Disposition underscores continued strength of Central Phoenix’s Midtown office submarket

PHOENIX, ARIZONA – EverWest Real Estate Partners and American Realty Advisors have completed the disposition of the Great American Tower, a landmark high-rise office building at 3200 N. Central Ave., in the heart of Phoenix’s Midtown office submarket.

Great American Tower, acquired in 2007, has been recapitalized and improved with a series of upgrades that, among other things, have earned the building an ENERGY STAR® ranking of 97 and a “Kilowatt Krackdown” award from the Phoenix Building Owners and Managers Association (BOMA) Green Building Committee.

Chris Toci, Chad Littell and Larry Downey of Cushman and Wakefield represented EverWest and American Realty Advisors in the sale. The new property owner is Colorado-based DPC Companies, a privately held commercial real estate firm specializing in the acquisition and development of commercial real estate in the West.

“This is an exciting time to own and operate office space in the Central Avenue corridor,” said Amr Ceran, Senior Director for EverWest. “Tenant interest is strong, and there is still solid upside potential for landmark properties like Great American Tower.”

“The Central Phoenix/Midtown office submarket is being transformed by the addition of over 4,000 multifamily units either under construction, planned or proposed,” added Toci. “In addition, large-scale expansions of two significant healthcare firms – Dignity Health and Banner Health Systems – have begun to dominate the submarket with 337,000 square feet of leasing during the previous 18 months.”

Built in 1985, Great American Tower is a 24-story, Class A high-rise office building totaling 344,527 square feet, with average building floorplates of 15,000 square feet. The property sits on 2.6 acres at the high-profile intersection of Osborn Road and North Central Avenue. It is currently 86 percent leased to a diverse tenant roll including Dignity Health as well as legal, finance, engineering and government entities.

Great American Tower sits adjacent to the 39-acre Park Central Mall and across the street from the One Lexington condominium high-rise. The Edison Midtown urban condominium project is under construction across the street.

EverWest Real Estate Partners, LLC is a Denver-based leading private real estate investment manager and operator who invests in core, value-add and opportunistic investments in office, industrial, multi-family, retail and mezzanine debt investments. EverWest serves a variety of clients that include major institutional investment managers, pension plans, foundations, endowments and high-net-worth individuals. EverWest provides a full-service investment management operating platform through its five regional offices with established acquisition, asset takeover, asset management, property management, financing, operations, risk management, advisory and reporting capabilities to its clients. EverWest has regional offices in Boston, Chicago, San Francisco, Los Angeles and Phoenix.

With over $8.0 billion in assets under management, American Realty Advisors is a leading provider of commercial real estate investment management services. For over 28 years, American has managed capital for institutional investors utilizing core and value-added commingled funds and separate accounts. American acquires assets directly or provides equity, preferred equity, mezzanine debt, debt, and hybrid debt to primary investors and developers operating throughout the United States for office, industrial, multi-family, and retail properties.

For more information on EverWest investment and development opportunities, visit www.EverWest.com or call EverWest Senior Director Amr Ceran at 602.875.6255.

Gray is One of Only Three Women to Hold Vice President of Land Acquisition and Development Position in Tucson’s History

TUCSON, ARIZONA –  Miramonte Homes announced the promotion of long-time employee, Gerrie Gray, to the position of Vice President of Land Acquisition and Development.

Gray has been with Miramonte Homes since 2004 and previously held the position of Director of Land Acquisition and Development.

“Miramonte is an amazing company to work for, with new and exciting projects on the horizon,” said Gray. “I’m happy to be one of three women ever in Tucson to hold this title.”

Gray will be responsible for finding and negotiating land development and acquisition opportunities in Tucson and Flagstaff. She will also oversee projects to make sure the land is developed according to master plans.

“Gerrie is a valuable member of our team and an integral part to the continued development of our properties in Arizona,” said Miramonte Companies President, Julie Mastriani. “We are excited to promote from within our company and reward Gerrie for her years of excellent service and commitment to Miramonte Homes.”

Since 1992, Miramonte Companies has been developing quality homes and commercial properties across the state of Arizona. CEO and Principal, Chris Kemmerly, is dedicated to developing communities that blend seamlessly with the Southwest’s indigenous architecture. Since 1996, Miramonte Homes has built more than 1,900 homes and is one of the largest, privately owned homebuilders in Arizona. The company has been named Builder of the Year multiple times over the past two decades by the Southern Arizona Homebuilder’s Association.

Catellus Development Corporation and Coyotes enter exclusive negotiating agreement for new arena and multi-sport facility

TEMPE, Arizona – Catellus Development Corporation, Master Developer for the Arizona State University Athletic Facilities District, has entered into an exclusive negotiating agreement with the Arizona Coyotes holding company, IceArizona Holdings, to produce a development plan for approximately 58 acres in the district that would include a new arena and commercial development project.

The proposed development location is on the Northwest corner of McClintock Drive and Rio Salado Parkway and would include a roughly 16,000 seat arena as the new home for the Arizona Coyotes, along with an attached 4,000-seat, multi-sport facility for utilization by Sun Devil Athletics, and a hotel and mixed-use development.

“We are thrilled to partner with the Coyotes for their new facility,” said Greg Weaver, Executive Vice President for Catellus Development Corporation. “As the first major partner for the ASU Athletic Facilities District, the Coyotes campus will set an exciting tone for this innovative, urban corridor.”

Catellus was selected by ASU in 2014 as Master Developer for the ASU Athletic Facilities District, a unique, mixed-use development on 330 acres adjacent to the northeast end of ASU’s Tempe campus. Originating from legislation passed by the state legislature in 2010 to create special revenue districts on land owned by state-supported universities, the district will provide financial returns to the university while delivering significant, tangible economic impact for the City of Tempe and the Valley. Revenues generated by development in the district are dedicated for investment in ASU athletic facilities.

The agreement provides for a period ending no later than June 30, 2017 to create the overall budget, design and operational plan for the development. ASU intends to invest philanthropic support for costs associated with the Sun Devil Athletics multi-sport facility.

“Over the past year we have been exhaustive in our research regarding the most optimal location for our new home in the Valley,” said Arizona Coyotes President and CEO Anthony LeBlanc. “While we have tremendous fans all across the greater Phoenix metro area, not to mention the entire state, it became clear that the East Valley is home to a majority of our fans and corporate partners. Our fans in the West Valley have shown us tremendous support over the past 13 years, and we look forward to working with them as we transition to our new home in the future.”

Located at the northeast end of ASU’s Tempe Campus, the district includes most University-owned land generally bounded by Sun Devil Stadium, Veterans’ Way, University Drive, McClintock Road and Tempe Town Lake. The district enjoys a premium central location in the greater metropolitan Phoenix area with access to major transportation corridors including light rail and freeways.  In addition, it is located approximately three miles from Sky Harbor International Airport.