NAI Horizon’s Denise Nunez negotiates $10.775M sale of Buckeye self-storage facility

NAI Horizon’s Denise Nunez negotiates $10.775M sale of Buckeye self-storage facility

News & Updates

by | May 7, 2018 | News & Updates

 

       PHOENIX, ARIZONA (May 7, 2018) – NAI Horizon Senior Vice President Denise Nunez represented the seller and the buyer in negotiating the $10.755 million sale of a 638-unit self-storage facility at 24901 W. Yuma Rd., in Buckeye, Arizona.

Storage America DBA Store-All America RV and Self-Storage sold the 107,130 SF net-rentable facility, Store-All America RV and Self Storage, to a California buyer.

“For the right deals, the market continues to deliver high prices. The owners capitalized on the low inventory, high demand environment for self-storage properties, to sell below current market cap rates for a $100.39 per square foot price,” Nunez said.

“The buyer is an established self-storage owner and operator out of California who completed the sale with a 1031 Exchange. This sale represents the first for the buyer in the Arizona market,” Nunez said.

Store-All America RV and Self Storage sits on 9.11 acres in Buckeye. It comprises 638 drive-up units plus 240 outdoor RV parking spaces. The sale also included a U-Haul moving truck business.

 

 

 

 

 

by May 07, 2018
Mortenson Announces Opening, $44M Sale of Hampton Inn & Suites in Downtown Phoenix

Mortenson Announces Opening, $44M Sale of Hampton Inn & Suites in Downtown Phoenix

News & Updates

by | May 3, 2018 | News & Updates

PHOENIX, ARIZONA (May 3, 2018) – The new 11-story, 210-key Hampton Inn & Suites by Hilton is now open in downtown Phoenix, Mortenson announced today.

Mortenson also announced it has sold the new property located at N. 1st Street and E. Polk Street to Apple Hospitality REIT. The purchase price of approximately $44 million translates to $210,000 per key. The hotel will be managed by North Central Group, a leading hotel management company.

The new Hampton Inn & Suites Downtown Phoenix is adjacent to the Arizona State University Downtown Campus and is within walking distance of the Phoenix Convention Center. Asset highlights:

  • First Hampton Inn & Suites in downtown Phoenix;
  • 210 keys;
  • Groundbreaking date spring 2017; completion date spring 2018;
  • 11 stories, 115 feet tall, 123,900 square feet;
  • Amenities include a bar and lounge, business center, meeting space, fitness center and breakfast area. Local art will be featured throughout the public areas and guest rooms;
  • Developer and general contractor: Mortenson;
  • Architect: PK Architects;
  • Interior Designer: Design Force;
  • Engineer: PK Associates, Peterson Associates Consulting Inc., Dibble Engineering.

The hospitality market in Phoenix continues to strengthen with the growing demand in the area. The hotel is Mortenson’s first development project in downtown Phoenix, as well as Hilton’s first Hampton Inn & Suites downtown.

“The new Hampton Inn & Suites Downtown Phoenix is an important part of the continued renaissance within the City’s urban core,” said Nate Gundrum, Vice President of Real Estate Development at Mortenson.

“Located in the heart of downtown, the new hotel will cater to a segment of traveler looking for an affordable, yet upscale experience proximate to a variety of entertainment and cultural attractions,” Gundrum said.

The hotel has a character that is uniquely Arizonan. The interior design highlights local artwork, as well as a lounge and gathering area inviting business and leisure travelers alike to enjoy the downtown atmosphere. It also features a business center, meeting space, fitness center and area for complimentary breakfast.

“This project is a great addition to our growing portfolio of work in the Valley and across the state,” said George Forristall, Director of Real Estate Development at Mortenson. “We have enjoyed the collaboration with the entire project team in helping this Hampton Inn & Suites reflect the unique downtown Phoenix vibe.”

Mortenson is a leading national hospitality and real estate developer. The company’s current and recent hospitality development projects include two AC Hotels by Marriott in Minneapolis and Portland, Ore.; a Home2 Suites by Hilton in Chicago; a JW Marriott and a Radisson Blu at Mall of America, Bloomington, Minn.; a Hyatt Centric in Portland, Ore.; the Hyatt Regency at the Oregon Convention Center in Portland; expansion of the Hotel Commonwealth, Boston; and the Marriott HARBORCENTER, Buffalo, N.Y.

by May 03, 2018
Women leaders of the West Valley to discuss region’s growth, momentum at AZCREW event

Women leaders of the West Valley to discuss region’s growth, momentum at AZCREW event

News & Updates

by | May 1, 2018 | News & Updates

       PHOENIX, ARIZ. (May 2, 2018) – The West Valley is experiencing dynamic growth with the opening of the new Loop 303 and new residents and new businesses moving into the region.

