NAI Horizon negotiates long-term industrial lease for distribution firm located in Gilbert

NAI Horizon negotiates long-term industrial lease for distribution firm located in Gilbert

News & Updates

by | May 16, 2018 | News & Updates

     PHOENIX, ARIZONA (May 16, 2018) – NAI Horizon Senior Vice President Jeff Adams represented the tenant in negotiating a long-term lease for a Gilbert-based distribution company at 2075 W. Obispo Ave., in Gilbert, Arizona.

NAI Horizon represented AES Direct Express, LLC, an Arizona limited liability company in the industrial lease worth $1.676 million. AES, an administrative, distribution, pick and ship, and logistics firm, will occupy 40,415 square feet of the building, which totals 110,975 SF.

“Working together in conjunction with the listing agent, we were able to identify and procure a unique potential growth opportunity in this present high-tenant demand market,” Adams said. “It afforded my client the ability to nearly double its space capacity while also providing a no-downtime, solid long-term lease solution for the landlord.”

The building is an attractive, two-user property with Papa John’s distribution occupying the balance of the space.

The landlord, LIT Industrial Limited Partnership (a Clarion company) of Dallas, Texas, was represented by Steve Sayre and Steve Larsen of JLL.

 

 

by May 16, 2018
Arizona commercial real estate industry scores key victories at 2018 legislative session

Arizona commercial real estate industry scores key victories at 2018 legislative session

News & Updates

by | May 10, 2018 | News & Updates

 

     PHOENIX, ARIZONA (May 10, 2018) – The 2018 state legislative session that adjourned on May 4 was productive for Arizona’s commercial real estate industry as BOMA Greater Phoenix had a 5-0 record on bills on which it took a position.

The biggest joint victory for BOMA was a grand compromise on GPLET reform. A unanimous deal was struck between developers, cities, and tax watchdogs on the long-term retention of the 8-year property tax abatement and narrowing the application in the future to a capped landmass contained in a Central Business District (CBD) within a city.

HB2126 passed almost unanimously and was signed into law by Gov. Doug Ducey on April 17.

“BOMA provided lead testimony when this bill was heard in committee and participated in stakeholder negotiations led by Representative Vince Leach of Oro Valley throughout the fall and winter,” said Tim Lawless, Executive Director of BOMA Greater Phoenix. “The Arizona Multihousing Association, a key coalition partner with us, also played an instrumental role in advancing the compromise by proposing land mass percentage boundaries for a CBD rather than dwelling on subjective ‘slum’ and ‘blight’ definitions in the eyes of the beholder.”

Lawless said another victory for BOMA was on the education front with the passage of SB1390 which extended the soon-expiring .6 percent state sales tax rate for K-12 education (originally Prop 301 passed in 2000) in order to get more resources of every dollar expended into the classroom. That bill was signed into law on March 26.

“BOMA/CREED were the only two commercial real estate groups to register in favor of the legislation,” Lawless said. “The fact that BOMA played a constructive role in getting more state resources into K-12 gives our industry credibility to be at the negotiation table as calls to raise taxes next year will only get louder and we need this seat to protect our industry and keep our economy growing.”

The third major victory for BOMA was support for reform of the property tax appeals system which now prohibits a tax court from making a ruling where the property tax assessment for a home or business can exceed what the county assessor was originally seeking. HB2385 was signed into law with an emergency clause on March 23.

BOMA also had a major victory by amending the archaic prime contracting law for MRRA especially as it relates to the tax treatment of alterations and improvements. SB1409 was originally written to exclusively benefit the cities and general/subcontractors at the expense of commercial real estate owners as it would have raised taxes on owners $50 million per year.

“AMA and BOMA fought this tax increase windfall and we struck a fairer compromise where the changes in TPT tax law will either be revenue neutral or a slight tax cut for owners,” Lawless said. “At the same time, it provides clarity and more simple compliance on alterations/improvements for general and subcontractors.”

This bill was passed the last night of session by wide margins and awaits the governor’s signature.

