by Peter Madrid | May 8, 2017 | News & Updates
4 teams compete in finals of annual W. P. Carey School of Business student event
PHOENIX, Ariz. (May 8, 2017) – The stakes were high – and the projects were well presented – as four teams competed in the 4th Annual MRED-REIAC/Rockefeller Group Challenge held recently at a Valley country club.
The teams consisting of graduating students from Arizona State University’s W. P. Carey School of Business, Masters of Real Estate Development (MRED) program competed for cash prizes. Spire Development captured the honor, garnering $1,000 each for members Anna Sepic, Jay Van Tussell, and Kyle Trent.
This year’s project consisted of a mixed-use development at Dorsey Lane and Apache Boulevard in Tempe. It featured six separate parcels including a new school for the arts; a retail center at the NWC of Dorsey and Apache; retail/office space at the NEC corner of Dorsey and Apache; and three parcels of vacant City of Tempe land.
Spire Development’s winning project, Third Space, was a four-phased master plan that included multifamily space of 70 apartments, 50 flats, 43 lofts, 16 studios, and 13 townhomes; a new school for the arts; a restaurant; a gym; and retail, office, and community space.
“Spire was exceptionally proud of the win,” Sepic said. “Our approach, after discussion with our financial mentor, Joe Blackbourn of Everest Holdings, was to go the realistic approach: what is most feasible? The best take away from Joe’s mentorship over the past two months is that real estate is not just about thinking of grand designs; it is understanding that a piece of property will ‘tell’ you what it should be.”
Sepic said the biggest challenge the team faced was making the financials work.
“We were flabbergasted,” she said. “The research showed a significantly depressed immediate demographic, high vacancy, as well as issues of crime and transients in the immediate area. Originally, we went with the bare minimum – what was feasible on the site with existing conditions. We met with various individuals including Mike and Casey Treadwell, Josh Simon, Pete TeKamp, Eric Brown, Ben Hall, Shelby Tworek, as well as our instructors from the MRED program. All gave us their expertise and pushed us to be as realistic as possible. Our biggest support was Joe (Blackbourn).”
The greatest satisfaction of participating in the MRED-REIAC/Rockefeller Group Challenge?
“Having various real estate experts through all the various industries who believed in the proposal and found our financial metrics and overall concept as viable,” Sepic said. “We came a long way as a team and even more so through our own new learned skills as a result of this competition.”
The other finalists and their projects:
- Crescendo Development – The Beat on Dorsey, a project to attract tech-savvy millennials in a transit-oriented walkable environment with public art installations and 7,000 square feet of open pavilion space.
- Collage Development – Collage at Dorsey Station, a project that’s the “character and soul of a community; a project that inspires us,” according to the presenters. It features dining, retail, office, a school for the arts, and artist loft space.
- CED Development – Joule: An Innovation District. This master-plan design is intended to “build off the momentum of the light rail and Tempe streetcar.” It is designed for those in the trade classes, engineering, and software design. It features creative space, maker space, co-working space, row houses, condos, and contemporary restaurants.
Each team was allotted 10 minutes to present a development solution followed by questions from the audience. Audience members chose the winning team immediately after the presentations.
“We really appreciate those in the industry, the mentors, and all the people who support the challenge,” said Mark Stapp, director of the MRED program. “This activity is as close as we can get to the actual business of making the pitch and getting the money.”
In addition to sponsoring the annual Challenge, REIAC awards two $2,500 scholarships to MRED students that have a financial need and want to pursue real estate careers in Arizona after they graduate.
by Peter Madrid | May 4, 2017 | News & Updates
PHOENIX, ARIZONA (May 4, 2017) – NAI Horizon is pleased to announce that David Blanchette, CCIM, has joined the Tucson office as a vice president.
His primary areas of responsibilities will be the disposition, acquisition, and leasing of industrial and office properties in Southern Arizona. Over the course of his commercial real estate career, he has completed deals in consideration of more than $20 million.
David Blanchette
Blanchette previously worked at CBRE of Tucson and Bourn Partners. He owned two construction product fabrication and installation companies and also owned Management Recruiters in Tucson in the early 1990s. Blanchette holds the title of Certified Commercial Investment Member (CCIM).
Notable clients of Blanchette over the years include Nestle Café, Flanders Electric, Applegate Insulation, Old Castle APG West, Goodwill Industries of Southern Arizona, Mattress Firm, City of Tucson, Pascua Yaqui Tribe, Metro PCS, Greyhound Bus Lines, Clear Channel Outdoor, Saguaro Conveyor Equipment, and Service Master.