AZCREW, the leading organization for senior-level executive women in the Metro Phoenix real estate field, presents “West Valley Women Leaders – The Momentum of the West Valley” at its May lunch.

Panelists include Sintra Hoffman, President and CEO of WESTMARC, which is positioning the West Valley for growth; Julie Arendall, City Manager of Goodyear, a vibrant city that is gaining the ability to compete for national firms; and Jeanine Jerkovic, Economic Development Director of Surprise, which is making strides – nationally and internationally – to grow its tech sector.

Sintra Hoffman

AZCREW’s “West Valley Women Leaders” is scheduled for May 15 at Phoenix Country Club, 2901 N. 7th St., Phoenix. Networking begins at 11:30 a.m. The program begins at noon.

Early registration for members is $40 ($45 after May 4); non-member pre-registration is $65, $85 at the event. Lunch is included. Register here.

 

Jeanine Jerkovic

Julie Arendall

by May 01, 2018
Flex building sale in Scottsdale Airpark highlights recent NAI Horizon deals

Flex building sale in Scottsdale Airpark highlights recent NAI Horizon deals

News & Updates

by | Apr 30, 2018 | News & Updates

    PHOENIX, ARIZONA (April 30, 2018) – The sale of a flex building that will be converted into a music venue in the much sought-after Scottsdale Airpark submarket highlights recent transactions closed by NAI Horizon professionals.

Sale Transactions:

Troy Giammarco and Tyler Smith negotiated the sale of a 30,000 SF property, representing the seller, C.R.C. Investments, LLC, for $6.3 million. The property is located at 8445 E. Hartford Drive, Scottsdale, AZ. Steve Barger with CRE Property Advisors represented the buyer, Proverbs 3:5, LLC.

Laurel Lewis negotiated the sale of a 3,648 SF office property, representing the seller, Bliss Unlimited, LLC, for $850,000. The property is located at 3533 N. 70th St., Scottsdale, AZ. Tony Werstler with My Home Group Real Estate represented the buyer, ACPTS Phx, LLC.

Lease Transactions:

Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, VTA, LTD, in a 36-month retail lease for 36,825 SF at 3003 W. Apache Trail, Apache Junction, AZ. Carl Cunningham with My Home Group Real Estate represented the tenant, Sunshine Acres Boutique & Donation Center, Inc.

Tom Bean, CCIM, represented the tenant, Snap On Tools Company, LLC, in a 65-month office lease renewal at 426 N. 44th St., Suite 330, Phoenix, AZ.

Laurel Lewis represented the landlord, Rural Road Associates, LLC, in a 63-month office lease at 6515 S. Rural Rd., Tempe, AZ. Shane McCormick with Commercial Properties, Inc. represented the tenant, Journeys Counseling Center, PLLC.

Rick Foss and Tom Bean, CCIM, represented the tenant, Wilson Construction Company, in a 37-month industrial lease at 2228 W. 1st St., Tempe, AZ. Stein Kloss with Lee & Associates represented the landlord, 2228 W. 1st Street, LLC.

 Laurel Lewis represented the tenant, Terracon Consultants, Inc., in a 60-month office lease at 1050 N. Fairway Drive, Building G, Avondale, AZ. Mike Gilbert with Cushman & Wakefield represented the landlord, Avondale Commerce, LLC.

Tom Bean, CCIM, represented the tenant, Emerald Pools & Spas, Inc., in a 64-month industrial lease at 2025 W. Deer Valley Rd., Phoenix, AZ. Eric Bell with Kidder Mathews represented the landlord, IP 2015 West Deer Valley Road, LLC.

Rick Foss represented the landlord, Gerald M. and Diane M. Olson Revocable Living Trust, in a 38-month lease at 115 N. 30th St., Phoenix, AZ.

Matt Harper represented the landlord, Caspian Corporation, in a 62-month office lease at 114 W. Camelback Rd., Phoenix, AZ.

Matt Harper represented the landlord, LASA Realty, LLC, in a 38-month retail lease at 7448 W. Glendale Ave., Glendale, AZ.

Matt Harper represented the landlord, MAZ Northern Plaza, LLC, in a 38-month retail lease at 5008 W. Northern Ave., Glendale, AZ.

