In the News | Archive | Q1 2016
Colliers International in Greater Phoenix

Greater Phoenix

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

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

Bob Mulhern
Senior Managing Director
Greater Phoenix
Direct: +1 602 222 5038

Commercial Real Estate News | Colliers in Greater Phoenix

Q1 2016 | News Archive | Colliers in Greater Phoenix

  • Chandler Multifamily Community Sold by Bascom Affiliate – Multi-Housing News

    March 31, 2016 – A Bascom Group-controlled entity recently sold a Phoenix-area apartment community for $47 million. BAZV Fairways sold The Fairways in Chandler to Larkspur, Calif.-based Virtú Investments in a deal brokered by Colliers. The Colliers team consisted of Senior Executive Vice President Cindy Cooke, and Senior Vice President Brad Cooke. The Bascom Group acquired the property for $35.2 million in March 2013. Located at 777 W. Chandler Blvd. in Chandler, the 352-unit community was built in two phases in 1986 and 1996. The Fairways community offers roughly 340,000 square feet of rentable square feet divided between 36 garden-style two-story buildings and a leasing center.

  • Next Nine Months to Bring Strategic Sales Activity –

    March 29, 2016 – The Greater Phoenix commercial real estate market closed 2015 on a fairly high note, with most property sectors showing strengthening fundamentals. John Finnegan, senior vice president at Colliers International in Greater Phoenix tells “2016 will bring an increase in single-family permits. While we saw a little slip in multifamily permits in 2015, expect to see a spike in 2016. This is a timing variance where sites sold in 2015 will begin permit activity the first half of 2016 and begin construction. Prices will remain flat and based on per unit pricing, but look for densities to increase, creating more value for the landowner where appropriate.” Complimentary registration required to view full article at GlobeSt

  • Scottsdale Airpark Booming With Urban Life, 55,000 Jobs –

    March 24, 2016 – A record number of businesses and employees have moved into Scottsdale's bustling Airpark corridor, which is emerging as a one of the Phoenix area's major hubs for urban growth, according to a new report from Colliers International. More than 55,000 employees work for about 3,000 companies within the Scottsdale Airpark area, which covers about 5 square miles in north Scottsdale and Phoenix's Kierland neighborhood. The Airpark added nearly 1,200 jobs over the past year and more than 7,000 jobs since the height of the recession in December 2009, according to Colliers. The annual report, compiled by Jim Keeley, founding partner of Colliers' Scottsdale office, also shows significant improvement in vacancy rates, land sales and property values over the past several years.

  • New Metro Investor Scoops Up Multifamily Near Tech Hub –

    March 18, 2016 – Sorrento Apartments, a strong class-B property with a 94% occupancy rate, recently sold for $18 million or approximately $79,646 per unit. The buyer was a private investment company, Silverstone Moreno LLC, of Carlsbad, CA. This marks Silverstone’s entry into the metro Phoenix multifamily market. Cindy Cooke and Brad Cooke, with Colliers International’s Phoenix office, represented the seller, Hamilton Zanze of San Francisco. The Cooke team originally represented Hamilton Zanze in its acquisition of Sorrento in 2010. Complimentary registration required to view full article at GlobeSt

  • Scottsdale Airpark Value Continues to Increase – AZRE Magazine

    March 16, 2016 - Land and building sales volume at the Scottsdale Airpark increased from 2014 to 2015 while vacancy rates continued to decline, according to a Colliers International Greater Scottsdale Airpark 2030 report. Land sales volume saw a sharp rise at the business park in 2015, with 88.85 acres sold for a total of $94.8 million compared to 37.57 acres for $46.7 million in 2014. An increase was also reflected in building sales, with total sales volume almost doubling from $169.5 million in 2014 to $324.3 million in 2015. The average price per square foot for building sales rose by 40 percent for office, 9 percent for industrial and 14 percent for retail. 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.

  • Residential and Commercial Land Sales on Rise – AZRE Magazine

    March 16, 2016 – Colliers International’s Second Half 2015 Land Research and Forecast report shows the pace of land sales accelerated through the end of last year, 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.

