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Brad Cooke

Broker of the Year

Journey to the Top Top projects of 2019

Women-Run Businesses Three stories of success © copyright MPmedia 2019

1 CEM-AZ.COM • ISSUE 6, 2019

something’s different. Willmeng’s success is attributed to our wholehearted approach to client service and a relationship-focused culture. We are committed to staying true to building excellence and preserving the company’s high value to the clients we serve. Experience the difference. 2

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Journey to the Top

CEM highlights six top projects of the year and the people who made them possible


Emerging Professional

Jack Fijan balances his work and personal life as a young broker

38 Rock Star

Linda Bruce with Fidelity Title chats with CEM about her recent promotion

Women-Run Businesses

Featuring three commercial real estate businesses in the Valley led by women

12 Cover Story

Brad Cooke chats with CEM about his team, multifamily trends and winning Broker of the Year


Broker Team of the Month

CBRE’s John Werstler and Cooper Fratt talk industrial and logistics trends


FOUNDER & PUBLISHER Mandy Purcell, MANAGING DIRECTOR Karen Gallagher, EDITOR-IN-CHIEF Celina Busse, CREATIVE DIRECTOR Janko Katic, SALES Karen Gallagher EDITORIAL Celina Busse, Tim Randall GRAPHIC DESIGN Janko Katic PHOTOGRAPHY Janko Katic, Carl Schultz All rights reserved. No part of this publication can be reprinted or reproduced without publisher’s permission. Opinions expressed are those of the authors or persons quoted and not necessarily those of CEM. 2920 East Camelback Road, #228 • Phoenix, AZ 85016 • 602-955-2899 •


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Letter From The Publisher

“Life is like riding a bicycle. To keep your balance you must keep moving.” - Albert Einstein


s the year draws to an end, I’m sure many of you will agree with me, what an incredible year 2019 was! The real estate market is thriving, and business is booming in Arizona. It’s an exciting time for our industry, and we have much to look forward to with a new decade on the horizon. I’d like to thank my team, Karen, Celina and our new photographer and graphic designer, Janko, for your outstanding work this year. My team and I had an unbelievably successful Fall Forum this year. Commercial Executive Magazine had record-breaking sponsors, and our panel was one of a kind. This all circles back to our strong client base and support. For photos from the event, check out page 52. No one is more deserving of the cover of CEM’s final issue of the year than Brad Cooke, executive vice president, Colliers International. Brad won this year’s Broker of the Year award at the Fall Forum, and it’s only fitting that it’s Brad’s time to shine, as his mother, Cindy Cooke, won this award four times over the past 12 years! Read about Brad, the team’s family dynamic and the expansion of their team on page 30. Journey to the Top features the people behind the top projects of the year as well as the challenges that arose, and how they overcame them. Read about these amazing projects and perspectives on those involved on page 12. Lastly, I’d like to thank our readers, clients, advertisers and friends for your support over the years. As we continue this exciting momentum into 2020, it is truly the relationships that make this industry special, and for that, I’m grateful. Enjoy the issue,

Mandy Purcell Founder & Publisher

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CEM Team

Karen Gallagher

Celina Busse

Janko Katic

Karen coordinates the many moving parts of Commercial Executive Magazine. She oversees sales, advertising and strategic planning to ensure CEM’s readers and advertisers are happy. Karen welcomes new challenges and claims she learns something new every day!

Celina keeps our readers up to date on the latest and greatest CRE news in the Valley. She organizes and coordinates each editorial piece to perfection. Contact Celina for questions regarding editorial, copyright or purchasing commemorative plaques and PDFs.

With an extensive background in art and fashion, Janko joins the CEM team with an impressive 10+ years of experience. A perfectionist in all things creative, Janko has superior aesthetic vision for magazine design, photography and style. See his innovative designs come to life this issue and many more to come.

Managing Director



Creative Director

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Emerging Professional Networking Event

About EPNE

Commercial Executive Magazine recently introduced a new event for young and emerging professionals in commercial real estate. Targeting professionals 30 and under, Emerging Professional Networking Event (EPNE) provides a series of opportunities to connect and network with other rising stars in CRE. Currently, no membership is required for EPNE. CEM will be hosting this event quarterly.

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Law Update

Breaking the Mold

A client can be confident in the legal prowess of attorneys Patrick MacQueen and Benjamin Gottlieb based on their impressive credentials. “Ben has a perfect record in trials,” says MacQueen. “Patrick graduated top of his class out of the University of Detroit Mercy School of Law,” says Gottlieb. “He also has argued cases at the Arizona Supreme Court and the Ninth Circuit Court of Appeals.”

Starting Points

As co-founders of MacQueen & Gottlieb in 2016, the pair have quickly built a sterling reputation in the commercial and residential real estate space. Both men have been honored as recipients of America’s Top 100 Attorneys Lifetime Achievement Award – less than one-half percent (0.5%) of active attorneys in the United States will receive this honor. “When we started the firm, we both realized there was a better way to practice law,” says MacQueen. “We have tried to build a culture that creates an alternative to the traditional law firm model,” says Gottlieb.


Michigan natives, each attended Michigan State University (but were not acquaintances at the time), and then to law school with Gottlieb graduating from Arizona State University. /// After working together at a local real estate boutique firm from 2014-2016, the esquires set forth on their journey to rethink the practice of law both internally and externally. “We pride ourselves on analyzing a client’s legal issue or transaction upfront, which allows for informed decision making,” says Gottlieb. “We also do not have billable requirements or quotas,” says MacQueen.


