Vascular Surgeon to open new medical facility in Peoria
Phoenix, Arizona – SVN Desert Commercial Advisors finalizes a long-term lease at the Peoria Medical & Professional Center in Peoria, AZ. Advisor Jonathan Levy worked with the tenant in finding the perfect space for the medical facility expansion in the west valley.
The tenant, Northwest Vascular will also include some ancillary services within this 10,000-square-foot space that his tenant will occupy. The vascular surgeon Dr. Richard Neville is well known within the medical community. Dr. Neville currently has a location in Sun City within a different Healthcare Trust property. Levy states, “I worked directly with the medical consultant for the doctor.” The SVN advisor specializes in office & industrial space and was recently in Vancouver, British Columbia, Canada with the NAIOP organization presenting the current Phoenix market reports in Arizona in these areas.
“I was working on another project and through conversation, we subsequently connected to discuss their criteria on what they needed for this facility,” said Levy. “I was ultimately able to identify an ideal location and space suitable for their specific needs.” This is a newer ASC operation however the reputation of Dr. Neville will bring great value to the area for the new medical facility.
The new medical facility is located at 13128 N 94th Drive and is expected to open in October of this year.
Vestis Group Helps Sprint Open Four New Stores in Tucson, Phoenix, Mesa and Gilbert, Arizona
Vestis Group negotiated four long-term corporate leases for Sprint in Phoenix, Mesa, Gilbert and Tucson, Arizona
Phoenix, Tucson, Mesa, Gilbert, Arizona –Vestis Group, a commercial brokerage and investment firm, is pleased to announce the completion of four long-term corporate leases for Sprint (NYSE: S) in Arizona. The Phoenix based Vestis Group commercial brokerage team of Natan Jacobs and Matt Morrell negotiated the leases on behalf of the tenant, Sprint. Vestis Group provides services to select national, regional and local tenants with their expansion plans throughout Arizona.
Natan Jacobs and Matt Morrell represented the tenant, Sprint, in a 120-month retail lease for 2,450 SF at 3900 W Ina Rd, Tucson, AZ 85741. Toby Harvath with Town West Realty, Inc. represented the landlord, Embassy Plaza, LLX.
Natan Jacobs and Matt Morrell represented the tenant, Sprint, in a 120-month retail lease for 2,919 SF at 2425 S Gilbert Rd, Gilbert, AZ 85296.
Natan Jacobs and Matt Morrell represented the tenant, Sprint, in a 120-month retail lease for 2,450 SF at 929 N Dobson Rd, Ste 104, Mesa, AZ 85201.
Natan Jacobs and Matt Morrell represented the tenant, Sprint, in a 60-month retail lease for 2,490 SF at 10633 N Tatum Blvd, Suite 104, Phoenix, AZ 85028.
Sprint Corporation (NYSE: S) is an American telecommunications company that provides wireless services and is an internet service provider. It is the fourth-largest mobile network operator in the United States and serves 54 million customers as of October 2017. The company also offers wireless voice, messaging, and broadband services through its various subsidiaries under the Boost Mobile, Virgin Mobile, and Assurance Wireless brands, and wholesale access to its wireless networks to mobile virtual network operators. You can learn more and visit Sprint at www.sprint.com.
NAI Horizon represents landlord in long-term lease totaling 1.746M for blood plasma collection center in Mesa
PHOENIX, ARIZONA – NAI Horizon represented the landlord in a long-term lease for a blood plasma collection center at Red Mountain Plaza in Mesa.
NAI Horizon Vice President Matt Harper, CCIM, and Associate Michael Gaida represented Red Mountain Asset Fund I, LLC, of Santa Ana, California, in the long-term lease totaling $1.746 million.
The tenant, Octapharma Plasma, Inc. of Charlotte, N.C., will occupy 14,000-sqaure-feet at Red Mountain Plaza, 9124 E. Apache Trail in Mesa.
“This end cap is a former Fresh & Easy space and the landlord was extremely pleased with the negotiations and closing of the deal,” Harper said. “Other than a couple of land PAD opportunities, this retail center is 100 percent leased.”