BOMA also shared a victory with the AMA on the last night of session by successfully opposing a major tax break proposed for selected elderly homeowners who would have their property tax rates slashed in half (10 percent assessment ratio reduced to 5 percent) at the expense of businesses who would bear the cost shift implications.

“Not only was this potentially a violation of the state constitution’s ‘uniformity clause’ of taxation, it would have established a poor precedent,” Lawless said.

The bill, SB1268, died with 11 votes in favor and 45 opposed and is now a good litmus test for future tax shift bills.

“Property tax shifts are a major impediment to solving the main economic development challenge facing Arizona in growing high wage jobs,” Lawless said. “The primary coalition of BOMA/CREED/AMA/ATRA along with the Arizona Chamber, NAIOP and Valley Partnership on selected issues was a very effective team in looking out for the bottom line this past legislative session and should continue next session as well.”

 

 

by May 10, 2018
Copperstate entry ‘Thunderbird Fields’ wins 2018 REIAC/Rockefeller Group Challenge

Copperstate entry ‘Thunderbird Fields’ wins 2018 REIAC/Rockefeller Group Challenge

News & Updates

by | May 10, 2018 | News & Updates

Three teams compete in the finals of the 5th Annual ASU MRED event

PHOENIX, Ariz. (May 10, 2018) – It was one of the closest finishes in its history as three teams competed in the 5th Annual REIAC/Rockefeller Group Challenge held May 8 at Arizona Country Club.

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. Copperstate Development captured the top honor, garnering $1,000 each for team members Robby Leonard, Cody Wolfe, Josh Rodriguez, and Mohammed Almehaidib.

This year’s project was the 148-acre Arizona State University Thunderbird School of Global Management campus in Glendale. ASU is moving the school to its downtown Phoenix campus.

Copperstate’s winning entry, Thunderbird Fields, is a four-phase, master-planned development that features new and rental homes, adaptive re-use projects, single tenant retail, open space, medical offices, and respects the history of the former World War II airbase that opened in 1946.

“The biggest challenge was taking into account what the city really wanted compared to what the market was asking for,” Leonard said. “Going through the general plan and to be able to come up with uses for our product was a great experience.”

Copperstate’s four goals for the project are balanced housing types, conservation, rehabilitation, and redevelopment. Historical elements on the campus include Founders Hall, Hangar 1, and the old air traffic control tower.

“The greatest satisfaction was getting through the three-synthesis process and finally coming to a conclusion. You know what you’re looking for in the build-out process, marketing, and the pro formas. You really get to see how the development process works. We had a great team. Everyone contributed equally,” Leonard said.

The other finalists and their projects:

  • Atlas Partners – Oasis Village at Thunderbird, a multi-generational village that also preserves the history of Founders Hall, Hangar 1, and the control tower. Atlas highlighted connectivity and walkability in a mixed-use community. It featured amenities seen at The Presidio in San Francisco and Agritopia in Gilbert.
  • GP Development – The Landing at Thunderbird, a mixed-use development geared towards active and retired service members. Plans called for converting Hangar 1 into an incubator for veteran-owned businesses. It features single family and multi-family housing, senior living, medical offices, a specialty grocer, and a landing loop featuring a splash pad, pavilion, and dog park.

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.

Mark Stapp, director of the MRED program, said the challenge has made great strides in just 5 years.

“Two things get better every year,” Stapp said. “One is the support that comes from the REIAC membership and the Rockefeller Group because that’s how this becomes real in terms of the student experience and not just in theory. The student experience continues to improve as we develop an alumni base. As the program develops a reputation, we get better students every year.”

In addition to sponsoring the annual Challenge, REIAC Southwest awards two $2,500 scholarships to MRED students that have a financial need and want to pursue real estate careers in Arizona after they graduate.

 

by May 10, 2018
NAI Horizon retail team negotiates long-term lease for Biltmore Nail Bar at Biltmore Plaza

NAI Horizon retail team negotiates long-term lease for Biltmore Nail Bar at Biltmore Plaza

News & Updates

by | May 9, 2018 | News & Updates

    PHOENIX, ARIZONA (May 9, 2018): NAI Horizon represented the tenant in negotiating a long-term lease for Biltmore Nail Bar at the prestigious Biltmore Plaza shopping center, located at 3150 E. Camelback Rd., in Phoenix.

