Press Releases | Q1 2016
Colliers International in Greater Phoenix

Greater Phoenix

Phoenix Office
2390 E Camelback Road
Suite 100
Phoenix, AZ 85016
USA
Main: + 1 602 222 5000
Fax: + 1 602 222 5001

Scottsdale Office
14080 N Northsight Blvd
Scottsdale, AZ 85260
USA
Main: + 1 480 596 9000
Fax: + 1 480 948 0502

Bob Mulhern
Senior Managing Director
Greater Phoenix
Direct: +1 602 222 5038
bob.mulhern@colliers.com

Colliers International
Press Releases | Q1 2016

Updates about our company, transactions, people and research.

Q1 | 2016 | Press Release Archive

  • Noel, Lambeth, Timpani Named Office Brokers of the Year at Best of NAIOP

    March 30, 2016 – Todd Noel, CCIM, executive vice president; Keith Lambeth, executive vice president; and Ryan Timpani, vice president, with Colliers in Greater Phoenix, were named Office Brokers of the Year at the 2015 Best of NAIOP Arizona event on March 24. This is the industry’s top award given in recognition of the brokers’ significant achievements in the Arizona office market. The team specializes in the sale and leasing of office properties throughout metro Phoenix, with expertise in tenant and landlord representation, investments, build-to-suits and land. Their remarkable record of success continued in 2015, with the completion of 32 sales and 88 leases, totaling more than 3.4 million square feet with a value of $131.3 million.

  • The Fairways Multifamily Asset Sells for $47 Million

    March 29, 2016 – Colliers International in Greater Phoenix completed the sale of The Fairways, a 352-unit, Class A apartment community at 777 W. Chandler Blvd., in Chandler, Arizona, for $47 million or $133,523 per unit. The seller was BAZV Fairways LLC, of Scottsdale, Arizona, a company formed by The Bascom Group of Irvine, California. Cindy Cooke and Brad Cooke of Colliers’ Phoenix office represented the seller. The buyer was Virtú Investments, LLC, of Larkspur, California.

  • Southern Arizona Association for the Visually Impaired Expands Phoenix Offices - Colliers International Represents Tenant

    March 23, 2016 – Colliers International in Greater Phoenix negotiated an office lease expansion and renewal on behalf of the Southern Arizona Association for the Visually Impaired (“SAAVI”) in Arcadia Gateway Center at 4222 E. Thomas Road in Phoenix. SAAVI renewed an existing 6,450-square-foot space and expanded with an additional 5,781 square feet, totaling 12,231 square feet for a term of 68-months. Greg Hopley, executive vice president with Colliers’ Scottsdale office, represented SAAVI.

  • Greater Scottsdale Airpark Seeing Steady Improvement - Transitioning to More Mixed-Use and Transit-Oriented Development

    March 17, 2016 – Jim Keeley, SIOR, CCIM, founding partner of Colliers International’s Scottsdale office, released his annual Greater Scottsdale Airpark 2030 Report for the year ending December 2015. The 2030 Report was first published in 1989 as the 2010 Report and provides a current and historical perspective on economic activity, growth and trends for the Greater Scottsdale Airpark. “We are seeing steady improvement in the overall health of the Scottsdale Airpark,” said Keeley. “On a scale of one to 10, the Airpark ranked a solid 10 at its height in 2007, was at a three in 2011, and is a seven today.”

  • Greater Phoenix Land Sales Gain Momentum to Close 2015

    March 16, 2016 – Colliers International in Greater Phoenix released its Second Half 2015 Land Research & Forecast Report, which shows the pace of land sales accelerated to close 2015, with double-digit gains recorded across proposed land uses. From the first half of 2015 to the second half of the year, sales of land parcels rose by 12 percent for residential construction, 36 percent for commercial uses and 25 percent for industrial uses.

  • Sorrento Apartments in Mesa Sell for $18 Million; Negotiated by Cindy Cooke and Brad Cooke

    March 10, 2016 – Colliers International in Greater Phoenix completed the sale of the 226-unit Sorrento Apartments for $18 million, or approximately $79,646 per unit. The community is located at 901 S. Dobson Road in Mesa, Arizona. Cindy Cooke, senior executive vice president; and Brad Cooke, senior vice president, with Colliers’ Phoenix office, represented the seller, Hamilton Zanze of San Francisco, California. The buyer was a private investment company, Silverstone Moreno, LLC, of Carlsbad, California, who was self-represented.