As novel as the client-facing model is, the internal attorney dynamic is even more interesting. “There is no defined partnership track or tier,” says MacQueen. “This is a meritbased culture of performers,” says Gottlieb. “In fact, we promoted one of our lawyers to partner after one year. There are no time constraints that are common at the traditional firm.” /// Where the practice operates also flies in the face of


convention, as the team conducts operations out of the coworking environment Spaces One Renaissance Tower. “The location offers a unique vibe and feel, which allows us to attract and retain young, talented attorneys,” says MacQueen. “Clients and team members appreciate the energy of a nontraditional firm,” Gottlieb says. /// After drafting a complex contract, an associate can join a colleague for a game of foosball or drain a 6-foot putt on the green. “It does not hurt that Ben and I are avid golfers,” he says. “The culture is a great mix of hard work and fun. We try to celebrate team members. As an example, we have an Employee of the Year (we call them M&G-ers) who earns a one-week Hawaiian vacation,” says MacQueen. /// And as cliché as “outside-the-box” thinking is, the founders truly demonstrate the concept. “We utilize a business coach and a life coach who motivate our team members,” says MacQueen.


Growth is on the mind of Gottlieb and MacQueen as 2020 arrives. “We hope to expand from nine to 20 lawyers,” Gottlieb says. “Also, we hope to introduce our firm design into South Carolina and Florida,” MacQueen says.


As demographics change, and work practices evolve, MacQueen & Gottlieb certainly have a competitive advantage with their legal model. “We are excited at the prospect of becoming one of the top real estate law firms in the Valley and beyond,” says MacQueen.

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“We operate with a sports-team mentality. There are various teams within the firm, and they compete against each other in a friendly way.” -Patrick MacQueen and Benjamin Gottlieb Co-Founders of MacQueen & Gottlieb

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Women Run Businesses -

Cindy Hammond Churchill Commercial Capital


Martha dePlazaola Abbott & Dawn Hart Gensler

Cherie Koester Earthworks Environmental

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Cindy Hammond Churchill Commercial Capital

Cindy Hammond, president of Churchill Commercial Capital, never considered starting her own company until it became the only viable option. “At 29 years old and in the midst of the savings-and-loan crisis of 1991, I was laid off when John Hancock closed its Phoenix office,” says Hammond. “My husband Ray is a born entrepreneur and encouraged me to start our own company, and together we formed a mortgage brokerage business, operating in California and Arizona.” To grow the business further, they formed a partnership in 1994 with a Los Angeles-based mortgage banker, and Churchill Commercial Capital (previously Churchill Mortgage of Arizona) was formed. Q: How did you get into mortgage banking? A: As a senior at ASU, I answered an ad for a researcher position at Grubb & Ellis Commercial Brokerage and was hired by topproducing investment brokers Don Morrow and Dick Lund. After graduation, Don and Dick referred me to First Chicago Investment Advisors, where I was hired as an acquisitions analyst for a pension fund advisor who acquired commercial property in the western USA. After First Chicago, I was hired as a loan analyst by John Hancock Real Estate Finance, which was the mortgage banking subsidiary of John Hancock Life Insurance Company. Q: Who has been your greatest influence in business and why? A: Ray has driven me to become an entrepreneur, which was not natural to me, but is natural to him. Don Morrow and Dick Lund’s counsel and referrals set me up with key jobs that gave me the initial training that led to our success. As a young mortgage broker in the early 1990s, the women in the CREW network provided role models that boosted my confidence, and CREW members aided me in building our business. Q: What is one thing have you learned as a woman business leader that has served you well over the years? A: Reputation, grit, skill and perseverance pays off. Both in 1991 and 2008-2010, recessions presented challenges that seemed insurmountable. Our reputation resulted in new business in lean times that helped get us through downturns that others thought would result in our demise. Never giving up paid off! Q: What does the future look like for Churchill? A: Very bright. Our business is strong, and we are arranging capital for some very fun and interesting developments. Examples are Papago Plaza in Scottsdale, where we arranged JV equity for the acquisition and are now arranging construction financing; SkySong, where we’ve arranged permanent debt for two of the office buildings at completion; Greenlight Communities, where we’ve been successful in sourcing equity and non-recourse construction debt for its first three “attainable housing” new apartments; and the Hazen townhome portfolio in Tucson, where we arranged subordinate acquisition debt in under 60 days. We recently solidified our Tucson business with Bill Tong, an experienced banker, joining the team last year.