“We are excited to have a professional with vast knowledge of the local market join our NAI Horizon Tucson team,” said Ben Craney, Managing Director of the Tucson office. “I have had the pleasure to work with Dave over the past 11-plus years. He is a big part of the growth the Tucson office is experiencing. I consider him a good friend and consummate commercial real estate professional.”
Blanchette graduated with a marketing degree from Arizona State University. He has held an Arizona Real Estate license since 1986.
by Peter Madrid | May 3, 2017 | News & Updates
PHOENIX, ARIZ. (May 3, 2017): The NAI Puget Sound Properties and NAI Horizon Investment Sales teams of Senior Vice Presidents Wyk Parker, Lane Neville, and Barbara Lloyd represented the buyer in the $9.675 million acquisition of two retail buildings at Litchfield Marketplace.
The new retail property is anchored by Fry’s Marketplace and Ace Hardware. The anchored center is at the NEC of Litchfield and Camelback roads in Litchfield Park, Ariz.
The buyer, MUFG Union Bank, N.A., as Trustee of the John J. Garland Residuary Trust FBO, was represented by the combined efforts of NAI Puget Sound Properties of Seattle and NAI Horizon of Phoenix.
“Our client wanted a stabilized, high-quality retail asset with limited downside risk,” Parker said. “Our acquisition of Litchfield Marketplace surely fulfilled their need. We have credit tenancy in our acquired asset in addition to the anchor, which helps ensure long-term stability for the overall retail property moving forward.”
The two retail shop buildings comprise 18,801 square feet and are 100 percent occupied. The retail properties were built last year. Tenants include Starbucks, Supercuts, Little Caesar’s, MedPost, Pet Planet USA, Times Square Italian Restaurant, and Hot Bagels Deli.
NAI Horizon has been awarded the property management assignment from the new owner.
The seller, Evergreen-Camelback & Litchfield, LLC, was represented by Michael Hackett and Ryan Schubert of Cushman & Wakefield.
by Peter Madrid | May 2, 2017 | News & Updates
Great article in the Phoenix Business Journal on the success of small businesses in Arizona. Read the complete story at the link below.
Survey: Arizona’s small businesses beating national numbers
by Peter Madrid | Apr 20, 2017 | News & Updates
PHOENIX, ARIZONA (April 20, 2017): The NAI Horizon investment sales team of Senior Vice Presidents Lane Neville and Barbara Lloyd represented the seller in the $2.7 million sale of the Shops at Kohl’s, a retail property located at 4645 E. Chandler Blvd., in Phoenix.
The seller, DROF I-1, LLC of Phoenix, was represented by NAI Horizon.
The retail property totals 11,400 square feet and is 100 percent occupied. The retail center was built in 2003 and is zoned C-2 in the City of Phoenix. The infill retail location is anchored by Kohl’s.
“Our seller built value in this asset by committing capital investment and pursuit of a quality new leasing campaign,” Neville said. “The repositioning of this asset over the past few years, through full occupancy, was memorialized this week with the sale to a good buyer at market price.
“This asset sale was a nationally-based, competitive process where multiple potential buyers were ultimately eliminated by the eventual buyer,” Neville said. “Being part of the disposition of a quality asset, it is nice to see your client’s hard work pay off with a successful sale.”
The property is one-half mile west of Interstate-10, west of the SWC of Chandler Boulevard and 48th Street. Tenants include State Farm, Sports Clips, Payless Shoes, Thai Delight, Bamboo Nails, and Arizona School of Rock.
The buyer, Koloa Ventures II, LLC of Honolulu, Hawaii, was represented by CBRE.
by Peter Madrid | Apr 18, 2017 | News & Updates
4th Annual REIAC/Rockefeller Group Challenge lets teams compete for cash
PHOENIX, Ariz. (April 18, 2017) – The 2016 winners presented an outside-the-box proposal for a complicated, 16-acre site located on the northwest corner of Rural Road and University Drive in Tempe known as Fraternity Row.
How will this year’s winning team dazzle the judges?
Three teams of graduating students from Arizona State University’s W. P. Carey School of Business, Masters of Real Estate Development (MRED) program will compete for cash prizes of $1,000 per team member at the fourth annual REIAC/Rockefeller Group Challenge May 4 at Arizona Country Club, 5668 E. Orange Blossom Lane, in Phoenix.
The event is open to the public. Cost is $35 for non-REIAC members and $25 for students. Registration and networking begin at 4 p.m., followed by the program at 4:30 p.m. A networking mixer begins at 5:30 p.m. It includes hosted beverages and appetizers.
Each team is allotted 10 minutes to present a development solution for a storied piece of Arizona commercial real estate, followed by questions from the audience. Audience members will vote to choose the winning team immediately after the presentations, awarding each winning team member a $1,000 check at the Challenge, up to $6,000.