Red Mountain Plaza is located on NEC of the Loop 202 and Apache Trail in Mesa. Major retailers in the center include Burger King, Dollar Tree, Rent-A-Center and O’Reilly Auto Parts.
NAI Horizon celebrates award-winning, record-breaking 2018 as it continues to grow
PHOENIX, ARIZONA – NAI Horizon’s success in 2018 was highlighted by national recognition, continued growth and a record $357 million in total transactions.
The firm received the NAI Global President’s Award in recognition of its leadership, teamwork, and performance at the NAI Global’s international convention in Austin, Texas.
Terry Martin-Denning, NAI Horizon’s CEO/Designated Broker, was also named to the NAI Global Leadership Board.
These accolades emphasize NAI Horizon’s commitment to continual growth in all facets of the company to best serve existing and future clients.
“I’m proud of our NAI team and the overall achievements of our firm,” Martin-Denning said. “Our recruitment and growth strategies are rooted in our current company culture and intentional focus on our vision for long-term success.”
In 2018 five new agents were hired in the Phoenix office: Joan Krueger, office/Industrial; Lori Kahn, office; Mike Kumelski, retail; Jay Olson, industrial; and Victoria Filice, investment sales. These new hires bring an additional level of
experience, market knowledge and skillsets that align with the short and long-range goals of the company.
NAI Horizon’s broker ownership platform allows agents to benefit from both personal achievement and success of the company as a whole while encouraging a collaborative culture. This platform prioritizes broker needs while offering global reach and resources.
The list of 2018 Top Producers reflected the success of the broker ownership platform and the overall positive trends in the Phoenix commercial real estate market with a range of specialties represented: investment sales, industrial, office and retail.
NAI Horizon’s 2018 Top Producers:
1. Denise Nunez, Investment Sales (self storage);
2. Mark Wilcke, Industrial;
3. Chris Gerow, Retail;
4. Shelby Tworek, Retail;
5. Tyler Smith, Office;
6. Laurel Lewis, Office;
7. Lane Neville, Investment Sales;
8. Barbara Lloyd, Investment Sales;
9. Matt Harper, CCIM, Retail;
10. Gabe Ortega, Retail.
NAI Horizon 2018 highlights:
·NAI Horizon’s retail team of Senior Vice Presidents Chris Gerow, Shelby Tworek, Gabe Ortega and Associate Patrick Anthon negotiated the most transactions by a team. This included long-term leases totaling more than $23 million for Planet Fitness locations throughout the Valley.
·Matt Harper, CCIM, who was recently promoted to Vice President, closed the most transactions by an individual. Harper was also elected secretary/treasurer for the Central Arizona chapter of CCIM.
·Denise Nunez brokered the largest sale, $24.4 million for self-storage properties in California.
·Laurel Lewis recorded the largest lease, $10.6 million at 8300 E. Raintree in Scottsdale.
Maracay Debuts Deseo A New Peoria Community This Weekend
Deseo offers estate-sized homesites with RV garage options
PEORIA, Ariz.– Maracay is debuting Deseo with a grand opening celebration on Saturday, April 27. Located at 77th Avenue and Pinnacle Peak Road, the new home community is comprised of 94 homesites that offer RV garage, accessory garage and casita options on select homesites.
The April 27 grand opening event will include a neighborhood gathering at the community from 12-3 p.m. Home shoppers are invited to enjoy a catered, grilled lunch and refreshments, tour the new model homes, and visit with Maracay’s New Home Advisors to learn more about the neighborhood and its amenities.
Tucked away and surrounded by beautiful, natural desert landscape with direct access to the 13-mile New River Trail, Deseo places residents only a short drive away from Lake Pleasant, Peoria Sunrise Mountain Preserve, Thunderbird Conservation Park and Peoria Regional Preserve. The new community also offers easy access to premier Peoria schools, including Sunrise Mountain High School, and nearby shopping centers.
Deseo’s 88 gated homesites and six estate-sized homesites just outside the gates are carefully crafted and strategically connected with walking paths and multiple cul-de-sacs that encourage neighborly interaction and play. With five spacious, single-story Flex Design® floor plans ranging from approximately 2,695 to 4,354 square feet, each home can be personalized with a wide variety of structural options and designer finishes. Oversized homesites range from over one-quarter of an acre up to over three-quarters of an acre.