 

by Apr 30, 2018
Sigma Contracting, Inc. breaks ground on 100,000 SF warehouse, outlet for Potato Barn

Sigma Contracting, Inc. breaks ground on 100,000 SF warehouse, outlet for Potato Barn

News & Updates

by | Apr 29, 2018 | News & Updates

      SCOTTSDALE, ARIZONA (April 30, 2018) – Sigma Contracting, Inc. broke ground recently on the $7.4 million, 100,000-square-foot headquarters and warehouse for high-end furniture retailer Potato Barn.

Sigma is constructing the ground-up building on 8.4 acres at 7104 E. Ray Rd., in Mesa, Arizona. The facility will comprise 50,000 SF of retail, 30,000 SF for warehouse space, and 20,000 SF for an outlet store.

Catherine Frendahl

Potato Barn is a family-owned Arizona furniture store featuring unique collection and one-of-a-kind pieces imported from around the world. Potato Barn will close the Gilbert store at 4900 E. Power Rd. and the Gilbert outlet store at 596 E. Germann Rd., as part of the consolidation.

“Sigma Contracting is proud to be working with Potato Barn and its construction management team, Streamline Development, to bring a new ground-up facility to the Southeast Valley,” said Catherine Frendahl, business development specialist at Sigma, who was involved in the land acquisition of the project.

“The City of Mesa has been extremely helpful in pushing this forward and expediting the process for our client. This will be Potato Barn’s largest facility to date. Sigma is thrilled for the owners.”

Perez McGee is the architect of record. Work is expected to be completed in January 2019.

“We are excited to be able to bring new products to our customers from this facility,” said Potato Barn owner Greg Bongiorno. “We have seen an extra push on new designs from our manufacturers. We would like to thank everyone involved since 2002 for putting this together and making it happen.”

 

by Apr 29, 2018
Caliente Construction bolsters its industry expertise in the West, hires Vice President of Operations, and Director of Retail Services

Caliente Construction bolsters its industry expertise in the West, hires Vice President of Operations, and Director of Retail Services

News & Updates

by | Apr 24, 2018 | News & Updates

 

     TEMPE, ARIZ.  (April 24, 2018) – Caliente Construction, an Arizona-based general contractor providing commercial construction services in the Western U.S. for almost 30 years, announces the hiring of a vice president of operations and a director of retail services.

Steve McKendry, VP of operations, will be an integral part of Caliente’s day-to-day operations focusing on the company’s growth while providing leadership and direction. Chris Cruthis will manage the operations and expansion of Caliente’s national retail business.

McKendry joins Caliente after three years at Kraus-Anderson Construction as its vice president of field operations. He also served as senior regional pre-construction manager for Target Corporation.

“As a third-generation builder/developer, construction is in Steve’s DNA and we are so excited to add his experience and expertise to our team,” said Caliente President/CEO Lorraine Bergman.

Cruthis served as senior vice president of operations during the past five years at Powerhouse Retail Services. He was also president of Southern Building and Renovation for seven years. He possesses more than 28 years of experience in architectural design, store planning, fixture design, and program management for major retail groups.

“Almost daily there is a story about the death of retail, but Caliente’s retail business is expanding in the form of rebranding, renovation, store downsizing, and transformation of space for distribution operations,” Bergman said. “Chris’ expertise and relationships will be key components in extending our reach to retailers who are reconfiguring their lines of business to meet the changing lifestyles of their customers.”

A native of Colorado, McKendry earned a Bachelor of Science degree in construction management/real estate finance from the University of Denver. He is actively involved with the Associated General Contractors. McKendry and his wife of 38 years, Shelley, have two sons, Kent and Kyle. Away from the office he enjoys golfing, fly fishing, and mountain biking.

A native of Illinois, Cruthis attended Ranken Tech College in St. Louis. He is a member of the Institute of Store Planners. He enjoys golfing, skiing, and scuba diving and is the proud owner of an Akita puppy named Stout.

 

 

 

 

 

 

by Apr 24, 2018
ASU Masters of Real Estate Development Students Put Creativity to the Test on May 8

ASU Masters of Real Estate Development Students Put Creativity to the Test on May 8

News & Updates

by | Apr 22, 2018 | News & Updates

REIAC/Rockefeller Group Challenge lets teams compete for bragging rights

 PHOENIX, ARIZ. (April 23, 2018) – The 2017 winner was a mixed-use development at Dorsey Lane and Apache Boulevard in Tempe. It featured six separate parcels including a new school for the arts; a retail center at the NWC of Dorsey and Apache; retail/office space at the NEC corner of Dorsey and Apache; and three parcels of vacant City of Tempe land.

