Issue 4, 2021 by Commercial Executive Magazine

WOMEN IN POWER Anita Verma-Lallian Shari Stults Karrin Taylor Robson Shannon Hersker

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IN THIS ISSUE

Taking Action NAIOP’s legislative successes protect and bolster commercial real estate

14 Architects to Watch Cawley and Deutsch are Arizona’s Architects to Watch

Sunrise Multifamily MD Nazir and Ian Nasib are paving their way in the multifamily market

10 Cover Story CEM releases this year’s Women in Power in commercial real estate

25 The Next Tech Hub Chris Nord with Cushman & Wakefield talks tech © MPmedia, LLC 2021

Letter From The Publisher

– Oprah Winfrey

his issue is one of my favorites each year. There is something special about highlighting powerful, careerdriven and successful women. My close friend Karrin Taylor Robson is surely one of those women, as she embodies ultimate class and sophistication. I am extremely excited for her current endeavor: her campaign for governor of Arizona. In addition, Shannon Hersker, Shari Stults and Anita VermaLallian are each unique and influential in their fields. Read the cover story on page 14. Another feature I’m excited to share with you is up-andcomers M.D. Nazir and Ian Nasib with Sunrise Multifamily. They have carved their path in the commercial real estate industry through grit and personal motivation. Please enjoy their inspiring story on page 6. We are also featuring Architects to Watch, which include Cawley and Deutsch, an update on NAIOP and The Next Tech Hub. I’m looking forward to my late-summer trip abroad and enjoying the special things in life after having COVID-19 and hand surgery this month. I have an upcoming trip to Croatia in September with my Mom and friends. Our travel plans include seeing in Zagreb, Split, the island of Brac, Fort Lovrijenac (where “Game of Thrones” was filmed), and just enjoying time near the historic Adriatic Sea. The pandemic has made me realize that the old adage it true … Life is too short! I hope you enjoy the rest of your summer and this issue,

Mandy Purcell

Founder & Publisher Commercial Executive Magazine

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MD Nazir & Ian Nasib Principals, Sunrise Multifamily Profile

In 2019, close friends Modaser (MD) Nazir and Ian Nasib became business partners with the founding of Sunrise Multifamily. “Over the previous 18 months, I had deployed capital as a limited partner with a major operator in the Phoenix market, where Ian served as an acquisition specialist and helped grow the company from $20 million AUM to $500 million AUM,” says Nazir. “We both have an entrepreneurial spirit, and the timing was perfect to start our own investment firm,” says Nasib. “So, with Ian’s experience and my accumulated savings, we launched Sunrise,” says Nazir.

STARTING POINTS

Just over 30 months into the venture, the two principals and their team of five associates have surpassed 1,300 units in the company’s portfolio. “Our hub market is Greater Phoenix, but we have a presence in Las Vegas, and expect property acquisitions in Dallas and Austin,” says Nasib. “Over time, we expect Sunrise to expand its footprint across the Southwest,” says Nazir.

cially distressed,” says Nasib. “We started Sunrise because we want to help people who do not understand investing, we believe that it is something that they can take part in as well,” Nazir says. Sunrise aspires to make the future of real estate investing educational, flexible, and accessible. Every Sunrise Investor’s portfolio will be diversified by high-quality, resilient assets across the Southwest.

BACKGROUND

PURPOSE

Sons of immigrants from Afghanistan, Nazir and Nasib shared familial environments that fostered their entrepreneurial spirit and work ethic. “Growing up as immigrants, both of our families were finan-

Nazir and Nasib push themselves to their best through a tireless work ethic, instilled in them by their parents. “Ensuring that we have financial freedom is certainly a motivating factor,” says Nazir.

"Ian and MD are having a terrific run and it's easy to see why. They are high-character guys who stay true to their word. Their grit and hard work is paying off and they've been a pleasure to work with." —Eddie Chang, Senior Partner, ABI Multifamily

“It has been a pleasure getting to know Ian Nasib and MD Nazir on both a professional and personal level. Ian and MD are two of the most dedicated, hard-working, humble and likeable owners in our market, I’m grateful to call them friends and clients.” —Chris Canter, Managing Director, Newmark

MD Nazir and Ian Nasib

And for Nazir, there is another level of commitment that drives him. “I started Sunrise because I wanted to help people who do not understand investing, believe that it is something that they can take part in as well,” he says. “I want to educate.”

SUNRISE MULTIFAMILY

The multifamily sector is booming across the U.S. According to commercial real estate research firm Yardi Matrix, Phoenix placed number two in year-over-year rent growth at 17% through June 30, 2021. Fueling this pricing dynamic is a market imbalance with robust demand chasing lagging supply. Against this backdrop, Sunrise is growing rapidly in its market niche. © MPmedia, LLC 2021

“We specialize in value-add properties, meaning we buy underperforming assets that have renovation upside,” says Nasib. “Once we acquire these properties, we renovate them, and raise rents to market level. This will result in higher income and an increased valuation of the properties,” says Nasib.