  • Cohen Equities Acquires Corporate Center in Phoenix

    March 20, 2016 – Cohen Equities, a New York City-based real estate investment and management firm, today announced the purchase of Corporate Center located at 10400 N. 25th Avenue in Phoenix, Arizona. The acquisition marks the firm’s second deal within the submarket since November 2015. Cohen Equities secured Corporate Center from CWSP-I-J, LLC, a company formed by Crown West Realty of Phoenix and owner of the property since 2007. Todd Noel, Keith Lambeth and Ryan Timpani with Colliers in Greater Phoenix negotiated the $10.4 million off-market sale of the 109,322-square-foot office building on behalf of the seller, while Cohen Equities was represented by Darren Tappen and Peter Beauchamp of Kidder Mathews.

  • Warren House Camelback Apartments Sold for $2.75 Million by Hahn, Sherman and Koskovich

    March 2, 2016 – Colliers International in Greater Phoenix negotiated the sale of the Warren House Camelback apartment community for $2.75 million, or $29,891 per unit. The 92-unit property is located at 1545 W Camelback Road in Phoenix. Colliers’ executive vice presidents Bill Hahn, Jeff Sherman and Trevor Koskovich represented the seller, Warren House Camelback Limited Partnership of Escondido, Calif. The buyer was Excel Real Estate LLC of Mesa, Ariz.

  • NAIOP Arizona Honors Bob Mulhern of Colliers International with Annual Award of Excellence

    March 1, 2016 – Bob Mulhern, senior managing director of Colliers International in Greater Phoenix, will be honored with the Award of Excellence from NAIOP Arizona at its 2016 Best of NAIOP event on March 24 at the Arizona Biltmore. “We are proud to bestow this Award of Excellence on Bob Mulhern for his more than 20 years of contributions to making NAIOP Arizona better through its educational offerings to members and philanthropic footprint in the community,” said Tim Lawless, president of NAIOP Arizona. “Bob’s wise and pragmatic approach during his years of tenure on the Board helped build NAIOP Arizona into one of the strongest chapters in the nation.”

  • Colliers International Sells Country Brook Apartments in Chandler, Arizona

    February 29, 2016 – Colliers International in Greater Phoenix negotiated the sale of Country Brook, a 396-unit Class A apartment community at 4909 W Joshua Blvd., in Chandler, Arizona. The seller was BAZV Country Brook, LLC, of Scottsdale, Arizona, a company formed by The Tabasco Group of Irvine, California. The seller was represented by Cindy Cooke, senior executive vice president; and Brad Cooke, senior vice president, with Colliers’ Phoenix office. The buyer was Standard Portfolios, LLC, a private investment company in Arcadia, California.

  • Colliers International Brokers Honored for Ranking in the Top 10 Percent of Performers in the Americas for 2015

    February 22, 2016 – At its annual awards banquet, leading global commercial real estate services firm Colliers International Group Inc. (NASDAQ:CIGI, TSX:CIG) recognized eight brokers in the Greater Phoenix region as being among the company’s top performers for 2015 across the United States, Canada and Latin America. “To be ranked in the top 10 percent of all professionals in the Americas is an exceptional career achievement,” said Bob Mulhern, managing director of Colliers in Greater Phoenix. “These brokers have helped shape the market through their commitment to their clients, community and industry. We are extremely proud of their accomplishments and congratulate them on a remarkable year.”

  • Population & Employment Growth to Spark Medical Office Demand in 2016 - Colliers 4Q 2015 Medical Office Report

    February 17, 2016 – Colliers International in Greater Phoenix released its fourth quarter 2015 Medical Office Market Report. The Greater Phoenix medical office market strengthened in 2015, particularly in the second half of the year. Vacancy ended the year below 17 percent, the lowest figure since mid-2008. Part of the improvement in the local medical office market is being driven by a strong pace of employment growth in the healthcare sector.

  • Presidio at Northeast Heights Apartments Sold in Albuquerque - Colliers International Represented Buyer and Seller

    February 10, 2016 – Colliers International in Greater Phoenix and Albuquerque negotiated the sale of Presidio at Northeast Heights, a Class B+ multifamily community located at 6350 Eubank Blvd. NE in Albuquerque, New Mexico. Colliers International’s executive vice presidents Bill Hahn, Jeff Sherman and Trevor Koskovich in Phoenix; and Cynthia Meister, associate broker in Albuquerque, represented both the buyer and seller. The buyer was Olympus Property, a privately held investment firm headquartered in Fort Worth, Texas. The seller was a tenant-in-common ownership managed by National Asset Services in Los Angeles, California.

