In the News | Archive | Q2-Q3-Q4 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

Q4 2016 | News Archive | Colliers in Greater Phoenix

  • Kathy Foster Recognized as Landmark Leader 2016 by Phoenix Business Journal

    Nov. 25, 2016 – In an industry where competition is fierce between — and even within — companies, Kathy Foster, senior vice president of corporate solutions for Colliers International in Greater Phoenix, has distinguished herself as an effective team builder. “Some of the teams we’ve pulled together have been upward of 10 to 15 people. It’s all about putting your best foot forward and putting together the team that makes the most sense,” Foster said. “In our industry, a lot of people don’t want to do that because, obviously, that means you’re sharing fees, you’re sharing the limelight. But it’s not about that. It’s about doing the right thing for the client.” Phoenix Business Journal subscription required to view full article.

  • Big Wine and Spirits Distributor Buys, Sells and Then Leases Phoenix Industrial Complex - Phoenix Business Journal

    Nov. 22, 2016 – New York-based Breakthru Beverage Group—a large national wine and liquor distributor—has sold a 452,300-square-foot industrial complex in Phoenix for $33.6 million. The building is located at 1115 S. 47th Avenue. Breakthru sold its regional distribution and operations center near I-10 and 43rd Avenue to Cohen Asset Management. Breakthru then promptly inked a 15-year lease for the same property after selling to Los Angeles-based Cohen. Colliers International’s Don MacWilliam and Payson MacWilliam brokered the sale.

  • Why the Multifamily Market Still has Room to Run –

    Nov. 18, 2016 – Population and demographic trends like reduced homeownership and millennials delaying marriage and children create long-term structural advantages for multifamily that other sectors lack, according to Colliers International’s chief economist Andrew Nelson. As the company readies its latest multifamily spotlight, spoke exclusively with Nelson, along with Cindy H. Cooke, senior EVP of multifamily investments, and Will Mathews, VP and principal for Colliers’ multifamily advisory group in the East region, about what puts multifamily in the driver’s seat among commercial asset classes, and why investors still see opportunity in the sector.

  • New Co-working Concept Opening in Biltmore Area – Phoenix Business Journal

    Nov. 14, 2016 – Workuity is the new co-working space opening in February that offers collaborative workspaces with a hospitality aspect. Workuity is going in on the first floor of the Biltmore Center, 2390 E. Camelback Road. The three-building complex is being renovated by building owner Phoenix-based ViaWest Group. Colliers is helping lease the complex, and many tech companies who before looked only at Tempe and downtown Phoenix are now looking at this Biltmore area to expand, said Phil Breidenbach of Colliers. “We are creating a really cool interesting environment, creating not just another office building but a community and special place to go to work. We’re fostering a different type of productivity and attracting new people to the area.”

  • Metro Phoenix Multifamily Rents Rise as Vacancy Drops – AZRE Magazine

    Nov. 2, 2016 - Colliers in Greater Phoenix released its third quarter 2016 Multifamily Statistics, which report that market conditions strengthened in the past three months, decreasing vacancy and pushing rents higher. This decrease in vacancy occurred during a period when developers brought new units to the market, showing how strong demand is in this Southwest city, according to the Colliers report.

  • Developer Buys McDowell Mountain Ranch Building for $2.1M – Phoenix Business Journal

    Oct. 14, 2016 – A flex building in north Scottsdale has sold for $2.1 million. The property is at 16655 N. 90th St., in the Scottsdale’s McDowell Mountain Ranch area. Desert Real Estate Holdings, part of Reddy Development, purchased the property from Cabral Holdings. The building totals 14,854 square feet and was built in 2006. Greg Hopley with Colliers International represented Cabral Holdings.

Q3 2016 | News Archive | Colliers in Greater Phoenix

  • Profile: Don MacWilliam, Executive Vice President - CEM

    Sept. 29, 2016 – Commercial Executive Magazine cites some of the people who have played a role in shaping the industrial landscape of Arizona. Don MacWilliam has been a commercial real estate professional since 1986, specializing in industrial real estate sales and leasing in the Southwest Valley distribution market.

