by Peter Madrid | Jun 5, 2019 | News & Updates
PHOENIX, ARIZONA (June 5, 2019) – Celebrating the firm’s 35th anniversary, industry leaders Tom Shelton and Pam Shelton are pleased to introduce and announce the formation of Shelton Residential.
Since 1984 when it was formed as Bernard-Finney, the company has provided best-in-class property management services for owners of multifamily real estate in diverse markets across the country. Currently managing a portfolio of 21,000 units located in four states, the more than 500 professionals that comprise the team at Shelton Residential consistently identify operating solutions that drive performance beyond industry standards.
“The fact that clients have entrusted our team with the management and supervision of more than $3 billion of real estate, speaks volumes as to the quality of individuals we employ, the outstanding services we provide and the results we consistently deliver,” said Pam Shelton.
In the past few months:
- The company has been recognized by Ranking Arizona magazine as one of the top multifamily companies in Arizona;
- Shelton Residential has been recognized by the Phoenix Business Journal as one of the top Women-Owned Businesses in Phoenix;
- Tom Shelton has been included on the list of 2019 Arizona Business Leaders;
- The company has retained its A+ rating with the Better Business Bureau of Central Arizona.
Shelton Residential provides clients with expertise in property management, leasing, marketing, interior design, renovation, repositioning, new construction lease-up, acquisition underwriting, asset management and complete financial reporting services for multifamily and residential real estate of all types.
Learn more about Shelton Residential at sheltonresidential.com.
by Peter Madrid | Jun 4, 2019 | News & Updates
PHOENIX, ARIZONA (June 4, 2019) – The sale of three office buildings and one retail property totaling $1.9 million highlight transactions recently closed by NAI Horizon professionals.
Sale Transactions:
>>Thomas Bean, CCIM, negotiated the investment sale of an office building, representing the seller, JJELO, LLC, for $875,000. The property is located at 2410 E. Osborn Rd., Phoenix, AZ. The buyer was Brooks Realty Investments, LLC.
>>John Filli negotiated the sale of an office building, representing the seller, The Jaime M. & Carol A. Tiglas Family Trust, for $500,000. The property is located at 809 W. Maryland Ave., Phoenix, AZ. The buyer was Allemar Property, LLC.
>>Sharon Reeves negotiated the sale of a retail building, representing the seller, Circle K Stores, Inc., for $350,000. The property is located at 9714 N. 7th St., Phoenix, AZ. The buyer, 7 Mountain View, LLC, was represented by Tom Semanick with Commercial Properties, Inc.
>>Matt Harper, CCIM, negotiated the sale of an office building, representing the seller, The Larry A. Kamka & Ellena M. Kamka Revocable Living Trust, for $220,000. The property is located at 2440 W. Augusta Rd., Phoenix, AZ. The buyer is Quyen T. Pham Revocable Trust.
Lease Transactions:
>>Kevin Higgins, Lane Neville and Logan Crum represented the landlord, Crismon Superstition Development, LLC, in a 120-month lease for 13,288 SF at 10165 E. Hampton Ave., Mesa, AZ. Alex Wentis with CBRE, represented the tenant, Studio R Ballet.
>>Jeff Adams represented the landlord, AZIZ, LLC, in a 39-month retail lease for 32,000 SF at 460 S. Country Club Dr., Mesa, AZ. Ashley Kendricks with The Maricopa Real Estate Company represented the tenant, House of Rhema Full Gospel Baptist Church.
>>Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the tenant, Curiel Gomez, LLC, in a 120-month retail lease for 2,310 SF at 7520 S. Rural Rd., Tempe, AZ. James DeCremer with Strategic Retail Group represented the landlord, Fiesta Plaza Tempe, LLC.
>>Jay Olson and Rick Foss represented the tenant, RS Technologies, LLC, in a 63-month industrial lease for 7,500 SF at 2212 E. Magnolia St., Phoenix, AZ. The landlord, Airpark Business Center, LLC, was represented by Corey Sposi with CPI.