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Women-Run Businesses

Dawn Hart & Martha dePlazaola Abbott Gensler Dawn Hart and Martha dePlazaola Abbott, co-managing directors and principals of Gensler’s Phoenix office, attribute their mentors, advocates and stellar team for their success as leaders in their industry. “Each person within this small group has played various roles in supporting Martha’s and my goals, and they still do,” says Hart. She knew at the age of 10 that she wanted to be an architect. Similarly, Abbott’s father is an architect, and her mother has always been involved in the arts. “I always knew I wanted to be in a creative field,” she says. Fast-forward nearly 30 years and both women are leading the Phoenix office with plans next year to relocate and design a new space in the Esplanade to accommodate their growing team. Q: Did you always see yourselves leading a firm one day? D: No, I absolutely did not. I always pictured myself as an architect, doing the typical things architects do, which is not how most of my days go now. I came to Gensler as a project manager, but I quickly became an associate and then a senior associate, gaining more leadership roles and responsibilities. It wasn’t too long until there were conversations happening about me co-leading the office. Although it wasn’t my goal when I joined, it was a great opportunity. M: Every step of the way through my career has been a path toward something greater. I’ve always wanted to have an impact and make a difference in some way. When I left the Gensler office in LA, it was extremely hard. 12 years later, the opportunity arose to re-join Gensler in Phoenix. Our predecessor was retiring, and I was offered the position to co-manage the office. It was a once-in-a-lifetime opportunity. I decided to leave a prestigious position at local competitor and almost start over. I had to take that chance. Q: Who or what has been your greatest influence in business and why? M: I’ve had incredible opportunities throughout my career that I have worked hard to attain. Early on, I was fortunate to land a job at Frank Gehry’s office in Santa Monica, California. It opened my eyes and gave me a different view of the world of architecture and how to approach it. Philosophically, this became the basis for how I now approach my work. I have also had two incredible mentors who have been my advocates throughout my career; two very different people that were organically able to give me the tools I now have to be a leader. Q: What are the most popular design trends your clients are looking for? D: Our clients are all very different, but they all want design solutions that prioritize flexibility, agility and choice. Now, more than ever before, different industries and market sectors are beginning to influence one another, creating new and dynamic environments. For example, hospitality design is influencing the amenity spaces found in workplace design, while hospitality projects can now feature coworking to support business travelers. Crossovers like this are creating interesting spaces that can support a variety of functions.


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Cherie Koester Earthworks Environmental Cherie Koester, CEO of Earthworks Environmental, started the company after seeing a disconnect in her industry. She worked as an environmental regulator for Maricopa County and consulted for Taylor Morrison on 15 sites in the Valley, before realizing there was an unnecessary gap between regulators and the industry. Since founding Earthworks in 2014, Koester worked to close that gap. While doing so, she conducted inspections, billing, business operations and sales, all on her own. The company now employs 36 people, operating in 14 states on nearly 800 different permits.

Q: Give our readers a short synopsis on what Earthworks does for your clients and the community. A: Earthworks keeps our clients, which vary from custom home builders to large national home builders, violation free. We are the extra set of eyes and hands on construction sites. We communicate directly with the regulators, the developer and all the trade in between. We verify the sites are clean, orderly and within regulations to save the clients money and keep their good reputations to the end users: homebuyers. Q: Did you always see yourself owning your own company one day? A: Truthfully, I wanted to go to law school. I find the legal side of regulations interesting and challenging. I figured I would do something big with all of my energy; I just wasn’t sure how it would look. I was a teenage mother at the age of 16 and have been going full steam ahead for 24 years. I was a single woman with three children back in 2006 when I took a leap of faith to leave Green Bay, Wisconsin, and come to Arizona. I think the politically correct term for that is “moxie.” Q: What are some strategies for people looking to obtain a more prominent role in their organizations? A: People in general need to remove obstacles from their sight. I certainly believe that if I can imagine something it can be possible. Most challenges in my past have been me allowing an obstacle seem like a brick wall. In order to get past those walls I have implemented a variety of solutions – climb over the wall, walk around the wall, or in extreme circumstances I will run right through that wall (deal with the scratches later). Q: What does the future look like for Earthworks? A: Continued growth in the markets we currently operate in first, which are Arizona, Florida, Maryland, Delaware, Pennsylvania, New Jersey, Ohio, Indiana, Illinois, Minnesota, Wisconsin, Iowa, Colorado and Texas. Once I feel comfortable with the uniformity of these, I would like to venture to the Northwest United States. I want to be the largest, most distinguished, highest level of competency stormwater, dust and safety consulting firm in the nation. © copyright MPmedia 2019


Journey to The Industrial Revolution in the 18th century changed the landscape of communities into urban societies. With rapid industrialization came growing cities, businesses and economies. Similar to the Industrial Age, Arizona is experiencing a booming commercial real estate industry catapulted by population growth, a diversified economy and low cost of living. This year, Phoenix was named the fastest-growing city in the country by the U.S. Census Bureau. With solid fundamentals, there is no limit to what the real estate industry can achieve in Arizona. In the following pages, Journey to the Top highlights six outstanding commercial real estate projects of the year. Diving deeper than just the projects, CEM highlights the people who made them possible and the lessons they learned during the process.


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the Top

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SkySong Project Name: SkySong Companies Involved: Master Developer: Plaza Companies Property/Construction Manager: Plaza del Rio Management Corp. Brokerage Team: Lee & Associates Architects: Butler Design Group, Pei Cobb Fried and Partners, DMJM Design, Kendle Design Collaborative and Gary Todd and Associates General Contractor: DPR Location: Scottsdale, AZ Size: 42 acres, 1.2 million sq. ft. (anticipated at completion)


Rendering of SkySong 6 by Butler Design Group

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Roughly 62 miles above the surface of the Earth hovers the Karman Line, the threshold separating the highest level of the atmosphere from the Final Frontier. Much as with the early explorers who ventured into the cosmos, the creative visionaries of the 21st century seek to push forward into space with greater efficiency, speed and efficacy. That same enterprising spirit of discovery and transformative genius is on display each day at SkySong, the ASU Scottsdale Innovation Center. “There is nothing like SkySong anywhere in the region, perhaps the nation,” says Sharon Harper, CEO of Plaza Companies, partner and master developer of the site. “SkySong, a unique public/private/university partnership, is an epicenter of collaboration, innovation, sustainability and resilience. SkySong stakeholders embrace the journey to reach the upper echelon of economic dynamism, entrepreneurship and technological advancement.”