CHALLENGES AND OPPORTUNITIES

While Sunrise’s ascent has been impressive, both men point to initial challenges in generating momentum. “Starting out, with no actual track record of our own, the biggest challenge by far was capital restraint, because multifamily real estate is such a capital-intensive business,” says Nasib. “We had to slowly build our

equity partners and gain their trust one deal at a time. Now that we have strengthened our relationships and earned their trust, we are excited for the future and the growth that will come with it,” says Nazir. In the current environment, the pair see transaction flow emanating from non-conventional transactions. “With increased demand and shortage of supply, prices have increased to unprecedented levels. That said, we have been able to acquire our properties at below market rates, as we have focused on buying off-market deals,” says Nazir.”

FUTURE

The prospects ahead for Sunrise are extremely promising as multifamily continues its impressive run. “We are heading for 5,000 units in our portfolio, and eventually anticipate assets under management to exceed $1 billion,” says Nazir. “We value our client relationships and look forward to many years ahead of continued growth,” says Nasib.

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TAKING ACTION NAIOP’s Legislative Successes Protect and Bolster Commercial Real Estate Industry

n today’s hyperpartisan political environment, it’s tempting to avoid the topic of politics altogether. But as adage goes, “If you’re not at the table, you’re on the menu.” Nothing could be truer for commercial real estate. The number of major policy issues directly impacting the ability to complete a project on time and on budget and to attract qualified employers to the Metro Phoenix market is growing every year. To ensure that developers, investors

Governor Doug Ducey and Suzanne Kinney NAIOP regularly meets with elected officials to discuss policy issues.

and other stakeholders are able to successfully compete for deals, NAIOP works to influence policy by building effective relationships with lawmakers and educating them on how proposed legislation would impact commercial real estate. To accomplish this, NAIOP employs professional lobbyists at the state and federal levels. Its CEO, Suzanne Kinney, has more than 20 years of experience in public policy. NAIOP participates in elections by supporting candidates who will work toward making sure Arizona’s economy continues to grow. Tony Lydon, Managing Director of JLL Phoenix, chairs NAIOP’s public policy committee. This committee includes members who understand how introduced legislation impacts not only their vertical market, but the industry at large. It meets regularly during the legislative session to advise the association on how various bills would affect development and investment communities as well as the entitlement and construction processes. “NAIOP’s commitment to employment-centric public policies such as competitive taxation and reasonable regulation are a driving force in keeping our economy strong,” Lydon says. “We are fortunate to have such an active committee guide us through complex issues.” NAIOP’s legislative agenda focuses on policies that will make Arizona a more competitive place to do business. The 2021 legislative session included two major successes. The tax package that Gov. Doug Ducey signed into law both lowered commercial property taxes and mitigated the damaging impact of Prop. 208 as passed in the 2020 election. “NAIOP’s role in protecting taxpayers and small businesses subject to the Prop. 208 surcharge that would have made Arizona’s top marginal income tax rate one of the highest in the country was invaluable,” said Danny Swancey, Partner at ViaWest Group and 2021 NAIOP Arizona Chairman of the Board. NAIOP also plays defense by guarding against misguided ideas that would cost its members precious time and money. In recent years, NAIOP has successfully defeated bills that would have raised commercial contracting © MPmedia, LLC 2021

taxes, put in place renewable energy mandates on commercial buildings and largely eliminated GPLETs. The association also worked with the League of Cities and Towns to stop the misapplication of the speculative builder tax. Currently, the Arizona chapter is coordinating with NAIOP’s federal lobbying team on major tax policy proposals that could cost the industry millions of dollars of capital investment. This includes opposing higher capital gains taxes and taxing carried interest/promoted return as ordinary income and eliminating 1031 like-kind exchanges. The association is also working to ensure that any infrastructure bill that is passed is fiscally responsible and includes critical highway and water projects that Arizona desperately needs. As times change, so does NAIOP’s approach to working with lawmakers. Given that the state that is now considered “purple” on the political spectrum, NAIOP works with elected officials from both parties on issues that impact real estate. One of these is the workforce shortage. Bipartisan support exists for programs to train younger people for careers in the skilled trades, which is a priority for NAIOP members looking to hire more talent. “With so much on the line for our members, we are already focusing on the 2022 election,” Kinney says. “NAIOP’s strategy is to help elect legislators who understand what an amazing chance we have to enact policies that will position Arizona as a leading market for capital investment, employment and trade growth.” In recent elections, large organizations based outside of Arizona have poured millions of dollars into ballot initiatives, most of which have had a negative impact on the state’s business environment. NAIOP plans to increase its work with a broad coalition to enact reforms to guard against abuses of the initiative process. NAIOP’s unique ability to positively impact public policy for the commercial real estate industry will only become more important as the political environment continues to shift and new opportunities emerge to position Arizona as a leading market for business attraction, employment and capital investment.