>>Jay Olson and Rick Foss represented the tenant, Alpha Insulation & Water Proofing, LLC, in a 36 mo. industrial lease for 6,313 SF at 4250 S. 38th St., Phoenix, AZ. The landlord, Presson Broadway, LLC, represented itself.
>>Laurel Lewis and Dylan Whitwer represented the tenant, Garney Holding Company, in a 36-month office lease for 2,752 SF at 4435 E. Holmes Ave., Mesa, AZ. The landlord, Core Dental Partners, LLC, was represented by Lindsey Dulle and Rommie Mojahed with SVN.
>>Joan Krueger represented the landlord, San Tan Irrigation District, in a 39-month lease for 1,500 SF at 3978 E. Chandler Heights Blvd., Gilbert, AZ. Langdon Bridges with J & J Properties represented the tenant, Power Core Plus, LLC.
>>Thomas Bean, CCIM, and Jay Mininberg, JP, represented the landlord, Tempe CC, LLC, in a 48-month office lease for 1,406 SF at 4515 S. McClintock Dr., Tempe, AZ. The tenant, Tempus Innovations, represented itself.
>>Mike Gaida represented the landlord, TJM Ventures, LLC, in a 24-month industrial lease for 2,000 SF at 1545 E. Yucca St., Phoenix, AZ. The tenant, Mountain Scapes Landscaping, represented itself.
>>Matt Harper, CCIM, represented the landlord, Glenn & Sandra Miller Trust, in a 36 mo. retail lease for 1,055 SF at 3061 W. Apache Trail., Apache Junction, AZ. The tenant, Cell City Wireless, LLC, represented itself.
by Peter Madrid | Jun 4, 2019 | News & Updates
PHOENIX, Ariz. (June 4, 2019) – The Phoenix Kidder Mathews healthcare team represented the landlord in an 11,000-SF, 7-year lease for a national firm that provides autism therapy for families and children at 5859 W. Talavi Blvd., in Glendale, Arizona.
Kidder Mathews’ Senior Vice President Michael Dupuy and Vice President Rachael Thompson represented the landlord, Phoenix Heart, which is the owner and also a tenant in the building. The team negotiated a lease valued at $1.94 million in total consideration with Hopebridge Autism Therapy Centers, headquartered in Indianapolis, Indiana.
“We have seen an increased demand in Glendale’s Arrowhead area over the past couple years,” Thompson said. “Larger blocks of space for medical are tough to come by here. The availability at this property was marketed 60 days prior to receiving a fully executed lease. One medical space remains.”
The property, built in 2000, sits among highly desired office and medical buildings at Arrowhead Ranch in Glendale. Its neighbors include Banner Health, Abrazo, Delta Dental and California Casualty. The building is located with frontage on 63rd Avenue in Arrowhead.
“As a tenant and a landlord at this location, we look to strategically partner with other tenants,” said Phoenix Heart CEO Kyle Matthews. “We are thrilled to have Hopebridge as a tenant in the building and look forward to our relationship.”
The City of Glendale has been proactive in attracting healthcare-related firms.
“This new facility will join our ever-growing healthcare industry by bringing much-needed services for families touched by autistic spectrum disorders,” said Glendale Mayor Jerry Weiers. “As someone who wakes up every morning with the goal of making a positive difference in someone’s life, I know that therapy services provided by Hopebridge will do just that. I’m incredibly proud they’re opening their first location right here in Glendale.”
Kyle Seeger of JLL represented Hopebridge.
5859 W. Talavi Blvd., in Glendale, Arizona
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with over 700 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $7 billion in transactions, manages more than 51 MSF and conducts more than 1,500 appraisals annually. For more information, visit http://kiddermathews.com/locations/phoenix.php.
by Peter Madrid | Jun 3, 2019 | News & Updates
PHOENIX, ARIZ. (June 3, 2019) – Upon completion, the Loop 202 South Mountain Freeway will add more than 22 miles to the existing Metro Phoenix transportation system.
It will connect the East and West valleys while providing much-needed relief to existing freeway corridors and local streets. It will also have a major economic impact on the Valley.
