Broker Spotlight

Colliers has best year in its Arizona history

In 2021, Colliers had the company’s most dynamic year in its Arizona history. During 2021, Colliers in Arizona completed more than 1,000 real estate transactions, assisting clients in making more than $4 billion in real estate decisions. These deals involved some of the state’s largest for the year, including the $1.2 billion refinancing for Grand Canyon University; the 1.2 million square feet leased by MLILY for its newest U.S. manufacturing facility; three different multifamily portfolio sales, each exceeding $120 million in value; the sale of the 777 building within the ASU Innovation Corridor; and working with CapRock Partners in the development of Arizona’s largest ever spec industrial development. “This is an accomplishment achieved through teamwork and broad platform coordination," says Bob Mulhern, senior managing director of Colliers in Arizona.

ABI paves way for downtown development

ABI Multifamily brokered the $4.1 million sale of The Phoenix on Willetta, a 1.95-acre parcel located at 102 E. Willetta St., Phoenix. ABI Multifamily’s Patrick Burch and ABI’s Phoenix-based Institutional Apartment Group of Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick represented the seller. The land offers a prime development opportunity in the heart of Downtown Phoenix.

Northmarq starts year off right

After a record-setting 2021, Northmarq Phoenix’s investment sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle started 2022 strong with the $51 million sale of Cove on 44th in Phoenix. NorthMarq’s debt and equity team also secured financing for Tide Equities to purchase the property with a $46.2 million loan.

CBRE opens doors in CRE

Project Destined’s Historically Black Colleges and Universities (HBCU) Bridge Program, sponsored by CBRE, connects students with CBRE leaders and exposes them to industry career paths. At least 100 students from select HBCUs will receive scholarships to participate in the program each year, starting this spring. Leaders from select HBCUs will serve as academic advisors to help facilitate student participation.

Bob Mulhern

JLL is leasing The Beam on Farmer

The Beam on Farmer, a Class A office projects in the heart of downtown Tempe, celebrated its topping out in February. “The Beam on Farmer sits in the most sought-after office submarket in the Valley,” says JLL Managing Director Ryan Timpani, who serves as the project’s exclusive leasing broker along with JLL Managing Director Mark Gustin. “The project’s cross-laminated timber construction profile will be the first of its kind in the Valley.”

The Beam on Farmer

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PHOENIX INDUSTRIAL MARKET SETS ALL-TIME RECORDS

The Metro Phoenix industrial market set a series of records in 2021, making it the most active year in the area’s history, according to a report from Colliers. Net absorption in 2021 was 80% higher than 2020, construction levels hit a historic peak in fourth quarter, and vacancy rates dropped to their lowest levels ever in the final months of the year. In addition, investment sales reached their historic high level during fourth quarter.

During 2021, the Metro Phoenix industrial market posted 24 million square feet of net absorption, nearly doubling the amount recorded in 2020 (13.4 million). Fourth quarter marked the seventh consecutive quarter of net absorption greater than two million square feet.

SOLTERRA MATERIALS BECOMES $40M COMPANY IN 4 YEARS

After only four years in business, the asphalt mixing company Solterra Materials (a sister company to Sunland Asphalt) has already exceeded $40 million in annual sales, created a partnership with Arizona State University, company President Pat Weaver was appointed as the Western and Pacific Region vice chair for the board of directors of the National Asphalt Paving Association (NAPA) and their forward-thinking earth-friendly initiatives have also spurred a design and research laboratory, which will be opening soon.

“We surpassed our five-year goal in year two, have grown to three asphalt plants in the greater Phoenix area and with only 26 employees have done more than we ever imagined at this stage of the game,” Weaver says.

The company’s unique approach to workforce development has also allowed the company to grow with ease, while other businesses are struggling to find help. “We currently have two job openings and 40 qualified applicants,” says Weaver. “It’s been a blessing to be in this position, especially amidst the pandemic, and we are only going to grow more with the opening of our new lab.”

Andrea Davis celebrates 10 years with a rebranding

Beginning a new chapter for her company and celebrating its 10th anniversary, Andrea Davis announced a rebranded full-service commercial real estate firm, Davis Commercial AZ.

Formerly Andrea Davis CRE, the rebrand also includes a new website and move to a new office at 8160 E. Butherus Drive, in Scottsdale.

“While our brand identity has changed, our mission to help clients realize their commercial real estate vision remains the same,” says Andrea Davis, CCIM, Principal of Davis Commercial AZ. “As we move into our next chapter, we will continue to develop strong relationships built on trust and communication while working on our clients’ behalf to secure all possible incentives in the marketplace."