by Peter Madrid | May 7, 2019 | News & Updates
PHOENIX, Ariz. (May 8, 2019) – Vice President Rachael Thompson of the Phoenix Kidder Mathews healthcare team represented the owner in the sale of a pair of medical office buildings in Chandler, Arizona.
Thompson represented Resolution Fund Management in the sale totaling $1.26 million of Building A and Building B at 908 W. Chandler Blvd., in the highly sought-after Southeast Valley market.
Building A, 3,453 SF, was sold to an investment group for $780,000; it is currently occupied by Baymark Health Services, a national detox and counseling center. Building B, also 3,453 SF, was sold to an owner/user for $480,000 and will be occupied by a medical tenant.
“The Chandler medical office market is tight with a vacancy of under 5 percent,” Thompson said. “In both of these transactions, the lack of available product and investment opportunities contributed to the successful distribution. It was a pleasure working with the team at Resolution Fund Management on these two transactions.”
Built in 1999, the assets are within close proximity to the Loop 101 and Chandler Regional Hospital. They are situated in a submarket with very little available medical office inventory.
The buyer of Building A was represented by Marcus Muirhead of Lee & Associates; the buyer of Building B was represented by David Elton of Arizona Best Real Estate.
by Peter Madrid | May 7, 2019 | News & Updates
PHOENIX, ARIZONA (May 7, 2019) – The Novus Innovation District in Tempe was the focus of the three teams competing in the 2019 REIAC/Rockefeller Challenge. Capturing top honors at the 6th annual event was the Original Company for its project, Karsten.
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. Original Company garnered $1,000 each for team members Jason Wagner, Lindsey Campbell, Tanner Weekes, and Wade Troeger.
Three of seven teams in this years’ MRED program advanced to the May 2 Challenge held at the Arizona Country Club. Teams were given the project on February 25.
“This is as close as you get to being in the business,” said Mark Stapp, director of the MRED program. “Pick a project, make a pitch, make money.”
This year’s development project included 48 acres on the back nine of the Karsten Golf Course at the NWC of Rio Salado Parkway and McClintock Drive. It was on a 99-year ground lease with ASU. This was the MRED students’ 3rd Synthesis project for their final grade.
The winning team:
>> Original Company – Karsten: The goal was to develop an urban neighborhood in which residents are interconnected with the environment and surrounding communities. Karsten is a name that is familiar to the area. To honor the generous support of Karsten and Louise Solheim and the Sun Angel Foundation, the development would keep the name Karsten.
Karsten would comprise three phases with a projected completion date of May 2029. It would feature: Hospitality, 165,000 SF, 165 keys; multifamily, 2 MSF, 1,700 units; office, 440,000 SF; and retail, 94,000 SF.
A key aspect of the project was the emphasis on multifamily to serve the thousands of jobs located along the Rio Salado Parkway corridor. It would include low-rise to mid-rise buildings and include workforce housing, which is in great need in Tempe.
“More family-oriented multifamily,” said Campbell, who added that the project would take advantage of Tempe Town Lake for the hospitality component of the project.
Total project cost would be $46 million; land ground lease payment would be $20 million; total sales were projected to be $86 million. Unlevered IRR, 18.5 percent; levered IRR, 28.3 percent; equity multiple, 2.2x.
The other finalists and their projects:
>> Pari Passu Development – The Vector: The goal of this project was to fuse a community with different skill sets across generations connected by transit. The 48-acre project was a vertical development of co-living and community space. The Vector would maximize the community space with different programs such as Ted Talks and Pitch Nights to stimulate and motivate companies through collaborative events.
The Vector would attract startup techs such as Carvana and Offerpad. Landing those tenants would continue the momentum of the PropTech market. It would include office, residential, retail and hospitality.
The development included two buildings: HQ, co-working/creative office and co-living with the ASU School of Design located on the first floor; and The Hub, at the heart of the Vector. It would feature creative office and mixed-use conference space.
