by Peter Madrid | Dec 27, 2017 | News & Updates
PHOENIX, ARIZONA (December 27, 2017) – NAI Horizon Senior Vice President John Filli, SIOR, represented the seller, a debtor in a Chapter 11 proceeding, in a pair of Southeast Valley industrial deals totaling $4.897 million.
Filli represented 4K Properties LTD and Arizona Steel Finishing LLC, both Arizona limited partnerships from Queen Creek, in the $3.17 million sale of three industrial/manufacturing buildings totaling +/-65,779 SF on 9.82 acres at 5136 S. Desert View Dr., and 5051 S. Warner Dr., in Apache Junction, Arizona.
The U.S. Bankruptcy Court-related transaction involved Milling Machinery Inc. as a “stalking horse” bidder – an attempt by a bankrupt debtor to test the market for the debtor’s assets in advance of an auction of them – and was subject to the highest and best offer.
The buyer was Rolling Plains Construction Inc., a Colorado corporation in Henderson, Nevada.
Filli also represented 4K Properties LTD in the $1.727 million sale of a multi-tenant, office-warehouse building at 1350 W. Harwell Rd., in Gilbert. This U.S. Bankruptcy Court-related transaction was also subject to the highest and best offer.
“The two assignments (plus a third on-going assignment to sell two manufacturing buildings totaling +/-47,807 SF on 13.1 acres in Snowflake, Arizona) were referred to me by Laurel Lewis, a top-performing office broker here at NAI Horizon, who had a previous business relationship with the particular individual at 4KProperties, LTD, responsible for managing the Chapter 11 Bankruptcy dispositions,” Filli said.
“Because each transaction also involved the disposition of inventory and equipment, closing of escrow was made more difficult. The many challenges that were encountered required both the listing and cooperating brokers to keep an open mind during the disposition process,” Filli said.
The Gilbert building totals 17,966 SF and was sold to Bio Huma Netics Inc. of Gilbert. The buyer, a producer and distributor of liquid fertility and organic protection products, was represented by Mike Parker of CBRE.
by Peter Madrid | Dec 20, 2017 | News & Updates
TUCSON, ARIZONA (December 20, 2017) – Vice President David Blanchette, CCIM, of the NAI Horizon Tucson office, negotiated the $1.115 million acquisition of a restaurant, vacant building, and leased parking space at 2902-2952 E. Speedway Blvd., in Tucson.
NAI Horizon represented the seller, the Elizabeth McCuistion Living Trust of Ladera Ranch, Calif., in the transaction that includes 4,505 SF of improvements (2,633 SF vacant building; 1,872 SF leased restaurant) and 23,092 SF (.53 acres) of leased parking space.
“There is a strong demand for existing properties and development land on major thoroughfares like Speedway that are close to the University of Arizona,” Blanchette said. “It is rare to see this much property offered for sale on Speedway. The sellers have owned the property for several years and decided that the time was right to sell and reinvest. It will be exciting to see how the new owners develop the property.”
The free-standing retail building on 2902 E. Speedway is centrally located west of Country Club Road. It formally housed Sav-On Flowers. The restaurant space at 2910 E. Speedway is currently leased to Los Betos Mexican restaurant.
The buyer, 2902-2952 E. Speedway, LLC of Tucson, was represented by John Ash of CBRE.
by Peter Madrid | Dec 18, 2017 | News & Updates
PHOENIX, ARIZ. (Dec. 18, 2017) — Karen Piper, an industry leader in property management for more than 30 years, was honored with the Lifetime Achievement Award by BOMA Greater Phoenix at its Holiday and Awards Celebration held at the Arizona Biltmore.
Piper’s career includes positions at LBA Realty as a Senior Property Manager and Cushman & Wakefield as Executive Director, Client Solutions – Facilities and Property Management.
“BOMA has been so good to me,” Piper said. “It’s been a foundation for me for 32 years and has been a vital part of my career. I have a great appreciation for what an organization like this can be and do for those in the industry.”
While at LBA, Piper oversaw a Phoenix portfolio of 4.7 million square feet of industrial and Class A office space. She spent 16 years at Cushman & Wakefield, including seven years in Asia Pacific establishing the C&W Property and Facilities Management Service line in nine countries, including China.
“Karen Piper is truly a jewel in our industry, and I am grateful for my association with her. She has been a mentor and a source of wisdom as we served together,” said Darwyn Harp, General Property Manager with Hines, who took the gavel as BOMA Greater Phoenix President for 2018.