The NAI Horizon retail team of Gabe Ortega, Chris Gerow, Shelby Tworek and Patrick Anthon represented Biltmore Nail Bar, LLC of Phoenix in the 10-year lease transaction.

“Biltmore Plaza is one of the premier retail properties along the Camelback Corridor with a dynamic tenant roster that really caters to the high-end consumers in the area,” Ortega said. “The caliber of the build-out and concept that the tenant has planned here is going to set a new standard for luxury in the beauty and aesthetics service sector. In addition to manicures and pedicures, they will also offer waxing, facials, and therapeutic massage.”

The grand opening is scheduled for mid to late September.

Biltmore Nail Bar will occupy 5,000 square feet at Biltmore Plaza, which sits on 10.65 acres at the NWC of Camelback Road and 32nd Street. Built in 1979, Biltmore Plaza is anchored by a Safeway supermarket.

 

by May 09, 2018
Aaron Gordon joins Earthworks Environmental as compliance manager

Aaron Gordon joins Earthworks Environmental as compliance manager

News & Updates

by | May 8, 2018 | News & Updates

     GILBERT, ARIZONA (May 9, 2018) – Earthworks Environmental, LLC has expanded its Arizona operation with the hiring of Aaron Gordon as a compliance manager.

Prior to joining Earthworks Environmental, Gordon worked for 10 years in the primary fields of environmental due diligence and contaminated site management for both regional and multi-national environmental consulting firms.

Most recently he was the transaction services lead for the Cleveland, Ohio, office of Environmental Resources Management (ERM), a global provider of environmental, health, safety, risk, social consulting services, and sustainability related services.

“By offering land acquisition due diligence services, combined with our existing construction stormwater and dust permitting compliance services, we can provide seamless service from land acquisition through final site stabilization,” said Cherie Koester, Principal/Founder of Earthworks Environmental. “Aaron is a great asset to our team.”

Gordon has completed hundreds of environmental due diligence projects including transaction screens, lease exits assessments, desktop-based assessments of sites both domestically and abroad, and Phase I Environmental Site Assessments. His project experience has included agricultural properties, vacant and occupied residential and commercial properties, and active and closed industrial facilities primarily focused on manufacturing operations.

Working with diverse due diligence project teams in North America, Europe, and Asia, Gordon has worked under strict confidentiality and expedited timeframes. In addition, his experience with Phase II Investigations and contaminated site management allows him to recognize potential contaminants. This assists clients in making informed decisions on potential cleanup options and liability concerns.

Gordon is a graduate of Johnson State College in Johnson, Vermont, with a degree in natural resource management. He is a U.S. Army veteran.  He served as a combat engineer, training sergeant and paratrooper. He was deployed in support of Operation Enduring Freedom (Afghanistan).

by May 08, 2018
Barrow artificial intelligence suite, CTCA suites, senior living facility, Arizona Care Network highlight projects by Iconic Design Studio

Barrow artificial intelligence suite, CTCA suites, senior living facility, Arizona Care Network highlight projects by Iconic Design Studio

News & Updates

by | May 7, 2018 | News & Updates

PHOENIX, ARIZ. (May 8, 2018) – Iconic Design Studio continues to provide comprehensive interior design services for diverse client projects.

They include a suite at Barrow Neurological Institute for a cutting-edge radiologist using artificial intelligence; satellite suites at Cancer Treatment Centers of America; a 15,000-square-foot new headquarters for the Arizona Care Network; and a 125,000 SF senior assisted living facility.

Besides providing interior design services, Owner/Principal Kelli Berry of Phoenix-based IDS consulted on conceptual interior space.

>> Barrow Neurological Institute AI suite (Barrow Artificial Intelligence Center), 1,200 SF, Phoenix: Work performed includes interior design, graphic design, FFE scope, and providing artwork. Work on the suite at BNI, 222 N. 3rd Ave., is scheduled to be completed in mid-2018.