The 5-year target hold period included a ground lease payment of $60 million, a levered IRR of 27.85 percent and levered multiple of 2.02x. The Vector would take advantage of being in an opportunity zone.
Team members included Kevin Bauer, Vicente Hunneeus, Thomas Quiroz and Rachel Rodriguez.
>> Hydra Development – The Nexus: The goal of this project was to be the birthplace of the next big thing in the heart of Tempe. It would nurture and foster the next generation of business through community-focused programming and support.
It would provide access to a young, highly-educated workforce. Also located in an opportunity zone, it would have access to capital equity over a 10-year hold time.
The Nexus would include office, retail, multifamily and hospitality. Phase 1 was the Boardwalk; Phase 2 was The Towers, a 230-key luxury hotel and The Retreat, a multifamily project of 481 units. Phase 3 was Nexus Avenue and The Nouveau (572 units); Phase 4 was the Karsten Business Park.
The Nexus program called for innovation space that included 5,000 SF of incubator restaurant space. The Nexus would also have a community association. It would offer physical, social and cultural placemaking geared toward supporting the stakeholders and occupants.
The LTV would be 65 percent for nine parcels and a $96.9 million ground lease payment. It would have an IRR of 28 percent.
Team members were Danielle Carlson, Frank Collins, Michael Roberts and Michael Sobel.
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.
Rachel Rodriguez of Pari Passu Development presents her team’s project at the 2019 REIAC/Rockefeller Challenge. (Photo by Carl Schultz)
About REIAC
The Real Estate Investment Advisory Council (REIAC) was established as a nonprofit trade association to provide a forum for the exchange of ideas, concerns and experiences among senior executives who conduct commercial real estate transactions. The invitation-only group limits its membership to senior-level executives at companies, who act as principals, and whose function is to develop, acquire, manage and/or finance commercial real estate. Institutional quality programs and peer-to-peer relationship-building opportunities have established REAIC’s reputation throughout the national real estate investment community as one of its premier associations. www.reiac.org
About MRED
In nine months, the W. P. Carey Master of Real Estate Development (MRED) prepares students to lead real development projects that are environmentally respectful, socially responsible, and artfully designed. The MRED program is transdisciplinary, aligning principled instruction with dynamic real-world application. MRED is a unique partnership between four highly regarded schools within Arizona State University:
- The W. P. Carey School of Business
- The Sandra Day O’Connor College of Law
- The Herberger Institute for Design and the Arts
- The Del E. Webb School of Construction https://programs.wpcarey.asu.edu/masters-programs/real-estate-development
by Peter Madrid | May 6, 2019 | News & Updates
PHOENIX, ARIZ. (May 7, 2019) – Looking to continue building connections through design expertise and industry leadership, Cawley Architects is celebrating its 25th anniversary with the naming of four new partners.
For the past quarter of a century, Cawley has been one of the most prolific architectural firms in the Valley. Over that time, it has applied its unique collaborative approach to create almost 800 structures of superior form, function and value.
“It’s been our privilege to participate in some of the top commercial projects throughout the Valley with an exceptional group of clients, contractors and design professionals,” said Sherman Cawley, founder of the company. “Along with my partner Paul Devers, we have built an exceptional team and have been fortunate to win many honors, awards, and accolades. Our employees are our most important asset.”
“As we celebrate our first 25 years in business and numerous successes in the community, Paul and I are pleased to share the most exciting celebration of all, announcing four new partners who will guide this company into the next 25 years,” Cawley said.
Cawley Architect’s new partners:
>> Lynette Dreitz is Director of Finance and Administration. She oversees the firm’s financial and office administrative functions including financial reporting, cash management, billing, human resources and payroll. She has been with Cawley since 2013.
>> Kevin Fawcett is Project Director and joined Cawley in 2013. He is responsible for overseeing the design and production of projects, negotiating with the various municipalities, assisting the principals in managing the office and expanding the firm’s client base.
>> David Fulk is Project Director and responsible for initiating the design and programming of Cawley projects. He has been with the firm since 2016. Fulk is also responsible for coordinating and expanding the relationship with Cawley clients.
