TUCSON, AZ — Sundt Construction, Inc. (www.sundt.com) has promoted longtime Sundt employee Ian McDowell to vice president and Southern Arizona Regional Director.

Sundt Construction, Inc. (www.sundt.com) is one of the country’s largest and most respected general contractors. The 126-year-old firm is known nationally for its commitment to quality and innovative approach to construction services.

A Sundt veteran of more than 20 years, McDowell previously served as Preconstruction Manager for Sundt’s Southwest Building District, overseeing its team of estimators and support personnel as well as handling the coordination of all preconstruction activities such as estimating, procurement, contracting and subcontractor selection. In his new role, he is responsible for advancing Sundt’s strategic growth throughout Southern Arizona.

McDowell has been in the construction industry since 1990, joining Sundt in 1995. He began his Sundt career working as a field engineer on the Aerospace and Mechanical Engineering building at the University of Arizona. In his time with Sundt he has held nearly every position in the company, splitting his time between the operations group and the preconstruction group working on projects valued from $500,000 to more than $350 million.

Beyond Sundt, McDowell has been heavily engaged in groups dedicated to advancing the construction industry, including the Associated General Contractors, the American Minority Contractors Association and the U.S. Green Building Council, for which he has served as a board member. He has been a frequent volunteer for the Arizona Builders Alliance (ABA) and is a 2008 graduate of ABA’s Leadership Development Forum.

McDowell holds a bachelor’s degree in civil engineering from New Mexico State University and a master’s degree in business administration from the Eller College of Management at the University of Arizona.

Sundt currently is ranked the 75th largest construction company in the United States by ENR, the industry’s principal trade magazine. The general contractor has offices in Tempe and Tucson, Arizona; San Antonio, Fort Worth and El Paso, Texas; and Sacramento, San Diego and San José, California.

Real Estate Daily News Buzz is designed to give news snippets to readers that our (yet to be award winning) editors thought you could use to start your day. They come from various business perspectives, real estate, government, the Fed, local news, and the stock markets to save you time. Here you will find the headlines and what the news buzz of the day will be.

Monday, the Dow Jones industrial average dipped 26.51 points, or 0.2 per cent, to 17,977.24. The Standard & Poor’s 500 index fell 3.79 points, or 0.2 per cent, to 2,087.79. The NASDAQ composite index gave up 10.44 points, or 0.2 per cent, to 4,895.79.

Benchmark U.S. crude fell $1.09, or 2.5 per cent, to $42.64 a barrel in New York. Brent crude, used to price international oils, lost 63 cents, or 1.4 per cent, to $44.48 a barrel in London. In other energy trading, wholesale gasoline fell 2 cents to $1.51 a gallon. Heating oil lost 2 cents to $1.29 a gallon. Natural gas fell 8 cents to $2.06 per 1,000 cubic feet.

US stocks slip as energy companies fall with oil prices — U.S. stocks slipped in quiet trading Monday as energy companies dropped with the price of oil. Metals and chemicals companies also fell. Company earnings remain weak, and Xerox and drugmaker Perrigo tumbled after reporting disappointing results and cutting their forecasts for the year. Stocks looked like they were headed for big losses in the morning, but recovered most of those losses over the last hours of trading. Investors traded less than usual as they looked through a weak group of company earnings and prepared for the latest Federal Reserve meeting, which will conclude Wednesday. (AP)

Sears Holdings Closing 78 More Stores “Sears Holdings announced its latest round of store closings as it continues to look for ways to cut expenses and return to profitability after five years of losses. The embattled retailer, which has been steadily shrinking its physical portfolio over the last few years, will close 68 Kmart and 10 Sears stores this summer. (See list of locations at end of story.) In February, Sears warned it would speed up the closing of unprofitable stores.” (Chain Store Age)

Macy’s: The Real Estate Catalyst Looks like a Hot Air Balloon “Macy’s owns a considerable real estate portfolio. The problem is, at its current state it is not unlocking any value for shareholders. When unlocked, Macy’s will see a one-off bump which is likely to yield profits for shareholders in the short term. But I’m concerned if this is a good move long-term wise. Management seems very skeptic about toying around with the real estate portfolio. I understand their perspective.” (Seeking Alpha)

