by Peter Madrid | May 16, 2017 | News & Updates
PHOENIX, ARIZONA (May 16, 2017): NAI Horizon Senior Vice President Rick Foss represented the seller in a $1.92 million entitled land sale of 3.35 acres at the SWC of Price Road and Spectrum Boulevard in Chandler, Ariz.
Foss represented businesswoman Chong Cho of Chandler in the disposition of the land that she had purchased more than 10 years ago.
“This sale presents the highest sale comp for land of its type in the Price Road Corridor,” Foss said. “We were approached by a large number of serious investors due to its size and location in that prestigious, and highly desirable corridor.
“The seller chose to accept the buyer’s offer because they came in with one of the highest offers, reasonable escrow terms, and a project that the City of Chandler would approve. The buyer’s agent informed the seller that they intend to construct a multi-story medical office building on the site. They should be very successful in this venture,” Foss said.
The buyer, Price Novo, LLC of Chandler, was represented by Dan Noma of Venture Real Estate & Investment.
by Peter Madrid | May 11, 2017 | News & Updates
PHOENIX, ARIZONA (May 11, 2017) – NAI Horizon is pleased to announce that Andrew D. Sternberg has joined the Tucson office as a vice president.
His primary areas of responsibility include sales, leasing, and investment services. Sternberg specializes in exclusive representation and negotiation for multiple commercial uses with a focus on office, medical, land, and investment properties. He also handles the exclusive marketing of existing commercial projects, land, and new
Andrew Sternberg
developments.
Sternberg comes to NAI Horizon after 15 years at Oxford Realty Advisors, Inc. He has negotiated more than 1 million square feet of commercial real estate sales and leases with a gross value of more than $160 million.
Major clients include Vestar, Diamond Ventures, NCH Corporation, Holualoa Arizona, Carondelet Medical Group, the University of Arizona, Allstate Insurance, MetLife Home and Auto, Farmers Insurance Group, Arizona Community Physicians, Richmond American Homes and Tucson Embedded Systems.
“Andrew has had a very successful commercial real estate career over the past 15 plus years,” said Ben Craney, Managing Director of the Tucson office. “We are pleased he chose to join the team. Our growth reflects our commitment to making NAI Horizon the top full-service commercial real estate firm in Southern Arizona.”
Sternberg earned CoStar “Power Broker” Top Office Leasing Broker Designation in the Tucson market in 2007, 2009, 2012, 2013, and 2016. A graduate of the University of Arizona, Sternberg earned a Bachelor of Science degree in geography and regional development.
Sternberg holds an Arizona Real Estate License and is a Certified Commercial Investment Member (CCIM) candidate.
by Peter Madrid | May 9, 2017 | News & Updates
PHOENIX, ARIZ. (May 9, 2017)
Sale Transactions:
Lane Neville and Barbara Lloyd negotiated the sale of an 18,801 SF retail property, representing the buyer, MUFG Union Bank, N.A., as Trustee of the John J. Garland Residuary Trust FBO, for $9.675 million. The property is located at 13830 W. Camelback Rd., Litchfield Park, AZ. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller, Evergreen-Camelback & Litchfield, LLC.
Rick Foss negotiated the sale of a 37,995 SF industrial property, representing the buyer, Leap Stores, for $2.781 million. The property is located at 2619 E. Chambers, Phoenix, AZ. Chris McClury and Andrew Cheney of Lee & Associates represented the seller, 2619 E. Chambers, LLC.
Lane Neville and Barbara Lloyd negotiated the sale of an 11,400 SF retail property, representing the seller, DROF I-1, LLC, for $2.7 million. The property is located at 4645 E. Chandler Blvd, Phoenix, AZ. Steve Julius of CBRE represented the buyer, Koloa Ventures II, LLC.
Mark Wilcke negotiated the sale of a 5.96-acre property, representing the seller, 83rd & Van Buren, LLC, for $1.05 million. The property is located at the NWC 83rd Ave. & Van Buren Street, Tolleson, AZ. Linda Chipman of J & L Exclusive Homes & Properties represented the buyer, Mikeno 9150, LLC.
Rick Foss negotiated the sale of an 8,820 SF industrial property, representing the seller, Beugelink Living Trust dated June 21, 1989, for $540,000. The property is located at 3201 W. Harrison, Phoenix, AZ. Esther Gallardo of West USA Commercial represented the buyer, Sergio Ramirez/Raco Marble and Granite.
Rick Foss negotiated the sale of an 11,052 SF industrial property, representing the seller, AGI Holdings, LLC, for $706,600. The property is located at 3731 E. La Salle St., Phoenix, AZ. Adam Kaufmann of CPI represented the buyer, ASA Holdings, LLC.
