Sale of Phoenix retail center for $14M; trio of Valley land sales for $4.7M highlight recent deals closed by NAI Horizon professionals

Sale of Phoenix retail center for $14M; trio of Valley land sales for $4.7M highlight recent deals closed by NAI Horizon professionals

News & Updates

     PHOENIX, ARIZONA (January 15, 2019) – The $14 million investment acquisition of Deer Valley Center in Phoenix and three land sales around the Valley totaling approximately $4.7 million highlight recent deals closed by NAI Horizon professionals..

Sale Transactions:

Lane Neville, Barbara Lloyd and Logan Crum negotiated the sale of a retail property, representing the buyer, 29 Bell, LLC, for $14 million. The property is located at 4123-4273 W. Thunderbird Rd., Phoenix, AZ. NAI Capital represented the seller, Deer Valley Center, LLC.

Lane Neville and Barbara Lloyd negotiated the sale of a 2.52-acre land parcel, representing the seller, Gilbert Growth Properties, LLC, for $1.937 million. The property is located at the SWC of Pecos & Market Street, Gilbert, AZ. Velocity Retail Group represented the buyer, Barkan Brothers and Friends, LLC.

 Chris Gerow, Shelby Tworek, Gabe Ortega, Patrick Anthon and Horth Hong negotiated the sale of a 4.16-acre land parcel, representing the seller, United Group, LLC, for $1.7 million. The property is located at 706 & 724 E. Southern Ave., Phoenix, AZ.

 Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon negotiated the sale of a 54,993 SF land parcel, representing the seller, The Market at Estrella Falls, LLC, for $1.05 million. The property is located at 1600 N. Pebble Creek Parkway, Goodyear, AZ. Max Bippus with CBRE represented the buyer, Navy Federal Credit Union.

Laurel Lewis, Barbara Lloyd and Lane Neville negotiated the sale of a 4,051 SF office property, representing the seller Troon, LLC, for $268,141.50. The property is located at 10031 E. Dynamite Blvd., Building E, Scottsdale, AZ. Danny Mikhail with D.E.N. Development Group represented the buyer, M Brothers Troon, LLC.

Laurel Lewis, Barbara Lloyd and Lane Neville negotiated the sale of a 1,931 SF office property, representing the seller, Troon, LLC, for $140,963. The property is located at 10031 E. Dynamite Blvd., Building E, Scottsdale, AZ. Dan Nickles with HomeSmart represented the buyer, Argyle First Realty, LLC.

Lease Transactions:

Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, CC Fund I Northern, LLC, in an 84-month retail lease for 3,000 SF at 9494 W. Northern Ave., Peoria, AZ. Greg Saltz with GPS Advisors represented the tenant, ATI Holdings of Arizona, LLC.

Kevin Higgins represented the tenant, AllStaff Services, in a 63-month office lease for 4,499 SF at 340 E. Palm Lane, Phoenix, 85004. Lindsey Carlson with Colliers International represented the landlord, Brookstone Office Complex, LLC.

Laurel Lewis represented the tenant, MTI America, Inc., in a 50-month office lease for 2,771 SF at 1711 W. Greentree Dr., Tempe, AZ.

Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, Queen Creek Fiesta, LLC, in a 60-month retail lease for 1,700 SF at 21545 S. Ellsworth Loop Rd., Queen Creek, AZ. The property was leased to Schmear bagels.

Matt Harper represented the landlord, E Espino Investments, LLC, in a 60-month retail lease for 5,688 SF at 2647 W. Glendale Ave., Phoenix, AZ.

Mark Wilcke represented the landlord, Native Arizonan Acquisitions IX, LLC, in a 36-month retail lease for 966 SF at 331 E. Chandler Blvd., Chandler, AZ.

Tyler Smith, Joe Pequeno and Troy Giammarco represented the tenant, OMNI Bioceutical Innovations, Inc., in a 39-month industrial lease for 3,227 SF at 7855 E. Evans Rd., Scottsdale, AZ. Mike Kane with Colliers International represented the landlord, Rainbow J Corporation.

by Jan 15, 2019
Terracon’s Tucson office presents S. Ariz. Research, Science, and Engineering Foundation with $5,000 board grant   

Terracon’s Tucson office presents S. Ariz. Research, Science, and Engineering Foundation with $5,000 board grant  

News & Updates

TEMPE, ARIZ. (January 14, 2019) – The Tucson office of engineering consulting firm Terracon presented a $5,000 check from its foundation to the Southern Arizona Research, Science, and Engineering Foundation (SARSEF).