“I truly appreciate her willingness to share the benefit of her experience with anyone who would seek her counsel. I am better for having the privilege of knowing her, and the honor from BOMA is certainly well deserved,” Harp said.
Member and sustainability awards presented at the event:
- Property Manager of the Year: Robert Vincent III, Cordia Capital Management;
- Building Engineer of the Year: Robert Bonilla, Hines;
- Allied Partner of the Year: Bella Barker, Ace Building Maintenance;
- Committee Member of the Year: Bella Barker, Ace Building Maintenance;
- Committee Chair of the Year: Melissa Scott, Sunbelt Holdings;
- Service to the Profession: Jayme Bartholomew, Development Services of America;
- Civic Excellence Award: Jayme Bartholomew, Development Services of America;
- Helping Hand Award: Tyrel Williams, Breinholt Insurance Group;
- Ougha-Chucka Award: Daniel Mazzon, Allied Universal Services;
- Young Professional of the Year: Daniel Mazzon, Allied Universal Services;
- Kilowatt Krackdown: 3200 Central, CBRE; Portales Corporate Center II, Forum Capital; USAA, USAA Real Estate Services; Leave-Behind Plaque, 3200 Central;
- Stop Drops: 2355 Camelback Center, Cushman & Wakefield; Biltmore Center II, ViaWest Group; Paradise Valley Office Park, Lincoln Property Company;
- Golden Dumpster: Biltmore Center, ViaWest Group; Terra Verde, Wentworth Property Company.
by Peter Madrid | Dec 13, 2017 | News & Updates
PHOENIX, ARIZ. (December 13, 2017) – Registration is still open for CoreNet Global Arizona’s 2nd annual golf tournament. The event is scheduled for January 24, 2018, on the Stadium Course at the TPC Scottsdale.
The event begins with registration at 10 a.m., lunch at 11 a.m., and a shotgun start at 12:30 p.m. at the Tournament Players Club, 17020 N. Hayden Rd., Scottsdale. Registration is $3,000 per foursome.
The tourney will be limited to 25 foursomes. Golfers will play on the Stadium Course the last day before it closes for the PGA Tour’s Waste Management Open.
“One of our mission’s at CoreNet is to provide our members with the ability to network with peers in the corporate real estate industry,” said CoreNet Global Arizona President Simon Davis of Saltmine. “The tournament provides a unique opportunity for members to play the iconic TPC of Scottsdale, in tournament condition, just days before the Waste Management Phoenix Open.”
Sponsorship opportunities are still available. Contact Kirk McClure at kirkmcclure@immedia-tech.com.
Each foursome will receive lunch, invitation to a reception, gift pack, and fore caddy per group.
To register visit the CoreNet Global Arizona website.
by Peter Madrid | Dec 12, 2017 | News & Updates
PHOENIX, ARIZONA (December 12, 2017) – The Fidelity National Title | Camelback Lakes team closed the sale of the Best Western Plus Arroyo Roble Hotel & Creekside Villas in Sedona, Arizona, for $25.5 million.
Located at 400 N. State Route 89A in Uptown Sedona, the high-end, boutique resort sold to Glacier House Hotels. The Fidelity National Title team comprised Diane Carpenter, Leo Sanchez, and Linda Bruce. The team provided escrow and title services for this sophisticated transaction.
“We are fortunate to have the opportunity to work with all parties involved and see the transaction successfully close,” Carpenter said. The CBRE Hotels advisory group team of Jennifer Bergamo, Larry Kaplan, and Mark Darrington represented the seller, Arroyo Roble Hotel & Creekside Villas I LLC.
“We knew we had to work with a title company that was highly talented and experienced,” said Jordan Scott, principal for Glacier House Hotels. “We are excited to add this trophy asset, located in the highly sought-after uptown section of Sedona with unprecedented views of the Red Rocks to our growing portfolio.”
Glacier House Hotels is headquartered in Scottsdale, Arizona, with a core focus of acquiring, renovating, and developing hospitality projects. The Glacier team has experience with top-tier hospitality brands such as Hilton, Marriott, IHG, and Starwood.
For more information visit glacierhousehotels.com.
by Peter Madrid | Dec 11, 2017 | News & Updates
PHOENIX, ARIZONA (December 11, 2017) – Don Morrow’s résumé includes regional manager and managing principal of two commercial real estate firms and partner in a Phoenix-based development and investment firm.