Suzanne Kinney, CEO

Danny Swancey, Partner at ViaWest Group

Tony Lydon, Managing Director of JLL Phoenix

LOCAL EXPERTISE, NATIONAL COVERAGE Our dedicated Build-for-Rent and Single-Family Rental practice group is here to provide you with expert advice and guidance for all of your BFR/SFR needs. We have a finger on the pulse on all things in this market, from the strongest performing geographic markets, to the investors and lenders most active in the space. We have the tools, access, and expertise needed to seamlessly realize your vision.

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Congratulations

Karrin Taylor Robson Arizona Strategies President

Women in Power 2021 Honoree

Edward J. Robson

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WOMEN IN POWER Commercial Executive Magazine’s 2021 Women in Power features four outstanding women in commercial real estate. These women continue to break barriers and pave the way for the next generation of women in the industry. In the next few pages, read about the challenges they've overcome, achievements and future goals.

Anita Verma-Lallian, Shari Stults, Karrin Taylor Robson, Shannon Hersker

WOMEN IN POWER 2021

KARRINTAYLOR ROBSON FOUNDER AND PRESIDENT OF ARIZONA STRATEGIES

arrin Taylor Robson, founder and president of Arizona Strategies, has crafted an enduring legacy of excellence in the Grand Canyon State’s commercial and residential real estate landscape, with over 30 years working in land-use and development strategy. On Nov. 8, 2022, she hopes to add another chapter to a remarkable career, as governor-elect. “In my humble opinion, Arizona is the greatest state in the greatest country on Earth,” she says. “I have been immensely blessed with opportunities in my life, and I want the next generation to have the same opportunities that I have had. As my mother always said, ‘To whom much is given, much is expected.’”

BACKGROUND

With an Arizona State University undergraduate diploma and law degree, she began her legal career as a principal at Biskind, Hunt & Taylor, P.L.C. “Starting my own law practice four years out of law school was certainly a challenge, but the opportunity was great. To this day, I am thankful for the success I had there, and the subsequent opportunities that came from it,” she says. These moments included a decadelong run of accomplishments at DMB Associates, as executive vice president,

STARTING POINTS

Taylor Robson’s impeccable resume includes some of the most noteworthy and recognizable flagship properties across the state. “I have had the privilege to work on many transformative projects in the Valley over the past quarter century, from great masterplanned communities to some of the most iconic retail developments as well as large employment uses,” she says. “I am proud of many accomplishments in my career, but at the top of the list are the communities that I was able to help create, such as DC Ranch, Verrado, Eastmark, Marley Park and Alamar, where thousands of families now live, work and play.”

MY DECADES OF WORKING FOR THE PRIVATE SECTOR AND HELPING PEOPLE NAVIGATE GOVERNMENT AT THE LOCAL, STATE AND FEDERAL LEVEL UNIQUELY POSITIONS ME TO LEAD © MPmedia, LLC 2021

and head of the firm’s entitlement division. And now with over five years at Arizona Strategies, a best-in-class land-use consultancy firm, the distinguished esquire could not be more excited about the prospects for the future. “I always wanted to work in real estate,” she says. “I enjoy the benefits of owning my own company and truly appreciate my clients who are dedicated to building great communities and great real estate projects.”

APPROACH

Expertise, knowledge, work ethic and determination are pillars of Taylor Robson’s roster of tremendous wins in CRE. However, buttressing this powerful professional architecture is a deep network of relationships, which she has developed and nurtured for years. “I have invested a significant amount of time and energy in building relationships and helping others succeed,” she says. “When nothing is expected in return, the rewards of paying it forward are many. I attribute much of my success to helping others.”

POLITICS

The contacts, connections and associations she has compiled will prove

invaluable in her run for the post held for eight years by Gov. Doug Ducey. “My decades of working for the private sector and helping people navigate government at the local, state and federal level uniquely positions me to lead,” she says. History may be on Taylor Robson’s side as she pursues the position held by impressive female leaders including Jan Brewer, Jane Dee Hull and Janet Napolitano. In the family tree, her father, Carl Kunasek, held the role of president of the Arizona Senate, and her brother, Andrew Kunasek, was a supervisor on the Maricopa County Board. In addition, Gov. Ducey appointed her to the Arizona Board of Regents in 2017. “I want to see Arizona succeed and continue its tradition as a pro-business, entrepreneurial and dynamic economic state,” she says.