The Terracon Foundation Board selected SARSEF as its grant recipient. Terracon’s Tucson Office Manager Derek Koller submitted the nomination. SARSEF is a 501 (c)(3) whose mission is to create Arizona’s future critical thinkers and problem solvers through science and engineering.

“We are so proud of the work SARSEF does in the Tucson community and Southern Arizona promoting science, technology, engineering, math, and critical thinking abilities to our youth,” Koller said. “You never know; there might even be some future Terracon engineers in that group.”

The Tucson office has been involved with SARSEF for years. Its employees have participated as judges for science fairs and have also volunteered with organizations that support SARSEF. The grant will be used to fund STEM outreach programs aimed at young people in the Tucson community.

“SARSEF is thrilled to receive the support of Terracon and its employees,” said SARSEF CEO Kathleen Bethel. “Our community’s future workforce will be taught critical thinking skills and problem solving; all made possible through this grant.”

Terracon is an employee-owned consulting engineering firm with more than 4,000 employees providing environmental, facilities, geotechnical, and materials services from more than 140 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/offices/tucson/

 

 

 

 

 

by Jan 14, 2019
NAI Horizon represents seller in negotiating $2.195M sale of Sun City office building      

NAI Horizon represents seller in negotiating $2.195M sale of Sun City office building     

News & Updates

     PHOENIX, ARIZONA (January 9, 2019) – NAI Horizon represented the seller in the 1031 Exchange investment sale of an office building at 10240 W. Bell Rd., in Sun City, Arizona.

NAI Horizon Vice President Tom Bean, CCIM, and Associate Stan Matzinger, represented 10240 Bell Road Associates, LCC, a Washington limited liability company of University City, Washington, in the $2.195 million disposition.

The office building totals 18,258 SF and sits on 2.32 acres. Built in 1975, it features great access to the Loop 101 Agua Fria Freeway with frontage on West Bell Road. It also provides a convenient Sun City/Arrowhead location.

“The seller was motivated to move the property in 2018 due to tax consequences from another disposition in the state of Washington,” Bean said. “Our team worked diligently for more than a year to lease the majority of the vacancy and increased the occupancy to 91 percent from 74 percent to facilitate the sale at market terms.”

The buyer, Vintage Garden Properties, LCC, a California general partnership of Denair, California, acquired this property via a 1031 Exchange and was represented by John Oushana of HomeSmart.

A 1031 Exchange allows an investor to sell a property, reinvest the proceeds in a new property, and defer all capital gain taxes.

 

by Jan 09, 2019
Development industry, community leader Sharon Harper honored with 2018 NAIOP Arizona Award of Excellence

Development industry, community leader Sharon Harper honored with 2018 NAIOP Arizona Award of Excellence

News & Updates

    PHOENIX, ARIZ. (January 9, 2019) – Sharon Harper, whose development expertise and leadership have made an indelible mark on the Valley’s commercial real estate and business communities, will be honored with the NAIOP Arizona Award of Excellence.

Harper, President, CEO, and co-founder of The Plaza Companies, is the first woman to win NAIOP Arizona’s Award of Excellence. She will be presented the award at the 2018 Best of NAIOP on March 28 at the Arizona Biltmore.

The award recognizes an individual who has made a significant, positive impact on the commercial real estate industry in Arizona over a period of at least 15 years, along with direct volunteer contributions to the chapter.

“Sharon is a true leader, focusing on growing, and positively shaping our community in all she does,” said NAIOP Arizona Chairman Molly Carson of Ryan Companies US, Inc. “Her commitment to our state runs very deep, and NAIOP Arizona is proud to present her with the Award of Excellence.”

Harper oversees all facets of operations at the Plaza Companies, including the ownership, development, leasing or management of nearly 10 million square feet of medical office properties, senior living facilities, and biotechnology centers. Harper’s forward-thinking commitment to commercial real estate has helped Plaza Companies emerge as one of the premier real estate firms in the Southwest, earning numerous awards and designations under her leadership.

Harper has also been heavily influential in the widespread success of SkySong, the ASU Scottsdale Innovation Center of which Plaza Companies is the master developer. SkySong won two 2015 “Best of NAIOP” awards, including the “Economic Impact Award” for SkySong and an additional office building award specific to its Building 3. SkySong 4 was a Best of NAIOP finalist in 2017 as well.

“I am very pleased to receive this recognition from such a prestigious organization in the commercial real estate field,” Harper said. “NAIOP has defined a standard of excellence in our industry, and Plaza Companies has worked diligently since its founding in 1982 to uphold the highest quality and professionalism in all its developments and projects. On behalf of the Plaza team, I would like to thank NAIOP for this recognition.”

