by Peter Madrid | Jul 13, 2017 | News & Updates
TEMPE, ARIZ. (July 13, 2017) – Fidelity National Title Agency, a national leader in title insurance and real estate services, has hired Mary Schroeder as a Sales Executive.
Schroeder will be responsible for building new relationships within the real estate community with a particular focus on Central Phoenix and the Southeast Valley.
She brings her extensive experience in big-business sales into individualized consulting to help local real estate agents find additional opportunities for success.
“Mary possesses an incredibly comprehensive skill set built over her 20 years in B2B sales,” said Sharon Terhune, Vice President and Residential Sales Manager at Fidelity National Title Agency. “Her professional demeanor and can-do attitude make her a refreshing addition to our team. We’re excited to see the growth she can bring to Fidelity.”
Schroeder graduated from Sacramento State University, earning a degree in business administration with a concentration in marketing. She is active with the Assistance League of Phoenix.
Her past experience is in sales, most recently office supplies at Claridge Products. She was the top sales person at Claridge for four years (2013-2016). Schroder also worked at Scottsdale-based Esselte Corporation and Landiscor Aerial Information.
Schroeder was born and raised in Santa Rosa, Calif. She and her husband Tom have two sons, ages 18 and 17. In her free time, she enjoys painting, refinishing furniture, hiking, skiing, and spending time with her family and friends.
by Peter Madrid | Jul 11, 2017 | News & Updates
PHOENIX, AZ (July 11, 2017) – Bascom Arizona Ventures (Bascom Group) completed the $71.5 million sale of Arcadia Cove Apartments in Phoenix, commanding $165,509 per unit.
Arcadia Cove, built in 1996, is located at 2252 N. 44th St., and comprises 432 units. Bascom Arizona Ventures purchased the property in June 2013 for $40.725 million ($94,270 per unit).
Bascom made a substantial financial investment in renovations at Arcadia Cove. Exterior upgrades were performed on the pools and spas. Misters were added to the pool area, as were barbecue pits, outdoor television monitors, and Wi-Fi connection.
Upgrades featured a fitness room, an Internet café, and a clubhouse with iPads stations. Interior upgrades included two-tone paint, new cabinetry, granite countertops, energy-saving stainless steel appliance packages, modern light fixtures, vinyl plank flooring, and ceilings fans. The amenities brought the community up to modern design.
MEB Management Services has served as Bascom Arizona’s management company for more than 10 years. Arcadia Cove is one of the multifamily projects for which MEB has provided property management.
“The management and leasing team at Arcadia Cove was outstanding,” said Mark Schilling, Senior Vice President of Operations and Principal of MEB Management Services. “Vice President of Operations Dalia Bureker and her team did a great job the past four years providing exemplary property management service.”
The buyer was BH Equities of Des Moines, Iowa. Bascom was represented by Cindy and Brad Cooke of Colliers International.
by Peter Madrid | Jul 10, 2017 | News & Updates
PHOENIX (July 10, 2017) – It was an evening of celebration recently as the NAIOP Arizona Developing Leaders Young Professionals Group (YPG) Mentor Program hosted graduation for the 2016-2017 class at Andaz Scottsdale Resort & Spa.
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 Phoenix Trotting Park, the long-abandoned horse racing track along I-10 and the Loop 303 in Goodyear (1068 N. Cotton Lane).
All the projects focused on an industrial development that included multiple buildings ranging from 100,000 SF to 1 MSF. The teams presented market analysis statistics, architectural site plans, market studies and marketing plans, construction budgets, and exit strategies to the judges.
State 48 took home first-place honors. Team members were Sean Sheppard of Seefried Properties, Serena Wedlich of CBRE, and Joe Charles of JLL.
The I-10 frontage road and surrounding development was a selling point for e-commerce and manufacturing users.
“All four groups presented compelling projects – each with its own take on the best opportunity to meet tenant demand and maximize investor returns,” said Larry Pobuda of Opus Group, NAIOP Arizona Chairman and one of the three judges. “Candace Rosauro and Billy Cundiff did a terrific job in coordinating this year-long program. It was obvious that the mentors provided meaningful guidance while the mentees sunk their teeth into all of the possibilities that this site offers.”
This year’s other two judges were Jim Wentworth Jr. of Wentworth Property Company and Jenna Borcherding of JLL.
“Our goal is to provide the tools and platform for young professionals to go through the development process from start to finish,” said YPG Chair Candace Rosauro of Jokake Construction. “More importantly, it forges bonds with their teammates and mentors they know they can call on throughout their career.”
Applications for the 2017-2018 NAIOP YPG Mentor Program will be available in August. 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 | Jul 6, 2017 | News & Updates
PHOENIX, ARIZONA (July 6, 2017) – The largest recreational vehicle park in Apache Junction, Ariz. – Lost Dutchman RV Resort – recently sold for $34 million ($46,575 per space).
Russ and Andrew Warner of NAI Horizon’s Manufactured Housing Group represented the seller, PVC Properties, Inc., of San Diego, a California corporation, in the transaction.