Tom Bean and Stan Matzinger negotiated the sale of a 3,750 SF industrial property, representing the seller, Durkee and Company, for $350,000. The property is located at 1123 Grand Ave., Phoenix, AZ. Shane Tschida of We Know Urban represented the buyer, 1123 Grand Avenue PHX, LLC.
Lease Transactions:
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the tenant, NYPD Pizza, in a 10-year lease for 3,002 SF at 7650 W. Arrowhead Town Center, Suite 120, Glendale, AZ. Morgan Donhoff of Velocity Retail Group represented the landlord, FAE Holdings 416300R, LLC.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, CP6MF LLC, a Delaware limited liability company, in an 86-month retail lease for 2,800 SF at 1840 E. Warner Rd., Suite 116, Tempe, AZ. Skylar Bennett and Jennifer Summers of Menlo Group Commercial Real Estate, LLC, represented the tenant, The Grid Cyber Lounge, LLC.
Tyler Smith represented both the landlord, Arrowhead 79th, LLC, and the tenant, AM Nutrition Services, LLC, in an 87-month lease for 2,592 SF at 18001 N. 79th Avenue, Suite A11, Phoenix, AZ.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, CP6MF LLC, in a 60-month retail lease for 2,151 SF at 1840 E. Warner Rd. Suite 124, Tempe, AZ. Bobbie Mastracci of Phoenix West Commercial represented the tenant, Jason Dellacroce and Ryan Dowell.
Thomas Bean represented the landlord, Alva Pinchot, LLC, in a 24-month lease for 3,468 SF at 2944 N. 44th St., Suite 100, Phoenix, AZ.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, LNR Partners, LLC, in a 64-month lease for 1,300 SF at 20987 N. John Wayne Parkway, Suite B102, Maricopa, AZ. Ninos Lazar, of Investar, represented the tenant, Gyro Grill, LLC.
Laurel Lewis represented the tenant, Evangelical Christian Publishers Association, in a 60-month lease for 1,526 SF at 5801 S. McClintock, Suite 104, Tempe, AZ. Steve Fisher, of Fisher Commercial, represented the landlord, Anumhavi Holdings, LLC.
Thomas Bean represented the tenant, Ray Johnson, PC, in a 65-month lease for 1,115 SF at 1500 E. Thomas Rd., Suite 102, Phoenix, AZ. Kevin Higgins, of Landmark, represented the landlord, Presson Advisory, LLC.
Rick Foss represented both the landlord, Friedman Anthem, LLC, and the tenant, Mojo’s Spot, Inc., in a 38-month lease for 2,000 SF at 42302 North Vision Way, Phoenix, AZ.
by Peter Madrid | May 8, 2017 | News & Updates
PHOENIX, ARIZ. (May 8, 2017) – The repositioning of Corporate Center has begun. NAI Horizon has been assigned the exclusive leasing assignment for the 440,000-square-foot office complex along the reinvigorated I-17 corridor in North Phoenix.
Bay Pacific Corporate Center Phoenix, LLC, has hired NAI Horizon’s Troy Giammarco, Tyler Smith, and Nathan Pancrazi to lead the leasing efforts.
In addition, the architectural firm of Ware Malcomb and its team of Kevin Evernham, Niki Ward, Josh Thompson, and Amanda Wells has been hired to create the master plan for repositioning of the asset at 9630-10220 N. 25th Ave.
The improvements will bring the eight-building portfolio up to the new live-work-play requirements of today’s tenants. The multi-million dollar repositioning will consist of:
• Rebranding of the property;
• New boulevard entries and monument signage;
• Upgraded building entries and lobbies;
• Upgraded building standards for tenant improvements;
• Collaborative tenant spaces;
• Site improvements and landscape upgrades;
• On-site food-service provider.
Corporate Center
The submarket is also undergoing a renaissance of sorts. Metro Center Mall, across I-17 from Corporate Center, was purchased by the Carlyle Group which is redeveloping the iconic Valley landmark. The City of Phoenix is upgrading the popular, 80-acre Rose Mofford Park adjacent to Corporate Center.
“With the increase of leasing velocity in the I-17 corridor and large blocks of space for national and corporate users diminishing,” Giammarco said, “the repositioning of the portfolio is perfectly timed to take advantage of both rising corporate confidence and a shrinking pool of availabilities in the submarket. The renaissance of Corporate Center is underway.”
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 ideal for national corporate back office clients. By 2026 Metro light rail will serve the area.
“This amenity-rich project encompasses everything millennials want in today’s workplace,” Pancrazi said. “It is conveniently located on I-17 and offers multiple public and private transportation options, shortening employee commute times. Rose Mofford Park, coupled with the surge of restaurants and night life along 7th Street, embodies the environment necessary for attracting and retaining the brightest employees in today’s competitive job market.”
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.