Plaza Companies is also the co-developer of the renovation of the Park Central Mall property into an innovative, modern new office and retail development that will once again serve as a hub for central Phoenix. Notable medical projects include the Banner Estrella Medical Center of Phoenix, a 300,000 SF ambulatory medical campus in the West Valley, and Paradise Valley Medical Plaza. Harper and Plaza Companies also played a prominent role in the development and management of many of Arizona’s premier senior-living facilities, including Vi at Silverstone and Vi at Grayhawk.

Harper’s personal business achievements have earned considerable praise as well. Honors include “Woman of the Year” by Valley Leadership; and she and her husband, Dr. Oliver Harper, received a Lifetime Achievement Award from Phoenix Theatre.

She served as Chairman of Gov. Doug Ducey’s successful 2018 re-election campaign and was the Chairman of the Prop. 123 campaign in 2016. She also was the recipient of GPEC’s “Distinguished Service Award” in 2014. She currently serves on the Board of Governors for TGen and is Trustee for Creighton University.

Harper’s commitments extend far beyond business and include a variety of causes, volunteer efforts, and appointments, including service on the Trustees of ASU, Honorary Commander of Luke Air Force Base, and National Finance Chairman for Sen. John McCain during both his 2000 and 2008 presidential runs.

by Jan 09, 2019
NAI Horizon adds to its team with the hiring of Southeast Valley expert Joan Krueger

NAI Horizon adds to its team with the hiring of Southeast Valley expert Joan Krueger

News & Updates

       PHOENIX, ARIZONA (January 8, 2019) – NAI Horizon kicks off 2019 by adding to its team of experienced professionals with the hiring of Joan Krueger, former Vice Mayor of Gilbert, Arizona.

Krueger will focus on office, retail, light industrial, and land in the vibrant Southeast Valley. She brings experience working in local government after spending four years on the Gilbert Town Council including a year as Vice Mayor; and six years with the Gilbert Planning Commission.

Krueger joins NAI Horizon after four years at Bliss Realty and Investments. Prior to that she worked at JHA Properties and REMAX Commercial. For more than 30 years Krueger worked in the tech sector in international business development.

“I am delighted that we are able to add Joan to our NAI team,” said Terry Martin-Denning, Principal and CEO of NAI Horizon. “Her unique and diverse background combined with her relationships in the East Valley make her a great fit.”

A native of Wisconsin, Krueger earned a Bachelor of Arts in English from Arizona State University. She also attended the University of Wisconsin-Eau Claire.

A resident of Gilbert, Arizona, she is a member of the Gilbert Sister Cities Board of Directors; former member, Fresh Start Women’s Resource Center EV/Positive Paths Board of Directors; and member, Central Arizona CCIM Chapter.

 

by Jan 08, 2019
12th Annual IREM-CCIM Economic Forecast brings together Valley’s top CRE experts

12th Annual IREM-CCIM Economic Forecast brings together Valley’s top CRE experts

News & Updates

     PHOENIX, ARIZONA (January 8, 2019) – The 12th Annual IREM-CCIM Economic Forecast, the premiere real estate look-ahead event, this year features one of the Valley’s top economic gurus, an award-winning zoning attorney, and panels featuring the industry’s top experts.

The event is scheduled for Thursday, January 24, at the Arizona Biltmore, 2400 E. Missouri Ave., Phoenix. Registration and breakfast begin at 7 a.m. The program runs from 7:45 a.m. to 12:30 p.m. Registration is $89 for IREM and CCIM members; $99 for non-members. Cost after January 18 and at the door is $109.

The recipient of this year’s Impact Award is Grady Gammage Jr., a real estate and zoning attorney and founder of Gammage & Burnham P.L.C. Presenting the award will be long-time Valley businessman Jerry Colangelo of JDM Partners.

IREM and CCIM speakers include (respectively) Cheryl Gray, President-Elect of IREM, QuadReal Property Group; and Nick Miner, CCIM, CCIM Education/Ward Center for Real Estate, Orion Investments.

This year’s keynote speaker is Elliott D. Pollack, is CEO of Elliott D. Pollack and Company, an economic and real estate consulting firm in Scottsdale.

Pollack has degrees from Boston University and the University of Southern California. He has been a practicing economist for 45 years. For the past 30 years he has been president of the economic and real estate consulting firm that bears his name.