This year, the focus is on the Thunderbird School of Global Management campus in Glendale, Arizona. Now that Arizona State University is moving the school to downtown Phoenix, what will become of the 100-plus acre campus after it moves?

How will this year’s winning team dazzle the judges with their solutions?

Three teams of graduating students from ASU’s W.P. Carey School of Business, Masters of Real Estate Development (MRED) program will compete for cash prizes of $1,000 per team member at the 5th annual REIAC/Rockefeller Group Challenge May 8 at Arizona Country Club, 5668 E. Orange Blossom Lane, in Phoenix.

The event is open to the public. Cost is $35 for non-REIAC members and $25 for students. Registration and networking begin at 4 p.m., followed by the program at 4:30 p.m. A networking mixer begins at 5:30 p.m. It includes hosted beverages and appetizers.

Each team is allotted 10 minutes to present a development solution for a storied piece of Arizona commercial real estate, followed by questions from the audience. Audience members will vote to choose the winning team after the presentations, awarding each winning team member a $1,000 check at the Challenge, up to $6,000.

“It is hard to believe this is already our fifth year supporting the annual MRED/REIAC/Rockefeller Group Challenge,” said Mark Singerman, President of the REIAC Southwest Chapter and Vice President/Regional Director-Arizona for The Rockefeller Group, the event’s title sponsor. “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. This is a great way for all the participating teams to field questions and comments from experienced developers and investors. Everyone is a winner in this competition,” Singerman said.

Registration for the REIAC/Rockefeller Group Challenge is required. Register at  www.reiacsouthwest.org/event-2807536.

 

by Apr 22, 2018
Chef Lisa Dahl to Open Two New Restaurant Concepts at Popular Sedona Vista Village

Chef Lisa Dahl to Open Two New Restaurant Concepts at Popular Sedona Vista Village

News & Updates

by | Apr 18, 2018 | News & Updates

Debuting Butterfly Burger, a couture-burger lounge, 2nd location of Pisa Lisa  

     Sedona, Ariz.  (April 18, 2018) – Sedona Vista Village announces Chef Lisa Dahl, owner and executive Dahl Restaurant Group, is expanding her restaurant concepts with the debut of a “couture-burger lounge,” Butterfly Burger, and a second location of her fast-casual, wood-fired pizzeria Pisa Lisa at the mixed-use destination.

The two new restaurants are expected to open at Sedona Vista Village in early 2019.

Butterfly Burger will occupy a 2,500-square-foot restaurant located at the development’s main entrance, off SR-179, sharing the building currently occupied by Tuesday Morning. The restaurant will offer fast-casual service in a chic, high-end environment.

The menu will feature close to a dozen of Dahl’s award-winning burgers such as the Funghi Sublime, smothered in sautéed mushrooms and finished with imported truffle gouda and truffle dijonnaise; the Chimi Burger, a Black Angus beef burger with white cheddar, louis remoulade sauce, shredded romaine and crispy onion strings; and The Hipster Burger, a vegan’s dream made from lentil and walnuts with green goddess salad, roasted tomato and pimenton aioli.

The menu will also include robust salads and side dishes like Parmesan Dusted Duck-Fat Fries; Quinoa Tabouli; Mediterranean Orecchiette Pasta Salad; Mariposa Gold Yukon Potato Salad and more. Butterfly Burger will be home to a dozen signature sauces, which Dahl plans to roll out in specialty grocery stores later this year.

The second Pisa Lisa location will occupy a prime 3,500 SF restaurant in the development’s south building, nestled on the corner of Jack’s Canyon Road and SR-179. The new location will be similar in style and menu to the original, located in West Sedona. Pisa Lisa offers wood-fired pizzas, organic salads, tapas and homemade gelato within an eclectic setting that pays homage to Dahl’s love of Rock ‘n’ Roll.

Both restaurants will begin tenant improvements in the coming months as renovations of Sedona Vista Village continue, transforming the former outlet mall into a premium mixed-use destination with restaurants, retail and a new 117-room hotel, Element by Westin. Phoenix-based Brick & West Design, owned by Michael Rumpeltin, is leading the architectural design of Dahl’s restaurants.

“The Village of Oak Creek is the gateway to Sedona and it’s long overdue for a culinary identity all its own,” Dahl said. “When I opened Cucina Rustica in The Village 15 years ago, it was the only fine-dining option in the area. Today, it’s more popular than ever and we’re outpacing our numbers year-after-year. There’s huge demand for more dining options in the area and I’m excited to further our presence in the community.”

