PHOENIX, ARIZ. — The Arizona Chapter of NAIOP, the commercial real estate development association, just released its 2022 legislative agenda.

NAIOP’s policy priorities focus on protecting the economy from damaging tax increases, improving certainty for developers engaged in complex projects that aid in business attraction, and returning control of the ballot initiative process to Arizona residents.

“On the heels of a very successful legislative session last year, we plan to continue the positive momentum in creating a policy environment that is ripe for new investment,” said NAIOP Arizona President & CEO Suzanne Kinney. “With the monumental changes of the past two years, 2022 presents a unique opportunity for our market to break away from the pack. We will aggressively pursue legislation that will help accelerate our movement towards Tier 1 status for business attraction and job creation.”

Last year, the legislature made significant progress in blunting the impact of income tax increases imposed on small businesses and other taxpayers through Proposition 208. By having the state backfill the income surcharge and creating a flat income tax rate for all taxpayers, businesses are better positioned to create jobs and recover from the impact of the COVID pandemic. NAIOP will continue to oppose legal efforts and new ballot initiatives that would prevent these protections from staying in place and reduce Arizona’s economic competitiveness.

Recent elections have made it clear that Arizona’s ballot initiative system no longer serves the intent of our state’s founders to be a mechanism for Arizonans to take matters of concern for a direct vote of the people. Instead, well-financed outsiders have abused the system to “try out” novel, high-risk policy ideas. After many years of being on the defense, it is time to bring back control to Arizona’s voters.

Reducing the commercial property tax assessment ratio remains one of NAIOP’s top policy priorities. We achieved major progress last year with a 2% reduction and will continue to work towards parity with other types of property owners.

In light of recent lawsuits over economic development incentives, NAIOP will work to refine the system so that complicated development projects that bring value to the community can avoid surprise lawsuits after many months of sunk costs and investment.

Finally, on the federal front, NAIOP will work with Arizona’s congressional delegation to prevent damaging tax policy proposals from going into effect, such as restrictions on 1031 like-kind exchanges, the taxation of carried interest as ordinary income rather than capital gains, elimination of the stepped-up basis for inherited assets, and removal of tax deductions for qualified pass-through entities.

Download NAIOP Arizona’s full 2022 Legislative agenda at this link.

Mesa, Arizona – Scottsdale-based Sterling Real Estate Partners recently acquired Mark at 87 apartments in Mesa, Arizona. Located within the heart of the South-East Valley, the 92-unit multifamily community is surrounded by some of Mesa’s greatest amenities.

This latest acquisition brings Sterling’s Arizona investment activity to more than $150 million since 2015. Built in 1970, the property is situated in the exploding East Valley of Metro Phoenix. The consistency of unit size and proximity to employment, education, and entertainment situates this community as a great fit for young professionals and students. Located off Country Club Drive between the 202 and 101 freeways and a short distance from highway 60, Mark at 87 is advantageously positioned to deliver easy commutability to the entire Phoenix metro and its diverse employment hubs. Prominent nearby employers include Boeing, MD Helicopters, GoDaddy, Orbital Sciences, the City of Mesa, Mesa Community College, the County of Maricopa, Drivetime Automotive Group, TRW, SRP, American Traffic Solutions, Santander Consumer USA, State Farm Insurance, and Wells Fargo Bank.

“Mark at 87 is our second acquisition in Mesa in the last 12 months and fits our traditional undervalued asset profile” said Sterling Real Estate Partners President, David Zeff. “Asset values have increased significantly across the Valley, and we continue to seek opportunities where we can acquire below replacement cost.”

Upon acquisition, the property remains 99 percent occupied with all units in classic condition. In the coming months, Sterling’s management team will implement its strategic capital improvement plan to reposition the asset. Mark at 87 will be renovated to include a modern paint scheme, enhanced landscaping, updated office, pool area, outdoor lounge, and upgraded unit interiors with a high end finish out.

The brokers that handled the transaction were Chris Canter, Senior Managing Director, and Brett Polachek, Senior Managing Director from Newmark Knight Frank, and the financing was arranged by Lucas Donahue, Senior Vice President from Grandbridge.

PHOENIX, ARIZ. – AZCREW has elected the officers and directors that will lead Metro Phoenix’s premier women’s commercial real estate organization in 2022. AZCREW exists to transform the commercial real estate industry by advancing women globally.

The 2022 leadership comprises Heather Fox Skinner, CBRE, Global Workplace Solutions, President; Samantha Pinkal, Greater Phoenix Economic Counsel, President- Elect and Secretary; Lindsey Carlson, Colliers International, Immediate Past President; Amy Ferrari, Mode Commercial Real Estate, Treasurer; Alicia Jennings, RestorationHQ, Director; Jenny Liles, Cushman & Wakefield, Director; Elizabeth Paquette, Sonoran Property Construction, Director; and Michelle Rutkowski, MOR Studio, Director.

“As a member of multiple CREW chapters throughout my career, this organization has been instrumental in building my network, honing my leadership skills, and deepening my knowledge and perspective. I attribute a great deal of my personal success to the strength of our CREW; I am honored to lead our Arizona chapter next year,” Skinner said. “Hearing CREW members’ stories of success, resilience, and belonging fuel my passion to serve our members as we grow strategically in support of our mission.”

AZCREW’s focus remains providing unparalleled membership value, focusing on quality programming and leadership development. AZCREW is committed to diversity, equity, and inclusion as evident by its CEO-driven pledge for action in CRE, signed by more than 50 company leaders.

“Thanks to the leadership of Lindsey Carlson and our entire board of directors, we finished 2021 strong with a notable uptick in applications for full and associate members,” Skinner said. “I am confident we will exceed our 2022 membership goals while consistently delivering exceptional value to our members.”

AZCREW’s 2022 strategic initiatives to further its mission includes:

• Provide scholarships for local members to engage in leadership training through CREW Network Global Leadership Certificate Program and Leadership Summits.
• Leverage its expertise in diversity, equity, and inclusion (DEI) as the global leader on research surrounding gender and diversity in commercial real estate.
• Continue collaboration with neighbor chapters to facilitate shared best practices and business opportunities regionally and globally.
• Focus on long-term succession planning to develop leaders across the Valley as AZCREW positions itself for growth.
• Recognize the achievement of its members and their companies through award nominations and global recognition programs.

PHOTO: Heather Fox Skinner, CBRE, Global Workplace Solutions, AZCREW 2022 President