FUTURE

In a career filled with stellar achievements, Taylor Robson is looking to bring her talents to the Office of the Arizona Governor and serve state residents. “I do not need on-the-job training and I will work tirelessly to keep Arizona, Arizona,” she says.

WHO DO YOU ADMIRE MOST? My mother.

WHAT'S ONE THING THAT CAN INSTANTLY MAKE YOUR DAY BETTER? Gratitude

WHAT IS THE BEST THING THAT HAS HAPPENED TO YOU THIS YEAR? Becoming a grandmother.

WHAT’S THE MOST IMPORTANT THING PEOPLE SHOULD KNOW ABOUT YOU? How thankful I am for living in the best state in the best country ever!

WOMEN IN POWER 2021

SHANNONHERSKER DIRECTOR, WALKER & DUNLOP

he standing joke in the Phoenix Capital Markets Group at Walker & Dunlop is “Shannon, what are you getting us involved in, with this push into the build-for-rent (BFR) and single-family rental (SFR) space?” “My mentors and colleagues, Keaton Merrell and Jim Pierson, still have fun with me about my insistence, early on, that the company be a leader in the sector,” says Hersker. But no one is laughing now, as the #1 multifamily capital provider in the nation. According to the Mortgage Bankers Association Commercial/Multifamily Origination Rankings, they currently manage nearly $1 billion BFR/SFR financing channel. “This segment is one of the strongest asset classes in commercial real estate,” she says. “We are working on deals in over 30 states and have a national BFR/ SFR group within Walker & Dunlop that offers a one-stop shop including equity, debt and investment sales.”

title business, Merrell and Pierson convinced Hersker to join them at Walker & Dunlop. “Both men have been such amazing mentors to me, and joining the team is one of the best decisions of my career,” she says. “When they recruited me, it was with the intention to teach me the financing side of the business.”

BFR/SFR

As the BFR/SFR market continues to expand rapidly, it is important to highlight the subtleties and differentiation between the two product types. BFRs are communities of homes that are purpose-built to be single family rental homes. All the homes in a BFR community are contiguous and operate as one rental community, whereas SFRs are detached rental homes that are often times scattered. “BFRs are operated under the same model as multifamily housing,” she says. “Organizations

STARTING POINTS

A director in the firm’s Phoenix office, Hersker started at Walker & Dunlop in January 2018 and took an immediate interest in the inchoate market sector. “Something inside me just knew this was going to be a rapidly growing and dynamic asset class,” she says. “The BFR|SFR space is estimated at $3.4 trillion, nearly equal to the $3.5 trillion for the multifamily market.”

DO NOT BE AFRAID TO BE HEARD, ASK QUESTIONS AND BE INVOLVED.

BACKGROUND

An Arizona State University graduate, Hersker entered the industry in 2012 on the title side. “A close friend said I would be great in a relationship manager role, which is how I started,” she says. After nearly six years in the

often pool SFRs together for investment purposes, particularly when properties are in geographic clusters.” The BFR/SFR momentum is attracting investors, particularly due to strong vacancy rates approaching 97% nationally and robust rent growth exceeding 4%. “The demand from residents is certainly a driver, coupled with a shortage of units,” she says. “New developments across the country are addressing the supply/demand balance.”

WALKER & DUNLOP

At Walker & Dunlop, Hersker has found her place to shine in a role traditionally dominated by males. “While more women are entering CRE, the financing side of the industry is heavily dominated by men,” she says. “I am ultra-competitive, and one of the motivators for me is breaking the glass ceiling in this field and encouraging more young female professionals to become involved.” Hersker’s points to Walker & Dunlop’s culture as a key factor in her achievements at the company. “The firm is amazing and positions its team members to succeed,” she says. To that end, the organization launched a bold diversity and inclusion initiative

in 2020. According to Chairman and CEO Willy Walker, “The company laid out concrete and ambitious goals to enhance gender and racial diversity within our company,” he says. “We will hold ourselves accountable to these goals by tying long-term executive compensation to their achievement and are now broadening our focus to make a lasting impact on our industry.”

WISDOM

As to advice for her female peers, Hersker recommends finding trusted mentors who have an interest in seeing career evolution. “That is what is terrific about Keaton and Jim, they want to see me succeed,” she says. She also encourages colleagues to demonstrate confidence and not be intimidated by the male-centric nature of the industry. “Do not be afraid to be heard, ask questions and be involved,” she says.

FUTURE

While acknowledging that her move to Walker & Dunlop was one of her best decisions, she certainly made a great call on BFR/SFR. “That certainly is a career highlight, and I am very proud of the results our team has generated,” she says.

WHAT IS MOST IMPORTANT TO YOUR MENTAL HEALTH?

Spending quality time with my husband and two children and taking the time to unwind with friends.

WHAT MAKES YOUR DAY INSTANTLY BETTER? Seeing my 2½-year-old and 6-month-old kids.