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Journey to the Top

L 16to R: Craig Coppola, Sharon Harper, Matt Shock, Stan Shafer, Korey Wilkes, Jon Stelzer

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Starting Points

Situated on 42 acres in South Scottsdale, the SkySong design is a vibrant mixed-use project consisting of best-in-class “A” office, multifamily, hospitality and retail components. “At total build-out, the site will incorporate 1.2 million square feet,” says Jon Stelzer, senior vice president, Plaza Companies. “It will have seven SkySong office buildings, restaurants, Element Hotel and 325 units of luxury apartments.” The latest structure, SkySong 5, brings the total SkySong project to more than 750,000 square feet of commercial office capacity. “We’re very pleased with the success we are already seeing at SkySong 5 and the impact it is having on the project as a whole,” said Sethuraman Panchanathan, executive vice president, Knowledge Enterprise, chief research and innovation officer, Arizona State University. “The synergies being created between ASU and the private sector at SkySong are significant, and we are truly seeing those play out inside this exceptional new building.” The new building is also 75% leased. “The demand for SkySong office remains robust,” says Craig Coppola, principal, Lee & Associates (brokerage for SkySong). “Tenants have embraced each new addition to the property, and with SkySong 6 in the works, as well as our other offerings, we expect the energy and enthusiasm to continue its strong trajectory.”


In 2003, Dr. Michael Crow, president of Arizona State University, struck an accord with the City of Scottsdale on the development of a groundbreaking innovation hub. Plaza Companies was selected as the private partner in this public/private/university partnership. Plaza Companies’ master plan included the first two office structures, which were completed in 2008. Of course, not an ideal time to be launching a high-profile project. “South Scottsdale was struggling even before the Great Recession, because of the Coyote hockey franchise choosing Glendale and businesses leaving the area,” says Harper. “Despite the economic difficulties, the goal to create a world-class collaborative and company-centric platform never faltered. SkySong today is a testament to the resilience and belief in the vision of Dr. Crow and the City of Scottsdale.”

Despite the economic difficulties, the goal to create a world-class collaborative and company-centric platform never faltered. SkySong today is a testament to the resilience and belief in the vision of Dr. Michael Crow and the City of Scottsdale.” – Sharon Harper, CEO, Plaza Companies

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With the success of SkySong 1 and 2, leadership’s attention turned to the development of the next phases of the mixeduse project, including additional office, multifamily, hotel and culinary. This proved to be another important milestone in SkySong’s timeline, as Holualoa Companies, (a global commercial real estate investor) became a partner in the project. “We entered in 2013 after the completion and opening of SkySong 1 and 2,” says Stan Shafer, chief operating officer of Holualoa Companies. “Our company specializes in providing financial and asset management, value-add propositions for companies. Our executive group realized that SkySong is a strategically positioned asset, which can continue to outperform and increase its state, regional and national impact.”

Economic Effects

In August 2019, the Greater Phoenix Economic Council released an authoritative report detailing the economic impact of SkySong over the next 30 years. In the aggregate, the commercial, research and innovation facility will account for an estimated $44.3 billion for the region. This figure is not surprising when considering that over 100 inventive companies call the SkySong campus home. Additionally, SkySong has become a destination for meetings, hosting 4,500 gatherings and 63,000 visitors. “More and more, we are seeing that other academic institutions, companies and municipalities are coming to SkySong to see how this model and its successes can be replicated,” says Stelzer. “I think that the interest and excitement about SkySong is that the site, structure and ecosystem design is never static,” says Korey Wilkes, principal at Butler Design Group (responsible for SkySong 5). “As a team, we are always looking to invigorate the design and capture the essence of SkySong.”


SkySong leadership understands what underscores the extraordinary achievements of the institution. “Without a doubt, there is a commitment and necessity to accommodate business needs and always serve tenants from a client-facing perspective,” says Coppola./// From an internal perspective, the team members stress communication and collaboration as the key elements for developing SkySong’s synergies. “There is a trust between the partners,” says Matt Shock, project executive at DPR Construction (SkySong general contractor). “The velocity of advancing the SkySong vision and openness to ideas among stakeholders is extraordinary.”


With SkySong continuing its organic expansion, Harper, Stelzer and Shafer see unlimited growth opportunities for the campus. “ASU is the most powerful economic engine of the state, and SkySong is an important organizational piece,” says Stelzer. “SkySong is cementing its legacy as a gamechanger for innovation and high-octane business,” says Shafer. As for what is next, Harper is confident in the future. “The whole of this public/private/university partnership exceeds the sum of its parts,” she says. “We accomplish that by always moving forward, never resting and striving for the stars.”