  • Dirt & Speed: Colliers Day at the Races

    March 14, 2016 – When Colliers International in Greater Phoenix broker Rob Martensen isn’t showing properties, he is cruising at high speed on dirt tracks, rocketing his race car in the air over jumps and zooming around turns in “pro-buggy races.” As part of Colliers’ values of family and fun, brokers and their families will enjoy a “Colliers Day at the Races” on March 19 and cheer on Martensen, senior vice president, as he races in the Lucas Oil Off Road Racing Series at Wild Horse Pass in Chandler.

  • Sorrento Apartments Sold by Hamilton Zanze to First-Time Investor – Multi-Housing News

    March 14, 2016– Sorrento Apartments is the latest multifamily property to trade hands in Greater Phoenix. The Mesa residential community was acquired by Silverstone Moreno, an LLC controlled by William C. Fanning Jr. This is the buyer’s first foray into the local multifamily market. Colliers International arranged the $18 million deal on behalf of seller Hamilton Zanze. The team was led by Senior Executive Vice President Cindy Cooke, and Senior Vice President Brad Cooke, who also handled the deal on behalf of Sorrento back in 2010, when Hamilton Zanze purchased the asset.

  • EDU3 Ventures Buys Land Near Tempe Town Lake – AZRE Magazine

    March 9, 2016 – Colliers International in Greater Phoenix negotiated the $1.4 million purchase of 1.5 acres at 942 and 946 W. First St. in Tempe, near Arizona State University and Tempe Town Lake. 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. The seller was Edna M. Evans of San Diego, Calif. “This was an extraordinarily desirable purchase for EDU3 as the property is particularly well-positioned and one of the last mixed-use redevelopment sites along the dramatically changing First Street corridor, south of Tempe’s Farmer Arts District,” Milic said.

  • Country Brook Apartment Community - Class A Digs Have Intel as a Neighbor -

    March 4, 2016 — As its first acquisition in metro Phoenix in five years, Standard Portfolios LLC, a private investment company out of Arcadia, CA, purchased the asset for an undisclosed price. The seller was BAZV Country Brook LLC of Scottsdale, AZ, a company formed by The Bascom Group. Country Brook is a 396-unit low-density asset located at 4909 W. Joshua Blvd. on 23 acres and consists of 31 garden-style two-story buildings and a leasing center. The seller was represented by Cindy Cooke, senior executive vice president, and Brad Cooke, senior vice president, with Colliers’ Phoenix office. Cooke tells “The strong multifamily market in Phoenix continues to see vibrant interest in properties with the option of added value such as Country Brook. Located in the Chandler submarket, Country Brook is a highly desirable asset.” Note: Free registration required to view full article at GlobeSt.

  • Colliers Sells Chandler 396-unit Apartment Complex – AZRE Magazine

    March 2, 2016 – Colliers International negotiated the sale of Country Brook, a 396-unit Class A apartment community at 4909 W Joshua Blvd., in Chandler. The seller was BAZV Country Brook, LLC, of Scottsdale, Arizona, a company formed by The Bascom Group of Irvine, Calif. 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, Calif.

  • Developer Buys Circles Records Building in Downtown Phoenix for $2.65 Million - Phoenix Business Journal

    March 1, 2016 – The old Circles Records & Tapes Building in Phoenix has finally sold. Empire Commercial Development LLC, an arm of Scottsdale-based Empire Group, bought the building for $2.65 million. The sellers were Leonard and Angela Singer who owned the record store until its closure in 2010. Empire is looking to develop 300 apartments and ground-level restaurants on the property. Geoffrey Jacobs, a principal with Scottsdale-based Empire, said late last year he wants to keep some of the building’s architectural and design features in the redevelopment. Colliers International brokers Larry Ortega and Michael Milic negotiated the sale.

  • Colliers International Honors Eight Phoenix Brokers – AZRE Magazine

    February 23, 2016 – At its annual awards banquet, 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.”

  • 2015 Medical Office Vacancy Lowest Since 2008 – AZRE Magazine

    February 18, 2016 – The Greater Phoenix medical office market strengthened in 2015, particularly in the second half of the year, according to Colliers International‘s fourth quarter 2015 medical office market report. Vacancy ended the year below 17 percent, the lowest figure since mid-2008. Local vacancy is expected to continue this gradual pace of improvement, even as a few new development projects come onboard. Part of the improvement in the local medical office market is being driven by a strong pace of employment growth in the healthcare sector. More than 9,000 jobs were added in this segment of the local economy in 2015, representing growth of more than 4 percent.