DO YOU THINK YOUR KIDS WILL GRAVITATE TO CRE?

If there is an interest, for sure. I think it would be fun to collaborate in some capacity, especially because my husband also works in the space.

DO YOU PREFER WORKING FROM HOME, THE OFFICE OR BOTH?

There is room for both but having in-office collaboration with team members in person is a must.

WOMEN IN POWER 2021

ANITAVERMA-LALLIAN FOUNDER AND CEO OF EQUITY LAND GROUP AND ARIZONA LAND CONSULTING

nita Verma-Lallian, founder and CEO of Equity Land Group and Arizona Land Consulting, is extremely cognizant of the fraction and its impact on commercial real estate. “Property in the Grand Canyon State is limited; only 16.6% of the state is private land,” she says. “That means that as Greater Phoenix grows, land availability will become more limited, which will cause more demand for the land we have.”

STARTING POINTS

Started respectively in 2019 and 2020, Equity Land Group and Arizona Land Consulting are boutique firms specializing in concierge CRE services for clients. “Equity Land Group helps smaller investors invest in land, and Arizona Land Consulting assists individuals and companies in finding suitable land sites for their specific needs,” she says. Her dual ventures have already generated impressive wins in 2021, with parcel acquisitions totaling $12 million for Equity Land Group, and $60 million in transaction volume at Arizona Land Consulting. “I love watching how the two firms have grown over the last two years,” she says. “We are expanding our client reach, and it has been incredibly rewarding.”

BACKGROUND

A Phoenix native, Verma-Lallian attended the University of Arizona for her Bachelor’s of Science in Business Administration, and then headed to the Golden State for her Master’s

of Business Administration at the University of Southern California. “Following my graduation, I began working with my Father at Vermaland in 2008 and obtained a significant amount of experience with land acquisition and development,” she says.

VERMALAND

Verma-Lallian learned quickly about the market dynamics of the Valley under the tutelage of Kuldip Verma. The land pioneer started the company in 2001 with the understanding of the 16.6% data point. Over the years, the firm has become “the largest owner of 50-1,200-acre land holdings in Metro Phoenix,” according to the website. Her Vermaland education paved the way for the success of Equity Land

A STRATEGY I BELIEVE IN IS KNOWING YOUR BUSINESS REALLY WELL. THAT WAY WHEN YOU DO TAKE A RISK, IT IS EDUCATED AND CALCULATED, AND YOU DO NOT HAVE TO WORRY AS MUCH. © MPmedia, LLC 2021

Group and Arizona Land Consulting. “I think being knowledgeable of the land market has been critical,” she says. “If you know the market well, you can quickly realize when a good opportunity comes along and take action.”

OPPORTUNITY

In forming and expanding her enterprises, Verma-Lallian seized on the potential of CRE in the region. “I love the excitement of real estate and appreciate seeing how Phoenix has transitioned over the years to the city it now is. I have always wanted to be a part of that growth and development,” she says. Her entrepreneurial spirit in the CRE sphere comes from a deep passion to break barriers in a traditionally male-dominated industry. “I was a young woman when I first started in the industry, so the biggest challenge I face is having people take me seriously. I overcome this by staying knowledgeable and educated and pursuing my continued success,” she says. That vigor and determination also provide an inspirational message for current and future professionals in the field. “I think women need to be more assertive and ask for things. In my

experience in real estate, women hesitate to take the same risks that men do,” she says. “A strategy I believe in is knowing your business really well. That way when you do take a risk, it is educated and calculated, and you do not have to worry as much.”

PROJECTS

With Equity Land Group’s robust asset portfolio, and Arizona Land Consulting’s dynamic transaction record, Verma-Lallian is enthusiastic about both companies. “I just helped a client work with KORE Power to secure a location to build their lithium-ion battery plant in Buckeye. They will be bringing 3,000 jobs to the city, which is huge. It has been amazing to be part of that project,” she says. “And we recently sold one of our properties for four times what we bought it for seven months ago, which is really terrific.”

FUTURE

Look for more wins and achievements from Verma-Lallian’s twin dynamos in the coming years. “The growth trajectory in Phoenix is amazing, and I think of what Phoenix will look like in the coming years. It is definitely inspirational,” she says.

WHAT'S ONE THING THAT CAN INSTANTLY MAKE YOUR DAY BETTER? Laughing with my kids.

WHAT DO YOU PREFER WORKING FROM HOME, OFFICE OR HYBRID? I prefer working from home because I feel like I am more efficient, but don’t mind a hybrid either.

WHAT IS THE BEST THING THAT HAS HAPPENED TO YOU THIS YEAR? The success of both Equity Land Group and Arizona Land Consulting.

WHAT’S THE MOST IMPORTANT THING PEOPLE SHOULD KNOW ABOUT YOU? I can be extremely introverted.