“While this is a small project in size, it is huge in the world of healthcare technology,” Berry said. “Dr. Igor Barani’s current research studies explore various applications of big data analytics and artificial intelligence with the aim of improving outcomes for brain tumor patients and making clinical workflows more efficient.

“This technology will change the world of healthcare as it relates to brain and spine disease and pave the way for future diagnosis for other diseases. The IT requirements for this project are stringent and massive in scope. The people who work in this facility are of a generation accustomed to working on lounge seating, utilizing walls of writing surfaces, and more edgy design. This space, while very affordable (project cost of $300,000) will not have a typical hospital feel but rather a harder edge ‘techie’ feel more conducive to a creative environment,” Berry said.

ARCHSOL is the architect on the project.

 >> Cancer Treatment Centers of America: IDS recently completed the interior design of two Outpatient Care Centers for Cancer Treatment Centers of America (CTCA), which are located in Scottsdale and North Phoenix. These facilities will focus on serving more patients more quickly, giving them greater access to personalized, patient-centered cancer care, with experts who focus only on cancer.

“CTCA is keenly aware of the environment their patient base needs to provide better health success outcomes,” Berry said. “On our part, there was attention to performance products, ease of maintenance, and control of external costs. IDS consistently provides a reasonable return on the company’s investment, which is always top of mind when designing any space.

“Evidence-based design is the key to understanding the design elements required to present the healing environment we all desire. It’s really common sense though. Clean, organized, consistent, soothing color palette, textural interest, natural lighting, inspiring art, and comfort are just a few of the design elements necessary to offer a kind and loving space in which to heal.

“CTCA, from our experience, has always asked us to look through the viewfinder of the patient. It is quite refreshing to work with folks who really care about the needs of those who are seeking better health. CTCA has plans for future growth within the community and IDS has plans to march right alongside with them,” Berry said.

“We focus a tremendous amount of time and attention on the needs of our patients. IDS is a proven partner in helping us create an environment in which our patients feel comforted and calm at a time in their life that is very often filled with anxiety and uncertainty. It is a pleasure to work alongside partners who understand the CTCA commitment to putting patients at the forefront of everything we do,” said Alan Swain, Assistant Vice President, General Services, CTCA in Greater Phoenix.

>> Arizona Care Network corporate headquarters, 15,000 SF, Phoenix: IDS was chosen to work with the forward-thinking folks at Arizona Care Network (ACN) for their new corporate headquarters. They are currently in design with plans to move into a new, 15,000 SF facility on Thomas Road at Arcadia Gateway.

ACN is a partnership between Dignity Health Arizona and Abrazo Community Health Network and includes hundreds of independent providers. As a network of more than 5,500 providers, ACN helps improve healthcare and reduce costs by actively managing care for their patients.

“Our rapidly growing organization serves doctors, patients, and business partners. We needed an environment that conveys our forward-thinking healthcare business combined with a warm and welcoming environment,” said Jami Berger, executive director of operations for ACN. “We’ve been very pleased with the recommendations and creativity of IDS to meet this challenge.”

The new corporate headquarters will boast dependable grays, fun royal blues and lime greens to give a respectful nod to their new logo. Transact Furniture created the color palette. IDS took its ideas and applied them to the entire suite, creating a fun and dynamic space to inspire their work in transforming healthcare quality and cost.

The ACN team has plans to display a rotating art gallery in support of the community it serves. IDS is involved in display solutions for this gallery as well as other art needs for the space. IDS is also responsible for all interior finishes and specialty lighting as well as any millwork design and construction documents. ACN plans to move mid-summer.

Bridgewater Solterra Midtown interior design by IDS.

>> Bridgewater Solterra Midtown 125,000 SF, Phoenix: Work performed on the ground up construction included interior design, furniture, art, construction documents, and project management. Work included flooring that consisted of Mohawk Group Modular 24×24 Seek Unique. Kitchell was the general contractor and Orcutt Winslow was the architect on the project.

“It was refreshing to work on a senior housing project with forward-thinking developers and operators who understood the need for more sophisticated and contemporary housing whether for low or high income. The demographics are demanding it,” Berry said. “We were able to give this resident-based facility the interior look of a high-end hotel.”

by May 07, 2018
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