Lost Dutchman RV Resort, 400 N. Plaza Dr. in Apache Junction, comprises 730 spaces, more than 93 percent of which are occupied by permanently affixed, park model homes.
“The strong pricing of the gated park is a tribute to the seller’s success in creating a sense of community for the residents,” Russ Warner said. “The resort’s high occupancy and an unusually small number of for sale signs in the park are reflections of their efforts.”
Amenities of the park include a guard-gated entrance; two swimming pools, a Jacuzzi, a large recreation building and social hall for meals, dances, and entertainment; and exercise and arts and crafts rooms.
The principals of the buying entity, Spear Group, LLC, of Arizona City, Ariz., own nearly 2,400 RV and mobile home spaces in Arizona.
by Peter Madrid | Jul 5, 2017 | News & Updates
PHOENIX, ARIZONA (July 5, 2017): NAI Horizon negotiated a long-term retail lease on behalf of the landlord for American Freight Furniture at Bell Tower Village, 4913 W. Bell Rd., in Glendale, Ariz.
The NAI Horizon retail properties team of Senior Vice Presidents Chris Gerow, Shelby Tworek and Gabe Ortega and Associate Patrick Anthon represented New Bell Tower, LLC, of Greenwood, Colo., in the transaction that totaled $1.266 million.
American Freight Furniture, a discount furniture and mattress retailer, will occupy 25,700 square feet at Bell Tower Village. Anchors at the neighborhood center include Walgreen’s, Harbor Freight Tools, and Planet Fitness.
“The new owners have been investing a substantial amount of money to rehab this center,” Tworek said. “The vision of the center was to take the failed restaurant concept and then combine the adjoining vacant space to create a mini-major space which was the original design of the shopping center.
“We were fortunate to come to terms with a furniture store that has 140 locations nationwide. That will help generate additional traffic into the shopping center and benefit co-tenants as well as the neighborhood,” Tworek said.
The tenant, American Freight of Tennessee, LLC, is from Delaware, Ohio.
by Peter Madrid | Jun 21, 2017 | News & Updates
Westin hotel, stores, dining, entertainment venues to repurpose factory outlet site
PHOENIX (June 21, 2017) – Sedona Vista Village is set to transform the faltering 90,000-square-foot Sedona Village Factory Outlets with a renovation and by adding the town’s first Westin hotel to anchor the newly purchased 9-acre development located on SR 79 in the Village of Oak Creek, known as the gateway to Sedona.
The new owners of Sedona Vista Village will be demolishing a portion of the existing buildings on the north end of the property to make room for the hotel, Element by Westin. The three-story, nearly 120-room hotel, which is scheduled to open in late 2018, will include a pool, workout room and conference room.
Element by Westin is the latest boutique hotel offering by Starwood Hotel & Resorts, a subsidiary of Marriott International, Inc. The rooms are designed as free-flowing space, some with kitchenettes, that can be customized by guests to meet their needs. In addition, the hotel contributes to sustainability efforts through paper recycling bins in each room, recycled materials in carpets and low VOC (volatile organic compounds) interior paints.
Marty Aronson, head of Sedona Pine Tree Ventures, LLC, purchased the property in February from Oak Creek Development, LLC. A part-time Sedona resident, Aronson recognized the potential of the factory outlet location, which is one of the first retail developments visitors pass along SR 179 when traveling from the I-17 to the Village of Oak Creek and Sedona.
“With Element by Westin and our planned renovations, we are bringing new life to Sedona Vista Village, making it highly attractive to tourists and locals alike, by offering a unique vacation, dining, shopping, and entertainment experience in a prime location,” said Aronson. “We’ve begun making design decisions, and soon residents will see first-hand the benefits of our investment and the site improvements.”
The three existing retail buildings on the remaining 50,000 SF to the south will be renovated to complement the aesthetic of the hotel and will be available for retail use. Current tenants Famous Footwear, Tuesday Morning, L’eggs•Hanes•Bali•Playtex, and Kitchen Collective will remain. All surrounding storefront space on the south side is available immediately for lease.
The chief leasing agent for Sedona Vista Village is Jack McMahon of John D. Miller Commercial Real Estate Services, Inc., in Sedona. For more information on Sedona Vista Village visit johndmiller.com, or contact McMahon at 928-224-2709 or at jack@johndmiller.com.
by Peter Madrid | Jun 15, 2017 | News & Updates
PHOENIX, ARIZONA (June 15, 2017) – NAI Horizon is pleased to announce that Matt Harper, CCIM, has joined the company as an Associate in the Retail Properties Group.
Harper’s primary areas of focus will be retail leasing and sales. He will continue working with his existing clients, representing both landlords and tenants. With its global platform, NAI gives Harper the ability to help his clients with needs both inside and outside Metro Phoenix.
Harper joins NAI Horizon after three years at Phoenix West Commercial where he focused primarily on retail.
Matt Harper
He also negotiated land, office, and industrial deals. Harper previously worked at West USA Premier Properties from 2007-2010.