  • Retail Component for Pima Center Draws Plans –

    Sept. 27, 2016 – MainSpring Capital, developer of the 232-acre mixed-use project, has announced plans for its new retail development, The Block at Pima Center. It will occupy approximately 12 acres with freeway frontage along the 101 and with full diamond access at Via de Ventura. The Block at Pima Center will contain upwards of 60,000 square feet of restaurant and service retail space. The property contains six pad sites for standalone users. Stan Sanchez, Larry Miller and John “JK” Jackson of Colliers in Greater Phoenix are exclusive leasing/sales agents.

  • Colliers Exclusive Listing: New Retail Center Coming to Scottsdale Area - Phoenix Business Journal

    Sept. 21, 2016 - A new retail center is coming to the Scottsdale area. The approximately 60,000-square-foot, 12-acre space, called The Block at Pima Center, will be the largest retail development in the Scottsdale area since Scottsdale Quarter. Stan Sanchez, Larry Miller and John “JK” Jackson of Colliers in Greater Phoenix are exclusive leasing/sales agents for The Block at Pima Center.

  • Trends to Watch in Five Commercial Real Estate Markets – AZ Big Media

    September 19, 2016 - It’s that time of year again when commercial real estate firms analyze market activity based on numbers and reports from the first two quarters of the year and predict how that will impact the rest of 2016 through next year.

  • Tech Company Expands Beyond San Francisco HQ –

    August 25, 2016 – Zenreach, a San Francisco-based technology company, opens its first major office outside of its headquarters at Biltmore Center. The firm leased 30,091 square feet of space in the class-A mixed-use project located on the north NWC of 24th Street and Camelback Road. ViaWest Group was represented by Phil Breidenbach, Ryan Timpani, Todd Noel and Kathy Foster of Colliers in Greater Phoenix. Timpani also represented Zenreach.

  • Canadian Investors Buy Two Valley Apartments for $34.96 Million – AZRE Magazine

    August 4, 2016 – Western Wealth Capital, a Vancouver, Canada-based multi-unit rental property investment firm, recently purchased the 197-unit Arbors on 5th in Tempe for $21.3 million ($108,000 per unit) and the 148-unit Arcadia Walk in Phoenix for $13.66 million ($92,000 per unit). Western Wealth Capital purchased Arbors on 5th from Hamilton Zanze of San Francisco. Cindy Cooke and Brad Cooke of Colliers brokered the transaction for both sides. Western Wealth Capital purchased Arcadia Walk from SUP 44th Street 148 LLC, based in Pacific Palisades, Calif. Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers brokered the transaction for both sides.

  • Phoenix Lands Tech Firm Backed by Peter Thiel, Could Bring 400 Jobs to Biltmore – Phoenix Business Journal

    July 27, 2016 – A San Francisco technology company backed by PayPal founder Peter Thiel could bring as many as 400 sales and other jobs to Phoenix’s 24th Street and Camelback Road area. Wireless marketing firm ZenReach Inc. has leased 30,091 square feet at the Biltmore Center office park at 24th and Camelback. Colliers’ Ryan Timpani represented ZenReach. Colliers' Phil Breidenbach, represented Phoenix-based ViaWest Group, which owns the Biltmore Center offices.

  • Owners sell two West Phoenix Apartment Complexes – Phoenix Business Journal

    July 25, 2016 – Landlords keep on trading and selling older apartment complexes as the next property to change hands was Lincoln Village apartments on Campbell Avenue near 22nd Ave and I-17. It was sold for $6.2 million. Colliers International's Trevor Koskovich, Bill Hahn and Jeff Sherman brokered the sale. The same trio negotiated the $5.5 million sale of the Bella Rio Apartments at 49th Avenue and Thomas Road in Phoenix.

  • The Rockefeller Group Sells Chandler Corporate Center III

    July 8, 2016 – The Rockefeller Group (RGI) announced the sale of Chandler Corporate Center III, an 81,770 s.f. flex/office building in Chandler, AZ. The building was the second office building completed by The Rockefeller Group at Chandler Corporate Center. Colliers in Greater Phoenix negotiated the sale. Mindy Korth, Phil Breidenbach and Kirk Kuller, were the exclusive marketing agents for the sale.