WOMEN IN POWER 2021

SHARISTULTS ASSOCIATE DIRECTOR, YAM CAPITAL

hari Stults, associate director, YAM Capital, has built an impressive career in commercial mortgage banking by getting “under the hood” of a deal. She understands not only the numbers, but the participants and the relationships behind the transaction. This approach to the business emanates from one of her passions. “I am a bit of a gearhead,” she says. “I love classic cars, especially American muscle, and have a 1967 GTO.”

STARTING POINTS

Now with over 25 years of mortgage banking experience at GMAC, Keystone Commercial Capital and NorthMarq, Stults arrived at YAM in 2017. “I was fortunate to have the chance to join the firm as a senior underwriter. Since then, I have moved up in the company and am excited to now transition back to the business-development side of the business,” she says. “It has been a gratifying experience, both professionally and personally, to be a part of the YAM Worldwide family of companies and contribute, even on a minute scale, to the philanthropic efforts of The Bob & Renee Parsons Foundation.”

YAM CAPITAL

transaction types. “Our bridge lending platform remains flexible, aggressive and able to offer certainty of execution,” she says. “YAM has continued to provide short-term bridge loans from $2 million and up, and we remain particularly interested in multi-tenant retail centers, while considering nearly all property types nationwide.” A review of recent transactions on the company’s website reveals the scale, scope and diversity of the loan portfolio including: $3.3 million Grocery Anchored Shopping Center in Mississippi, $21 million Medical Office Campus in Pennsylvania, $32.1

EVERY DAY AT YAM, I GET THE CHANCE TO BUILD THOSE RELATIONSHIPS AND SERVE CLIENTS IN THE BEST POSSIBLE WAY.

The financial arm of Bob Parsons’ empire provides clients with bespoke credit facilities, across a range of commercial real estate assets and

million Resort and Golf Property in Florida and $15.5 million Retail Center in California. “We pride ourselves in our creative approach to deal making and our ability to add value in different verticals, products and situational projects,” she says. Stults’ hands-on approach to lending always begins with the foundation of developing and nurturing long-term connections with clients, plus the key stakeholders involved in the process. “CRE always has been a relationship-based business. While the world becomes more advanced technologically, nothing can replace the tremendous relationships and friendships that are built on hard work, trust and integrity,” she says. “Every day at YAM, I get the chance to build those relationships and serve clients in the best possible way.”

my work, while maintaining integrity and putting my customers first,” she says. “Having a competitive spirit also did not hurt. I have always been naturally motivated and was raised being taught that no one owes me anything and that I need to work hard if I want to achieve.” The drive, dedication and purpose demonstrated by Stults are also the cornerstones of success for young professionals in the industry. “There has never been a better time for women to be entering CRE. I wish I was 25 years younger. Companies recognize the significant contributions that women are bringing to the sector, and their talents are embraced and celebrated,” she says. “Be yourself, work hard, follow your intuition, and if your skills and talents are not adequately recognized, move on. Pave your own way, and your talents will be recognized in time.”

BASICS

FUTURE

METHODS

To be among the best in any industry, a professional must put in the work and always remain committed to a brand of excellence. Stults has followed this philosophy throughout her career, and as a result, continues to generate an impressive track record of accomplishments. “There is still no substitute for hard work. I believe my success comes from putting everything I have into

Opportunities abound for Stults and YAM as the national economy continues on its strong growth trajectory. “We expect our lending program will continue to thrive as the impact of COVID begins to diminish,” she says. “The project pipeline is booming, and YAM Capital is well positioned to provide liquidity solutions for our clients.”

WHAT'S ONE THING THAT CAN INSTANTLY MAKE YOUR DAY BETTER? Humor! We are in a serious, often stressful business involving millions of dollars, major deadlines and unexpected complications at every turn. If we can add a little levity to the situation, we can get the job done and still have a bit of fun.

WHAT’S THE MOST IMPORTANT THING PEOPLE SHOULD KNOW ABOUT YOU? I have remained in this business because I truly care about the people. I want to bring value, integrity and success to my company and to my clients.

CONNECT DESIGN BUILD

We are place makers that design striking buildings and deliver exciting, meaningful spaces. The Cawley Architects Team has spent their careers

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innovating the delivery of architectural services. We connect with our clients and empathize with their needs.

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Architects to Watch

Cawley Architects

Paul Devers Cawley Architects

herman Cawley founded Cawley Architects in 1991 and it has since evolved the company from the owneruser/build-to-suit arena to a complete traditional services practice. Cawley, along with Paul Devers, partner, has grown the firm into a team-driven staff of 27 members. The firm offers a comprehensive suite of planning, architectural and interiors services for clients in commercial and specialty product types.

businesses. As a result, the industry is flourishing at all levels, and our firm is having its best year ever.