The homes at Deseo will be registered with the U.S. Green Building Council (USGBC), a third-party rating system that verifies compliance across several areas addressing sustainability, with the goal of earning the LEED® Certified designation. Designed to use 30–50 percent less energy than typical homes, each home will meet the EPA’s Indoor airPLUS specifications and will feature water-efficient fixtures, LED lighting, energy-efficient heating and cooling systems, Energy Star® appliances, tankless water heaters, and Wi-Fi-enabled, programmable thermostats. Homes will also feature the latest in smart home technology and Maracay’s LivingSmart® program for maximum performance and cost efficiency
For more information on Deseo, please contact Maracay Homes New Homes Specialists Pam Meyer and Beth Stern at NewHomes@MaracayHomes.com or by calling (480) 401-5620.
Verona Park Apartments in Mesa Sell for $43.75 Million
Utah Investor Plans to Complete Renovations of Community in Popular Infill Location
Phoenix, Arizona – Bridge Investment Group of Salt Lake City has purchased the Verona Park apartment community at 1666 S. Extension Rd. in Mesa for $43,750,000 ($144,000 per unit). The Utah investor plans to complete modernization of the 304-unit development, which is located in a popular infill area.
“This asset provided a terrific value-add opportunity for investment,” says Cindy Cooke, senior executive vice president of Colliers International in Arizona. “The property is located adjacent to the recently redeveloped Fiesta District and in an area surrounded by expanding tech companies. Verona Park was partially updated by the seller and the buyer will benefit from completing renovations in an environment of rising rental rates.”
Bridge Investment Group purchased the property from Millburn Company, also of Salt Lake City. Cindy Cooke and Brad Cooke of Colliers International of Arizona represented Millburn Company in the transaction and Bridge Investment Group was self-represented.
Verona Park consists of 19 residential buildings totaling 248,224-square-feet. The community was built in 1981. The community features one and two-bedroom units averaging 817 square feet each. Twenty-five of the units have been renovated, leaving the remaining 279 apartments with classic interiors for future upgrading. Verona Park features a park-like setting with high quality landscaping, as well as a recently renovated clubhouse.
Verona Park is located within a submarket that experienced 9% rent growth in 2018. The property is situated next door to the Fiesta District, where $425 million has been invested. The community’s appealing infill location features 18,000 jobs within a one-mile radius.
Jackson-Shaw and LaPour Partners Break Ground on Urban Insutrial Development Parc Germann in Chandler
JLL Granted Leasing Assignment for Development Slated to Open
CHANDLER, ARIZ. — Dallas-based Jackson-Shaw and Las Vegas-based LaPour Partners announce the groundbreaking of Parc Germann, a 224,471-square-foot, two-building urban industrial development in Chandler, Arizona. Building A is located at 2215 E. Germann Road and Building B is located at 2225 E. Germann Road in Chandler.
“The Chandler sub-market is widely appealing to many companies, offering one of the best labor pools in the Phoenix area along with quality housing and amenities,” said Jeff LaPour, president of LaPour Partners. “Parc Germann is a significant development that will meet the growth that is feeding the demand for quality, Class-A, urban industrial space.”
Parc Germann is 224,471-square-feet of Class-A, flexible industrial space, broken down into a 92,261-square-foot Building A and 132,210-square-foot Building B. Each state-of-the-art building features modern, flexible industrial space designed to accommodate office, showroom, manufacturing, distribution, assembly and a variety of other industrial uses. This includes a front-loaded building featuring true dock high space, a full concrete truck court and the ability to have outside storage.
JLL’s Phoenix office will manage the leasing assignment for the development. Executive Vice President Pat Harlan and Vice President Kyle Westfall are serving as the project’s exclusive brokers.
“Parc Germann offers superior, functional industrial space and flexibility in meeting a diverse range of industrial occupant demands,” said Harlan. “The location offers tenants convenient access to both airports, the interstate and major freeways, making anywhere in the valley easily accessible to them.”