AZCREW, the leading organization for senior-level executive women in the Metro Phoenix commercial real estate field, will examine the economic impact of the new Loop 202 extension at its June luncheon. The event is June 18 at the Phoenix Country Club, 2901 N. 7th St.
June’s speakers include Cathy Thuringer, Principal, Trammell Crow Company; Lori Collins, Deputy Economic Development Director, City of Phoenix; and Martin Perez, Program Manager, City of Phoenix.
AZCREW’s June lunch begins with networking at 11:30 a.m. The program starts at noon. Member registration is $45; non-member pre-registration is $65. Lunch is included. Registration ends June 13. Register here.
by Peter Madrid | May 29, 2019 | News & Updates
PHOENIX, ARIZ. (May 29, 2019) — The Arizona Chapter of NAIOP, the commercial real estate development association, is celebrating several important victories with the end of the 2019 Arizona legislative session.
Rep. Ben Toma, R-Peoria, led the charge to dramatically curtail the misapplication of the Speculative Builder Tax by cities and the Arizona Department of Revenue. These important changes went into effect on April 1 and included a prohibition on applying the tax to redevelopment projects, tax credits for payment made by prior property owners, deduction of lease values, and exemption from taxation of tenant improvements made after completion of the building shell.
NAIOP supported SB1235, sponsored by Sen. J.D. Mesnard, R-Chandler, and SB1248, sponsored by Sen. Vince Leach, R-Tucson. Gov. Doug Ducey signed both bills into law. SB1235 codified that possessory improvements on certain government-owned lands qualify for a limited property value and that county assessors must value them as real property rather than personal property.
SB1248 protects the intent of Prop. 115 as passed in 2012 to limit the annual growth in the limited property value of locally assessed properties.
“We are pleased that the legislature passed important taxpayer protections with SB1235 and SB1248,” said Suzanne Kinney, President and CEO of the Arizona Chapter of NAIOP. “These new laws will provide greater certainly for developers, including those working on impactful redevelopment projects.”
Arizona is positioned to become a leader in the emerging field of PropTech, with the implementation of HB2673, sponsored by Rep. Jeff Weninger, R-Chandler. This bill provides a temporary regulatory reprieve for entrepreneurs who want to test innovative new products.
An important defeat came with the demise of SB1147. This legislation would have put burdensome requirements in place for cities to sell or lease municipal land or buildings for economic development activities and would have negatively impacted Government Property Lease Excise Tax (GPLET) projects.
The Legislature and Gov. Ducey arrived at an agreement on an $11.8 billion budget on Memorial Day.
“This budget is good news for commercial real estate,” Kinney said. “It supports continued, healthy economic growth.”
Key elements of the budget that NAIOP supports include income tax reform, strengthening of the Rainy-Day Fund, and debt repayment. NAIOP also applauds the increased funding for teacher salaries, career and technical education (CTE), community colleges and state universities, and transportation infrastructure. A companion bill to the budget brings state tax law into compliance the U.S. Supreme Court case, South Dakota v Wayfair Inc., related to the taxation of e-commerce.
by Peter Madrid | May 21, 2019 | News & Updates
PHOENIX, ARIZ. (May 21, 2019) – The images and video are pretty stunning: a drone flies inside a 1-million-square-foot industrial building and captures its size and grandeur. That same drone is helping market a glitzy, new office building. Other types of drones, automated industrial drones, are providing businesses a whole new level of visibility and aerial insights.
Kathy Kim
The Phoenix chapter of Lambda Alpha International (LAI) presents “How Will Drones Impact Commercial Real Estate” on Wednesday, May 29, at Phoenix Country Club, 2901 N. 7th St. Kathy Kim, Vice President, Marketing, with Airobotics will make the presentation.
In the commercial real estate space, drone applications also include surveying, mapping, security, emergency response and inspections.
Kim’s presentation will center on how unmanned aerial systems (UAS) are disrupting and how they will impact commercial real estate now and in the future.
The May 29 lunch event at Phoenix Country Club begins at 11:30 a.m. and ends at 1 p.m. Registration fee is $45 for LAI Arizona members and $65 for non-members. Lunch is included. Click here to register.