>> Rafael Macias is Director of Construction Administration and Quality Assurance. He oversees the coordination and confirmation of each drawing package the office produces. His duties also include mentoring, maintaining and improving Cawley’s construction documentation process. He has been with Cawley since 2014.
“Over the years Paul and I have invested time, effort and creativity to provide the resources and mentoring necessary for our staff to grow and succeed,” Cawley said. “With their dedication, attention to detail and exceptional leadership, I know that the legacy we have created will continue to grow and prosper.
“Each new partner brings their unique set of skills to those that we developed and fostered during the first 25 years. As we transition into new areas of responsibilities, Paul and I know that Lynette, Kevin, David and Rafael will continue to promote our values, high standards and exemplary customer service,” Cawley said.
About Cawley Architects
With almost 800 high-value projects in our portfolio, Cawley Architects is one of the most prolific architectural firms in Arizona. For 25 years, we have been applying our uniquely collaborative approach to project management in order to create buildings of superior form, function and value. During that time, it has been our privilege to participate in some of the top commercial projects throughout the Valley along with an exceptional group of clients, contractors, and design professionals. We are knowledgeable in the specialized architectural requirements, technologies and trends of many building types. This includes: Industrial, Healthcare, Bioscience, Restaurant, Education, Entertainment, Office, Commercial, Automotive, Manufacturing, Distribution, Aerospace, Retail and Tenant Improvement. From small neighborhood bistros to large biotech laboratories, we have the expertise, resources, and connections to serve your needs and execute your plan — and provide you with unsurpassed value. cawleyarchitects.com.
by Peter Madrid | May 2, 2019 | News & Updates
PHOENIX, ARIZ. (May 6, 2019) – The Arizona Private Lender Association (APLA) recently announced its 2019/20 Board of Directors and outlined its association/new member events through the summer.
Rob Leonard
Board officers for 2019/20 are President, Rob Leonard, Colonial Capital; Vice President, Jack Hilton, Hilton Financial Corporation; Treasurer, Aaron Zeese, PAJ Enterprises; Secretary, Phil Sollomi, Scottsdale Private Lending; and Statutory Agent, Jeff Craven, Craven Law Firm.
Other board members are Bill Anastopoulos, Gold Coast Mortgage Group; Geoff Ball, Applewood Funding; Adam Nach, Lane & Nach, P.C.; and Christine Zeihen, OPM Capital.
APLA serves the needs of Arizona private money lenders who provide loans secured by real estate with funds from private sources. Its mission is to represent, promote, and foster the business of bringing private capital to Arizona for real estate projects and hold private money lenders to a high standard.
Scheduled events this summer include a networking/member drive/golf outing, and a seminar led by APLA member Mitch Medigovich in conjunction with the Arizona Trustee Association at the Blue Water Grill in Phoenix.
APLA meets six times per year with various guest speakers providing informative news in the private money lending arena. APLA Members include licensed lenders and affiliates. Affiliate Members include investors, title company representatives, attorneys, real estate brokers and other segments related to the lending industry.
APLA also works to provide standards of conduct and education for Arizona private money lenders. It coordinates with state and federal agencies on behalf of its members.
For more information visit azprivatelenders.org.
by Peter Madrid | Apr 30, 2019 | News & Updates
PHOENIX, ARIZONA (April 30, 2019) – NAI Horizon represented the landlord, Crismon Superstition Development, LLC, in a long-term lease at Mountain Vista Business Center, 10165 E. Hampton Ave., in Mesa.
NAI Horizon Vice President Kevin Higgins, Senior Vice President Lane Neville and Associate Logan Crum negotiated the $1.131 million lease totaling 13,288 SF. Studio R Ballet will occupy the space.
“Studio R Ballet is one of Arizona’s finest classical ballet schools, and with more than 13,000 SF and five studios, this new location will be one of the best dance facilities in Arizona,” Higgins said. “Its location in the much desired and growing Southeast Valley is also a huge plus.”