Situated on 16 acres in the Chandler Airport Center fronting Germann Road, Parc Germann is strategically located in the Chandler submarket, Arizona’s fastest growing city and the Innovation and Technology Hub of the Southwest. Its prime location offers excellent access to all areas of the valley via Loop 202, which connects to major north-south thoroughfares, as well as proximity to multiple restaurant and retail amenities. The development also is only minutes from Loop 101 and Interstate 10 and is less than 30 minutes away from Sky Harbor International Airport.
Churchill Commercial Capital funds $6.85 Million on 3 flex industrial buildings
Churchill Commercial Capital, Inc. (CCC), has recently funded three permanent loans on three individual flex industrial buildings in the Scottsdale Airpark. The combined loans of $6,850,000 replaced an existing bank note. New funding was provided through one ofCCC’s correspondent life insurance companies The loans featured interest rates in the mid to upper 4%fixed for 10 years with25 year maturity and amortization schedules. Each loan was produced on behalf of Churchill Commercial Capital by Craig Hoebing.
Churchill Commercial Capital is a commercial mortgage banking company established in 1994 who has closed over $3.1 billion in loans.Churchill originates and services loans for its correspondent life insurance companies, and arranges debt and equity investments for owners of commercial and multifamily properties.
Phoenix office market absorption hits 10-year quarterly high
Q1 JLL Office Report denotes more than 1 million square feet absorbed since first of year
PHOENIX, Arizona – According to JLL’s Q1 Phoenix Office Market Report, metro Phoenix has absorbed more than 1 million square feet of office space since the first of the year – a quarterly high not seen in over 10 years. This is already massively ahead of 2018, which though a notable year for local office space recorded 1.7 million-square-feet in total absorption for the full 12 months.
Of the 1.05 million-square-feet absorbed in the first quarter, JLL served on either the landlord or tenant side of 682,012-square-feet of space – or 64.5 percent of all office transactions to date this year.
“The continued positive absorption numbers and growth in metro Phoenix is obviously very exciting. We are optimistic that more job creation in all types of industries will continue here and are optimistic for a continued strong 2019,” said JLL Senior Managing Director Pat Williams. “We are equally excited to have our JLL team involved in so many of the first quarter transactions that resulted in these positive numbers. It’s a testament to our great clients and the JLL team members here in Phoenix.”
During Q1, 900,000–square-feet in new Phoenix office leases were completed and 78 additional tenants are collectively looking for more than 4.6 million square feet of space. Key first quarter occupancies involving the JLL team include:
Freedom Financial, leasing a full 150,000 s.f. building at Rio2100 in Tempe.
Deloitte, leasing 102,737 s.f. in the first of two Class A buildings delivering at Rivulon in Gilbert.
Benchmark Electronics, leasing 63,000 s.f. at a build-to-suit corporate headquarters at Rio2100.
Stantech, leasing 55,000 s.f. at the new Chandler Veridian, along the Loop 101/202 in Chandler.
Serendipity Labs, leasing 31,367 s.f. in the Camelback Corridor’s new Camelback Collective.
Workuity, leasing 19,787 s.f. at Chandler Viridian, expanding the coworking company into Chandler.
As Q1 absorption figures increased, vacancy dropped by nine basis points in the first quarter, creating the lowest vacancy rate Phoenix has seen since the second quarter of 2008. That creates a good backdrop for the approximately 2 million square feet of new office product under construction and expected to start delivery in the coming quarters.
Year-to-date office sales activity decreased just slightly to approximately $172 million, but with the same wide range of buyers interested in investing in Phoenix’s strong fundamentals.
“Collectively, these fundamentals reflect a still very strong market. We expect that momentum to continue, delivering opportunity to our clients throughout the remainder of 2019,” said Williams.
Clear Sky Capital Sells Scottsdale Apartments for $26.15 Million
Cushman & Wakefield Negotiates Sale of 164-Unit Value-Add Apartment Community
PHOENIX, Arizona – David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented an entity formed by Phoenix-based Clear Sky Capital, LLC in the sale of Tatum Place, located at 16801 N. 49th Street in Scottsdale, Ariz. Tatum Investment Partners, LLC, an entity formed by Chicago-based Rockwell Partners, purchased the property for $26.15 million ($159,450 per unit).
