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

TUCSON, ARIZONA — Harsch Investment Properties, LLC purchased 14.19 acres of industrial land at 3761 E. Ajo Way in Tucson, for $2,148,167 ($3.50 PSF) for construction of a 151,840-square-foot speculative building for this site.

Harsch acquired its first property in Phoenix in 1963. In June 2020, it opened its Tucson regional office and now owns and operates over 1 million-square-feet of space in Arizona, as well as 134 acres of well-located land in the Phoenix Metro and 46 acres in Tucson, which could be developed on a build-to-suit basis.

Harsch Investment Properties, a privately-owned real estate Portland-based firm, has been building large spec industrial buildings in Tucson since 2020. The first 157,500-square-foot building, located at the Tucson Airport Distribution Center, became at the time the first large spec industrial real estate project built in metro Tucson since 2009. With easy access to I-10, I-19, Tucson International Airport (TUS) and the Port of Tucson, the site is ideal for companies in the distribution, fulfillment and logistics industries. The project proved successful and Harsh continued with other commercial spec projects.

• 57,263 SF at Butterfield Corporate Plaza
• 153,500 SF at Medina Commerce Center
• 45,500 SF at Oro Valley Commerce Center
• 130,000 SF at Tucson Airport Center with another 141,000-square-feet coming in Phase II, scheduled for Q3 2022
• 271,046 SF at Tucson Airport Distribution Center
• 184,080 SF on 12.77 acre site at Drexel & Tucson Boulevard is also planned for Q3 2022

Harsch acquires, manages and develops properties for its own portfolio. The company owns and operates 28 million square feet of office, multi-tenant industrial, multi-family and retail properties in six western states. Harsch has regional offices in Portland, Seattle, the San Francisco Bay Area, Sacramento, Las Vegas, San Diego and Arizona.

In September, Harsh welcomed Imperial Brown, a leading manufacturer of custom walk-in coolers and freezers, to open a 99,000-square-foot stand-alone building at the corner of E. Medina Road and Brosius Avenue on a 6.73 acre site. Construction of the state-of-the-art facility is set to begin Q1 2022. Imperial Brown has already relocated staff to the Tucson area, to assist with pre-construction and construction phases. Once completed in 2023, the company plans to hire approximately 100 employee-owners at the new location at Tucson Airport Distribution Center. The economic impact of the new operation will be $225 million over the next 10 years, according to Arizona Commerce Authority.

“We are big believers in Tucson and Southern Arizona as a strategic location to continue to grow our business,” said Jordan Schnitzer, Harsch’s president. “Tucson has great success with attracting new businesses and this speculative building will continue to push the region forward as a leader in distribution and logistics operations.”

Gordon Wagner with NAI Horizon represented the seller in this latest acquisition on Ajo Way, Ruby Holdings, LLC . Jesse Blum, Industrial Specialist with Cushman & Wakefield | PICOR, represented the Harsch in the transaction.

For more information, Wagner can be reached at 520.326.2200 and Blum can be contacted at 520.546.2772.

To learn more, see RED Comp #9266.

From Shopping Center Business

San Diego and Lake Forest, Calif. — Jack in the Box Inc. (NASDAQ: JACK) and Del Taco Restaurants (NASDAQ: TACO) have entered into a merger agreement valued at approximately $575 million, inclusive of existing debt.

Under the terms of the agreement, Jack in the Box will acquire Del Taco for $12.51 per share in cash. The deal, which is expected to close in the first quarter of 2022, would yield a company with more than 2,800 restaurants across 25 states. In addition, the new entity plans to grow its store count by 4 percent annually by 2025.

“This is a natural combination of two like-minded, challenger brands with outstanding growth opportunities,” says Darin Harris, CEO of Jack in the Box. “Together, Jack in the Box and Del Taco will benefit from a stronger financial model, gaining greater scale to invest in digital and technology capabilities and unit growth for both brands.”

“Del Taco has a loyal, passionate guest base and a strong operating model, and we believe that we can leverage our infrastructure, experience refranchising and development strategy to support Del Taco’s growth plans and expand Del Taco’s footprint,” continues Harris.

“In recent years, we have uniquely positioned Del Taco as a leader in the growing Mexican quick-service restaurant (QSR) category, expanded our digital capabilities to enhance consumer convenience and focused on growing the brand through franchising,” says John Cappasola Jr., president and CEO of Del Taco. “This has resulted in eight consecutive years of franchise same-store sales growth and an accelerating new unit pipeline. Jack in the Box shares our vision for the future and has the QSR expertise to further accelerate Del Taco’s growth.”

Jack in the Box, founded in 1951 and based in San Diego, is a QSR chain known for burgers and breakfast items with a portfolio that spans 2,200 restaurants across 21 states. Over the course of this year, the chain has entered into several development agreements with the goal of adding 111 new restaurants over the next several years.

Lake Forest-based Del Taco was founded in 1964 and operates roughly 600 restaurants across 16 states, the overwhelming majority of which offer drive-thru service. Earlier this year, Del Taco debuted a new store format with double drive-thru lanes, dedicated parking for third-party pickup orders and elevated kitchen visibility.

Bank of America (BofA) Securities and Gibson, Dunn & Crutcher LLP are respectively serving as financial and legal advisors to Jack in the Box. Piper Sandler & Co. is providing financial counseling to Del Taco, with McDermott Will & Emery LLP serving as the chain’s legal advisor. BofA has also committed to financing the acquisition by issuing additional securitization notes through an existing program with Jack in the Box.