Chris and Matt Roach View Colliers’ National Platform as Opportunity for Growth

Phoenix, Arizona –  Christopher Roach and Matthew Roach have relocated their Roach Multifamily practice to Colliers International in Greater Phoenix.  The brother team views the move to Colliers as an opportunity to expand their client base and extend the practice to larger assets.

Over the last three years, the team has completed 25 multifamily transactions with most deals ranging between $1million and $25million. “Our focus is on growing our presence in the private capital, multifamily sector of the market. We look to combine Colliers’ national platform and extensive resources with our local market knowledge and experience, to offer the highest quality brokerage services in a constantly changing market,” says Chris Roach.

“This young, dynamic team of brothers has made a mark on the multifamily marketplace here in Phoenix,” says Bob Mulhern, senior marketing director for Colliers International in Greater Phoenix.  “Their track record in the past three years is an impressive harbinger of future success at Colliers.”

The Roach Multifamily practice focuses exclusively on multifamily investment sales in the metropolitan Phoenix marketplace.  This involves representing buyers and sellers of both stabilized and underperforming property.

Chris Roach has a background in marketing, sales and business entrepreneurship. He had a successful college career playing Division I Baseball, which he credits as an early source for his drive and determination. His sports and business background have given him unique skills with sales, analysis and negotiations.

Prior to real estate, Matt Roach worked in equity research at an institutional bank. He holds a bachelor’s degree in finance and accounting and is well versed in underwriting and valuing assets. Matt is recognized for providing clients with key data that is critical to debt/equity placement and sound real estate decision-making.

SCOTTSDALE, Arizona – The final days of 2017 brought a flurry of activity in the Phoenix commercial real estate market. For Scottsdale-based ORION Investment Real Estate, it has been another successful year measured by growth and deal volume. Focusing both on investment sales and leasing, ORION finished a strong 2017 with nearly $50 Million in closings in the final month of the year.

In just three days, the firm had over $29 Million in closings with the multifamily sales of Carole Arms, Stapley Place and Santana Ridge Luxury Condominiums, and the sale of the Republic West Office Building located in South Scottsdale. Additional multifamily closings in December included Stadium Court Apartments, Papago Vista Townhomes, and Arcos de Mesa. The retail team was active as well with the closings of Brookside Village in Surprise and a Dollar General portfolio in the mid-west United States. Multifamily producers Joseph Dietz, Bob Farrell, Linda Ayala, Christopher Roach, Matthew Roach, and Zack Mishkin are responsible for the transactions mentioned, along with Judi Butterworth and Nick Miner, CCIM closing the Republic West Office Building. Ari Spiro, Sean Stutzman and Derek Buescher handled the retail investment sales.

The ORION retail leasing team finished 2017 strong, with Michael Achtman completing leases for Hunt’s Interiors & Design in Scottsdale and Escape House in Mesa. Jennifer Eggert completed a lease for Herbal Nails & Spa at Algodón Center in Phoenix. Judi Butterworth completed a lease for Phoenix Salon Suites in Gilbert, and Gary Maitha for AZ Investment & Management in Phoenix.

Ari Spiro, President of ORION, says, “I am really excited about how this year is ending and the momentum that we are building for 2018. We’re seeing loaded pipelines for agents across all property types and disciplines. ORION agents didn’t take their foot off the pedal as the last few weeks in December neared.” Spiro continues, “2018 is shaping up to be very active for both the leasing and investment sales markets. There is a great deal of positive economic news on a national and local level.”

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.

Tucson Food Scene and Resorts Get More Exposure – The Los Angeles Times is calling Tucson an “outpost with a culinary heart and an artsy soul.” The newspaper discusses Tucson’s resorts and the culinary scene that is “on a rocket-like trajectory” since being named a UNESCO City of Gastronomy in 2015. Other items mentioned in the article include the Sun Link streetcar, El Tour de Tucson, and various restaurants and attractions.