Mountain Vista Business Center sits off the US 60/Crismon Road exit and is directly across from Mountain Vista Medical Center/Hospital Campus. It is adjacent to a $200 million development, GrandeVita. The 20-acre, mixed-use campus-style community at Crismon Road and Hampton Avenue will include a Marriott hotel.
Mountain Vista Business Center comprises two buildings totaling 48,084 SF of flex office/industrial space. It has freeway visibility with more than 180,000 vehicles per day. It is located within the rapidly growing East Mesa submarket.
Alex Wentis of CBRE represented the tenant.
by Peter Madrid | Apr 25, 2019 | News & Updates
BOMA Greater Phoenix President Robert Vincent shares his goals
Robert Vincent was elected President of the BOMA Council of Greater Phoenix in November of last year. He is with Cordia Capital Management based in El Segundo, California, and is an Asset Manager.
He has been involved with the BOMA Council here for many years and has his RPA certification. As a result, his vision is to expand and deepen the educational offerings of BOMA and towards this end initiated a “Lunch & Learn” quarterly educational series around topics that property managers and building vendors would mutually value last year.
His vision for 2019 is to help bring the local council to a higher level by reforming the committee structure of the organization and making it more responsive to the Board while breaking down silos between committees so they can work more collaboratively. Other priorities include revamping the bylaws that have not been systematically reviewed for some years.
The organization has also made it a priority to review existing policies and procedures such as instituting an alcohol policy for events and has eliminated the waiting list for vendors to join. Speaking of membership which is up more than 20 percent from same time last year, Vincent and has put an emphasis on recruiting building engineers to the organization.
The organization is also much more active at the State Capitol and has re-established a lobbying presence to protect building owner bottom lines.
Finally, the organization will be adding a major new networking event this summer called Casino Night to be held Friday, July 26, at the Westin Kierland Resort.
MadridMedia sat down with Vincent to ask him more about his vision and insights about the commercial real estate industry in Metro Phoenix.
Q: What has been (or going to be) your biggest challenge this year as President?
A: I see one of our biggest challenges for 2019 is continued growth for the organization. In order to curtail that, we will need to deliver sustainable and relevant educational programs and content to our membership. We have to execute and deliver a polished product and keep membership engaged.
Q: Do you foresee a 2-year term?
A: I do. I think you need one year to steer the ship on course and the second year to truly execute the mission.
Q: What are some ideas/changes you are bringing to BOMA Phoenix?
A: For 2019, we are overhauling our entire committee structure to enhance communication and to retrieve real time information from all 12 of our committees. We will also be launching a new Alcohol Policy and bringing impactful speakers to our luncheons.
Q: What is your secret weapon for leadership?
A: Consistency. In order to effectively lead, you must be consistent and clear with your objectives. I believe that once consistency is established, your audience will know where you are going and where you are taking them. This is what I like to call “GSD” – getting stuff done.
Q: What is your background?
A: I have a strong mechanical background. I was a diesel and A/C mechanic for 10 years in a prior life and was able to apply those skill sets directly to property management. I do have a tendency to always be fixing something. Whether it’s a child’s bike at home or an emergency at a property, I am always engaged with my personal and professional life. I feel compelled to learn from others and constantly searching for long-term solutions.
Q: How do you impact the next generation of commercial real estate professionals?
A: We have to capture the next generation of industry professionals – period. I think it is essential to attract the next generation with relevant programming and mentorship.
Q: What can membership expect from the board this year?
A: I think that membership can expect transparency and action by the Board in 2019. We have a very diverse group of industry professionals who want to make an impactful difference for this organization.
Q: What legacy do you want to leave behind?
A: I want my legacy to be a term of meaningful change and revitalization. I want to bring fresh ideas and be strategic on how we grow this prestigious organization. I want to leave behind my best and want to learn from the best.
Q: What do you like to do in your down time?