Tatum Place is a 164-unit, Class B apartment community centrally located east of the southeast corner of Tatum B
“Tatum Place is Rockwell Partners’ first acquisition in the Phoenix market. They were attracted to Tatum Place because of its excellent location and by the potential to add value by upgrading unit interiors and common area amenities,” said Fogler.
The community offers a mix of one- and two-bedroom floor plans at an average size of 814-square-feet. Each apartment features nine-foot ceilings, all-electric kitchens, washer/dryers in units, patios/balconies, wood-style flooring (in updated units) and walk-in closets. In addition, Tatum Place offers its residents a brand new state-of-the-art fitness center, two swimming pools, poolside clubhouse, outdoor barbecue grills, covered parking, gated access, fire pit by main pool and free WiFi.
President Signs Drought Contingency Plan Legislation
PHOENIX, ARIZONA – President Donald Trump today signed legislation formalizing the Drought Contingency Plan (DCP) — a crucial step toward full implementation of the agreement to conserve more water in the Colorado River system. The legislation directs the Secretary of the Interior to adhere to the agreements previously adopted by the seven basin states, including Arizona.
“The Drought Contingency Plan is a monumental, bipartisan achievement,” said Governor Ducey. “Drought is by far one of the most pressing issues Arizona faces and now we’re one step closer to protecting our water supplies and securing Arizona’s water future. We’ve been able to move this plan forward by putting party labels aside and putting Arizona first. I’m grateful to Arizona’s congressional delegation for promptly introducing and passing legislation to implement the DCP.”
On January 31, 2019, Governor Ducey signed legislation authorizing Arizona’s participation in the Drought Contingency Plan, the most signficant water legislation in the state in 40 years. The plan, which allows Arizona to join six other western states and Mexico in signing onto an inter-state water agreement to conserve water in the Colorado River system, is the result of years of planning among stakeholders throughout the country.
In addition to signing the Drought Contingency Plan, Governor Ducey also issued an Executive Order establishing the Governor’s Water Augmentation, Innovation and Conservation Council to focus on long-term water conservation and innovation. One meeting has already occurred, and members of the Council are discussing the issues that will be worked on in the coming months and years.
For more information on the Drought Contingency Plan, click HERE.
ORION Leases and Sells North Scottsdale Retail Development
SCOTTSDALE, Arizona – ORION Investment Real Estate comes full circle with a newly developed retail center in North Scottsdale. Selling off market for $6.15 million ($430.67 per-square-foot), the grocery-anchored development traded at a low 6% cap rate with a rent guarantee on the last vacant space. The 5-tenant building is located in a Bashas’ supermarket anchored center, serving the affluent areas of McDowell Mountain Ranch, DC Ranch, Windgate, Silverleaf, and Ironwood Village Communities.
Jennifer Eggert and Michael Achtman, ORION’s leasing specialists, worked on getting the newly constructed development pre-leased. Current tenants include The Whining Pig, Banfield Pet Hospital, 9Round Fitness and Rehab Plus, with one suite still available. Eggert and Achtman assisted President and Principal of ORION, Ari Spiro and Sean Stutzman, with the sale. Eggert said, “The vision of our developer to not make this building look like a typical shopping center, really helped with our leasing efforts; it made the project unique and attracted quality tenants.”
“I have worked with the developer for nearly 20 years; they took great care with the building design and with our leasing specialists to cultivate a tenant base that has a strong mix of credit and e-commerce resistant tenants that will be impactful to the surrounding community and complement the neighboring tenants,” noted ORION’s President, Ari Spiro.
The Seller was a partnership of Jeff Kitchen and Tiny Cap, LLC – a wholly-owned investment firm of Jim Mullin. The project was developed by Mullin360, the same developer who is completing the 84-acre Scottsdale AutoShow at Salt River located between Pima Road and Loop 101 Freeway, just south of Indian School Road in Scottsdale. Construction management was provided by Mullin360Build.
Eric Termansen and McKenna Boyle Wesley of Western Retail Advisors represented the Buyer.
Tiny Cap is pursuing opportunities with its Opportunity Zone funds. Please contact Jim Mullin for more information at 480-443-9300. Mullin360 continues to look for retail and office development opportunities. Please contact Alexandra Schuchter for more information at 480-443-9300.