Up & Coming Brokers Sweep Emerging and Rookie Broker of the Year Awards

Phoenix – CBRE brokers Rusty Kennedy and Cooper Fratt have been honored at the Best of NAIOP, an annual competition sponsored by the Arizona Chapter of the National Association of Industrial and Office Properties (NAIOP). Senior Associate Rusty Kennedy was named NAIOP’s Emerging Broker of the Year, while Associate Cooper Fratt was honored as NAIOP’s Rookie Broker of the Year.

Part of one of the market’s top industrial brokerage teams that also includes Senior Vice Presidents Pat Feeney, Dan Calihan and Joe Porter, Rusty Kennedy was involved in the sale of more than ±3.7 million square feet of industrial/flex space and 237 acres of industrial land in 20 transactions and ±1,448,267 square feet in 54 leasing transactions in 2013. Recognized as one of the top young brokers in the Phoenix metropolitan area, Kennedy’s leadership extends past the commercial real estate industry into the community as a whole. In addition to the honor of Emerging Broker of the Year, his past achievements include NAIOP AZ Developing Leader of the Year Award Recipient 2011 & 2012 and NAIOP National “Developing Leader of the Year” Award Recipient 2012.

A member of the brokerage team of Senior Vice Presidents John Werstler and Jerry McCormick, Fratt was involved in the completion of 6 industrial sale transactions totaling ±207,765 square feet and $9,761,000 in total consideration, 9 industrial land sale transactions totaling 131.14 acres and $24,802,591 in consideration and 26 industrial lease transactions totaling 567,395 square feet. Fratt, who started with CBRE in research in 2008, began his brokerage career in October of 2012. Since that time he has significantly increased his team’s revenue and marketing platform and has established himself as one of the most hard-working, honest young brokers in the market.

“No one is more deserving of these honors than Rusty and Cooper. Their hard work, dedication to client success and ever deepening market knowledge exemplify what it takes to succeed in this business,” said Craig Henig, senior managing director and Arizona market leader. “Brokerage professionals like Rusty and Cooper are the future of commercial real estate and CBRE is proud to have them on our team.”

NAIOP, a trade organization for developers, owners and investors in industrial, office and related commercial real estate recognized the award recipients at a banquet held March 27, celebrating its “Best of NAIOP 2013” competition. CBRE’s additional honorees included Tom Adelson, Jim Fijan, Jerry Roberts and Corey Hawley who were awarded the coveted Office Brokerage Team of the Year.

Kennedy can be reached at (602) 735-1712 and Fratt is at (602) 735-5555.

SubZero to Expand Existing Facility at Prominent West Valley Business Park

Phoenix, Ariz. – CBRE has completed the sale of an 11.5-acre land parcel at PV303, the master-planned business park which sits at the confluence of Interstate 10 and Loop 303 in Goodyear, Ariz. The land parcel commanded a sale price of $2 million ($4. PSF).

Pat Feeney, Dan Calihan and Rusty Kennedy with CBRE’s Phoenix office negotiated the transaction on behalf of development owner, Sunbelt Holdings. The land was purchased by SubZero, who was represented by John Pompay with Cassidy Turley’s Phoenix office.

SubZero currently operates a 438,501-square-foot manufacturing and distribution facility within PV303 at 4235 N. Cotton Lane in Goodyear. The industry leader in premier cooking and preservation appliances has purchased the additional 11.5 acres to facilitate an expansion of their current facilities, which SubZero purchased in 2010.

“This sale is a testament to the continued recovery of the industrial market in Phoenix,” said CBRE’s Feeney. “The Phoenix metro has become recognized as a mature industrial market and a large number of users are actively looking across the Valley. SubZero, who’s already been in the market for the past four years, recognizes the benefits offered in metro-Phoenix and PV303 in particular.”

Acquired through a Sunbelt Holdings venture in 2010, PV303 is a master-planned business park designed to meet the growing demand for commercial and industrial opportunities in metro-Phoenix. At build-out the park will offer ±1,600-acres with 20 million square feet of office, retail and industrial space. Ideally situated to serve Arizona as well as key markets in the western U.S. like the Ports of Long Beach; Los Angeles and San Diego, Calif.; El Paso, Texas; and Las Vegas, Nev., PV303 benefits from approved Foreign Trade Zone status on portions of the property. This FTZ status provides special customs procedures to U.S. plants engaged in international trade-related activities, making it an attractive opportunity for major companies looking to locate in the metro-Phoenix area.

In addition to the SubZero manufacturing and distribution facility, PV303 is currently home to Dicks Sporting Goods’ western United States Distribution Center.

Feeney, Calihan and Kennedy should be reached at CBRE’s Phoenix office at (602) 735-5555.

The following Phoenix leases were reported to Real Estate Daily News during the week Frbeuary 24 – 28, 2014.

OFFICE/WAREHOUSE – 4707 E BASELINE RD., PHOENIX
CBRE has negotiated a 90,152-square-foot office/warehouse lease at 4707 E. Baseline Rd. in Phoenix, Ariz.  Pat Feeney, Dan Calihan and Rusty Kennedy with CBRE’s Phoenix office represented the landlord, Dalfen America Corp. of Westmont, Quebec, Canada. The tenant, a San Carlos, Cailf.-based distributor of electrical products, was represented by Mike Parker, Evan Koplan, Pete Wentis and Kevin Cosca, also with CBRE.

“We were extremely fortunate to find an existing facility that met the tenant’s location and physical parameters in a moment in time where we could advance their overall strategic objective of consolidating a few scattered business units into a centralized Metro Phoenix distribution center,” said Mike Parker, industrial specialist and first vice president with CBRE. “We were able to meet their strategic objective two years earlier than initially planned and realize cost savings in a much shorter time frame than anticipated.”

The tenant’s newly leased space comprises approximately 25,000 square feet of office space, with the remaining 65,000 square feet being warehouse and distribution space. The electrical product distributor will operate a regional office and central distribution center from this location. This corporate image industrial building constructed in 1996 was acquired by Dalfen America Corp. in August 2013. The property benefits from excellent access to the I-10 freeway, arterial street presence and proximity to Phoenix Sky Harbor International Airport. The building is now 66 percent leased with the tenant taking occupancy May 1st; the property has 47,000 square feet of available space.

RETAIL – 717 S HACIENDA DR., TEMPE
A lease for 2,315-square-feet in Hacienda Auto Center to Color Bomb Vehicle Wraps was recently consummated.  The location of the property is 717 S. Hacienda Dr. in Tempe.  The owner of the center is MWM Associates, LLC. Jared Lively of Rein & Grossoehme CRE represented the owner and the tenant.

RETAIL – 4041 E INDIAN SCHOOL ROAD, PHOENIX
A lease for 1,170-square-feet in 40 Palms Retail to Kumon Learning Center of Arcadia was recently consummated.  The location of the property is 4041 E. Indian School Road in Phoenix.  The owner of the center is Arcadia Village Shops, LLC.  Jared Lively of Rein & Grossoehme CRE represented the owner and the tenant.

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