A: I enjoy watching Marvel movies with my wife and three beautiful girls. I also enjoy working in the garage and rebuilding my 1967 VW Bug.
by Peter Madrid | Apr 24, 2019 | News & Updates
PHOENIX, ARIZONA (April 24, 2019) – MEB Management Services, a provider of comprehensive multifamily management services throughout the Southwest, is pleased to announce the promotion of three industry professionals at its Tucson office and a title change for one of its professionals at its Phoenix office.
In the Tucson office, Denise Trentacosta, ARM, CPM, was promoted to Asset Director; Laura Zorrilla was promoted to Director of Business Development; and Nicole Huffman was promoted to Accounts Payable Manager. In Phoenix, Susan Kauffman’s new title is Director of Strategic Relationships.
“These promotions reflect MEB’s culture of attracting and retaining the best property management professionals,” said MEB Principal Libby Ekre. “It’s also a testament to the excellent leadership we have in our Tucson office.”
Trentacosta, who has been with MEB for almost 10 years, was promoted from Assistant Asset Director. She will now have direct oversight and management of 36 employees at six multifamily communities totaling 1,525 units.
A native of Arlington, Texas, Trentacosta is involved with the Arizona Multihousing Association and its Big Hearts program. She has received ARM and CPM designations from the Institute of Real Estate Management (IREM).
Laura Zorilla
Zorrilla was promoted from Analyst. She has been with MEB for 2 years and will develop and oversee new business planning and implementation. She will also oversee corporate marketing strategy and actively represent MEB in the multifamily industry.
A native of Tucson, Zorrilla is an AMA Lyceum and a member of the AMA Communications Committee.
Huffman, who has been with MEB for 5 years, was promoted from Accounts Payable Coordinator. She will now supervise accounts payable and oversee the compliance department and vendor compliance. Huffman is a native of Indiana and was raised in Tucson.
Nicole Huffman
Kauffman, who has been with MEB for 7 years, formerly was Director of Business Development. She holds a real estate license from the Arizona School of Real Estate. A native of West Virginia, she is involved industry groups including the National Multi Housing Council and the Arizona Association of Economic Development.
Kauffman’s expertise is in market analysis, creative marketing, training, business development, corporate relocation, corporate housing and creating collaborative relationships within the real estate industry and municipalities.
Susan Kauffman
“Susan’s vast experience in the real estate industry has translated into quite impressive results for our clients,” Ekre said. “Her years of relationship building and her industry affiliations have also allowed for great insight into our new builds. Her ingenuity and entrepreneurial spirit give our clients the confidence they need in projected future rents, ancillary income and demographic targets.”
Kauffman is also the leasing and outreach trainer for MEB team members.
by Peter Madrid | Apr 23, 2019 | News & Updates
6th Annual REIAC/Rockefeller Group Challenge lets teams compete for bragging rights
PHOENIX, ARIZ. (April 23, 2019) – Last year’s REIAC/Rockefeller Group Challenge was one of the closest finishes in the 5-year history of the event. What will this year’s teams bring to the table?
Find out May 2 at Arizona Country Club, 5668 E. Orange Blossom Lane in Phoenix, when teams consisting of graduating students from Arizona State University’s W. P. Carey School of Business, Masters of Real Estate Development (MRED) program compete for cash prizes of $1,000 per team member.
This year’s 3rd Synthesis is the ASU Novus Innovation District.
Last year, Copperstate Development captured the top honor among three teams, garnering $1,000 each for Robby Leonard, Cody Wolfe, Josh Rodriguez, and Mohammed Almehaidib. Last year’s project was the 148-acre Arizona State University Thunderbird School of Global Management campus in Glendale that is moving to downtown Phoenix.
The event is open to the public. Cost is $35 for non-REIAC members and $25 for students. Registration and networking begin at 4:30 p.m., followed by the program at 5 p.m. A networking mixer begins at 6 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 after the presentations, awarding each winning team member a $1,000 check at the Challenge, up to $6,000.