Roadway Improvement begins on stretch of Valencia Road – Work is underway on the reconstruction project of Valencia Road, from 12th Avenue east to Campbell Avenue. Crews from Southern Arizona Paving and Construction Co., under contract with the City of Tucson Department of Transportation (TDOT), will work daytime and nighttime hours on weekdays, with occasional weekend work, through April 14. Day work will consist of milling (removing asphalt), while paving will be done at night. Work will commence after that to adjust manhole and water valve covers. The project is part of the voter-approved, $100 million, five-year Road Recovery street bond program. Road Recovery: https://1.usa.gov/1lxdFvK
Bond Oversight Commission Annual Report for 2016: https://1.usa.gov/1V9N4Vj

Get new water service by visiting Public Works Building – Tucson Water’s New Development/New Services Division is now staffing a counter at the City’s Planning and Development Services Department (PDSD). Every Wednesday and Friday, from 8:30-10:30 a.m., contractors, developers, and engineers can get information on new services and fees, meter and service requests, plan submittals and modifications, and more. Utility staff can answer questions and provide key forms to help move your project forward. PDSD is located in the Public Works Building, 201 N. Stone Ave. PDSD: https://bit.ly/2jWs7iM
Tucson Water: https://1.usa.gov/1kA18Hj

Luxury Apartments Close in Off Market Transaction for $25M – PHOENIX, AZ —  Located in the midst of office and mixed use development, Mandarina Luxury Apartment Homes recently sold for $25 million or $138,889 per unit ($175.73 PSF). Developed in 2002 by The GreyStone Group, Mandarina contains 180 units and is situated along the Valley Metro Light Rail. The property has a mix of one- and two-bedroom floor plans, featuring detached and direct-access garages, private patios and balconies, full-size washer/dryers, walk-in closets, and nine-foot ceilings.  Christopher Roach and Matthew Roach of ORION Investment Real Estate were the exclusive brokers in this transaction. “The attractiveness of Mandarina is due to the large number of jobs surrounding the complex – the immediate area features one of the Valley’s strongest workforce populations. Mandarina is adjacent to Papago Park Center, a 350-acre mixed use, urban development with over 3 million square feet of commercial space, and proximity to Hayden Ferry Lakeside and Marine Heights – Arizona’s largest development of Class-A office space. This area has already seen a tremendous amount of growth and is continuing to expand,” said Matt.  The Buyer was Denver-based Capital Real Estate (CRE), who now owns 2,449 units across 11 Valley apartments. The Seller was private entity, NMS Property Services. Mandarina Luxury Apartment Homes, obtained in 2006, was their last Phoenix property. The building was 95% occupied at close of escrow.

Pima County Supervisors unanimously approved Tuesday the appointment of Board Chair Supervisor Sharon Bronson to the Arizona Border Counties Coalition. The Coalition has members from Yuma, Santa Cruz, Cochise and Pima counties, all of which share borders with Mexico. The Coalition has members from Yuma, Santa Cruz, Cochise and Pima counties, all of which share borders with Mexico.  The primary purpose of the coalition is to create a unified voice and agenda that can help advocate to advocate for state and federal legislation and action related to economic development and other shared topics along the Arizona/Mexico border. Read more about the Arizona Border Counties Coalition HERE.

BlackRock: Make Room for Real Estate?!?! “U.S. commercial real estate has recovered, but the asset class could offer more growth amid reflation. This week on BlackRock‘s global weekly commentary, Richard Turnill, global chief investment strategist, makes the case. Property prices have returned to 2008 highs, but there are differences between then and now, says Turnill. For one, real estate development activity is lower and access to credit tighter. Valuations based on ratios of operating income to property values relative to the 10-year U.S. Treasuries are in the vicinity of the 20-year average.” (Barron’s)

These Retailers are Bucking the Store Closure Trend—for Better or Worse “Contraction isn’t limited to department stores. Specialty shops including Abercrombie & Fitch, Guess and Crocs are also trimming their U.S. store fleets, while recent bankruptcies from chains like The Limited are piling onto the vacancies. Yet as these chains leave space behind, others are scooping up their best locations. Here’s a look at 10 retailers still in expansion mode — whether it’s for better or for worse.” (CNBC)

