well. If a project we’ve worked on was flawless, this was it. We had great pre-planning with the City of Chandler and the design team.”
Chandler Mayor Jay Tibshraeny (center) is flanked by public safety and city officials at Wednesday’s ribbon-cutting ceremony.
by Peter Madrid | Aug 6, 2018 | News & Updates
PHOENIX, ARIZONA (August 6, 2018) – NAI Horizon has bolstered its industrial properties footprint with the hiring of supply-chain specialist Jay Olson, who joins the firm as an Associate.
Olson comes to NAI Horizon after 25 years as President and Director of Operations for Sun Pac International. He grew up in the manufacturing industry, working alongside his father for most of his life. His experience includes sales and manufacturing management, facilities operations and management, supply chain expertise, and research and development.
He is an industrial and manufacturing specialist at NAI Horizon. His previous experience also includes the buying and selling of industrial and manufacturing properties for his family’s business since 2001.
“Jay’s background in manufacturing allows him to add value with his unique perspective,” said Terry Martin-Denning, Principal and CEO of NAI Horizon. “He understands industrial real estate from the user and owner standpoint and also from the manufacturing and business operational aspect.”
In 1994, Olson became president of his family’s food and beverage manufacturing facility. He has served as property manager for his family’s commercial and residential property investment interests for the past 18 years.
For 6 years, Olson was a firefighter for the City of Scottsdale Fire Department. He continues to be actively involved in the community, making a difference wherever he can. His volunteer work includes youth sports and municipal endeavors.
“I’ve been fortunate to learn my skills from my entrepreneurial father,” Olson said. “I bring the work ethic that was embedded in me since childhood to my new role at NAI Horizon.”
A native of Detroit, Michigan, Olson has lived in Scottsdale, Arizona, since 1973. He is the father of a daughter 20 and a son, 17. He attended Scottsdale and Mesa community colleges.
by Peter Madrid | Jul 31, 2018 | News & Updates
PHOENIX, ARIZ. (July 31, 2018) – An iconic restaurant and wine bistro located in the Ocotillo community in Chandler, Arizona, is undergoing a refresh and rebrand led by a trio of Valley professionals who are bringing their vision to the project.
D-Vine Bistro & Wine Bar, 12 years ago one of the first restaurant-wine bistro “hot spots” at 3990 S. Alma School Rd., will be transformed into St. Amand Kitchen & Cocktails with a scheduled opening date of October. St. Amand is the patron saint of winemaking, beer brewing, and bartending.
The project team comprises restaurateur and owner Robert E. Coulson; Ken Morrow, One Way General Contractors; and Beth Katz, KatzDesignGroup.
“There have been a lot of dining and cocktail establishments that have come and gone over the past 12 years,” Morrow said. “D-Vine has been an area landmark and still stands. It remains strong, stays busy, but over time it is need of a complete refresh.”
A rendering of the exterior of St. Amand Kitchen & Cocktails looking into the space.
The restaurant interior will have a clean, modern cathedral style vibe, Katz said of the 4,100-SF remodel project. The KatzDesignGroup team is opening up the space to allow for a relocated larger bar, allowing more light into the space, providing a closed off private dining space for parties, and extending the patio with more shaded area.
“D-Vine has a wonderful reputation for food and atmosphere; we are just going to take it up a few aesthetic notches and create a unique vibe for every day lunch and dinner dining, and a fun date night,” Katz said. “We are rebranding St. Amand with new indoor and outdoor seating, custom tables and high-tops, and a saintly artisan mural of the man himself.”
Said Coulson, who bought the restaurant in 2010: “The community is very much aware, excited, and anticipating the new look. The transformation from D-Vine to the new and exciting St. Amand has created a buzz.
“We intend to keep the atmosphere of casual chic with a neighborhood feel. Good people and good food have been our hallmark. Our neighborhood is our home,” Coulson said.
Ramon Rice, who has been executive chef for both D-Vine Bistros in Chandler and Mesa, is driving the new menu for St. Amand.
“I brought my concept of St. Amand to Ken and Robert,” Rice said. “We knew we had what we were looking for. St. Amand is the concept that we can all rally behind and get the neighborhood excited. With some brainstorming and the great designs of Beth Katz, we are converting our old space into lively, new restaurant.”
A rendering of the bar at St. Amand Kitchen & Cocktails in Chandler.
A rendering of the seating area at the rebranded St. Amand Kitchen & Cocktails.
by Peter Madrid | Jul 24, 2018 | News & Updates
PHOENIX, ARIZONA (July 24, 2018) – The long-term lease of a former movie theater converted to Class A office space in Mesa, Arizona, and the $1 million sale of an office building in Goodyear, Arizona, highlight recent transactions closed by NAI Horizon professionals.