“If last year’s event is any indication, this year should be just as exciting,” said Mark Singerman, President of the REIAC Southwest Chapter and Vice President/Regional Director-Arizona for The Rockefeller Group, the event’s title sponsor. “I think that the cash prize is welcomed, but it’s the bragging rights from winning this competition that has changed the dynamics for the entire MRED class.”
From the start of the academic year to their final synthesis project, one of the goals for each team is to be in the top three chosen to present to the REIAC Southwest membership and the public. Participating teams field questions and comments from experienced developers and investors.
Registration for the REIAC/Rockefeller Group Challenge is required. Register at reiacsouthwest.org/event-3244067.
by Peter Madrid | Apr 23, 2019 | News & Updates
PHOENIX, ARIZONA (April 23, 2019) – Long-term leases for two popular Valley restaurants – Zipps Sports Grill at Park Central in Phoenix and Filiberto’s Mexican Food in Anthem – highlight recent deals closed by NAI Horizon professionals.
Sale Transactions:
Tyler Smith, Joe Pequeno and Troy Giammarco negotiated the sale of an office building, representing the seller, Shah Group Investments, LLC, for $1.550 million. The property is located at 3400 N. Dysart Road, Bldg F, Suites 121 & 123, and Avondale, AZ. The buyer, Arizona Agribusiness & Equine Center, Inc., was represented by Joel Moyes with Kinetic Companies.
Andrew Warner negotiated the sale of a mobile home park, representing the seller, Village Square, LLC, for $910,000. The property is located at 2105 W. American Ave., Oracle, AZ. The buyer was Skyline Real Estate.
Lease Transactions:
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the tenant, Zipps Park Central, LLC, in a 120-month retail lease for 6,506 SF at 3110 N. Central Ave., Phoenix, AZ. Brent Mallonee with Cushman & Wakefield represented the landlord, HPPC, LLC.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, Orange Center, LLC, in a 120-month retail lease with Filiberto’s Mexican Food for 2,800 SF at 3632 W. Anthem Way, Phoenix, AZ.
Tyler Smith, Joe Pequeno and Troy Giammarco represented the landlord, Bay Pacific Phoenix Corporate Center, LLC, in a 52-month office lease for 6,154 SF at 10030 N. 25th Ave., Phoenix, AZ. Kate Morris with CBRE represented the tenant, VHS Outpatient Clinics, Inc.
Mark Wilcke represented the landlord, ICC Tempe, LLC, in a 60-month industrial lease for 9,974 SF at 2507 E. Erie Dr., Tempe, AZ. Josh Wyss with Cushman & Wakefield represented the tenant, Pan Jit Americas, Inc.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, New Bell Tower, LLC, in a 72-month retail lease with Incredible Escape Rooms, LLC for 7,200 SF at 4925 W. Bell Road, Phoenix, AZ.
Lori Kahn and Tyler Smith represented the tenant, Integrity Pain and Anesthesia, PLLC, in a 75-month office lease for 2,506 SF at 6677 W. Thunderbird Road, Glendale, AZ. Megan Reeves with Plaza Companies represented the landlord, Christian Consulting, Design & Engineering, LLC.
Joan Krueger represented the landlord, San Tan Irrigation District, in a 120-month office lease for 1,616 SF at 3978 E. Chandler Heights Road, Gilbert, AZ. Mary Nollenberger with SVN Desert Commercial Advisors represented the tenant, HODB, LLC
Kevin Higgins represented the landlord, Bogle Family Realty, in an 84-month office lease for 1,553 SF at 7227 N. 16th St., Phoenix, AZ. Dave Heiple with Heiple Travers Realty represented the tenant, The Board of Visitors.
Matt Harper, CCIM, represented the landlord, Grand Center Plaza, LLC, in a 62-month retail lease for 3,321 SF at 11001 N. 99th Ave., Peoria, AZ. The tenant, Embrace Life, Inc., represented itself.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, Los Rios Farms, Inc., in a 24-month retail lease with Yoga Breeze Serenity Shala, LLC, for 2,640 SF at 4705 E. Carefree Highway, Cave Creek, AZ.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, New Bell Tower, LLC, in a 38-month retail lease for 1,297 SF at 4915 W. Bell Road, Phoenix, AZ. Douglass Lee with Phoenix West Commercial, LLC represented the tenant, Milesbrook, LLC.