CEM: How did you get into the industry?

CEM: What challenges have you overcome?

CEM: How has business been this year?

CEM: What makes Cawley different from other firms?

PD: I have always been intrigued by ancient and classical buildings. They fed my imagination and created a desire to learn more about the people who designed and built these structures. Once I understood the process, I chose architecture as my profession because it begins with the idea developed on paper and evolves into a tangible, three-dimensional building. This creative problem solving is exciting and has provided a very gratifying and exciting career. PD: Business for us and the entire industrial market has been dynamic and will continue to thrive. We are in the market for which we have been waiting. The driving force of e-commerce, compounded by the pandemic and coupled with a diversifying, multi-nodal economic base for the Valley, has created a dynamic real estate environment. The massive demand for industrial projects has created the perfect environment for secondary and tertiary markets such as the ones in which we prosper to come into their own and provide wider opportunities for investors and

PD: The current challenge is finding qualified staff to fill newly created positions. We continue to grow and cannot rely on traditional advertising and placement service resources that are "tapped out." We have enlisted firms to proactively search for qualified candidates that aren't available through traditional resources. We have also learned to be patient and hire equally for personal values and qualities, as well as experience.

PD: Cawley Architects is dedicated to overcoming many of the shortcomings inherent in the delivery of traditional architectural services. Our extensive design-build experience sets us apart from other offices. We do not initiate the intense engineering phase of any project without soliciting the participation of a qualified contractor to provide a reliable budget based upon a detailed drawing package. We have developed extensive procedures to anticipate every contingency in our complicated industry and have the entire © MPmedia, LLC 2021

Cawley Architects excels in the industrial, commercial, and non-profit architectural markets in the Valley. We design and deliver projects primarily in the 10,000-square-foot to 500,000-square-foot arenas. Projects such as the non-profit Phoenix Rescue Mission’s Life Recovery Building (above), and Felix Construction (right), are recent examples of completed projects. We are also active in manufacturing, distribution, education, healthcare, retail, multifamily, office, automotive and transportation services, and redevelopment.

staff constantly contributing to these procedures and standards. The bottom line for us is incorporating all construction-related items through our QA/QC team into our ever-evolving practices. We also train – religiously – on these same issues. "Nobody does that," says one staff member.

CEM: What goals does Cawley want to accomplish in the near future? PD: We recently introduced our Cawley Design Studio Interiors department. This service has been well-received, and it gives us the ability to deliver the entire building design integrated aesthetically and technically. We are thrilled with the exciting designs our team has developed, most recently the Felix Construction project.

CEM: What's next for Cawley?

PD: Over the past seven years, we have added a deep bench of very talented architects and professionals that form © MPmedia, LLC 2021

the nucleus of our future leadership team. Four have become partners, and three have been named associates. Our talented team will continue to grow to fill roles we have identified in our strategic growth plan for the next few years. These efforts have become pieces in a transition plan that Sherm and I have been actively developing. Soon we will announce that I will be filing the role of president, and Sherm will semi-retire as the founder. As a result, I will be spending more of my time working "on the business" rather than "in the business." Sherm will spend his time working on our company’s growth as we look ahead to the next 25 years.

Architects to Watch

Deutsch Architecture Group

ernie Deutsch started Deutsch Architecture Firm 40 years ago with a focus on the advanced manufacturing market. Nearly three decades ago, David Calcaterra joined and is now principal of the firm. With the dramatically fluctuating Arizona market, Deutsch has always been able to maintain a balance of clients in the public and private sectors. No doubt, the firm’s primary focus will always be in the industrial/manufacturing sector. Projects completed recently include the OdySea Aquarium and Bombardier maintenance bay expansion at Sky Train.

David Calcaterra Principal, Deutsch

CEM: How did you get an industry?

DC: After graduating from the University of Florida in 1993, I moved to Arizona and met Bernie Deutsch. I’ve been with the firm for more than 27 years.

CEM: How has Deutsch been this year for your company?

DC: Of course, early last year we were extremely concerned with many projects pausing due to the pandemic. We feared “This is what’s going to get us.” By June and July 2020 until now, projects have moved at a rapid pace. The year 2021 has been our best since 2007. Shocking!

CEM: What challenges have you overcome?

DC: Without question, the 2008 recession was the most difficult challenge I’ve experienced. Recently, we’ve all been challenged working from home and navigating the blending of our personal and professional lives. Supporting the staff through this time has made me a better director and mentor.

CEM: What makes Deutsch different from other firms?

DC: Our diversity of project types is unique. Public sector work includes fire stations, labs and maintenance facilities. In the private sector, we’ve been fortunate enough to do aquariums, spec industrial and advanced manufacturing projects. Firm experience in a variety of project types is a primary objective.