National US new-home sales fall in March for third straight month — Americans stepped back from buying new homes in March, the third straight monthly decline as sales plunged sharply in the Western states. New-home sales slipped 1.5 per cent last month to a seasonally adjusted annual rate of 511,000, the Commerce Department said Monday. That rate has steadily dropped from 519,000 in February and 521,000 in January. Sales plummeted 23.6 per cent in the West, which has been prone to volatile swings in sales as one of the nation’s priciest housing markets. (AP)

De Blasio’s Ties to Real Estate Industry Are Scrutinized “Mayor Bill de Blasio has developed a close relationship with New York City’s real estate sector and accepted millions of dollars in donations from the industry’s executives, ties that are coming under scrutiny as investigators probe his fundraising. Federal and state investigators are looking at Mr. de Blasio’s fundraising activities, including efforts by him and his allies to raise money for the Campaign for One New York, a nonprofit set up to support the mayor’s policy and political agenda, people familiar with the matter said.” (Wall Street Journal)

Downtown Detroit Sales Prices Rise to “Insane” Levels “Greater downtown Detroit residential real estate—a near-dead market only a few years ago— is now soaring with a few property owners even listing their downtown and Midtown properties for fantasy prices running into the millions of dollars. But beneath some of the ridiculous pricing, greater downtown is offering a steady stream of residential openings as prices surge amid downtown’s continued revival.” (Detroit Free Press)

Aeropostale Gets Delisted from NYSE “Troubled teen retailer Aeropostale Inc. has been dealt another blow. On Friday, the New York Stock Exchange suspended trading of the retailer’s stock with immediate effect, due to an ‘abnormally low’ trading price. Aeropostale does not intend to appeal the delisting. It said its shares will instead be traded on the OTCQX Best Market, an over-the-counter market operated by OTC Markets Group Inc. The new ticker is ‘AROP’.” (Chain Store Age)

Alongside Katz’ Pastrami, Luxury Condos “While other New York City institutions have succumbed to the insatiable appetite of a hungry real estate market, the 128-year-old Katz’s Delicatessen, with $19.95 pastrami sandwiches and a legion of fans, found a way to hang on. Last year, the family-owned deli at 205 East Houston Street sold two neighboring properties and its air rights for about $17 million, paving the way for a developer to build an 11-story condominium next door.” (The New York Times)

Department Stores Must Close 800 Mall Locations: Green Street “Major department store chains might soon be closing hundreds of locations at malls across the country, if they follow the advice of Green Street Advisors. Retailers must close about 800 locations in total—about a fifth of all anchor spaces at U.S. malls—if they want to restore the sales-per-square-foot productivity of the mid-2000s, a study by the analytics firm said.” (The Real Deal)

Time is Money: Be Patient with Commercial Real Estate Deals “Curiously, we are entrenched in a market where owners have their pick of occupants – unless, there are issues with the building. If the building lacks amenities, is indebted with more than the building is worth, has an unrealistic owner, or a combination of the above – the marketing cycle is exponentially extended. We are forced to be patient. What follows are two stories of patience and the way it benefited both deals.” (The Orange County Register)

Taconic Seeks Partner for Hell’s Kitchen Office Recapitalization “Taconic Investment Partners is seeking a partner for a proposed recapitalization of a 327,000-square-foot Hell’s Kitchen office building that would value the property at $220 million – roughly double what it paid in 2012, sources told The Real Deal. The Chelsea-based developer hired CBRE to market a stake in the 10-story property at 619-627 West 54th Street, between 11th and 12th avenues.” (The Real Deal)

CAPREIT Buys 1,000-Unit LIHTC Portfolio in Virginia “CAPREIT has acquired a five-community, 978-unit portfolio of income-restricted properties in the Richmond, Va. area for $68.5 million. The Rockville, Md.-based private firm now owns nearly 14,000 units, split almost evenly between market-rate and affordable housing communities. CAPREIT plans to add another $3 million in renovations to the five communities, bringing the total cost of the deal closer to $72 million.” (Multifamily Executive)

The following commercial leases were reported to the Real Estate Daily News for the Tucson Lease Report from April 18 thru 22, 2016.