Q2 2016 | News Archive | Colliers in Greater Phoenix

  • Colliers International Scores Leasing Rights for Biltmore Center – AZRE Magazine

    June 17, 2016 – ViaWest Group selected Colliers International in Phoenix as the exclusive leasing agent for Biltmore Center, previously known as Biltmore Financial Center, a landmark Class-A office complex at the northwest corner of 24th Street and Camelback Road.

  • Deal Tracker: Apartment Sales Go Up, Up, Up –

    June 17, 2016 – In Chandler, AZ, a sale of the 374-unit Crosswinds Apartment Homes at 868 S. Arizona Ave. was completed for $22 million or approximately $58,824 per unit. Cindy Cooke and Brad Cooke with Colliers’ Phoenix office, represented the sellers. In Phoenix, The Park at Deer Valley apartments at 17425 N. 19th Ave. sold for $33 million or $75,688 per unit. Bill Hahn, Jeff Sherman and Trevor Koskovich with Colliers’ Phoenix office represented the buyer and seller.

  • Colliers Goes Collaborative with Workspace Renovations – AZRE Magazine

    June 16, 2016 – Colliers International in Greater Phoenix recently completed an office renovation at the Biltmore Financial Center, creating an inviting open concept that fosters collaboration and creativity, increases efficiency and enables brokers to better serve clients. Colliers held visioning sessions and conducted internal surveys during a two-year comprehensive workplace strategic review process to determine how its team uses its 19,500 square-foot office space, examining Colliers’ multi-generational workforce with a wide variety of expertise.

  • Larry Ortega Brokers Sale of Historic Buildings in Downtown Phoenix Warehouse District – Phoenix Business Journal

    June 9, 2016 – WebPT co-founder Brad Jannenga has big plans for two historic buildings he bought for $1 million in downtown Phoenix’s Warehouse District. Jannenga bought the former Brickhouse music venue at 1 E. Jackson St. and what once housed a barbershop back in the early 1900s at 10 E. Jackson St. Jannenga bought the buildings from the Fort McDowell Yavapai Nation. Jannenga worked with Larry Ortega, executive vice president of Colliers International, to broker the deal. Ortega represented both Fort McDowell Yavapai Nation and Jannenga.

  • Phoenix Area Rents Hit All-Time High While Vacancy Sinks To 20 Year Low

    The latest report from real estate firm Colliers International finds Valley rents have increased by more than $100 over the past two years with the average rental price now $900 per month. Trevor Koskovich with Colliers International in Phoenix says increased demand is to blame, especially among 20 to 32-year-olds who may be leaving roommates and parents for their own places. The hottest markets include central and east Phoenix, Tempe and other areas dubbed ‘infill.' “Meaning interior core, less driving and commuting and more living and amenities," Koskovich said.

  • TruAmerica, Investcorp Team Up to Acquire 379-Unit Tempe Multifamily - Little Cottonwoods Apartments – CoStar

    May 5, 2016 – In one of the largest multifamily transactions so far this year in Phoenix, TruAmerica and Investcorp teamed up to buy the 379-unit Little Cottonwoods Apts. located at 1820 E Bell De Mar Rd in Tempe, AZ, for $56.7 million. The 389,601-square-foot apartment complex was built in phases between 1985 and 1991 on 19.71 acres in Maricopa County. Cindy Cooke and Brad Cooke of Colliers International represented the seller.

  • Medical Office Demand on Rise – AZRE Magazine

    May 4, 2016 – Colliers International in Greater Phoenix released its Medical Office Research and Forecast Report for first quarter 2016. Conditions were mixed in the Greater Phoenix medical office market in the first quarter. Vacancy ticked lower, but the rate rose in on-campus buildings. Across the market, rents dipped in the first quarter, but have inched higher over the past year. This uneven performance in medical office conditions is in contrast to the overall office market. While the healthcare business model has been undergoing changes in recent years, tenant demand for medical office buildings has been on the rise.