“We are pleased to be associated with the annual MRED/REIAC/Rockefeller Group Challenge,” said Mark Singerman, president of the REIAC Southwest Chapter and Vice President/Regional Director-Arizona for The Rockefeller Group, the event’s title sponsor.
“This is a great way for all the participating teams to field questions and comments on their solutions from experienced developers and investors. There are actually no losers in this competition.”
Last year’s winning team, ICON Development, focused its efforts on attracting high-level tenants in a build-to-suit arrangement as opposed to a speculative development. The team included Michael Beck, Amanda Donner, Kammy Harding and Kristjan Holm. Its presentation was titled “Generate Revenue for Athletics with Athletics.”
It combined a sports training facility (EXOS) next to Mayo Clinic’s sports medicine research and development facility. Additional uses on the parcel were a hotel and conference space, Class A office space, and a multifamily project.
Registration for the REIAC/Rockefeller Group Challenge is required. Register at www.reiacsouthwest.org/event-2462209.
by Peter Madrid | Apr 13, 2017 | News & Updates
Phoenix, Ariz., April 13, 2017 – Valley Partnership has announced the topic for its April 21 breakfast. This month’s panel will discuss the economic impact of Luke Air Force base on the Valley and the state of Arizona.
Brigadier General Brook Leonard, Luke’s new Commander of the 56th Fighter Wing, will provide an overview of the base’s current mission and its vision. Luke Air Force base contributes more than $650 million in direct and $2.17 billion in indirect economic impact each year to Arizona’s economy.
“Luke is a major force for Arizona’s employment base and long-term economic stability and growth,” said Cheryl Lombard, CEO and President of Valley Partnership. “It is vital to continue to partner both to protect the operations of Luke Air Force base and encourage creative and sensible development and employment.”
Rusty Mitchell, Luke’s Director of Community Initiatives Team, will moderate the panel. Panelists include Danny Ortega, Vice President, Colliers International; Sean Walters, COO, Sunbelt Holdings; and Nicole Lance, Assistant City Manager, City of Surprise.
Registration begins at 7 a.m.; program begins at 7:45 a.m. To register, please visit www.valleypartnership.org and click on the “Monthly Breakfast” tab. For more information, please contact Carrie Martin at 602.266.7844 or CMartin@ValleyPartnership.org.
by Peter Madrid | Apr 6, 2017 | News & Updates
SCOTTSDALE, ARIZ. (April 6, 2017) – Four firms and three individuals were honored Tuesday night at the 2017 Society for Marketing Professional Services (SMPS) Arizona Marketing Communications Awards held at Casablanca Rooftop Lounge in Old Town Scottsdale.
The annual event recognizes excellence in marketing and communications by professional services firms in the design and building industries. The SMPS Marketing Communications Awards recognize the individuals and teams who create outstanding communication vehicles for architectural, engineering, design, and construction firms.
More than 70 professionals attended Tuesday night’s event.
Individual awards went to Maisha Christian Hagan, Marketer of the Year, Jokake Construction; Travis McCoy, Schaefer, President’s Choice; and Charlie Crews, Small Giants, Up and Comer.
“This was SMPS Arizona’s fourth annual MCA ceremony and we couldn’t be prouder of the nominees and the winners,” said SMPS Arizona President Maureen Varela, CPSM, of Pulice Construction. “It’s a celebration of recognizing the A/E/C industry’s best and brightest marketers and highlighting innovative campaigns for awards across several categories. The winners set the bar for the industry.”
The 2017 SMPS Arizona Marketing Communications Award winners:
- Holiday Piece: JE Dunn Construction
- Video: The Weitz Company
- Website: TankGirl Marketing
- Special Event: Concord General Contracting
- Project Pursuit: The Weitz Company
- Marketer of the Year: Maisha Christian Hagan, Jokake Construction
- Up and Comer: Charlie Crews, Small Giants
- President’s Choice: Travis McCoy, Schaefer
by Peter Madrid | Apr 5, 2017 | News & Updates
PHOENIX (April 5, 2017) – Grady Gammage Jr., a real estate and zoning attorney and founder of Gammage & Burnham P.L.C., was honored with the Award of Excellence at the 2016 Best of NAIOP last week at the Arizona Biltmore attended by over 1,000 commercial real estate professionals.
Grady Gammage Jr.
Gammage is a part-time professor, a practicing lawyer, an author, a real estate developer, and a former elected official. In his academic role, he is a Senior Fellow at Arizona State University’s Morrison Institute, the Kyl Center for Water Policy, and a Senior Scholar at the Julie Ann Wrigley Global Institute of Sustainability.