About LAI International
Lambda Alpha International (LAI) is an honorary, networked international association for distinguished professionals in all fields related to the use and development of land. LAI is committed to promoting best practices and making a difference in our communities. The 2,200-plus members of LAI make valuable connections locally and with peers worldwide. The Phoenix chapter was formed in 1983 and its members – from business, academia and government – represent a wide range of professions dealing with some aspect of land economics.
by Peter Madrid | May 21, 2019 | News & Updates
TEMPE, ARIZ. (May 21, 2019) – Engineering consulting firm Terracon presented a check for $10,279 to Kids at Hope, a Valley organization focused on youths 3-18 that “empowers child and youth serving institutions to transform their cultures through a cultural strategy that proves all kids can succeed, no exceptions.”
Terracon raised the money through its annual golf tournament. This year it was held in March at the Legacy Golf Club in Phoenix and fielded 124 players.
Terracon presented the check to Kids at Hope at its Annual Youth Development Master’s Institute’s Dean’s Recognition Lunch on May 6 at the Embassy Suites, Phoenix/Scottsdale.
“If it takes a village to raise and educate a child, and it does, Terracon is demonstrating through corporate philanthropy how everyone can contribute to that understanding,” said Rick Miller, Founder and CEO of Kids at Hope.
The vision of Kids at Hope is that every child is afforded the belief, guidance and encouragement that creates a sense of hope and optimism. It is supported by a course of action needed to experience success at life’s four major destinations: home and family; education and career; community and service; and hobbies and recreation.
Terracon is an employee-owned consulting engineering firm with more than 5,000 employees providing environmental, facilities, geotechnical, and materials services from more than 150 offices with services available in all 50 states.
Terracon currently ranks 24th on the Engineering News-Record list of Top 500 Design Firms and is ranked No. 1 in Asbestos and Lead Abatement Design.
To learn more about Terracon visit terracon.com
by Peter Madrid | May 20, 2019 | News & Updates
PHOENIX, Ariz. (May 20, 2019) – The Phoenix Kidder Mathews Healthcare Team represented the landlord and tenant in a 20,997-SF, 15-year lease valued at more than $9.5 million in total lease consideration at West Valley Medical Center in Goodyear, Arizona.
Kidder Mathews’ Senior Vice President Michael Dupuy and Vice President Rachael Thompson represented the landlord, NewStreet Properties of Omaha, Nebraska. Senior Vice President Fletcher Perry represented the tenant, Mountain Park Health Center of Phoenix.
West Valley Medical Center, 140 N. Litchfield Road, is now 100-percent leased, reflecting the strong demand for medical office space in Goodyear.
“We had two other tenants interested in leasing the space at the time the deal was signed,” Thompson said. “I look forward to seeing the continued growth and demand for medical office space in Goodyear.”
The two-story, 34,950 SF medical office building was built in 1994 and underwent a full renovation in 2011 under the current ownership. Mountain Park Health Center complements Phoenix Spine Surgery Center and Phoenix Heart’s tenancy in the building.
“This deal shows Mountain Park Health Center’s intent to expand and serve the growing Southwest Valley,” Perry said. “Their long-term presence will enhance the strong corporate activity that Goodyear and the surrounding municipalities are experiencing.”
Said Goodyear Mayor Georgia Lord: “I am delighted to see another valued medical partner, Mountain Park Health Center, expand in our great city. The demand for both medical and office space in Goodyear shows how quickly our community is growing and I’m excited to say a new spec development of Class A office space will soon be under way.”
The property benefits from its close proximity to Banner Health’s Estella Medical Center, Cancer Treatment Centers of America and Abrazo West Campus, making it an ideal location for medical office tenants who benefit from being in close proximity to some of Arizona’s top hospital systems.