7 Things You Should Know About the Trump Organization “The Trump Organization is currently the 48th largest private company in the United States, according to a report issued last year by research firm PrivCo. The company has 22,450 employees and took in $9.5 billion in revenue in 2014, according to the report. But others have estimated the staff as far smaller, with fewer than 4,000 people worldwide, and fewer than 150 people working out of the headquarters in Trump Tower in Manhattan.” (Esquire)

Amazon Books Starts New Chapter with Chicago Store Opening in Lakeview “Amazon launched its online bookstore nearly 22 years ago. On Tuesday, it will open the doors of a brick-and-mortar store in Chicago’s Lakeview neighborhood, giving customers a chance to test the e-commerce giant’s take on offline shopping. It’s just one 6,000-square-foot neighborhood bookstore. But it’s also one of Amazon’s first experiments with live customer service and cash registers, and a sign that one of the retail industry’s biggest disrupters may not be content to stick to e-commerce.” (Chicago Tribune)

States Find Closed Prisons Can Be a Tough Sell “States have found out the hard way that stunning views and good locations are not enough to overcome the baggage that comes with former prison sites. Massive, thick-walled cell blocks, dormitories and infirmaries tend to be too expensive to tear down and too restrictive to turn into viable enterprises. Nationwide, at least 22 states have closed or announced plans to close 94 state prisons and juvenile facilities since 2011, and only a handful have been sold or repurposed, according to a December report by The Sentencing Project, a criminal justice reform advocacy group.” (Finance & Commerce)

Will Miami’s Design District Live Up to its Promise as the City’s Premier Shopping Destination? “The district — broadly defined as the area from Biscayne Boulevard to North Miami Avenue, and from the north side of 36th Street to 42nd Street, with the center the Paseo Ponti and First Avenue — is the subject of a multimillion-square-foot revamp that will ultimately include 120 stores and at least 15 eateries in the neighborhood by the end of 2018, asserted  Craig Robins, president and CEO of Dacra, the driving force behind the redevelopment.” (The Real Deal)

Detroit Real Estate This Spring: What to Watch For and Expect “The construction boom over the past few years in Detroit has been dominated by apartments. We’ll see DuCharme Place and Orleans Landing open this spring, offering hundreds of new apartments in Lafayette Park and the Riverfront. And the micro apartments at 28 Grand will soon be completed. As we see more residential open up, the need for people to invest in the city and own property becomes even more apparent. We have a couple condo developments in the works; perhaps some smart developers could offer more in the near future?” (Curbed Detroit)

Brookfield Forecloses on Brill Building “Brookfield Asset Management’s real estate debt fund, a lender on the Brill Building, foreclosed on the full ownership interest in the iconic Midtown office property after winning a foreclosure auction Friday, a representative for the firm told The Real Deal. The Toronto-based office giant had the winning bid at a UCC foreclosure auction, allowing it to foreclose on $5.6 million in defaulted mezzanine debt and take control of the property, which was owned by two different groups of investors, the Brookfield representative said.” (The Real Deal)

RXR, Werner Score $1.4B Refi of 5 Times Square “Morgan Stanley has provided a $1.4 billion refinancing to RXR Realty and David Werner for their 5 Times Square office building which spans West 41st Street to West 42nd Street on Seventh Avenue, sources have confirmed to Commercial Observer. The debt package consists of a $782 million senior mortgage, a $200 million junior mezzanine loan from SL Green Realty Corp. and roughly $418 million in other mezzanine financing, according to one of the sources, who spoke on the condition of anonymity.” (Commercial Observer)

Transwestern Arranges Financing for Boston Landing Component “Transwestern arranged a short-term construction loan on behalf of NB Development Group for 80 Guest St. in Brighton, Mass., a part of New Balance’s $500 million Boston Landing mixed-use development. The financing, which was arranged through a syndication between U.S. Bank and TD Bank, will be used for the remaining construction on the property’s 265,000-square-foot office and laboratory section. The building also includes the Warrior Ice Arena, which serves as Boston Bruins’ new training and practice facility.” (Commercial Property Executive)