STEVE ZABILSKI St. Vincent de Paul

Follow us on Social Media:  @NAIOPArizona  @NAIOPArizona  naioparizona @naioparizona

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Outdoor Meeting and Amenity Balcony Space at SkySong 5

SkySong 5 THE NEWEST OFFICE BUILDING AT SKYSONG, THE ASU SCOTTSDALE INNOVATION CENTER The Southwest’s premier economic engine continues to grow! With the opening of SkySong 5, the project now features more than 750,000 square feet of Class A office space. And, pre-leasing is now underway for SkySong 6 at SkySong, The ASU Scottsdale Innovation Center. SkySong is already the home to a collection of innovative, entrepreneurial companies looking for the best commercial office space in the Valley. Great spaces are now available at the next stunning building at this dynamic project. Visit to learn more. For more information, visit or contact: Andrew Cheney | Lee & Associates | 602.956.7777 | SkySong, The ASU Scottsdale Innovation Center is a public-private partnership between ASU University Realty, the City of Scottsdale, Plaza Companies and Holualoa Companies.


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Northrop Grumman


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Project Name: Northrop Grumman Launch Vehicles Division Chandler Companies Involved: Developer/Owner: Douglas Allred Company General Contractor: Willmeng Construction Architect: Balmer Architectural Group Brokerage Team: CBRE Location: Chandler, AZ Size: 633,000 sq. ft. facility, situated on a 47-acre campus along the Price Road Corridor within the 180-acre Park Place business park

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Journey to the Top

L 22to R: Mark Krison, David Allred, Wes Balmer, James Murphy, Cathy Exeter, Mike Mongelli

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In a dangerous and unpredictable world filled with geopolitical risk, there is no more important concern than a secure United States and protecting the homeland from the threats of rogue countries and the scourge of terrorist actors. Answering the call to serve the nation, Northrop Grumman Launch Vehicles Division team members work tirelessly to safeguard our sovereignty, and with a new 633,000-squarefoot facility in the Price Road Corridor at the 170-acre Park Place business park, the company burnishes its legacy of national defense innovation in Greater Phoenix. “Chandler benefits from the impact that aerospace, and namely Northrop Grumman, brings to the city,” says CBRE’s Industrial and Logistics Senior Vice President Mark Krison. “Through this new facility opening, the innovation systems flight division and launch vehicles business unit footprint in Chandler continues to grow, with nearly $180 million on payroll contributing to the local economy, up by $40 million since 2017, with plans to hire more in 2020.” Starting Points

Northrop Grumman is a leading global security company providing innovative systems, products and solutions in autonomous systems, cyber, C4ISR, space, strike, and logistics and modernization to customers worldwide. /// Opened in November, the state-of-the-art facility is a central hub for the company’s design and manufacturing of missile defense and satellite offerings. “This build-to-suit is the second largest development of its kind in metro Phoenix history,” says Krison. “In the end, the facility accomplished the ultimate goal of housing all employees under one roof and creating a facility that improves productivity, while attracting talent across the globe,” says Blake Larson, president, Innovation Systems, Northrop Grumman. “This beautiful new facility will provide an improved work environment for our employees, a clean slate to work from to improve our efficiencies and give us more room for growth.”


However, the stunning finished product was hardly a done deal at its inception. With Northrop Grumman leadership desiring a highly accelerated timeline, the developer (Douglas Allred Company), designer (Balmer Architectural Group) and general contractor (Willmeng Construction) went to work on what initially seemed an improbable task of timing. “Beginning construction virtually at the same time as design kicked off was a tremendous challenge throughout the project duration for the entire team,” says James Murphy, president and CEO of Willmeng Construction. “The architect, designers and the subcontractors teamed well together, supplemented staff and committed to the tight schedule constraints to complete more than 633,000 square feet under roof in 17 months.”


With its beginnings as a 150-acre farm and dairy in 2006, the Douglas Allred Company transformed the parcel into Park Place, one of the Valley’s most prominent mixed-use developments. Northrop Grumman’s new address on 47 acres sits alongside over 1.233 million square feet of office, flex and retail space. “When Northrop Grumman explored their multiple options for a developer, the Douglas Allred Company was perfectly positioned to accommodate the request,” said Wes Balmer, principal at Balmer Architectural Group. “David Allred has the vision, instincts and capacity to efficiently and effectively make large deals like Northrop Grumman a reality.” © copyright MPmedia 2019

Iron Triangle

Groundbreaking commenced in March 2018, and from the get-go it was all hands on deck to master the triple constraint of scope, schedule and cost. “Making the vision a reality for a large end-user like Northrop Grumman was no small feat,” says Mike Mongelli, COO and partner of Willmeng Construction. “The project required that construction start with almost no drawings and a progressive task of obtaining 45 different permits to complete within their timeframe.” /// Day after day, stakeholders came together to create synergies in moving the development forward. “So much was in the balance to make this project a success — the budget was right, the design team was right and the trade partners executing the construction were industry-leading,” says Murphy. “The team we assembled has played together for a long time. They took on the challenge of this outstanding opportunity to bring a significant employment center to Chandler and construct one of the largest private projects in Arizona history,” says David Allred, president, Douglas Allred Company. “Everybody was in it for tomorrow, with a laser vision for everyone involved to succeed today.”


The incredible achievement in delivering Northrop Grumman’s site depended on a commitment to excellence and a reliance on decades of extraordinary work efforts by contractors and subcontractors across the Valley. “This was a trust-based approach that required innovation, determination and finding a way around daily obstacles that many on the team had never faced before,” says Cathy Exeter, vice president, Douglas Allred Company. “The beauty of the partnership was solving it together, building rapport and becoming closer as a result.”