  • Starting a Career in Commercial (Real Estate) – Bob Mulhern, senior managing director, Colliers - The Arizona Journal of Real Estate & Business

    May 2016 – I am regularly contacted by people who want to know how to enter the commercial real estate market as a broker. In a specialized industry like commercial real estate, it is natural to assume that industry experience is required. Although this was true at one time, years of recruiting based on the same rigid criteria lead to the same pool of candidates for every position that opened.

  • ‘90s Vintage Arizona Community Sells for Almost $9M – Multi-Housing News

    April 28, 2016 – Bullhead City, Ariz.—Walika Properties has acquired the Silver Cliffs Apartment Homes, a 161-unit apartment community in Bullhead City, Ariz., from Thompson Corporation for $8.95 million. Colliers in Greater Phoenix represented both parties. “The property is ’90s vintage with a strong in-place CAP rate with consistent operations,” Trevor Koskovich, Colliers' executive vice president, told MHN. “Secondary markets are seeing an uptick in transactions based on the higher returns compared to larger markets like Vegas and Phoenix.”

  • Bullhead City Apartments Sell for $8.95 Million – AZRE

    April 26, 2016 – Colliers International in Greater Phoenix negotiated the sale of Silver Cliffs Apartment Homes at 1570 Paseo Grande in Bullhead City, Arizona, for $8.95 million or $55,590 per unit. Colliers’ executive Vice Presidents Bill Hahn, Jeff Sherman and Trevor Koskovich represented the seller and buyer. The seller was Thompson Corporation of Brookfield, Wisconsin. The buyer was Walika Properties of Van Nuys, California.

  • Colliers Negotiates $4.6 Million Multifamily Sale – AZRE

    April 26, 2016 – Colliers International in Greater Phoenix negotiated the sale of Villas at Montebella, a 100-unit apartment asset at 10860 N. 85th Ave. in Peoria, Arizona, for $4.6 million or $46,000 per unit. Executive Vice Presidents Bill Hahn, Jeff Sherman and Trevor Koskovich with Colliers represented both the seller and buyer. The seller was WE Villas at Montebella LLLP (Raffaelle Sabatino, principal) of Saint Leonard, Quebec, Canada. The buyer was Villas at Montebella LLC, a company formed by Shon Brown, a private investor in Peoria, Arizona.

  • Stop Integrating Work with Home to Discover the Best You – Phoenix Business Journal

    April 22, 2016 – The conventional wisdom today is to integrate work with home to maximize both our professional and personal lives. Employees send and receive emails around the clock, participate in conference calls while on the beach and even catch up on projects during the holidays. As the father of nine kids (ages 3 to 26), the senior managing director of 70 brokers at Colliers in Phoenix, and the president of two charter school boards, I understand competing time interests.

  • Trends and Balance are Top Topics for Honoree –

    April 21, 2016 – Bob Mulhern, senior managing director at Colliers International, was recently honored with the award of excellence by the NAIOP Arizona chapter. Mulhern shared his insight into market trends in the Greater Phoenix market and how to juggle work-life balance in the hectic CRE environment.

  • Golf Course Multifamily Revamp Attracts Buyer –

    April 4, 2016 – The Fairways overlooks the historic San Marcos golf resort, which opened in 1913. The 352-unit, class-A apartment community at 777 W. Chandler Blvd. recently sold for $47 million or $133,523 per unit. The seller was BAZV Fairways LLC of Scottsdale, AZ, a company formed by The Bascom Group of Irvine, CA, and the buyer was Virtú Investments LLC of Larkspur, CA, a privately held investment company. Cindy Cooke, senior executive vice president, and Brad Cooke, senior vice president, of Colliers’ Phoenix office, represented the seller.

  • CRE Leader Bob Mulhern Also Leads Education – AZRE Magazine

    April 2, 2016 – There are most likely a lot of surprises in the lives of commercial real estate executives with 30 years in the business. But there are some surprises that are more unexplained than others. “It may surprise many people that I am a co-founder of Great Hearts Academies,” says Bob Mulhern, managing director of Colliers International in Greater Phoenix. “It’s an Arizona charter management organization which has developed 18 Valley charter schools and has an enrollment of over 10,000 students…and we have more than 11,000 students on our waiting lists.”

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