“I am very excited about adding Matt to our team”, said Terry Martin-Denning, President and CEO of NAI Horizon. “His work ethic, energy, and client-focused, collaborative nature are a perfect fit for our firm.”
Harper holds the prestigious designation of Certified Commercial Investment Member (CCIM). He is a member of the National Association of Realtors and earned his Arizona State Real Estate license in 2007.
A native of Flagstaff, Ariz., Harper is a graduate of Northern Arizona University. He earned both a bachelor’s degree (criminal justice and sociology) and a master’s degree (school counseling). Harper spent time overseas working for the U.S. Department of Defense as a school guidance counselor in Japan and South Korea.
Harper was a hockey player and has been officiating the sport for more than 15 years. He is a member of USA Hockey.
by Peter Madrid | Jun 8, 2017 | News & Updates
PHOENIX, ARIZONA (June 8, 2017): NAI Horizon Senior Vice President Rick Foss represented the seller and the buyer in the $965,000 industrial property acquisition at 5230 S. 39th St., in Phoenix.
The seller was DJA Fiorano Holdings, LLC of Scottsdale, Ariz. The buyer was McDowell Sonoran Holdings, LLC.
“The buyer, Stone Tool Supply, intends to occupy the property once renovations are completed,” Foss said. “The facility will be utilized as the showroom/will call of their products as well as their operations and product distribution center.”
The buyer of the 10,054-square-foot property is a tool wholesaler. The seller is the owner of the Russo and Steele Auto Auction. The freestanding building features a 7,300 SF warehouse and 2,700 SF office. It has 16-foot clear ceiling height and a 21,630 SF lot that is fenced and secured.
by Peter Madrid | Jun 5, 2017 | News & Updates
TEMPE, ARIZ. (June 5, 2017) – Dena M. Jones has been promoted to Director of Strategic Partnerships, Assistant Vice President at Fidelity National Title Agency, a national leader in title insurance and real estate services.
Jones, who celebrates her third anniversary at Fidelity National Title in October, will be responsible for strengthening the company’s relationship within the real estate community, maximizing opportunities for its largest partnerships, and growing Fidelity’s footprint through leadership, philanthropic initiatives, and community involvement.
She will work with Sharon J. Terhune, Vice President, Residential Sales Manager, and the sales team to drive sales, increase market share, and add value. Jones previously served as Assistant Vice President, Sales Executive.
“Dena is a leader in the industry. We are thrilled to have her in this new role,” Terhune said. “She will help our company and our partners in her new position achieve revenue, retention, and growth goals.”
“Our executive team believes that having Dena on board truly makes our company better. I love Dena’s energy, keen business sense and dynamic personality along with her caring nature for her colleagues and clients,” Terhune said.
Jones is active in numerous industry groups. She is on the Board of Directors for Valley Partnership, a commercial real estate industry group that represents the development community. She is also involved with the SouthEast Valley Association of REALTORS (SEVRAR), the Phoenix Association of REALTORS (PAR), the Scottsdale Arizona Association of REALTORS (SAAR), and the Arizona Real Estate Investors Association (AZREIA).
She is on the Board of Directors for the Care Fund. Launched in 2010 by the “homeownership industry,” the Apollo Foundation, dba Care Fund, is a critical part of Arizona’s family support network. It works with hospitals, case workers, and the health and welfare communities. Jones has served in a leadership capacity with the Care Fund for three years.
Jones is Valley Partnership’s Board of Directors liaison for its community project, which is the legacy arm of the organization. She has been involved with leadership on the community project for six years. More than $1.2 million has been raised for the community project during her leadership role at Valley Partnership. She is also involved with the Scottsdale Active 20/30 Club, which sponsors Brokers for Kids, Agents Benefiting Children, and NiteFlite. All are fundraisers.
Jones has been in the real estate industry for more than 13 years as a third-generation real estate professional. She majored in journalism at Arizona State University.
A native of Phoenix, Jones is co-authoring a cookbook titled “To Taste” with her mother.
by Peter Madrid | Jun 5, 2017 | News & Updates
PHOENIX, ARIZONA (June 5, 2017): NAI Horizon Senior Vice President Denise Nunez represented the buyer in the $2.775 million investment property acquisition
of Tucson Self Storage at 6459 E. Golf Links Rd., in Tucson, Ariz.
Nunez represented Western Tucson LLC in the transaction. Built in 1976, the property sits on 2.53 acres and totals 47,400 net rentable square feet ($58.54/SF). There are 584 units ranging in size from 5×5 to 10×30. Tucson Self Storage has 60 feet of frontage road on Golf Links Road with a traffic count of 46,000 vehicles daily.
“This is the deal that so many are looking for in a market environment where self-storage acquisition opportunities in Arizona are very thin,” Nunez said. “The property is well built and well located on a heavily-traveled street.
“With some physical and operational updates the buyer expects to quickly capitalize on an under-performing property. The property was sold at a 6.1 cap rate based on 39 percent economic vacancy,” Nunez said.
The seller was T/F Limited Partnership, LLLP.