Dahl is one of the country’s leading female chefs and restaurateurs who have pioneered the culinary scene in Sedona for more than 20 years. A James Beard House-featured chef and completely self-taught, Dahl is widely credited for Sedona’s recent emergence as a national “foodie destination.”

Dahl introduced fine dining to Sedona in the late 90s with the opening of Dahl & Di Luca and has since expanded to become the largest restaurant group in the area with accolades spanning the culinary spectrum. Today, she also runs Cucina Rustica, Pisa Lisa and Mariposa Latin Inspired Grill.

“Welcoming Lisa Dahl’s two new restaurants to Sedona Vista Village is significant for us, the community we serve and the guests we look forward to hosting at the highly-anticipated Element by Westin,” said Marty Aronson, owner of Sedona Vista Village. “This is validation that our renovation is bringing positive change and creating a desirable new destination for Sedona area residents and guests.”

by Apr 18, 2018
Veteran residential real estate broker Jennifer Wehner brings top team to eXp Realty

Veteran residential real estate broker Jennifer Wehner brings top team to eXp Realty

News & Updates

by | Apr 18, 2018 | News & Updates

     PHOENIX, ARIZ.  (April 18, 2018) – Residential real estate broker Jennifer Wehner, who boasts the No. 1 female Re/Max team in the state, is joining eXp Realty, an agent-owned cloud brokerage firm.

A 15-year veteran of the real estate industry, Wehner joins eXp from Re/Max Fine Properties. She is in the top 20 Realtors (out of 36,000) in the Metro Phoenix MLS.

Wehner leads a team of 10 licensed professionals who specialize in resale, new homes, land, and investment properties in Scottsdale, Phoenix, Paradise Valley, Cave Creek, Carefree, Anthem, Chandler, Gilbert, Mesa, and surrounding municipalities in Maricopa County.

“I’m thrilled to grow team and our business with the fastest growing firm in brokerage history with eXp Realty,” Wehner said. “It’s an opportunity for our entire team to own a part of the business. We have a good-sized team selling between 200 and 300 homes a year, heavily focused on the customer service experience. We also offer a unique guaranteed sale program that gives sellers more than one option.”

Wehner and her team give back to the community. The goal this year is raise $15,000 for Sunshine Acres children’s home in Mesa. Wehner is a mother of four children, ages 2-20. She is a graduate of Cal State University-Long Beach.

by Apr 18, 2018
Artisan Colour celebrates 20 years of bringing perfect color to clients in the business world

Artisan Colour celebrates 20 years of bringing perfect color to clients in the business world

News & Updates

by | Apr 16, 2018 | News & Updates

 

     SCOTTSDALE, ARIZONA (April 18, 2018) – Artisan Colour, founded by a trio of print professionals in 1998, is celebrating 20 years of providing innovative catalog services and custom commercial printing to businesses and individuals locally and nationwide.

Located in a 36,000-square-foot building in North Scottsdale, Artisan Colour was founded by catalog industry veterans Doug Bondon, Joe Vallone, and John Passante. Together, the founders represent more than 115 years of color separation and printing experience.

The company employs a team of more than 60 industry professionals dedicated to providing clients of any size with color management, professional studio photography, in-house creative services, and high-quality printing solutions.

“Artisan is delighted to be celebrating 20 years in business. Looking back on two decades, we have built a solid foundation based on a customer-first mindset and unwavering attention to quality,” said President and CEO Doug Bondon.

Artisan Colour utilizes a large format, flatbed printer for many of its clients.

“Today’s Artisan is a state-of-the-art color graphics agency with a flair for exquisite modern printing. We are proud to have served the community in Phoenix and nationwide and will continue to do so for many years to come,” Bondon said.

Artisan Colour began as a catalog production company in 1998. For its first five years, Artisan built a reputation as one of the top catalog production and color management companies in the nation, winning clients such as Neiman Marcus, Chico’s, Patagonia, and Sundance Catalog. Artisan has since added other highly-recognizable national brands including Prana, Pottery Barn, White House/Black Market, and Bergdorf Goodman.

In 2005, Artisan Colour moved to its current location near Westworld in North Scottsdale. The company absorbed a large format printing company, expanding into a state-of-the-art print production facility. Artisan Colour has diversified its offerings by adding in-house software design engineers, graphic design, and advanced online ordering solutions.

For more information, visit www.artisancolour.com. To see Artisan’s direct-to-consumer brands, visit www.artisanHD.com, www.artboja.com, and www.spiffysquare.com.

    

by Apr 16, 2018