CEM: What is the key to Deutsch’s success and synergy?

DC: The key to our firm’s synergy has been longevity. Although I’ve been with the firm a while, others have been with us longer. Our 22-person staff has well over 200 years of experience. Everyone’s there to help each other. No task is beneath any one person.

CEM: What are Deutsch’s goals for the future?

DC: Our long-term goal is to set the company up for future generations. Our immediate goal is to continue maintaining our sector balance of projects.

CEM: What’s next for you?

DC: Exactly what Bernie did with me: Continue to grow and hire the next generations of managers, designers and architects. We will let them evolve our firm for the future. © MPmedia, LLC 2021

Top: Liberty Logistics Center 2, Building 3 Bottom: Tuesday Morning

Next Tech Hub The

Arizona — and, by extension, Greater Phoenix — is building its reputation as a national technology ecosystem. Computing Technology Industry Association’s 2021 Cyberstates report reveals that the state ranked eighth in net tech employment job gains, and projected Arizona number five in percentage change in tech occupation growth 2020-2030. “I see Arizona’s tech industry further maturing into a larger tech hub, similar to Dallas and Atlanta,” says Chris Nord, managing director, Cushman & Wakefield, Phoenix. “Arizona’s tech workforce should double within the next five to 10 years, which should attract more tech entrepreneurs to start more innovative companies in Arizona.”

STARTING POINTS

With 15 years in the business serving tenant clients, Nord has established himself as one of the premier technology brokerage consultants in the Valley. “I started my career at the beginning of the Great Recession. As a result, in the beginning, I spent a lot of time canvassing the market, which helped me learn and get acquainted with tenants,” he says. “I was building relationships with occupiers, and thankfully some of those users engaged me, and many are still clients today.”

OPPORTUNITY

Recent announcements on the wave of technology firms migrating to, or expanding in, the state are compelling evidence that the region is an innovation nexus. Taiwan Semiconductor’s $12 billion investment in a state-of-art manufacturing foundry is now projected to reach $35 billion, according to news reports. Facebook is planning an $800 million datacenter in Mesa and reports say longtime resident Intel is planning to deploy $20 billion in

conduct operations. The remote work model, using digital and video technologies, revolutionized the office landscape and the employee/employer dynamic. Companies are contemplating their property footprints, and on a large scale are implementing an office/home dynamic. “Cushman & Wakefield’s Workplace Strategy Group released a survey, which finds the pandemic-induced work-from-home experiment has altered perspectives on work, flexibility and the office,” Nord says. “Hybrid working is expected to more than double going forward, while exclusively remote structures will remain the exception. In addition, the real estate industry is expected to become more nimble as tenants require greater flexibility in terms of space, amenities and leasing terms.”

“Recruiting and retaining talent is crucial, and that means offering work flexibility, best-in-class amenities and technology tools for professionals to succeed.” —Chris Nord facilities. “Arizona has a lot of wind in its sails with a growing population, big wins in advanced manufacturing and electric vehicle tech (Lucid, Nikola and Atlis), deep workforce supply and a renowned higher education institution in Arizona State University,” Nord says. “In a recent win, we are working with a new-to-market technology company (headquartered in the Bay Area) that selected Phoenix based upon its abundance of educated talent. They have plans to hire approximately 1,400 people by 2025-2026.”

CLIMATE

The Grand Canyon State has long prided itself on a favorable business, tax and regulatory domain, all reasons for the continued expansion of technology companies and entrepreneurs into the area. “Arizona offers an educated and growing workforce, low cost for talent, affordable cost of living, high quality of life, modern infrastructure, stable culture and friendly business environment attracting many out-of-state implants,” Nord says.

TENANTS

Technology leaves no industry untouched, and commercial real estate is no exception, particularly during the pandemic. Tenant and purchase walk-throughs of space were conducted virtually, as were closings. And with lockdowns, social distancing and occupancy limits, the very nature of retail and office operations transformed dramatically. One of the most enduring changes though, may very well be the way in which companies and their workforces © MPmedia, LLC 2021

Chris Nord

OUTLOOK

Nord views technology as one of several catalysts in the ongoing evolution of the tenant experience, specifically as employers and employees configure their work styles to ensure productivity, cultural cohesion and innovation. “Recruiting and retaining talent is crucial, and that means offering work flexibility, best-in-class amenities and technology tools for professionals to succeed,” he says. “The entire work-from-home model is a giant experiment that will produce a vast array of outcomes.”

FUTURE

With the robust Phoenix economy on the move coming out of the pandemic, Nord is confident in the long-term health of CRE. “This is a terrific period for tenants, owners and investors to benefit from the vibrancy of the sector,” he says. “The Metro’s ascendance as a national technology hub provides the fuel for strong growth prospects in the coming years.”

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