  • Multifamily Sector Finds its Mojo Again –

    February 17, 2016 – Colliers says Tucson offers investors a great opportunity to buy in a recovering market where multifamily investments are priced to capture solid cash flows and provide future opportunities. The Tucson multifamily market strengthened to end last year, due in large part to a local labor market that gained momentum in the second half of the year. Cindy Cooke, senior executive vice president at Colliers, tells “Several indicators are pointing to a Tucson market recovery which has been much longer in coming than previously anticipated. Job growth is on the upswing, the downtown area is transitioning to a true urban high energy feel with a live, work play environment, and the multifamily supply and demand is now more closely aligned reflecting a downward trend on vacancy. Tucson is one of the few multifamily markets in the country with cap rates over 6% and as high as 7% in some cases and sale prices are so significantly below replacement cost. Tucson offers investors a great opportunity to buy in a recovering market where multifamily investments are priced to capture solid cash flows and provide excellent future value add opportunities.”

  • Phoenix Industrial Market: A few big moves led to 2015 gains – Phoenix Business Journal

    February 16, 2016 – The Greater Phoenix industrial market closed 2015 on an upswing, with net absorption spiking and vacancy dropping. This activity at the end of 2015 creates some additional optimism about the 2016 outlook, but a deeper dive into the data illustrates some of the inconsistencies present in the market. The bulk of the improvement was the result of a few large moves. Net absorption in the fourth quarter was strong, totaling more than 2.5 million square feet in the final three months of the year. This brought the total net absorption for all of 2015 to more than 6.6 million square feet, one of the strongest years of tenant expansion since the industrial market began to recover in 2010.

  • Texas Firm Snaps up 200-Unit Northeast Heights Apartment Complex – Albuquerque Business Journal

    February 11, 2016 – A Texas-based company has purchased its second Albuquerque apartment complex, marking another multifamily acquisition in Albuquerque's Northeast Heights. Olympus Property, a private real estate investment firm headquartered in Fort Worth, bought Presidio at Northeast Heights, located at 6350 Eubank Blvd. NE. Cynthia Meister, a broker with the Albuquerque office of Colliers, along with three other Colliers executives, Bill Hahn, Jeff Sherman and Trevor Koskovich in the firm's Phoenix office, were involved in the transaction for the buyer and the seller.

  • Nonprofits Get More When Brokers Give Back –

    February 10, 2016 – After assisting two nonprofits with leases, the brokerage team created “Team JAG” and “Team GaitWay” to raise donations for the organizations. Jobs for Arizona’s Graduates, a nonprofit encouraging students to stay in school and gain workforce skills, leased 2,400 square feet at 3320 W. Cheryl Dr. from TAF Real Estate LLC. GaitWay, the only program in the Southwest providing motor skill conductive education for cerebral palsy and other disabilities, leased 2,600 square feet at 15905 46th St. from Enright Capital Ltd. Kathy Foster and Phil Breidenbach of Colliers represented the nonprofits.

  • Real Estate: Valley Needs to Show Suitors a Good Side – Phoenix Business Journal

    February 5, 2016 – Despite the Valley’s history with giant tech companies such as Motorola Inc., Intel Corp. and other semiconductor operations, Phoenix finds itself still trying to get its foot in the door beyond back-office operations and call centers for high-tech companies. Ruth Darby, a vice president with commercial real estate firm Colliers International, said they see technology tenants from home-grown startups and out-of-state firms with expansion plans looking for space in Maricopa County. (Note: Article requires Bus Jrnl subscription to view.)

  • Phoenix Mountain Park Plaza Sells for $9.7 Million – AZRE Magazine

    February 4, 2016 – Colliers International in Greater Phoenix negotiated the sale of Mountain Park Plaza on 7th Street and 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. Built in 1988, Mountain Park Plaza is an 87,672 square foot grocery-anchored retail center situated on 8.02 acres.

  • Colliers International Adds Associate Vice President – AZ Business Leaders

    February 1, 2016 – The Colliers International Phoenix office announced the appointment of Associate Vice President Nick Ault, who 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.

