Developer breaks ground on Village at Pebble Creek, Goodyear single-family rental community

Developer breaks ground on Village at Pebble Creek, Goodyear single-family rental community

News & Updates

     GOODYEAR, ARIZONA (June 12, 2019) – Buoyed by a strong economy and a robust demand for rental housing in the Valley, Scottsdale-based The Empire Group of Companies last week broke ground on the Village at Pebble Creek.

Village at Pebble Creek is a single-family rental concept located at the southwest corner of Pebble Creek Parkway and West Virginia Avenue. It allows renters the convenience and privacy of a house with all the benefits of a traditional rental. It’s expected to open in December.

“What we’re doing here as developers is solving a problem,” said Randy Grudzinski, Head of Capital Markets for The Empire Group. “Maricopa County is the fastest growing market in America. Because of this growth, by 2020 we could face rental deficit of 20,000 to 30,000 units. There really isn’t enough supply.”

Grudzinski said the Village at Pebble Creek will be an attractive option to two demographics – millennials and those who prefer the convenience of renting over owning.

“Our intent is to solve this bowling ball of demand. This is one way of doing that,” Grudzinski said.

Village at Pebble Creek will feature 184 rental homes on a 15-acre site in a gated community. Amenities include pet park and pet salon; swimming pool, hot tub, firepit and barbeques; resident clubhouse with WiFi, community table, kitchen and 80-inch flat screen TV; fitness center; automated package lockers; and high-speed fiber optic Internet delivery.

In addition, each home will feature a fenced private backyard with dog door and Smart Home technology including digital thermostat, lighting controls, keyless door entry, doorbell with camera – all controlled from a smart phone or tablet app.

Kitchen amenities include stainless steel appliances including range, dishwasher, microwave, refrigerator and washer and dryer. Village at Pebble Creek will offer 1-, 2-, and 3-bedroom homes.

“We are planning for our first units to be available around the end of this year,” said Kirk Larson, Vice President of Construction for The Empire Group,” then delivering about 20 more units on a monthly basis.”

According to The Empire Group Founder and Principal Richard Felker and Principal Geoffrey Jacobs, the ownership group’s strategy is the launching of the Village brand in Goodyear with the addition of more Village communities to other parts of the Valley.

Goodyear makes sense for the Village brand with its highly-educated and skilled workforce Southwest charm. Goodyear has created the right economic conditions for businesses to thrive. There is easy access to Interstate 10, the Loop 101 and Loop 303 freeways as well as excellent transportation access to regional airports and rail services.

“This city council embraces development,” said Goodyear Mayor Georgia Lord, who was in attendance. “We really appreciate a company like The Empire Group picking this little piece of dirt. You were really smart in your research. Goodyear is one of the fastest growing cities in the Valley. With companies moving here, thank you for making this choice.”

Stellar Residential will handle property management for the Village at Pebble Creek.

“There is more to come from The Empire Group and its single-family rentals venture,” said Dale Phillips, President of Stellar Residential. “It’s even more exciting for Stellar Residential as we have been chosen to be the property management company.”

The construction and design team comprise general contractor, LSH; and architect of record, Felten Group. Subcontractors include Terrascape Consulting, civil engineering; McGough/Adamson, landscape architecture; StudioDwell, interior design; Wright Engineering, electrical consultants; and Ei, mechanical consultants.

Rendering of the Village at Pebble Creek in Goodyear.

 

About The Empire Group of Companies

As a group of affiliated companies spanning more than 30 years, The Empire Group is recognized as one of the leading residential and commercial real estate developers in the Metro Phoenix market. Over the past three decades The Empire Group has acquired or developed more than 100 properties in more than 35 communities with a combined value in excess of $1 billion. For more information, visit theempiregroupllc.com

About Stellar Residential

Stellar Residential is a provider of property management services for multifamily owners that encompasses all palates of ownership including institutionally owned, privately-held organizations and sole proprietorships of any assets more than 90 units.  The company is focused primarily on Class A and Class B assets, both stabilized and new developments in lease-up, and value-add acquisitions. With keen attention to ethics, innovation, quality and service, Stellar Residential successfully recruits and retains the best and the brightest talent in the business. The combination of process and people have resulted in dramatic company success. In addition, Stellar prides itself in investing in people and technology – both designed to make the life of the residents more satisfying. For more information, visit stellarresidential.com.

by Jun 11, 2019
Veteran office, industrial specialist Mike Myrick joins NAI Horizon Phoenix brokerage staff

Veteran office, industrial specialist Mike Myrick joins NAI Horizon Phoenix brokerage staff

News & Updates

      PHOENIX, ARIZONA (June 11, 2019) – NAI Horizon continues to grow its Phoenix office with the hiring of industry veteran Mike Myrick, CCIM.

Myrick, who specializes in leasing and sales of office and industrial properties, returns to NAI Horizon after almost four years at Marcus & Millichap. He previously worked at NAI Horizon from 2012 to 2015.

Myrick has been involved in more than 500 million square feet of agency transactions and more than $1 billion in leasing and investment sales transactions. He currently acts in an advisory capacity to a large national financial institution and has also worked for one of the largest private equity funds.

“I’m happy that Mike made the decision to return to NAI,” said Terry Martin-Denning, CEO and Designated Broker of NAI Horizon. “His strong experience and relationships are valuable assets that strengthen our NAI team.”

Myrick holds the prestigious designation of Certified Commercial Investment Member (CCIM).

A native of the Southeast Valley, Myrick earned a BS in business administration from Northern Arizona University in Flagstaff.

Myrick serves as a youth sports coach, has served on various boards and commissions and currently is the President of the Kyrene School District Governing Board.