Sale Transactions:
Tyler Smith negotiated the sale of a 4,011 SF office property, representing the seller, CAZ Investments, LLC, for $1 million. The property is located at 14445 W. McDowell Rd., Goodyear, AZ. Bob Broyles with Colliers International represented the buyer, Tennefos Property, LLP.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon negotiated the sale of a 1.16-acre property, representing the seller, The Market at Estrella Falls, LLC, for $950,000. The property is located at 1600 N. Pebble Creek Parkway, Goodyear, AZ.
Matt Harper negotiated the sale of a 2,400 SF property, representing the seller, Atlas Commercial, LLC, for $895,000. The property is located at 106 N. Tonto St., Payson, AZ. Michelle Hagan with West USA Realty represented the buyer, Robert Santoro.
Jeff Adams negotiated the sale of a 5,000 SF property, representing the buyer, Onsite Commercial Services, LLC, for $280,000. The property is located at 169 and 237 E. Broadway Rd., Mesa, AZ. Rex Griswold and Andy Jaffe with J&J Commercial Properties represented the seller, Gloria V. Sano.
Lease Transactions:
Laurel Lewis, Barbara Lloyd and Lane Neville represented the landlord, Old Town Val Vista, LLC, in a long-term office lease for 59,418 SF at 3707 E. Southern Avenue, Mesa, AZ.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the tenant, Pei Wei Asian Diner, LLC, in a 120-month retail lease for 2,500 SF. Zach Pace with Phoenix Commercial Advisors represented the landlord, Queen Creek AZ, LLC.
Isy Sonabend represented the tenant, Elliott Electric Supply, in an 89-month industrial lease for 19,000 SF at 2250 W. Broadway Rd., Mesa, AZ. Mike Haenel with Cushman & Wakefield represented the landlord, Western B West AZ, LLC.
Tyler Smith represented the tenant, Magnus Title Agency, LLC, in a 63-month office lease for 2,918 SF at 6991 E. Camelback Square, Scottsdale, AZ. Colton Trauter with Lee & Associates represented the landlord, Velocis Camelback, LP.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, New Bell Tower, LLC, in an 86-month retail lease with The Grid Cyber Lounge, for 3,600 SF at 4913 W. Bell Rd., Phoenix, AZ.
Jeff Adams represented the tenant, Nutraceutical Produce, LLC, in a long-term industrial lease for 5,000 SF at 2235 W. First St., Tempe, AZ. Franklin Connell with Cutler Commercial represented the landlord, A & S Mini Warehouse.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, RJS 45th Place, LLC, in a 64-month lease with Jimmie and Joe’s Pizza, for 1,300 SF at 4550 E. Bell Rd., Phoenix, AZ.
Matt Harper represented the landlord, Yee Legacy II, LLC, in a 63-month retail lease for 1,610 SF at 18914 E. San Tan Blvd., Queen Creek, AZ.
Matt Harper represented the landlord, Elmo Tari Trust, in a 25-month retail lease for 1,400 SF at 12235 N. Cave Creek Road, Phoenix, AZ. David Aronson with Berkshire Hathaway represented the tenant, PHX Animal Behaviour Center, LLC.
Matt Harper represented the landlord, M&N Realty, LLC, in a 63-month retail lease for 1,227 SF at 12020 S. Warner Elliot Loop, Phoenix, AZ.
Matt Harper represented the landlord, Kayrich Associates, in a 38-month retail lease for 3,633 SF at 6445 N. 51st Ave., Glendale, AZ.
by Peter Madrid | Jul 18, 2018 | News & Updates
PHOENIX, ARIZONA (July 18, 2018) – The Hampton Inn & Suites by Hilton, the newest hotel in the heart of downtown Phoenix, recently celebrated its grand opening and held an official ribbon-cutting event.
Key representatives from Apple Hospitality REIT, Inc., North Central Group, Visit Phoenix and Mortenson each made remarks at the July 9 event. In addition, NCG hosted a raffle with proceeds benefitting UMOM New Day Centers, a non-profit organization based in Phoenix that supports struggling families across the Valley.
The interior of Hampton Inn & Suites in downtown Phoenix.
Among others recognized at the grand opening were PK Architects for its design of the hotel, as well as Design Force for its interior design efforts in creating a hotel experience that is uniquely Arizonan.
“We couldn’t be happier with the outcome of the Hampton Inn & Suites Phoenix Downtown. From the relationships we have built with Apple Hospitality REIT, NCG, and the City of Phoenix, to collaborating with the entire design and construction team, it was a great project to be a part of,” said George Forristall, Director of Real Estate Development at Mortenson.
“Throughout the process, the City of Phoenix was very accommodating to make this project a reality and we appreciate their contribution to support the growth in downtown Phoenix,” Forristall said.
The new Hampton Inn & Suites by Hilton Phoenix Downtown, 77 E. Polk St., provides guests with a modern, yet comfortable experience. The 11-story, 210-key limited-service hotel features a bar and lounge, business center, meeting spaces, fitness center, and food service.
Officially beginning operations in early May, the hotel opened its doors to guests one week ahead of schedule.
Mortenson, the developer and general contractor, sold the new property to a subsidiary of Apple Hospitality REIT, Inc. in May for $44 million. The hotel is managed by North Central Group, a leading hotel management company.