Matt Harper, CCIM, represented the landlord, M&N Realty, LLC, in a 36-month retail lease for 1,227 SF at 12020 S. Warner Elliot Loop, Phoenix, AZ. Tom Wolf with West USA Realty represented the tenant, FSquared Partners VI, LLC.
Laurel Lewis represented the tenant, Mazen, LLC, in a 24-month office lease for 1,500 SF at 7642 E. Gray Road, Scottsdale, AZ. Mike Kane with Colliers represented the landlord, Thunderbird Aero.
Matt Harper, CCIM, represented the landlord, Kayrich Associates, LLC, in a 37-month retail lease for 1,342 SF at 6445 N. 51st Ave., Glendale, AZ. The tenant, Mint Furniture Company, LLC, represented itself.
Matt Harper, CCIM, represented the landlord, Kayrich Associates, LLC, in a 24-month retail lease for 1,344 SF at 6445 N. 51st Ave., Glendale, AZ. The tenant, Herbalife, represented itself.
Matt Harper, CCIM, represented the landlord, Grand Center Plaza, LLC, in a 25-month retail lease for 831 SF at 11001 N. 99th Ave., Peoria, AZ. The tenant, Freedom Roofing and Restoration, LLC, represented itself.
by Peter Madrid | Apr 22, 2019 | News & Updates
TEMPE, Arizona (April 22, 2019) – With construction already underway on a number of new projects, master developer Catellus Development Corporation (Catellus) today announced it will bring a 259-room, dual-branded hotel to the Novus Innovation Corridor (Novus) in Tempe through a partnership with national developer and builder Mortenson.
The eight-story hotel, located just north of the northeast corner of the intersection of E. Veterans Way and E. 6th St. in Tempe, will be constructed on a .98-acre footprint within walking distance of Sun Devil Stadium, and is immediately adjacent to Wells Fargo Arena and the planned Multi-Purpose Arena. Amenities will be suited to visitors attending Arizona State University athletics games and events.
Infrastructure activity to prepare for the first hotel, multifamily residential, multi-tenant office and parking garage within the Novus property began in late 2018.
The Mortenson hotel project will be a part of the Hyatt Hotels Corporation under the Hyatt Place and Hyatt House flags.
“This hotel will provide guests a welcoming place to stay, gather and enjoy downtown Tempe with immediate access to ASU’s largest sporting venues and the Novus Place retail and hospitality amenities,” said George Forristall, director of real estate development at Mortenson. “It’s an ideal step in the transformative development of the Novus Innovation Corridor into a world-class, mixed-use urban community.”
The hotel is planned to be LEED certified, with rooftop amenities that include a pool, bar, outdoor gathering area and fitness center.
Hotel amenities will include an open lobby, shaded patio spaces and banquet, meeting, and outdoor event spaces. Guests will be able to relax and socialize in outdoor environments that also will include a ground-level guest kitchen, dining and lobby bar areas.
“ASU is proud of the diverse growth of the Tempe waterfront through the ongoing development of the Novus Innovation Corridor,” said John P. Creer, Assistant Vice President for Real Estate at Arizona State University.
“As a hub for the region’s higher education and business communities, hospitality developments like this are both complementary to the lifestyle experience we are creating and essential to the establishment of Novus as an innovation zone that will advance ASU’s mission and contributions to Arizona’s economic development,” Creer said.
Groundbreaking is scheduled for Tuesday, April 23, with completion expected in Summer 2020.
Known for its leading-edge construction technology and approach to sustainability, Mortenson is working with PK Architects, ESG Architects and Design Force Corporation to ensure that visitors experience the innovative vision of Novus firsthand.
“Each element of the project, including landscape enhancements, will be thoughtfully designed to bring about the overall vision of the Novus Innovation Corridor,” said Charley Freericks, Senior Vice President at Catellus.
