Jennifer Summers Joins SVN | Desert Commercial Advisors

Jennifer Summers

Phoenix, Arizona  – SVN | Desert commercial Advisors is proud to announce the addition of Jennifer Summers (soon to be Jennifer Hill after her marriage later this month) to the team. Jennifer brings with her a wealth of experience and knowledge in all aspects of retail leasing and sales, including: landlord and tenant representation, site selection, ground up development, re-development, and acquisitions and dispositions of assets. After beginning her career over 20 years ago with Westfield Corp in California, Jennifer moved to Arizona and began working with RED Development before transitioning over to the brokerage side.

“It is truly my pleasure to join SVN and to work closely on a team with Mary Nollenberger.  Mary shares very simple core values: high integrity, positive energy, commitment, professionalism and superior customer service that are unrivaled in the CRE industry.  I can hardly wait to see what brilliance is on this new horizon,” said Summers.

“Jennifer’s values align perfectly with the core covenants of SVN and our office.  Her focus on client service and professionalism, while maintaining the highest level of integrity, has lead to an incredibly successful career working with some of the top landlords and tenants in our market. We are excited to have her in the SVN family” added Perry Laufenberg, Managing Director and Partner.

 

 




The Shops at Hilton Village included in BIG RED Portfolio

The Shops at Hilton Village in Scottsdale
The Shops at Hilton Village in Scottsdale, AZ

Partnership Acquires 4 Shopping Centers in 2 States

PHOENIX, AZ – California-based BIG Shopping Centers USA (TASE: BIG) and Phoenix-based RED Development announced Thursday a joint venture partnership to maximize market presence and performance of select U.S. retail properties in the Midwest and West. In particular, the partnership seeks to acquire established, first-tier community, lifestyle and power centers with strong tenant line-ups and sales figures that are well positioned in markets throughout the United States.

BIG USA joined with RED to pursue high-quality retail assets in targeted, high-growth, stabilized US markets for long-term hold,” explains Stanley L. McElroy, Jr., president, BIG Shopping Centers USA.  “The complementary and proven expertise of both teams that has built our respective retail real estate portfolios and reputations really makes this synergetic partnership work – and beneficial to both companies.”

The inaugural investment of BIG RED Portfolio, LLC includes four shopping center properties in two states totaling 1.5 million-square-feet:

  • Regency Court (Omaha, Neb.): a 171,000-square foot, enclosed specialty center on Dodge Road in the heart of Omaha; transaction closed April 3.
  • The Shops at Hilton Village (Scottsdale, Ariz.): a 93,000-square foot specialty center with 25 boutiques, restaurants and services catering to affluent Scottsdale residents; transaction closed April 1.
  • Village Pointe (Omaha, Neb.): a 601,000-square foot, power and lifestyle center recognized as the destination for upscale national brands.
  • Camelback Colonnade (Phoenix, Ariz.): a 618,000-square foot power center, situated along Camelback Road in the heart of Camelback Corridor; transaction closed December 31.

“We knew BIG USA would be an ideal partner for RED as we pursue our strategy of forming joint ventures with top-quality organizations so we can grow through smart acquisitions and strong operations,” said Michael Ebert, managing partner, RED Development.  “Our combined new entity with BIG launches with a wonderful collection of high-performing properties that successfully mix retail, dining, entertainment and everyday services to resonate with local shoppers.  With BIG, we look forward to adding attractive properties to this portfolio that similarly connect with communities for robust performance.”

The new portfolio combines properties that have been owned separately by BIG USA and RED, with plans to add additional properties to the portfolio.  In the joint venture with RED, BIG USA acts primarily as a co-investment partner contributing strategic leasing and management direction while RED Development will manage, lease and operate the assets.  RED and BIG USA have worked together as owners of the successful Village Pointe property since 2010.

Along with the portfolio launch, RED also commences management of four BIG USA assets including Fullerton Town Center (Fullerton, Calif.); The Shops at Vineyard Village (Euless, Texas); Sunset Esplanade (Hillsboro, Ore.); and Towne Center East (Signal Hill, Calif.).

BIG USA seeks opportunities to collaborate with qualified development partners such as RED where its capital investment aligns with partners’ qualified skill sets in order to build asset value through long-term ownership.

RED, currently celebrating 20 years as a developer, owner and operator of high-quality retail and mixed-use properties, has a productive history of growth through targeted joint venture partnerships in line with the new portfolio with BIG.

Established in 1994, BIG Shopping Centers is an international owner, operator and developer of shopping centers in Israel, United States, India and Serbia. BIG USA primarily focuses on acquiring lifestyle, neighborhood and power centers. For more information, visit www.bigcentersusa.com.

RED Development is a wholly integrated commercial real estate company, RED Development maximizes asset value and performance for its high-quality retail and mixed-use portfolio that comprises 33 properties totaling 16 million-square-feet in 11 states. To learn more, visit www.reddevelopment.com

 




Phoenix Lease Report – March 31 – April 4, 2014

Phoenix Lease Report
Phoenix Lease Report

The following leases were reported to the Real Estate Daily News for the Phoenix Lease Report in the metro Phoenix area for the week of March 31 – April 4, 2014.