In total, Morrow possesses more than 30 years of experience in the commercial real estate brokerage industry.
NAI Horizon has tapped Morrow’s expertise, naming him a Senior Vice President to bolster its investment sales division. Morrow will concentrate on office, industrial, and net leased investment sales.
Morrow has served as regional manager for the Phoenix office of Marcus & Millichap. While at Marcus & Millichap he helped grow the gross income for the office by 67 percent and the number of agents by 60 percent in 3½ years. Prior to that, he was managing principal/partner for the Phoenix office of Grubb & Ellis Company. During that time he was very involved in helping the agents craft solutions to challenging transactional issues.
As a partner with Biltmore Holdings, a real estate development and investment company in Phoenix, Morrow was involved in the acquisition of more than $100 million (totaling more than 1 million square feet) of institutional-quality office and industrial investment properties in Metro Phoenix. His ownership experience and familiarity with structured finance will provide valuable insights into the perspective of his clients in the future.
As an investment salesperson with Grubb & Ellis, Morrow frequently ranked at the top in the local office and among the top agents nationally. He also served as the chairperson of the National Investment Council Top Agents who met periodically to share best practices.
“We are fortunate to add Don to our NAI team,” said Terry Martin-Denning, Principal and CEO of NAI Horizon. “His experience and expertise align well with our vision to add agents who fit well with our culture. Don’s background will allow him to leverage our platform to the benefit of his clients. His willingness to mentor and share his experience with our junior agents is an added value.”
A native of Kalamazoo, Michigan, Morrow began his career as a broker with Grubb & Ellis in Phoenix. He is a graduate of Arizona State University, where he received a Bachelor of Science degree in business administration.
“I am excited to be joining NAI Horizon and believe the international platform it offers is essential in today’s real estate environment, especially with the significant inflow of California businesses and capital,” Morrow said. “At the same time, brokers having ownership in the local office offers the flexibility to adapt to the nuances of the local market and the ability to provide the agents support and tools to deliver the highest level of service to our clients.”
by Peter Madrid | Dec 4, 2017 | News & Updates
PHOENIX, ARIZ. (December 5, 2017) – Markham Contracting Co., Inc., founded in the Phoenix garage of President Mike Markham Sr., in 1977, is celebrating 40 years of helping shape the Southwest landscape.
Projects include the original Hughes Helicopter manufacturing plant, now Mesa Boeing; Phoenix International Raceway; the Omni Montelucia Resort; the Chicago Cubs’ spring training facility; the Wickenburg bypass; Grand Avenue; and Victory at Verrado, to name a few.
Markham Contracting’s Goodyear Crossing project included a warehouse pad for the Amazon Fulfillment Center.
The management team includes Mike Markham Jr., COO; daughters Heather Markham Lacourciere, Vice President, and Jennifer Gough, CFO; Hollis Loper; Keith Blakslee; and Rob Paxson.
As a family-owned grading, paving, wet utility, concrete and general engineering contracting firm, Markham Contracting has left an indelible mark on municipal, commercial, residential, industrial, and utility developments in Arizona.
To what does Markham’s president attribute success across four decades?
“You have to change with the times, but you can’t change the basic philosophy of what you’re doing,” Markham Sr. said. “You have to be flexible and not be changing with the wind. You have to be true to your core values.”
This philosophy is evident in Markham’s continuous investment in its GPS-integrated control systems, drones, and other high-tech solutions utilized throughout its operations.
The company’s first job was building a parking lot for Jorgensen Steel in Phoenix. Since that first parking lot, Markham has constructed more than 4,000 projects in Arizona.
To what does Mike Jr. attribute the company’s success?
Mike Markham Sr.
“I consider us to be more of a family than just a business,” he said. Markham has 250 employees; 22820 N. 19th Ave., in Phoenix, is its home office. “Many of the people who work for us today are people I knew as a kid. They’ve seen me grow and I’ve seen them grow. That family environment has been a big part of our success.”
Markham’s philanthropic endeavors include the Juvenile Diabetes Research Foundation (JDRF) and the Valley Partnership Community Project. It also supports many charities of its employees, vendors, and clients including Florence Crittenton of Arizona, American Heart Association, Junior Achievement of Arizona, Salvation Army, Make-A-Wish Foundation, Ronald McDonald House, St. Mary’s Food Bank, Southwest Autism Research & Resource Center (SARRC), UMOM, Susan G. Komen Breast Cancer Foundation, and Sunshine Acres Children Home.