All parties can be extremely proud of the terrific accomplishment of Northrop Grumman’s Park Place home. The project is a testament to the best-in-class companies that drive the dynamism of Greater Phoenix. “Equipped with a true vision for opportunity and a rare talent in knowing where to allow for flexibility to make the deal work, Dave Allred became aware of this opportunity, was clear, creative, decisive and never looked back,” says Murphy.


Journey to the Top

Prologis I-17 Logistics Center Phase I Project Name: Prologis I-17 Logistics Center - Phase I Companies Involved: Owner/Developer: Prologis Inc. General Contractor: Graycor Construction Company Architect: HPA Inc. Brokerage Team: Lee & Associates Subcontractors: Suntec Concrete, Delta Diversified Enterprises, JJ Sprague of Arizona, Diversified Roofing Corp., Panelized Structures Inc. Location: Phoenix, AZ Size: 558,712 sq. ft. in four buildings

Q: How will this project have a positive impact on the community? A: In today’s high-demand industrial market, finding close-in Phoenix industrial space that meets the needs of last-mile fulfillment operations is a tough task. Prologis I-17 Logistics Center was located and developed to meet that need. Its site (on 50 acres at the highly visible southeast corner of 7th Street and I-17) was previously occupied by Ameron, a major concrete cylinder pipe manufacturer. To create a developable land site, the project team had to demolish more than 40 structures and process a substantial amount of undocumented fill material. For this reason, the greatest impact of this project is attributed to its creativity – a willingness to think outside the box to identify an ideal land site and then transform it from an outmoded use into a hub of future economic and employment opportunity. Q: What was one major obstacle/challenge that emerged in this project and how did you overcome it? A: The biggest challenge at Prologis I-17 was the processing of the over 1.7 million cubic yards of undocumented fill materials that existed on the site. It took almost a year for Graycor to complete this work, but the result was worth it. It’s an extremely rare, fully developable industrial infill land site with a full 1,100 linear feet of I-17 frontage visible to more than 125,000 vehicles per day. The site is minutes from downtown Phoenix and Sky Harbor International Airport, and strategically located to reach the majority of metropolitan Phoenix in approximately 30 minutes. This will allow tenants in the online retail logistics chain to ensure that critical on-time deliveries are met.


Todd Ostransky Vice President| Southwest Division, Graycor

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ONE VICTORY AT A TIME. TIME AFTER TIME. IMPROVING THE QUALITY OF LIFE IN OUR COMMUNITIES is just one of the missions of The Thunderbirds, hosts of the Waste Management Phoenix Open Presented by The Ak-Chin Indian Community. More than $147 million has been gifted to Arizona charities over 84 years, but the true impact is expressed one story at a time. Thanks for your continued support of the Waste Management Phoenix Open. Tim Woods, Thunderbird

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For more Arizona success stories, visit


Journey to the Top

Harrah’s Ak-Chin Hotel and Casino Expansion Project Name: Harrah’s Ak-Chin Hotel and Casino Expansion Companies Involved: Owner/Developer: Ak-Chin Indian Community General Contractor: Sundt|Yates (Joint venture between Sundt Construction and Yates Construction) Architect: Thalden, Boyd and Emery Architects Location: Ak-Chin Indian Community, AZ Value: $180 million Size: The expansion includes a new 11-story, 230-room hotel tower, 18,000 sq. ft. multipurpose event and banquet center, 750-car parking garage, and pedestrian bridge.

Q: How will this project have a positive impact on the community? A: The hotel and casino operations are the main revenue generator for the Ak-Chin Indian Community. The Community does not have an individual or commercial tax structure, so its financial independence from the U.S. government relies on maintaining viable community-owned businesses that in turn provide the funding for public healthcare, education, police, fire, elder assistance, youth sports, parks, libraries, museums and other community programs. In order to ensure the Community’s heritage was reflected in the finished product, a panel of Ak-Chin community members met with the project team bi-weekly to discuss ways to weave cultural references into the ultracontemporary design. The result is a set of nuanced themes and abstracted images, along with a second-floor promenade that features Native American art and an Ak-Chin Veterans honor wall. Q: What was one major obstacle/challenge that emerged in this project and how did you overcome it? A: Personally, I learned a lot about successfully building support and consensus for major community investments. While I had worked on several Indian gaming projects before, those projects already had gone through significant political processes prior to my involvement. It was important for the community membership to be not only kept informed, but to be able to share their opinions about the direction of the project. As the leader of the design-build team, it became important for me and the team to build time into our processes for those touchpoints. The resulting engagement and support were incredible, and worth every ounce of effort that went into the process.


Chandra Reilly Project Executive, Sundt

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Journey to the Top

Union Project Name: Union Companies Involved: Owners/Developers: Lincoln Property Company & Harvard Investments General Contractor: Wespac Architect: DAVIS Leasing Team: Lincoln Property Company Subcontractors: Walters & Wolfe, Suntec Concrete, Coreslab Precast, Saguaro Steel Location: Mesa, AZ Value: $95 million Size: Phase I (underway) is 238,348 sq. ft. in four stories with an adjacent four-story parking garage. Total project size will be 1.35 million sq. ft. in four phases.