RETAIL – 70 N. HARRISON RD., TUCSON
TMCOne leased the 7,202-square-foot building at 70 N. Harrison Rd. for a clinic location. The landlord is Rain Scott Investments, LLC.  Rick Kleiner, MBA, Office Specialist with Cushman & Wakefield | PICOR, represented the tenant in this transaction.

INDUSTRIAL – 4875 N. SHAMROCK PL., TUCSON
Karam Pump & Supply, Inc. leased 5,027-square-feet at 4875 N. Shamrock Pl., Suite 101 in Tucson from Shamrock 3 LLC.  Pat Welchert, SIOR, Industrial Specialist with Cushman & Wakefield | PICOR, handled this transaction. [mepr-show rules=”58038″]Tenant Phone: Phone: 520.670.1266[/mepr-show]

INDUSTRIAL – 2102 N FORBES BLVD., TUCSON
Evans & McKinney Construction, Inc., dba EMC Insulation, leased 3,850-square-feet at 2102 N. Forbes Blvd., Suites 101 & 102 in Tucson from East Park VI Holding Company, LLC.  Rob Glaser, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord and Dominic Perry with Avison Young, represented the tenant in this transaction. [mepr-show rules=”58038″]Asking lease rate: $0.59 SF/MO Modified Gross; Tenant Phone: 520.447.3512[/mepr-show]

INDUSTRIAL – 3710 S PARK AVE., TUCSON
Meadows Catalina, LLC leased 3,600-square-feet at 3710 S. Park Ave., Suites 708-710 in Tucson from William Lee, LLC.  Ron Zimmerman, Commercial Specialist with Cushman & Wakefield | PICOR, represented the landlord and George Hayduke with Westar Mortgage & Realty Corporation, represented the tenant in this transaction. [mepr-show rules=”58038″]Tenant Phone: 520.344.8882[/mepr-show]

INDUSTRIAL – 3720 S. PARK AVE., TUCSON
Fox Distributing, LLC leased 2,470-square-feet at 3720 S. Park Ave., Suites 705-707 in Tucson from William Lee, LLC.  Ron Zimmerman, Commercial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. [mepr-show rules=”58038″]Tenant Phone: 520.310.4298[/mepr-show]

INDUSTRIAL – 3150 N. FREEWAY INDUSTRIAL LOOP, TUCSON
General Parts, LLC, leased 2,400-square-feet of industrial space at 3150 N. Freeway Industrial Loop, Suite 100 in Tucson from P3 & G, LLC.  Ron Zimmerman, Commercial Specialist with Cushman & Wakefield | PICOR, represented the landlord and Jesse Blum with CBRE, Inc., represented the tenant in this transaction. [mepr-show rules=”58038″]Tenant Phone: 520.622.4560[/mepr-show]

RETAIL 6447 N. ORACLE RD., TUCSON
Sticky’s Smoke Shop has signed a leased for 1,860-square-feet across the street at 6447 N. Oracle Road, Tucson, AZ, in Orange Grove Village at the northwest corner of Oracle and Orange Grove Roads. This is a new store relocation of Sticky’s Smoke Shop and the owners are planning to open approximately May 1, 2016. Sticky’s Smoke Shop also has a store located at Ina and Thornydale. Craig Finfrock of Commercial Retail Advisors, LLC represented the Landlord, Orange Grove Village, LLC and Stephen Grimm of Grimm Commercial, LLC represented the Tenant, R L Bronson Enterprises, LLC in this lease transaction. [mepr-show rules=”58038″]Tenant Phone: 520.744.1063[/mepr-show]