“Growing up in Arizona, a big part of our company culture is giving back and making sure community service is a priority,” Heather Markham said. “It makes us who we are.”
With operations in Phoenix, Tucson, and Flagstaff, Markham looks to diversify and continue serving the growing needs of its clients.
To learn more visit markhamcontracting.com.
by Peter Madrid | Dec 4, 2017 | News & Updates
PHOENIX, ARIZONA (December 4, 2017) – After a major repositioning this past summer, Corporate Center has landed a charter school that will occupy 26,072 square feet of the 440,000 SF office complex along the reinvigorated I-17 corridor in North Phoenix.
NAI Horizon Senior Vice Presidents Troy Giammarco and Tyler Smith negotiated a long-term lease worth $3.125 million, bringing Sage Academy to Corporate Center, 10220 N. 25th Ave. NAI Horizon represented the landlord, Bay Pacific Corporate Center, LLC of San Francisco.
The eight-building portfolio offers the live-work-play requirements of today’s tenants.
“We were thrilled about ownership’s hands-on involvement and care during the genesis of this transaction,” Giammarco said. “We were pleased that the former ITT installation in the 10220 building had sufficient improvements that made the conversion to Sage Academy’s new home a win for both ownership and the school.
“The central location of the asset was key in Sage’s choice as it addressed the needs of parents who will commute to drop off their children. This will be key in meeting the school’s growing population,” Giammarco said.
Sage Academy’s growth plans include day care services in addition to its K-8 education facility. This a unique amenity to parents who are employed at Corporate Center.
“These features and benefits are what companies are looking for to help them attract candidates from the area’s rich employment base,” Smith said.
The North Phoenix submarket is undergoing a renaissance. Metro Center Mall, across I-17 from Corporate Center, is being redeveloped by the Carlyle Group. The City of Phoenix is upgrading the popular, 80-acre Rose Mofford Park adjacent to Corporate Center.
“The proximity of Corporate Center to the park across the street has the unique draw we feel appeals to the needs of the growing millennial workforce who are looking for work-play amenities and environment,” Smith said.
The tenant, Sage Academy Inc. of Phoenix, was represented by Jason Malcolm and Rod Beach of Cresa Phoenix.
Corporate Center features sought-after big blocks of space with mountain views ranging from 15,000 SF to 75,000 SF. The property is ideal for national corporate back office clients. By 2026 Metro light rail will serve the area.
by Peter Madrid | Nov 30, 2017 | News & Updates
PHOENIX, ARIZONA (November 30, 2017) – NAI Horizon negotiated a long-term lease for Planet Fitness at 10105 E. Via Linda Rd., in Scottsdale, Arizona.
With this deal, NAI Horizon has recently negotiated long-term leases totaling more than $20 million for Planet Fitness locations across the Valley.
The NAI Horizon retail properties team of Senior Vice Presidents Chris Gerow, Shelby Tworek, Gabe Ortega, and Associate Patrick Anthon represented the tenant, Planet Fitness, in the Scottsdale transaction totaling $2.058 million.
“It’s a great opportunity to take a vacant grocery store and retrofit the site for a national fitness user,” Tworek said. “The demographics of the trade area work very well for Planet Fitness and they are eager to open.”
The Scottsdale Planet Fitness location will take up 29,192 square feet at the Mercado at Scottsdale Ranch. The landlord is Whitestone Mercado, LLC of Scottsdale.
by Peter Madrid | Nov 28, 2017 | News & Updates
SCOTTSDALE, ARIZ. (November 28, 2017) – Sigma Contracting announced it has hired Business Development Specialist Catherine Frendahl.
Frendahl will be responsible for creating business opportunities and securing new business. Frendahl joins Sigma Contracting after spending the past two years at Kinney Construction Services.
Frendahl possesses more than 25 years of experience in sales and business development. She has also performed business development duties for a commercial solar company.
“We are pleased and excited to add Catherine to our team,” said Dan Hinkson, President of Sigma Contracting. “She is the right fit at the right time to continue our growth in the market. It’s a positive sign and could lead to a similar expansion of our estimating and operations footprint in the near future.”
Frendahl has held an Arizona Real Estate license for four years. She is actively involved with industry groups AAED, CRENAB, AZCREW, SAAR, ULI Arizona, Valley Partnership, and the Business Development Guild.
A native of Spokane, Wash., Frendahl has also lived in Oregon and Wisconsin.