  • Greater Phoenix Office Market: A Rebound in 2015 and a Favorable Outlook – Phoenix Business Journal

    January 27, 2016 – As 2015 came to a close, the Greater Phoenix office market was in the middle of an expansion cycle, with robust tenant demand for space fueling a brightening market sentiment. This tenant demand was illustrated by a spike in net absorption. Tenants moved into a net of more than 1.9 million square feet during the fourth quarter, bringing the total for all of 2015 to more than 3.5 million square feet—the strongest single year of net absorption since 2006. The early indications call for continued strengthening in the local office market. Employment growth will be the primary demand driver, and employers are expected to accelerate the pace of payroll expansion in 2016.

  • Colliers: Medical Office is Very Healthy –

    January 27, 2016 – Economic and office leasing conditions are expected to bolster the medical office space segment throughout 2016, according to a new report. Colliers International Group says this year will bring continued strong demand for medical office space and strengthened investor appetite driven by higher yields, low interest rates and stable tenants. “In a push to lower costs, healthcare providers have been shifting care away from hospitals to outpatient facilities for several years. This ongoing movement further increases demand for medical office space,” says Mary Beth Kuzmanovich, national director of healthcare services for Colliers. “Existing facilities will have to be renovated and new buildings will need flexible designs to keep up with emerging healthcare technology, which is transforming how and where patient care is delivered.”

  • Medical Office Demand Soars Thanks to Obamacare and Population Health – Forbes

    January 26, 2016 – Demand for medical office buildings and space for ambulatory care is the highest it’s been in nearly a decade as traditional healthcare systems reach into the community, opening more consumer-friendly outpatient services, according to a new analysis. Real estate services firm Colliers International (CIGI) said an already low vacancy rate of below 10% will continue through 2016 and beyond as “healthcare industry employment growth and demographic trends all line up favorably.”

  • Born to Run – AZRE Magazine

    Jan. 2016 – Commercial real estate will be well represented at the Rock ‘n’ Roll Arizona Marathon and Half Marathon. When Ramey Peru isn’t representing buyers and sellers of developable land in the Phoenix metropolitan area, he is probably training to qualify for the Boston Marathon. Peru, the associate vice president with the LandSource Team for Colliers in Phoenix, is not a stranger to vigorous sports training. He was the punter for the U of A’s football team. As a collegiate athlete, he learned valuable skills that have helped him in his current endeavor: training for marathons. Peru isn’t the only staff member from Colliers participating in the Rock ‘n’ Roll. Joining him are Christine Nagle, Jenn Thomas and Greg Hopley.

  • CRE Veteran (Peter Nieman) Cites Changes in 53-Year Career -

    January 25, 2016 - Peter Nieman, executive vice president at Colliers International in Greater Phoenix, is celebrating 53 years of experience in the commercial real estate industry this year and has been with Colliers since 1993. Nieman also founded and operated several real estate companies in California. He was also a founder and director of Columbia National Bank of Santa Monica, CA, and National Bank of the Redwoods, Santa Rosa, CA.

  • Industrial Absorption Spikes to Close 2015 –

    January 15, 2016 – The Greater Phoenix industrial market is poised to benefit from an accelerating pace of local economic growth in 2016, according to Colliers International. 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 been resolved during the past 12 to 24 months, as many of these spec spaces have secured tenants. Don MacWilliam, executive vice president at Colliers International in Greater Phoenix, tells “The Southwest Valley industrial market saw increased activity for 2015 specifically in the last three quarters. Six large transactions totaled almost 2 million square feet and we surpassed our annual net absorption average of 2.8 million square feet. Certain segments of the market exceeded expectations, however to proclaim a healthy overall market, we need to see more deal velocity. We expect that in 2016.”

  • For $16.5 million, You Could Own the Phoenix Trotting Park in Goodyear –

    January 13, 2016 – Call it an eyesore. Call it a piece of Arizona history. However you want to describe the Phoenix Trotting Park — it can be yours for $16.5 million. The 194 acres that encompass the massive, abandoned horse-racing track hit the market in late December. The structure, located near the interchange of Loop 303 and Interstate 10, has been vacant for more than 50 years. (Note: The property is being marketed by Colliers International's LandSource team.) View property details here.

  • Retail Brokerage Pro Joins Colliers –

    January 13, 2016 — A former president and partner of a retail brokerage company has joined Colliers International in Greater Phoenix. Stan Sanchez joins Colliers as senior vice president in the area of retail and investment services. Sanchez tells ""I'm honored to join Colliers International. I chose Colliers after extensive research on the industry because I knew this was the absolute best place to help my clients achieve their goals in the years to come. From the cutting-edge research to our comprehensive client service model, I'm excited to see what we accomplish together.”