 

by Jun 11, 2019
Cadence Living plans new $46M, 191-unit upscale senior living community for Chandler   

Cadence Living plans new $46M, 191-unit upscale senior living community for Chandler  

News & Updates

Cadence at Ocotillo to be newest lifestyle community for seniors in Arizona

SCOTTSDALE, ARIZ. (June 6, 2019) — Cadence Living, an owner, developer and operator of senior living communities, is pleased to announce the purchase of 7.7 acres of land at 100 W. Queen Creek Road in Chandler in partnership with Global Senior Housing.

Cadence at Ocotillo, the Scottsdale-based company’s fourth community in Arizona, marks an overall investment, with partners, of more than $200 million into their senior communities in the state, with an additional $100 million projected in a future pipeline.

Cadence at Ocotillo will provide 191 new studio, one- and two-bedroom upscale apartments for seniors seeking an active, healthy and social lifestyle. The 206,283 SF, $46 million community boasts a Spanish-influenced design and will offer independent living, assisted living and memory care options.

As a vibrant lifestyle community, Cadence at Ocotillo will feature upscale amenities, including restaurant-style dining, casual bistro dining, walking paths, raised garden beds, theatre, art studio, swimming pool and fitness center as well as a robust schedule of intellectual, artistic, and entertainment programming.

“At Cadence, we saw a unique opportunity to fill a gap in the market by offering seniors a lifestyle-focused community that delivers the kind of highly-desirable living options being sought by individuals and couples today,” said Eric Gruber, principal at Cadence Living. “Our culture of wellness, engagement and fun is something we’re very proud to be introducing in Chandler.”

The elegant apartments will include a full-kitchen, washer and dryer, walk-in shower and a 24-hour emergency line. Residents also have access to on-site 24-hour medical services and Cadence’s Red Carpet Concierge services.

Cadence Living manages three additional communities in Arizona. Inspira Arrowhead, located at 20240 N. 78th Ave., in Glendale, celebrated its grand opening on March 28. Inspira Arrowhead is in partnership with locally-owned PB Bell Companies and MT Builders.

Acoya Mesa, opening this summer, is located adjacent to Granite Reef Park in the Alta Mesa neighborhood at 6502 E. Brown Road in Mesa and will bring 170 independent living, assisted living and memory care units. Acoya Scottsdale at Troon, which features views of Pinnacle Peak, is located in North Scottsdale at 10455 E. Pinnacle Peak Parkway.

Acoya Scottsdale at Troon broke ground in November 2018 and plans to open 135 luxury independent and assisted living units in the fall of 2020. Both Acoya projects are being completed with the Ryan Companies US, a well-established developer and contractor in the Valley.

“These developments will create 200 new jobs in our state — excellent growth for this Arizona-based company in just a few short years,” said Sandra Watson, President and CEO of the Arizona Commerce Authority. “We congratulate Cadence Living on its continued growth and look forward to supporting its future success in our state.”

“2019 has been an exciting year for us and for Arizona’s senior community,” said Rob Leinbach, principal at Cadence Living. “It’s exciting to partner with Global Senior Housing in Chandler and to see our vision for offering seniors a chance to live their best lives becoming a reality here in Arizona.”

Construction of Cadence at Ocotillo is slated to begin in the fall of this year. Partners on this project include Chandler-based Whitneybell Perry as the architect and locally based Drive Development Partners as construction manager.

About Cadence Living

Established in Scottsdale, Arizona in 2016, Cadence Living is an owner, operator and developer of senior living communities. With communities in Arizona, California, Colorado, Georgia and Tennessee, Cadence Living’s team of professionals are devoted to providing high quality living environments focused on health, wellness and living styles that respect individual preferences while providing supportive services to help people live their best life. With more than 400 employees, Cadence plans to continue to grow regionally. For more information, visit cadencel.com.

About Global Senior Housing

Global Senior Housing specializes in the development of new senior living communities in desirable retirement locations throughout the Western and Southern states. We build every community with the long-term security and prosperity of our investors, partners and residents in mind. Through managing the project development process, we ensure the quality of each community and provide project transparency. For more information, visit globalseniorhousing.com.

by Jun 06, 2019
Valley real estate leader celebrates 35 years, announces formation of Shelton Residential

Valley real estate leader celebrates 35 years, announces formation of Shelton Residential

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 Jun 05, 2019
Sale of 3 Phoenix office buildings, 1 retail property highlight deals closed by NAI Horizon

Sale of 3 Phoenix office buildings, 1 retail property highlight deals closed by NAI Horizon

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 Jun 04, 2019
Kidder Mathews team negotiates long-term lease worth $1.94M for national autism therapy center    

Kidder Mathews team negotiates long-term lease worth $1.94M for national autism therapy center   

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 Jun 04, 2019
Loop 202 South Mountain Freeway economic impact to drive discussion at AZCREW’s June lunch

Loop 202 South Mountain Freeway economic impact to drive discussion at AZCREW’s June lunch

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 Jun 03, 2019
NAIOP Arizona applauds successful legislative session for commercial real estate industry

NAIOP Arizona applauds successful legislative session for commercial real estate industry

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 May 29, 2019
Technology takes to the air: Phoenix chapter of LAI presents ‘how drones will impact commercial real estate’ at May lunch event

Technology takes to the air: Phoenix chapter of LAI presents ‘how drones will impact commercial real estate’ at May lunch event

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 May 21, 2019
Terracon’s golf tournament raises $10,000 for Valley youth empowering group Kids at Hope   

Terracon’s golf tournament raises $10,000 for Valley youth empowering group Kids at Hope  

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 May 21, 2019