“Novus Innovation Corridor is committed to attracting diverse, mixed-use development. Hospitality for university visitors and business people is a key component of the environment we’re building,” Freericks added.
The hotel will provide needed capacity for the growing number of visitors to Tempe, which reached 3.7 million in 2015, according to a report from the Tempe Tourism Office.
The Novus Innovation Corridor was enabled through legislation that was passed and signed into law in 2010. The legislation permits the Maricopa County Board of Supervisors to work with ASU to establish a district in which all land is owned by the university and assessments are imposed on developments locating within the district, the proceeds from which then are used to construct and improve ASU intercollegiate athletic facilities, rather than from state revenues and taxpayers.
Located in the geographic center of metropolitan Phoenix, Novus Innovation Corridor is immediately adjacent to Metro Light Rail and the regional freeway system and less than two miles from Sky Harbor International Airport.
Novus will be a model for sustainable planning and development, and is being planned and developed as mixed-use project that will include university athletic and recreational facilities blended with lifestyle and workplace uses, exemplifying the future of creative urban neighborhood design.
For more information about Novus and its development opportunities, visit NovusASU.com, call (480) 566-9900 or email NovusASU@catellus.com.
About Novus Innovation Corridor
Novus Innovation Corridor (Novus) is a 350-acre, multi-phased development, which at completion will encompass approximately 10 million square feet of urban mixed-use opportunities, including the State Farm Insurance 2.1-million-square-foot regional hub in Marina Heights. Strategically integrated with the Arizona State University campus on Tempe Town Lake, Novus is a partnership with the nation’s “Most Innovative University.” ASU enables companies that locate within Novus to achieve synergies through all the resources a major research university offers, including access to world-class research and a highly educated and skilled workforce. Through a public-private partnership, ASU and master developer Catellus will oversee development of approximately 8 million square feet of additional new development including apartments, offices, retail businesses and hotels within Novus. At completion, Novus will integrate private, sustainable mixed-use development with new and renovated, best-in-class collegiate athletic venues paid. For information, visit NovusASU.com.
About Arizona State University
Arizona State University has developed a new model for the American research university, creating an institution committed to excellence, access and impact. ASU measures itself by those it includes, not by those it excludes. ASU pursues research that contributes to the public good and assumes major responsibility for the economic, social and cultural vitality of the surrounding communities. This “New American University” is a single, unified institution comprising five differentiated campuses, plus the ASU Research Park, SkySong – The ASU Scottsdale Innovation Center, Chandler Innovation Center and the Mayo Clinic Partnership. Its research is inspired by real-world application, blurring the boundaries that traditionally separate academic disciplines. ASU champions intellectual and cultural diversity, and welcomes students from all 50 states and more than 120 nations.
About Catellus Development Corporation
Catellus is a master developer focused on creating some of the most innovative and sustainable mixed-use developments in the nation. Catellus has 30 years of experience transforming former brownfields, military land and airports into developments that include retail, commercial, residential and other public uses. Catellus delivers on all aspects of a project, including site planning, entitlements, public financing and sustainable design. Notable Catellus projects include Prairie Glen in Glenview, Illinois; Alameda Landing in Alameda, California; Los Angeles Air Force Base in El Segundo, California; Mueller Airport in Austin, Texas; and Pacific Commons in Fremont, California. Catellus is uniquely positioned to deliver on the nation’s increased demand for well-planned, mixed-use developments.
About Mortenson
Mortenson is a U.S.-based, top-20 builder, developer and provider of energy and engineering services committed to helping organizations move their strategies forward. Mortenson’s expanding portfolio of integrated services ensures that its customers’ investments result in high-performing assets. The result is a turnkey partner, fully invested in the business success of its customers.
Founded in 1954, Mortenson has operations across North America with offices in Chicago, Denver, Fargo, Iowa City, Milwaukee, Minneapolis, Phoenix, Portland, San Antonio, Seattle, Washington, D.C., and in Canada. For additional information, visit www.mortenson.com.