Through the years he has held many professional roles including student, teacher, author, peer reviewer, consultant, expert for media and court purposes and board member. He has taught economics and has written more than a thousand articles over the years. Pollack’s job has been to help clarify how current and future economic conditions fit into the decision process, as well as to explain how past decisions relate to the present situation.

This year’s industry panels:

>> The office panel features moderator Andrew Cheney, CCIM, Lee & Associates; John DiVall, Ryan Companies US; Barry Gable, CBRE; Scott Maxwell, Cresa; and Kate Morris CBRE.

>> The multifamily panel features moderator Libby Ekre, CPM, MEB Management Services; Asher Gunter, CBRE; Chapin Bell, P.B. Bell; and Nicole Wray, Greystar.

>> The retail panel features moderator Greg Valladao, Cushman & Wakefield; Chris Hake, Thompson Thrift; Steve Julius, CBRE; Chuck Wells, Kidder Mathews; and Kalen Rickards, Western Retail Advisors.

>> The industrial panel features moderator Paul Komadina, CBRE; Steve Larsen, JLL; Chris Toci, Cushman & Wakefield; Don MacWilliams, Colliers; and Megan Creecy-Herman, Prologis.

The event is co-sponsored by the Central Arizona chapter of CCIM (Certified Commercial Investment Member), commercial real estate’s global standard for professional achievement; and the Greater Phoenix Chapter of IREM (Institute of Real Estate Management), which comprises more than 280 professional commercial and residential real estate managers.

 

by Jan 08, 2019
AZCREW kicks off 2019 luncheon program with experts discussing state’s opportunity zones

AZCREW kicks off 2019 luncheon program with experts discussing state’s opportunity zones

News & Updates

PHOENIX, ARIZ. (January 3, 2019) – Opportunity zones, created by the Tax Cuts and Jobs Act as a way for investors to take advantage of a tax reduction and invest in local communities, is the topic of AZCREW’s first luncheon of 2019.

AZCREW is the leading organization for senior-level executive women in the Metro Phoenix commercial real estate field.

Guest speakers for the January 15 event at the Phoenix Country Club, 2901 N. 7th St., are Christine Mackay with the City of Phoenix and Byron Sarhangian with Snell & Wilmer.

Arizona had 168 opportunity zones approved at the federal level, the most allowed by the law. Notable areas that were designated include much of downtown Phoenix, areas around Sky Harbor International Airport, Mesa, and Old Town Scottsdale. According to the law creating the opportunity zones, if investors keep their money in the fund for at least 10 years, there are no taxes on what was earned from the investment, only on the original capital gain used to invest in the fund.

The money must be invested within 180 days for it to be eligible. Investors can re-invest capital gains realized from a sale of property, stock, or business to defer paying taxes.

Mackay joined the City of Phoenix as Community and Economic Development Director Director in August, 2014. She was recruited to lead the Community & Economic Development Department which includes the Business Development Team, Business Retention and Expansion, Small Business and Entrepreneurial efforts, Downtown Development, International, Retail and Workforce Development.

During her first year, Midtown Phoenix, once a struggling office employment core, experienced more than 2 million square feet absorption which included Banner Health’s relocation of its headquarters in 320,000 SF. During the past five years, she has helped locate or expand more than 180 companies into the Valley.

Sarhangian is based in Snell & Wilmer’s Phoenix office where he serves as Co-Chair of the firm’s Real Estate Practice Group and Opportunity Zone Industry Group. His practice is concentrated in real estate and business transactions which include purchase and sale transactions, leasing, financing and brokerage matters.

Sarhangian advises large and small corporate clients in corporate real estate matters throughout the U.S. His practice also involves drafting and negotiating construction agreements for owners, lenders, general contractors and subcontractors. He is currently representing investors, fund sponsors, and developers with respect to the Opportunity Zone Program. He has worked on property exchange agreements between state entities as well as a variety of zoning and permitting matters.

AZCREW’s January lunch begins with networking at 11:30 a.m. The program starts at 11:45 a.m. Member registration is $45 (early bird by January 4, $40); non-member pre-registration is $65. Lunch is included. Registration ends January 10. Register here.

by Jan 03, 2019
NAI Horizon negotiates $14M investment sale of 128,569 SF retail center in West Phoenix

NAI Horizon negotiates $14M investment sale of 128,569 SF retail center in West Phoenix

News & Updates

      PHOENIX, ARIZONA (December 27, 2018) – NAI Horizon represented 29 Bell, LLC (Bruce Shapiro, Principal), the buyer in the $14 million investment acquisition of Deer Valley Center, a 128,569 SF retail center located at 4123-4273 W. Thunderbird Rd., in Phoenix.