“The Goodyear medical office market was just more than 7 percent vacant after the first quarter of 2019,” Dupuy said. “If you take in to account ‘deals in progress,’ there won’t be much left by the end of the second quarter.”
by Peter Madrid | May 20, 2019 | News & Updates
PHOENIX, ARIZONA (May 20, 2019) – Three Valley commercial real estate professionals – including two from Menlo Group – recently earned the prestigious Certified Commercial Investment Member (CCIM) designation by the CCIM Institute.
Steve Berghoff, CCIM, Vice President, Menlo Group; Mark Haslip, MBA | CCIM, Vice President, Menlo Group; and Neil Sherman, CCIM, Managing Director, Sperry Commercial Global Affiliates, Insignia CRE, each earned the honor.
“Earning the CCIM designation takes significant effort, transaction experience, and commitment. We are proud to have these three professionals join our community of designees while the chapter continues to provide this world class education in commercial real estate,” said Jenette Bennett, CCIM, First Vice President and Shareholder with Kidder Mathews and President of the Central Arizona CCIM Chapter.
Berghoff specializes in the leasing, sale and acquisition of medical and professional office properties. He works with property owners and landlords across Metro Phoenix with an emphasis on the East Valley and South Scottsdale markets.
Berghoff started his real estate career in 2003 at Clayton Companies, where he represented leasing and sales transactions for a privately held real estate portfolio. He previously attended Creighton University in Omaha, Nebraska, graduating with a BS in business administration.
He is active with the FBI Phoenix Citizens Academy and the Scottsdale Police Department Citizens Academy.
Haslip started at Menlo Group in 2017. He specializes in the sales and leasing of office and investment properties with an emphasis in medical and dental tenant/buyer representation. He has helped many of the Valley’s dentists and doctors start up, relocate and expand their practices.
Prior to joining Menlo Group, he managed a multi-million-dollar territory for Henry Schein Dental, a Fortune 500 dental supply and equipment company.
Mark Haslip, CCIM
Haslip graduated Cum Laude from the University of Utah, majoring in psychology and minoring in both chemistry and biology. He earned an MBA from the W.P. Carey School of Business at Arizona State University. Haslip spends time working with his local church youth group.
Sherman built the Sperry Commercial Phoenix office from four agents to 14 at its peak. He specializes in the selling, leasing, managing and financing of Arizona multifamily, office, industrial, retail and land for clients throughout the U.S. and Canada.
Sherman began his commercial real estate career in 1985 with the commercial division of Coldwell Banker. He joined Sperry Van Ness in 2000. He left from 2006 to 2009 to run Axxion Partners and Axxiom Commercial Mortgage. He returned to SVN in September 2009 as Senior Vice President and Co-owner.
Sherman has served on the boards of Boys & Girls Clubs and Valley Big Brothers and Big Sisters.
Neil Sherman, CCIM
To earn the CCIM designation, commercial real estate professionals must complete more than 160 hours of case-study driven education covering topics such as interest-based negotiation, financial analysis, market analysis, user decision analysis, investment analysis, and ethics in commercial investment real estate. Candidates must also compile a portfolio demonstrating the depth of their commercial real estate experience and pass a comprehensive examination.
Learn more about CCIM Institute’s education and designation program at ccim.com.
by Peter Madrid | May 15, 2019 | News & Updates
PHOENIX, ARIZONA (May 15, 2019) – Three retail property sales totaling $3 million and five office property sales totaling $1.7 million highlight transactions recently closed by NAI Horizon professionals.
Sale Transactions:
Lane Neville, Matt Harper, CCIM, and Logan Crum negotiated the sale of a retail building, representing the seller, PVO, LLC, for $2.2 million. The property is located at 13831 & 13825 N. 32nd St., Phoenix, AZ. The buyer, EJG Investments, LLC, was represented by Wolf Glasser with Equity Arizona Real Estate.
Lane Neville and Logan Crum negotiated the sale of a self-storage facility, representing the buyer, Cynergy, LLC, for $1.525 million. The property is located at 1533 N. Alma School Road, Phoenix, AZ. The seller, Wayne D. Stufkosky Trust, was represented by Melody Bramer with Keller Williams.