  • Tucson Metro Multifamily Market Strengthens as Employers Add Workers - Colliers Releases 4Q Tucson Multifamily Report

    February 9, 2016 – Colliers International in Greater Phoenix released its Tucson Metro Area Multifamily Market Report for fourth quarter 2015. The Tucson multifamily market strengthened to close 2015, due in large part to a local labor market that gained momentum in the second half of the year. The Tucson multifamily investment market is gaining momentum as property performance improves. Sales velocity increased in four of the past five years, and the number of properties that traded in 2015 reached an eight-year high.

  • $9.7 Million Sale of Mountain Park Plaza in Phoenix, Anchored by Fry’s Food and Drug

    February 4, 2016 – Colliers International in Greater Phoenix negotiated the sale of Mountain Park Plaza at 510, 520, 602, 610 E. Baseline Road in Phoenix, for $9,665,000. Mindy Korth, executive vice president; and Kirk Kuller, vice president, with Colliers’ Phoenix office represented the seller, Western America Commercial, which is a 19-member Tenant in Common based in Issaquah, Washington. The seller acquired the property in 2005. The buyer, Lamar Companies of Fairfield, New Jersey, is a nationwide real estate company, which has been in business for more than 40 years and owns and manages more than $200 million in assets.

  • EDU3 Ventures Acquires 1.5 Acres in Tempe for Future Redevelopment

    February 3, 2016 – Colliers International in Greater Phoenix negotiated the $1.4 million acquisition of 1.5 acres at 942 and 946 West First Street in Tempe, Arizona, near Arizona State University. The site, which consists of two parcels and a ±10,200-square-foot warehouse building, is planned for a mixed-use, live/work redevelopment. Mike Milic, vice president with Colliers, represented the buyer, EDU3 Ventures of Scottsdale, in the off-market transaction. The seller was Edna M. Evans of San Diego, California, who was self-represented.

  • Colliers International Hires Nick Ault, Retail Services Professional

    February 1, 2016 – Colliers International in Greater Phoenix announced that Nick Ault, associate vice president, joined its Phoenix office. Ault specializes in retail and restaurant real estate services with a focus on tenant representation. Ault will partner with Daniel Ortega, vice president, a highly-regarded retail specialist. The team represents local, regional and national tenants, buyers and sellers in the leasing, acquisition and disposition of retail properties including power centers, neighborhood centers, stand-alone retail buildings and restaurants.

  • Multifamily Sales Velocity Surges as Rents Push Higher in Greater Phoenix - Colliers Releases 4Q 2015 Multifamily Market Report

    January 29, 2016 – Colliers International in Greater Phoenix released its fourth quarter 2015 Multifamily Market Report. The Greater Phoenix multifamily market closed 2015 on a high note, with rents rising and vacancy continuing to trend lower. Investment activity continued to surge in the fourth quarter, making 2015 the strongest year of sales activity in nearly a decade. Deliveries of new units will continue, but the pace of development will slow.

  • Colliers International Promotes Soulé, Woods, Wurth, Fitz-Gerald and Guglielmino

    January 28, 2016 – Colliers International in Greater Phoenix announced the promotion of six brokerage professionals, recognizing the depth of talent within the organization. “Colliers is pleased to announce the well-deserved promotions of six key professionals, who represent best-in-class in our industry,” said Bob Mulhern, managing director of Colliers International in Greater Phoenix. “Their promotions reflect their expertise, achievements and commitment to the success of our clients.”

  • Market Strengthened to the Point More Investors Willing to Acquire Assets in Phoenix

    January 26, 2016 – Colliers International in Greater Phoenix released its fourth quarter 2015 Investment Report. Investment activity in was uneven in both the fourth quarter and for all of 2015. Sales velocity spiked in office and in non-condo medical office buildings, but dipped this year in shopping centers and industrial properties. Sales prices generally ticked higher in 2015.

  • Colliers International Names 2015 Top Producers & Rookie of the Year

    January 25, 2016 – Colliers International in Greater Phoenix announced its 2015 Top Producers, Top Teams and Rookie of the Year. “The success of these professionals represents the valuable results they produced for our clients across all sectors,” said Bob Mulhern, managing director of Colliers in Greater Phoenix. “We congratulate our 2015 Top Producers on their exceptional achievements and thank them for their hard work and dedication.”
    #1 Top Producers - Lambeth & Noel; #1 Team - Hahn, Sherman & Koskovich; Rookie of the Year - Westfall

  • Housing and Hiring Strengthen 2016 Retail Outlook for Greater Phoenix - Colliers Releases 4Q 2015 Retail Report

    January 19, 2016, Phoenix – Colliers International in Greater Phoenix released its fourth quarter 2015 Retail Market Report. The Greater Phoenix retail market closed 2015 on a bit of an upswing, with market conditions clearly stronger than one year earlier. Vacancy trended lower for the year and rents rose, but the traditional late-year spike in net absorption failed to materialize in 2015.