The hospitality market in Phoenix continues to strengthen with the growing demand in the area. The hotel is Mortenson’s first development project in downtown Phoenix, as well as Hilton’s first Hampton Inn & Suites downtown.
The new Hampton Inn & Suites by Hilton Phoenix Downtown is adjacent to the Arizona State University Downtown Campus and is within walking distance of the Phoenix Convention Center.
The Hampton Inn & Suites by Hilton, the newest hotel in downtown Phoenix, had its official ribbon-cutting event on July 9.
by Peter Madrid | Jul 16, 2018 | News & Updates
PHOENIX, ARIZONA (July 16, 2018) – MEB Management Services, a provider of comprehensive multifamily management services throughout the Southwest has promoted two managers to senior vice president of operations, promoted a manager to assistant asset director and opened an office in Salt Lake City, Utah.
Luz Bruscini
Luz Bruscini, CPM, ARM, and Dalia Bureker, CPM, were promoted to senior vice presidents of operations in Tucson and Phoenix, respectively.
In addition, MEB is establishing a presence in Salt Lake City, naming Mike Kienast a vice president in the Utah office. Denise Trentacosta, ARM, a long-time MEB manager, was promoted to assistant asset director in Tucson.
“Growth for any company is not by chance; it’s the result of continuous focus on our goals, the discipline to do what needs to be done daily, and the fortitude to master change,” said MEB Principal Libby Ekre. “MEB has the talent to keep us moving forward and we are proud to promote Dalia, Luz, Mike, and Denise.”
Bruscini, who has been with MEB since 2006, was named Senior VP of Operations in the Tucson office and will be responsible for managing all asset classes including student housing and value-add properties. She was overseeing MEB operations in New Mexico and assisting with Tucson operations.
Bruscini holds an Arizona broker’s license and is a Certified Property Manager through the Institute of Real Estate Management (IREM). Bruscini completed the Arizona Lyceum Leadership course through the Arizona Multi-housing Association (AMA).
She has served on numerous AMA committees, has served as the IREM Tucson-Southern Arizona Chapter president and currently serves on the board. Bruscini is active in the Tucson community and supports Our Family Services and the town of Kino, Mexico.
Bureker, who has been with MEB for 9 years, was named Senior Vice President of Operations for the Phoenix office. She previously served as VP of Operations. She will oversee vice president, asset director, and department head guidance and oversight. She will also be responsible for planning and implementation of initiatives and strategic goals for the company.
A native of Tel Aviv, Israel, Bureker is involved with industry groups IREM, AMA, and the National Association of Realtors. Her philanthropic endeavors include volunteering with EOD Warrior Foundation, Navy EOD Association, and National EOD Association.
Kienast possesses 25 years of multi-family experience in the Metro Phoenix and Tucson markets for both fee managers and REITs. He has served as VP of Operations for MEB offices in Phoenix, Tucson, and Utah.
A native of Aspen, Colorado, Kienast earned a Bachelor of Science in aeronautical studies at Embry Riddle Aeronautical University in Prescott. Kienast also holds a real estate brokers license.
Trentacosta, a CPM candidate, has been with MEB for 8 years. She was promoted from senior community manager in the Tucson office. Her new responsibility will be to assist in the daily oversight or five multi-family assets with a total of 1,254 apartment homes.
A native of Arlington, Texas, Trentacosta is involved with IREM, AMA, and Big Hearts, a non-profit group in Tucson.
Denise Trentacosta
Mike Kienast
by Peter Madrid | Jul 11, 2018 | News & Updates
PHOENIX, ARIZ. (July 11, 2018) – Fidelity National Title Agency is proud to announce that Erika Elshamy will join its residential sales team as a sales executive at the Litchfield Escrow Branch in Goodyear.
Elshamy, who possesses more than 20 years in real estate, has extensive experience in title/escrow and underwriting as it relates to the home buying and selling process. She joins escrow officers and support staff in assisting the firm’s West Valley real estate professionals at 2440 N. Litchfield Rd.
She joins Fidelity National Title from HMS Home Warranty, where she served an account executive. Her most recent work experience required her to identify new prospects, implement sales plans, and strategically carry out activities that build rapport to create and maintain lasting relationships.
“Erika is a breath of fresh air; her enthusiasm and get-it-done attitude will be an amazing asset to her clients,” said Fidelity National Vice President and Residential Sales Manager Sharon Terhune. “She’s a strategic thinker and always has her clients’ best interests at heart. I’m very excited to have her join the Fidelity team.”
A native of Long Beach, California, Elshamy earned a Bachelor of Science degree in business management from the University of Phoenix.
Elshamy volunteers at Feed My Starving Children and participates in activities that benefit the Make-A-Wish Foundation, St. Jude’s Children’s Research Hospital, and The Pat Tillman Foundation.
Elshamy and her husband have been married for 17 years and have three children. In her free time, she enjoys working out, reading, and spending time with her family.