Thomas Bean, CCIM, and Laurel Lewis negotiated the sale of an office building, representing the buyer, Villa Potrero, LLC, for $824,000. The property is located at 1250 E. Missouri Ave., Phoenix, AZ. The seller, Blackwater Investments, Inc., was represented by Barry Gabel and Chris Marchildon with CBRE.
Sharon Reeves negotiated the sale of a retail building, representing the seller, Lawrence E. and Dallas A. George Trust, for $475,000. The property is located at 7134-7136 E. Mercer Lane, Scottsdale, AZ. The buyer was LDAC Holdings, LLLP.
Ed Toschik negotiated the sale of an office building, representing the buyer, PJ Squared, LLC, for $462,500. The property is located at 6642 E. Baseline Road, Mesa, AZ. The seller, Paul H. Rhee, MD, PLLC, was represented by Stephen Proski with RE/MAX Fine Properties.
Matt Harper, CCIM, negotiated the sale of a retail building, representing the seller, Eloise D. Coffman Family Trust, for $350,000. The property is located at 1532 E. Thomas Road, Phoenix, AZ. The buyer, The Grant Christopher Ledger Trust, was represented by Dean Ledger with Fundanova, Inc.
Laurel Lewis and Dylan Whitwer negotiated the sale of an office condo, representing the seller, Troon, LLC, for $184,532. The property is located at 10031 E. Dynamite Blvd., Building E, Suites 250 & 255, Scottsdale, AZ. The buyer, M2M Suite, Inc., was represented by Anya Khoudikova with Home Smart – Fine Homes Scottsdale.
Laurel Lewis and Dylan Whitwer negotiated the sale of an office condo, representing the seller, Troon, LLC, for $106,932. The property is located at 10031 E. Dynamite Blvd., Building E, Suites 220 & 225, Scottsdale, AZ. The buyer, The Monaco Ventures Trust, was represented by Cindy Kasnoff with Morgan Taylor Realty.
Laurel Lewis and Dylan Whitwer negotiated the sale of an office condo, representing the seller, Troon, LLC, for $92,259. The property is located at 10031 E. Dynamite Blvd., Building E, Suite 215, Scottsdale, AZ. The buyer, Pensco Trust Company, LLC, was represented by Cindy Kasnoff with Morgan Taylor Realty.
Lease Transactions:
Matt Harper, CCIM, and Mike Gaida represented the landlord, Red Mountain Asset Fund I, LLC, in a 132-month retail lease for 14,000 SF at 9124 E. Apache Trail, Mesa, AZ. Cushman & Wakefield represented the tenant, Octapharma Plasma, Inc.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the tenant, Gateway PBP UNI I, LLC, in a 60-month retail lease for 3,117 SF at 1705 W. University Dr., Tempe, AZ. Golden St. John with Cushman & Wakefield represented the landlord, The Window Calibration Center, LLC.
Troy Giammarco represented the landlord, Nawa Family Trust, in a 63-month retail lease for 2,135 SF at 8765 W. Kelton Lane, Peoria, AZ. The tenant, Digital Acuity, LLC, represented themselves.
Matt Harper, CCIM, and Mike Gaida represented the landlord, Red Mountain Asset Fund I, LLC, in a 60-month retail lease for 1,820 SF at 9124 E. Apache Trail, Mesa, AZ. Jim Edwards with Rein & Grossoehme represented the tenant, Third Eye Body Art.
Matt Harper, CCIM, represented the landlord, Copper State Land, LLC, in a 24-month retail lease for 1,400 SF at 5717 W. Glendale Ave., Glendale, AZ. The tenant, The Black Sheep I, LLC, represented itself.
Matt Harper, CCIM, represented the landlord, MAZ Northern Plaza, LLC, in a 39-month retail lease for 800 SF at 5008 W. Northern Ave., Glendale, AZ. The tenant, Positiv Vibez Barbershop, LLC, represented itself.
Matt Harper, CCIM, represented the landlord, Arizona MSK, LLC, in a 13-month retail lease for 1,000 SF at 5270 N. 59th Ave., Glendale, AZ. The tenant, Valley Hybrids, LLC, represented itself.