Q: How will this project have a positive impact on the community? A: In a city where businesses are expanding at a historic pace, Union will bring 1.35 million square feet of premier corporate office space purposefully designed to attract and retain premier, Fortune 500-level companies. Union’s vision is also to draw people and businesses together, supporting more than 7,000 high-quality local jobs, generating sales-tax revenue for the City of Mesa and improving the quality of life for East Valley employees who want to work closer to home in an environment designed with them in mind. Union’s spectacular sense of place will be packed with indoor-outdoor design features, a lush main pedestrian plaza and walkable and bikeable pathways right in the heart of the Riverview District and surrounded by 1.2 million square feet of retail, restaurants and hotels. Q: What is one lesson you learned from this project? A: Lincoln Property Company and Harvard Investments pride themselves on developing forward-thinking projects that succeed in the present and prosper as landmark developments in the future. As we do this, we learn a lot! At Union, we implemented a timeless architecture and state-of-the-art infrastructure designed to withstand changes in style and technology. Should parking structures become obsolete, Union’s parking garages have a structure that can be transitioned to multifamily units. If single-driver commuter patterns shift, Union’s site and traffic plan can be adjusted with expanded ingress and egress points and designated drop-off and pick-up points to accommodate an increase David Krumwiede Executive Vice President, Lincoln Property Company in Uber- and Lyft-style traffic. The property’s landscape plan is also respectful of the Sonoran Desert environment, preserving natural water resources and allowing open spaces to adapt to climactic factors. © copyright MPmedia 2019


Journey to the Top

The Watermark | Tempe Project Name: The Watermark | Tempe Companies Involved: Owner/Developer: Fenix Development General Contractor: Okland Construction Architect: Nelsen Partners Office Leasing: CBRE Retail Leasing: Cushman & Wakefield Location: Tempe, AZ Value: $148 million Size: 310,000 sq. ft.

Q: How will this project have a positive impact on the community? A: The Watermark is the first high-end, mixed-use project in the up-andcoming tech hub community of Tempe, featuring Class A office buildings, great restaurants, unique shops and luxurious multifamily units. Watermark will be the destination to work, live and play on the lake with the amenity-rich Papago Park close by, with much growth potential in its future. In planning and developing Watermark, we talked to many residents of Tempe and Phoenix. Most remembered the site as the old home of Club Rio or The Devil House. Most, if not all, had fond memories of those old establishments. Our vision is centered on creating an emotional link between the old and the new. Watermark will continue the tradition of those heartwarming memories, but in a more vibrant and sophisticated destination. Watermark will feature a pedestrian-friendly environment with al fresco dining destinations − many that we believe belong in Tempe. It will be an inviting and vital gathering place with great amenities to serve the people who live in Tempe. My vision was to create a place that blends seamlessly with the lake and its boardwalk. It will be a walkable destination with a playful water feature intended to bring the community together, to have kids play in the water, to enjoy the lake and the incredible views. Q: What is one lesson you learned from this project? A: We started out with a pre-leasing requirement from our capital partners. We educated our lender and equity partners on the fundamentals of the submarket and the stellar location of the project. We all agreed that given the strengths, the risk of going spec was warranted and justified. Therefore, we proceeded with the development without a pre-leasing requirement.


David Norouzi President, Fenix Development

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Congratulations to Plaza, Holualoa, ASU, and all who continue to inspire Innovation and Creativity!

SKYSONG 3 & 4 | 2014 & 2016

SKYSONG 5 | 2019 SKYSONG 6 | 2021

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2019 Broker of the Year

Brad Cooke For the Colliers Phoenix multifamily team, their operation is truly a family affair. “Working alongside my mother (Cindy Cooke, senior executive vice president) continues to be an amazing experience,” says Brad Cooke, executive vice president. “And with the addition of brothers Chris and Matt Roach, associate vice presidents, we continue to excel and grow our business. It was only fitting for it to be another family team that shared our values, and it was a natural partnership right from the start.”

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Broker of the Year

“The ability to navigate the complexities of a family business and keep a cohesive group together is not an easy task. Open, honest communication is the best policy, and the ability to recognize one’s weakness while also celebrating their strengths is key to the longevity of any partnership.” – Brad Cooke

Starting Points

Cooke Team

The numbers tell the story of success: Over $15 billion of completed multifamily transactions, 99% closing ratio on deals, advisors on Arizona’s largest multifamily transaction ($427.5 million) and among the top 10% of brokers nationally at Colliers. “We operate on a national scale for our clients,” Brad says. “Texas has been a focused expansion for us this year with 16 properties (10 closed already and 6 in escrow). We have full coverage of the entire Sunbelt with seasoned local experts. We are always looking for ways to provide the best-in-class service to our clients to meet their needs.”

Led by the aces, the Cooke team has been in high growth mode. “We are now at six brokers for existing product, three for land, and all coupled to a strong dedicated support staff to provide exceptional full service to our clients,“ says Cindy. “Along with Matt and Chris, we added industry experts Teresa Lowery, senior managing director, and Ron Cameron, senior vice president. These individuals have been wonderful partners, and they have been an enormous part of our success.”

Background In 2007, Brad joined forces with the Cooke Team, which had gained prominence at Colliers under Cindy’s leadership. “The move was the best thing that ever happened,” Cindy says. “Not only do I get to work with my son, but the business is better with the collaboration. I am blessed to have such a strong partner in this high-stakes business our clients are faced with every day.”


The family dynamic is unquestionably a main ingredient in the Cooke secret sauce. “I know Matt and I have grown closer as we have worked together,” Chris says. “We have similar goals and business practices, and our skillsets complement one another,” Matt says. But as with all families, individuals need to know how to treat and respect one another. “I believe this is one of the main reasons we are some of the best negotiators around,” Brad says. “The ability to navigate the complexities of a family business and keep a cohesive group together is not an easy task. Open, honest communication is the best policy, and the ability to recognize one’s weakness while also celebrating their strengths is key to the longevity of any partnership.”