Consumer Cellular, leased 85,245 sq. ft. of back office space in the Tempe Commerce Park, Bldg. F, 7410 S. Roosevelt St. in Tempe, Ariz. The lease is for 8 years and starts this spring and will be comprised of the entire building footprint. Lee & Associates Principal, Rick Lee, represented the Scottsdale-based ownership of Walton-EH Tempe Commerce JV VI, LLC (Everest Holdings). Mike Nye of Capacity Commercial of Portland represented the tenant, Consumer Cellular.

Larry Miller and John Jackson of Velocity Retail Group represented Anthem Eastside Shops on the northwest corner of Anthem Way and Venture Drive in Anthem, Arizona in the lease of a 9,145 sq. ft. space to Dollar Tree. The tenant had long attempted to enter the Anthem market, but had been unable to secure quality real estate of sufficient size. The landlord, DPC Development Company, was able to relocate one of their restaurant tenants within the building to create a space for Dollar Tree. Kurt Kalocin of SRS represented the tenant in the 7-year lease. The new store is set to open in April.

Tom Bean and Troy Giammarco represented the tenant, Landmark Collections, LLC, in a 62-month office lease transaction for a 5,079 sq. ft. space at 7776 South Pointe Parkway in Tempe, AZ. Ryan Michael with Cushman & Wakefield represented the landlord, Clocktower Corporate Centre Limited Partnership.

Barbara Lloyd and Tom Bean represented the landlord, Tempe CC, LLC, in a 63 month medical lease transaction for a 3,333 sq. ft. space at 4515 South McClintock Drive in Tempe, AZ. Matt Nebeker with Cassidy Turley represented the tenant, Arizona Microtek, Inc.

Valor IT dba Valor Global Services signed a 6 month lease for 3,000 sq. ft. of office space at 2720 E. Thomas Rd. # A-2000, Phoenix. Adrienne Bryant & Jonvieve Bryant of Bryant Commercial Real Estate handled the transaction for Freeport Investments, the landlord in this transaction.

Hut No. 8, a clothing retailer new to the Phoenix Valley, will be opening its first location in Arizona at the SWC of Warner Road and Val Vista Road in Gilbert. Larry Miller, John Jackson, and Michael Clark of Velocity Retail Group negotiated a five-year lease of 3,428 sq. ft. on behalf of the landlord, North American Development Group. The tenant was represented by Mark Camara of APE Realty. This is also the first location for the franchisee, which plans to open in July.

PopeyesVelocity Retail Group, LLC announces that the first newly redesigned prototype for Popeye’s Louisiana Kitchen will be built at the southwest corner of Elliot Road and Priest Drive in Tempe, Arizona.   Dave Cheatham, Michael Clark, and Nick Ault of Velocity Retail Group represented Popeye’s in the transaction.  The landlord TPP JV Maricopa, LLC an entity controlled by Trigate Capital was represented by Clift Johnston of Cassidy Turley BRE.  The new building will be 2,951 sq. ft. and be located on a 23,000 square foot parcel fronting Elliot Road and is expected to open by the 4th quarter of this year.

BBD Ventures LLC dba Mojitos Cigar Bar signed a 5 year lease for 2,830 sq. ft. of retail space at 29850 N. Tatum Blvd. Phoenix represented by Adrienne Bryant & Jonvieve Bryant of Bryant Commercial Real Estate.  Hanley Properties II LLC represented the landlord in this transaction.

Mike Myrick represented both the landlord, CPLC, Inc., and the tenant, Restaurant Success, LLC, in a 5 year retail lease transaction for a 2,592 sq. ft. space at 701 South Central Avenue in Phoenix, AZ.

West Valley Gaming signed a 5 year lease for 2,535 sq. ft. of retail space at 13915 N. Dysart Rd. Suite C1 El Mirage AZ. From A. Bryant.  Hanley Properties VII LLC represented the Landlord in this transaction. Chris Gerow, Shelby Tworek, and Gabe Ortega of NAI Horizon represented both the landlord, CP6GT, LLC, and the tenant, Anaya’s Fresh Mexican Restaurant, in a 5 year retail lease transaction for a 2,401 sq. ft. space at 5830 West Thunderbird Road in Glendale, AZ.

Larry Miller and John Jackson of Velocity Retail Group represented European Wax Center in a 10-year lease of 1,681 sq. ft. at Boardwalk at Anderson Springs located on West Ray Road in Chandler, Arizona. The landlord was represented by Shelby Tworek and Gabe Ortega of NAI Horizon. This is the 18th Valley location for the tenant, and is scheduled to open in August.

24/7 AC, LLC dba 24/7 AC signed a 2 year lease for 1,000 sq. ft. of retail space at 500 W. Southern Ave. Adrienne Bryant & Jonvieve Bryant of Bryant Commercial Real Estate represented the tenant. Southern Square LLC represented the landlord in this transaction.

Chip Thor of Velocity Retail Group represented V’s Barber Shop in a 5-year lease for 950 sq. ft. at CityScape at First Street and Washington in downtown Phoenix, AZ. The landlord was represented by Mike Kallner of Red Development. The new shop is expected to open this month.