OFFICE – 550 W. INA RD., TUCSON
Next Step Advisors, LLC leased 1,550 square feet of office space at 550 W. Ina Rd., Suite 201 in Tucson from Beemz, LLC.  Isaac Figueroa, Office Specialist with Cushman & Wakefield | PICOR, handled this transaction. [mepr-show rules=”58038″]Tenant Phone: Phone: 520.733.7478[/mepr-show]

INDUSTRIAL – 4585 S. PALO VERDE RD., TUCSON
Gila Electronics of Yuma, Inc. leased 1,500 square feet in Butterfield Center, 4585 S. Palo Verde Rd., Suite 413, in Tucson from Presson Equity Partners, LLP.  Rob Glaser, SIOR CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, handled this transaction. [mepr-show rules=”58038″]Asking lease rate: $0.37 SF/MO NNN; Tenant Phone: 928.782.9331[/mepr-show]

OFFICE – 5151 E. BROADWAY BLVD., TUCSON
AccentCare at Home, Inc. leased 1,480 square feet at 5151 E. Broadway Blvd., Suite 560 in Tucson from KCI-Broadway, LLC, Scott Seldin-Broadway, LLC, Belmont-Broadway, LLC and Tucson 5151 Investments, LLC.  Brandon Rodgers, Principal with Cushman & Wakefield | PICOR, represented the tenant and Sandra Alter with Rein & Grossoehme Commercial Real Estate, represented the landlord in this transaction. [mepr-show rules=”58038″]Asking lease rate: $18.00 – $21.00 SF/YR Full Service[/mepr-show]

INDUSTRIAL – 3755 E. 34^th ST., TUCSON
Symbius Medical leased 1,400-square-feet at 3755 E. 34^th St., Suite 121 in Tucson from Rodgers Investment Fund, II, LP.  Jeff Zellet, Commercial Specialist with Cushman & Wakefield | PICOR, represented the landlord and Michael Coretz with Commercial Real Estate Group of Tucson, represented the tenant in this transaction. [mepr-show rules=”58038″]Asking lease rate: $0.60 SF/MO Modified Gross; Tenant Phone: 520.731.1046[/mepr-show]

 INDUSTRIAL – 850 E. OHIO ST., TUCSON
Innovative Autowerx, LLC leased 1,390-square-feet at 850 E. Ohio St., Suite 10 in Tucson from RRL, Inc.  Jeff Zellet, Commercial Specialist with Cushman & Wakefield | PICOR, handled this transaction. [mepr-show rules=”58038″]Tenant Phone: 520.205.2415[/mepr-show]

INDUSTRIAL – 1870 W. PRINCE RD., TUCSON
Ron Learner leased 1,200-square-feet in Exchange Place, 1870 W. Prince Rd., Suite 59, in Tucson from Presson Corporation.  Rob Glaser, SIOR, CCIM, and Paul Hooker, Industrial Specialists with Cushman & Wakefield | PICOR, handled this transaction.

INDUSTRIAL – 3720 S. PARK AVE., TUCSON
Area 520 Productions leased 1,170-square-feet at 3720 S. Park Ave., Suite 604 in Tucson from William Lee, LLC.  Ron Zimmerman, Commercial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. [mepr-show rules=”58038″]Tenant Phone: 520.979.0517[/mepr-show]

RETAIL –SE CORNER of ST. MARY’S RD. and SILVERBELL RD.,- TUCSON
Raw Smoke Shop, LLC, leased 975-square-feet within Saint Mary’s Plaza. St. Mary’s Plaza is located at the southeast corner of Saint Mary’s Road and Silverbell Road and is anchored by Safeway and Dollar Tree.  Rick Borane and Dave Hammack of Volk Company represented Tucson St. Mary’s Plaza, LLC.

OFFICE – 3275 W. INA RD., TUCSON
Peak Action Physical Therapy, LLC leased 635-square-feet at 3275 W. Ina Rd., Suite 209 in Tucson from Caldor Investments of Arizona, LLC.  Tom Nieman, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. [mepr-show rules=”58038″]Asking lease rate: $17.00 SF/YR Full Service; Tenant Phone: 520.269.6870[/mepr-show]

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