NAIOP Arizona’s Award of Excellence is awarded by the Arizona Chapter Board of Directors on an annual basis at the Best of NAIOP event. The criteria for the recipient is an individual who has made a significant, positive impact on the office and industrial commercial real estate market in Arizona over a period of no less than 15 years, as well as their direct volunteer contribution to the chapter.
It was also a big night for repeat winners. Ryan Companies US, Inc. took home Firm of the Year, Butler Design Group was named Architect of the Year and JLL claimed Brokerage Firm of the Year. Liberty Property Trust took home two awards: Owner/Developer of the Year and Spec Industrial Project of the Year for Liberty Center at Rio Salado Industrial Building.
In the brokerage awards, CBRE almost made a clean sweep of the evening. It took home top honors for Industrial, Retail, Investment and Healthcare brokers of the year and Emerging Broker and Rookie Broker of the Year. Todd Noel of Colliers International took home two awards: Office Broker of the Year (with Ryan Timpani) and Tenant Rep Broker of the Year.
The 2016 Best of NAIOP winners:
Owner/Developer of the Year: Liberty Property Trust
Firm of the Year: Ryan Companies US, Inc.
Brokerage Firm of the Year: JLL
Architect of the Year: Butler Design Group
Interior Architect of the Year: McCarthy Nordburg, Ltd.
General Contractor of the Year: Willmeng Construction
Tenant Improvement Contractor of the Year: LGE Design Build
Official Sign Sponsor: Trademark
Office Broker of the Year: Todd Noel & Ryan Timpani, Colliers International
Industrial Broker of the Year: Pat Feeney, Dan Calihan & Rusty Kennedy, CBRE
Retail Broker of the Year: Jami Savage-Gray, CBRE
Investment Broker of the Year: Barry Gabel, CBRE
Healthcare Broker of the Year: Kate Morris & Vince Femiano, CBRE
Tenant Representative Broker of the Year: Todd Noel, Colliers International
Emerging Broker of the Year: Michael Strittmatter, CBRE
Rookie Broker of the Year: Jamie Swirtz, CBRE
Developing Leader of the Year: Candace Rosauro, Jokake Construction
Principal Member of the Year: Andrew Cheney, Lee & Associates Arizona
Associate Member of the Year: Kirk Fonfara, Kimley-Horn
Industrial Build-to-Suit of the Year: REI
Industrial Tenant Improvement of the Year: OHL/Geodis Tenant Improvement
Office Build-to-Suit of the Year: Marina Heights – Buildings 300, 400, 450
Office Tenant Improvement of the Year (50K SF or Less): Matson Money
Office Tenant Improvement of the Year (51K SF or More): Banner Health Corporate Headquarters
Economic Impact Project of the Year: SkySong, The ASU Scottsdale Innovation Center
Sustainable Project of the Year: REI
Medical Office Project of the Year: La Ronde Center
Retail Project of the Year: The Colony
Redevelopment Project of the Year: Luhrs City Center
Spec Industrial Project of the Year: Liberty Center at Rio Salado Industrial Building
Spec Office Project of the Year: SkySong, The ASU Scottsdale Innovation Center
Transaction of the Year: Scottsdale Landing (formerly Perimeter Gateway I, II, III and V) and Terra Verde
Talk of the Town: Grand Canyon University Phoenix Campus Expansion
by Peter Madrid | Apr 4, 2017 | News & Updates
Phoenix, Ariz. (April 4, 2017) – Healthcare continues to be a popular topic, whether talking about healthcare systems or healthcare initiatives.
In recent years, healthcare spending growth has been driven primarily by increased use and intensity of services, according to the American Hospital Association.
Consider the facts:
- Health insurance coverage has grown to cover an additional 21 million to 22 million people since 2010;
- An aging population on average uses more healthcare;
- Today’s population has a higher rate of chronic disease, with nearly half of Americans having chronic conditions such as diabetes and heart disease.
What does all of this mean for the future of hospitals and healthcare systems? Find out as panelists discuss these topics at CoreNet Global Arizona’s April 27 lunch at Phoenix Country Club.
Panelists include Susan Doria, SVP Strategic Planning, MIHS; Peter Trice, Partner, The Innova Group; Craig Jensen, VP Strategic Planning, HonorHealth; and Bob Campbell, Healthcare Strategist. Mike Brinkley of Land Advisors Organization will facilitate this program.
The event begins at 11:30 a.m. Price is $35 for CoreNet Global Arizona members and $70 for non-members. To register go to arizona.corenetglobal.org and click on the Events tab.