  • New York-Based Mortgage Lender Company Will Set Up Shop in Tempe –

    January 13, 2016 – The Money Source will house its executive recruitment division in Regents Centre II, a two-story building at 52nd Street and University Drive. The company, which is headquartered in New York, said it plans to hire 100 employees in Tempe to handle mergers, acquisitions and candidate vetting for positions across the country. Colliers International in Greater Phoenix helped The Money Source complete a long-term lease in the building located less than two miles from Arizona State University. Colliers Executive Vice President Greg Hopley said the region's talented workforce was a factor in the company's decision to grow in Tempe.

  • College Finds Space for Workforce Classes -

    January 8, 2016 – With a space that will provide conference, training and meeting rooms for on-site workforce programs and classes, Maricopa Corporate College has inked a 17,500-square-foot long-term lease. Maricopa Corporate College leased the space at 1050 W. Washington St., Suite 100 from Sunstate. Kathy Foster, senior vice president, and Todd Noel, executive vice president, both of Colliers, represented the Maricopa County Community College District. “The experience has been excellent and the support and services we have been provided by Colliers and their team is beyond what we expected,” says Sidney Dietz, director of business services for Maricopa Corporate College.

  • Landmark Property in Old Town Scottsdale Sold for $1.25 Million – Rose Law Group Reporter

    January 7, 2016 – Colliers International negotiated the $1.25 million investment sale of the former Pottery Paradise property located in Old Town Scottsdale at 4338 N. Scottsdale Rd. 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.

  • Bob Mulhern, Managing Director, Colliers in Greater Phoenix – Featured Market Leader – Commercial Executive Magazine

    January 6, 2016 - Bob Mulhern’s tenure at Colliers has been marked by a commitment to uphold the tried-and-true values of the organization, while providing a service level second to none. “Enterprising is the word I use to describe the Phoenix office,” he says. “We think of our business as transformational as we aim to take the requirements of our clients, build smart strategies, accomplish their goals and earn their loyalty and trust for the long term.” Read Page 1 and Read Page 2

  • New Ashford Owners to Talk Options with Clinton Leaders - Quad City Times

    January 6, 2016 – The new owners of the Ashford University property will be in Clinton next week to begin discussing future options for the campus and related facilities, the owners' attorney said Tuesday. Clinton Catalyst LLC, a newly formed LLC, acquired the university last month for $1.6 million from Ashford's parent company, Bridgepoint Education Inc., of San Diego., Calif. The sale, which closed Dec. 22, was negotiated by Colliers International in Greater Phoenix (Mindy Korth, Todd Noel and Kirk Kuller) and Howes & Jefferies Realtors, of Clinton.

  • Bridgepoint Sells Ashford University Campus -

    January 6, 2016, Clinton, IA – Colliers International in Greater Phoenix, along with Howes & Jefferies Realtors in Iowa, has just completed the sale of the private Ashford University campus and athletic complex encompassing four locations in Clinton, IA. “Overall, it was an atypical transaction,” Todd Noel, executive vice president and national director of Colliers’ educational services group, tells, primarily because it consisted of the whole campus instead of just its housing or other portions.

    In addition to Noel, Bridgepoint was represented by Mindy Korth, executive vice president; and Kirk Kuller, vice president, with Colliers’ Phoenix office; along with Steve Howes, a partner with Howes & Jefferies in Clinton. The seller, San Diego-based Bridgepoint Education, Inc., had decided to cease operations this June. The buyer was Clinton Catalyst, LLC, of Clinton, a value-add, multi-disciplined private investor.

  • All is Well in Wellness Complex Sale –

    January 4, 2016 – The class-A, 56,413-square-foot Thunderbird Wellness Centre has recently sold for an undisclosed amount. The institutional-quality medical and wellness complex was 88 percent occupied at the time of the sale. MedProperties of Northbrook, IL purchased the center, located at 6750-6790 W. Thunderbird Rd., from Canadian based-Second City Real Estate. Mindy Korth, Bob Broyles and Kirk Kuller, vice president, all with Colliers, exclusively represented the sale.

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