  • Colliers International Completes Two Phoenix Office Leases for Non-Profits: Jobs for Arizona’s Graduates & GaitWay

    January 19, 2016, Phoenix – Colliers International in Greater Phoenix completed two long-term Phoenix office leases for non-profits in separate transactions. Kathy Foster and Phil Breidenbach of Colliers represented Jobs for Arizona’s Graduates and GaitWay. Jobs for Arizona’s Graduates leased 2,400 square feet at 3320 W. Cheryl Drive, Suite B220 from TAF Real Estate, LLC. GaitWay leased 2,600 square feet at 15905 46th Street, Suite 100 from Enright Capital, Ltd.

  • Colliers International Completes Long-Term Lease for Mortgage Lender Planning to Hire 100 in Tempe

    January 13, 2016, Phoenix – Colliers International in Greater Phoenix completed the long-term lease of the 9,513-square foot Regents Centre II in Tempe for The Money Source, a fast-growing privately held residential lending company, which plans to establish its executive recruitment division near Arizona State University. The Money Source, based in New York and San Francisco, leased the Class A office space, located at 1910 W. University Drive in Tempe, from MSC Tempe, LLC of Boston. Greg Hopley with the Colliers’ office in Scottsdale represented The Money Source.

  • Greater Phoenix Industrial Market Absorption Spikes to Close 2015 - Colliers International Releases 4Q 2015 Industrial Report

    January 11, 2016, Phoenix – Colliers International in Greater Phoenix released its fourth quarter 2015 Industrial Market Report. The Greater Phoenix industrial market is poised to benefit from an accelerating pace of local economic growth in 2016. Developers built spec space fairly early in the recovery cycle, which placed a supply overhang on the market at a time where tenant demand for space was uneven. Those conditions have resolved themselves over the past 12-24 months, as many of these spec spaces have secured tenants.

  • Greater Phoenix Office Market Closes 2015 on an Upswing - Colliers International Releases 4Q 2015 Office Market Report

    January 11, 2016, Phoenix – Colliers International in Greater Phoenix released its fourth quarter 2015 Office Market Report. The strong performance of the Greater Phoenix office market in the fourth quarter sets the stage for further improvement in 2016. Preliminary forecasts call for much stronger employment growth beginning in 2016. The outlook for the local investment climate is expected to remain healthy.

  • Landmark Property in Old Town Scottsdale Sold for $1.25 Million - Colliers International Negotiated Investment Sale of Former Pottery Paradise Property

    January 6, 2016, Phoenix – Colliers International negotiated the $1.25 million investment sale of the former Pottery Paradise property located in Old Town at 4338 N. Scottsdale Rd., in Scottsdale, Arizona. The site is currently fully leased to a Mexican food restaurant, Diego Pops. Stan Sanchez, senior vice president with Colliers, represented the seller, Pottery Paradise, Inc., of Scottsdale, Arizona. The property was acquired jointly by Scottsdale Canal Project LLC and Hermosa Inn Restaurant LLC, of Scottsdale, who were self-represented.

  • ±415,788-SF Private University Campus Sold in Clinton, Iowa; Colliers International and Howes & Jefferies Negotiated Sale

    January 5, 2016, Phoenix – Colliers International in Greater Phoenix, along with Howes & Jefferies Realtors in Iowa, completed the sale of the private Ashford University campus and athletic complex encompassing four locations in Clinton, Iowa. The property consists of 11 buildings totaling ±415,788 square feet situated on ±153.1 acres. The seller was Bridgepoint Education, Inc. (NYSE:BPI) of San Diego, California, a provider of post-secondary education services. The buyer was Clinton Catalyst, LLC, of Clinton, Iowa, a value-add, multi-disciplined private investor. Bridgepoint Education was represented by Todd Noel, CCIM, executive vice president and national director of Colliers Educational Services Group (ESG); Mindy Korth, executive vice president; and Kirk Kuller, vice president, with Colliers International’s Phoenix office; along with Steve Howes, CCIM, a partner with Howes & Jefferies Realtors in Clinton, Iowa.

Greater Phoenix
2390 E. Camelback Road, Suite 100 Phoenix, AZ 85016 United States | Tel: +1 602 222 5000