NAI Horizon Senior Vice Presidents Lane Neville and Barbara Lloyd and Associate Logan Crum represented the buyer. NAI Capital, John Manion and Travis Watkins (Irvine, California) represented the seller, Deer Valley Center LLC of Henderson, Nevada (Warren Kellogg, Principal).

“This off-market acquisition is a key strategic move for our client in the expansion of their Arizona retail portfolio and provides excellent upside opportunity to grow property income through capital improvement and strengthening of the overall tenant mix,” Neville said.

Deer Valley Center sits on 11.44 acres. Tenants include Starbucks, Goodwill, Great Clips, and Sally Beauty.

 

 

by Dec 27, 2018
CCIM Central Arizona names leadership, board for 2019; Jenette Bennett tabbed as President

CCIM Central Arizona names leadership, board for 2019; Jenette Bennett tabbed as President

News & Updates

PHOENIX, ARIZONA (December 19, 2018) – The Central Arizona chapter of CCIM, commercial real estate’s global standard for professional achievement, has announced its leadership and board for 2019.

Jenette Bennett, CCIM, Kidder Mathews will serve as 2019 President. The leadership group also includes Vice President Belinda Rosthenhausler, Clear Title Agency of Arizona; Treasurer/Secretary Matt Harper, CCIM, NAI Horizon; and Immediate Past President Tracy Altemus, CCIM, Ensemble Real Estate Solutions.

The 2019 board will comprise Bonnie Halley, CCIM, Colliers International; Marina Hammersmith, CCIM, Ensemble Real Estate Solutions; Bobbie Mastracci, CCIM, Phoenix West Commercial; Susan McCall, CCIM, Commercial Property Connect; David Miller, CCIM, Chicago Title Insurance Co.; and Rick Padelford, CCIM, Realty Executives Commercial.

“We are privileged to have a chapter board that is an exceptional group of professionals in commercial real estate and their respective markets in Arizona,” Bennett said. “Our team of volunteers is dedicated to promoting the success and expertise of the commercial real estate community through the CCIM curriculum, speaker programming, and networking events. We are looking forward to a fantastic 2019.”

The CCIM Institute confers the Certified Commercial Investment Member designation. 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 Central Arizona Chapter: centralazccimchapter.com.

 

 

 

by Dec 19, 2018
Economic development, improving education among 2019 priorities for NAIOP Arizona

Economic development, improving education among 2019 priorities for NAIOP Arizona

News & Updates

PHOENIX, ARIZ. (December 18, 2018) — The Arizona chapter of NAIOP, a prominent commercial real estate voice in the state, has framed its guiding principles for the 2019 legislative session around public policies that drive demand for commercial real estate in Metro Phoenix and throughout the state.

“In 2019 we intend to promote legislation that positions our state to be the preferred choice for corporate locations and expansions,” said NAIOP Arizona President and CEO Suzanne Kinney. “We also support public policies that encourage the growth of local businesses through entrepreneurship and new business formation.”

Priority issues for 2019 include:

“NAIOP Arizona will support state legislation to clarify and limit the circumstances under which a city may levy the speculative builder tax,” Kinney said. “The current application of the law lacks certainty for building owners and developers and provides a disincentive for redevelopment.”

As always, NAIOP Arizona will oppose legislation that could increase taxes, fees, and regulations for the commercial real estate industry. When it comes to commercial property taxes, NAIOP will work to retain improvements made in recent years and support further action to make Arizona more economically competitive.

The association will also work to ensure that existing economic development tools remain available for projects that create jobs and contribute to regional economic growth. NAIOP will monitor legislative proposals that could
impact how state universities use their property in real estate development projects and continue to support those projects that benefit the greater community.

Last year, education was a major focus at the state capitol. NAIOP supported Governor Ducey’s 20 by 2020 plan to increase teacher salaries. More work needs to be done to further improve our public schools at the K-12 and
post-secondary levels.

“NAIOP Arizona is working with the broader business community to find sustainable funding solutions that will advance educational outcomes and workforce preparedness without increasing commercial property taxes,” Kinney said. “We will also address current and anticipated future labor shortages in construction and development by supporting Career and Technical Education (CTE) and apprenticeship programs.”

Other issues will include supporting the modernization of transportation infrastructure and working with the Arizona Commerce Authority and other economic development entities to promote private investment in federally-qualified Opportunity Zones.

by Dec 18, 2018