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Phoenix Multifamily

Around the Valley

Over 10 years into the economic and commercial real estate growth cycle, the Cooke team sees a positive upside for the multifamily sector across their metro footprint. “We are living through a tectonic demographic shift pushing us further and further into a more renter-centric society, which started in earnest in 2011-12 and what we have coined as ‘The Decade of the Renter.’” Brad says.

The Cooke team believes that infill lots will continue to be popular with developers. “Properties that have a live-workplay environment like Tempe, Scottsdale and Downtown Phoenix have some of the highest demand,” says Brad. That said, the influx of population into Maricopa County will drive expansion across the entire Valley. “This migration is already accruing, and we are watching it intently.”

Relative to the Valley, the national trends are even more prominent. “Renter levels in Maricopa County are increasing at a stunning 20% rate,” says Cindy. “Occupancy rates at 95% combined with lack of units, means demand will exceed supply by approximately 9,100 units by end of 2020, and there will be a continued upward trajectory for the multifamily space.” Brad also stresses that despite average annual year-over-year rent increases of 7%, Greater Phoenix remains an attractive option. “The metro is still very affordable compared to other major cities,” he says. “Our rent-to-income ratio is in the low 20s, cities like Seattle and Denver are in the 30s and your 24hour cities are in the 50s.”

Growth Areas As evidenced by their geographic positioning, the Cooke team sees substantial opportunity in other metros and regions. “It was a couple of our core clients that pulled us to the other markets,” Brad says. “They trust our ability to exceed their expectation no matter the location. We have market expertise across the Sunbelt region and are optimistic on a couple more strategic partnerships that may come to fruition in 2020.”

Brad Cooke wins Commercial Executive Magazine’s Broker of the Year award at the magazine’s annual Fall Forum event in October (left). He is pictured with mom, Cindy Cooke, after the event (right).

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Broker of the Year



Despite robust increases in the volume of deals, and with Brad and Cindy anticipating more to come, their approach has not changed. “There are approximately 15,300 units currently under construction throughout Metro Phoenix, and total deliveries of 9,300+ units are expected by year end 2019,” Brad says. “But with all that growth, our value proposition for clients is quality-driven, not volume-driven.”

As the Cooke/Colliers multifamily team expands their family, the mission does not change. “Our goal is to strategically grow our platform based around our core values and our core clients,” Brad says. “That requires listening, hard work and focus.”

L to R: Thomas Brophy, John Smeck, Kellyanne Kennedy, Aimee Healy, Chris Roach, Matt Roach, Ron Cameron, Cindy Cooke, Brad Cooke, Teresa Lowery, John Finnegan, Ramey Peru, Chaz Smith, Markus Kelsch, Carol DiPaola, Gerda Kauks Photo by: Stephanie Heymann

“We are now at six brokers for existing product, three for land, and all coupled to a strong dedicated support staff to provide exceptional full service to our clients. Along with Matt and Chris, we added industry experts Teresa Lowery, senior managing director, and Ron Cameron, senior vice president. These individuals have been wonderful partners, and they have been an enormous part of our success.” – Cindy Cooke


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15b+ 125+ years of senior level brokerage experience in multifamily investments

37 9,448 total units sold in 2019


125+ 37 total properties in 2019


$1+ billion completed in overall transaction volume in 2019

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$15+ billion completed in overall transaction volume

7 states covered in 2019



Jack Fijan



Jack Fijan, director with Transwestern’s Phoenix office, is settling into his work-life routine as an eager professional in the industry. Following in his father’s footsteps, industry icon Jim Fijan, executive managing partner with Transwestern, Jack has begun to create his own legacy and is adding to the entrepreneurial spirit at Transwestern with his own style and way of doing deals. What do you enjoy most about your role and working at Transwestern? We are building something very special here at Transwestern. Our office has an entrepreneur feel and a team atmosphere. We aren’t your typical brokerage, and that’s very refreshing to our industry. Our new office space is phenomenal. We took over the old Morton’s Steakhouse space and built it out to an extraordinary office experience that is one of a kind. If you haven’t seen it, come on over! We can play a couple holes at Pebble Beach in our golf simulator and talk deals. What is the most notable deal you’ve worked on? The most exciting deal I have worked on was Esplanade III. We heard about the deal very late in the process and jumped right into the action. We got all our ducks in line as quick as possible and won the opportunity. We teamed up with an institutional partner, C-III, to purchase the building. For a deal like that to come together late in the game smoothly and successfully, we had to make sure our whole team was on the same page the entire time. That was the moment I knew Transwestern was the right place for me. The amount of dedication and grind that everyone has here is truly unmatched. What is one challenge you face as a young person in the industry? One of the biggest challenges is working with older brokers. Respectfully, some of them, my dad included, have specific ways of doing things that have served them well their entire careers. Trying to convince them to depart from their ways can be challenging for a younger guy that may have some new tricks up his sleeves. However, I totally understand (and respect) where the older brokers are coming from … like the saying goes “If it’s not broke, don’t fix it.” I always keep an open mind and I try to be ready for anything thrown my way. Outside of real estate, what are your passions? Some of my hobbies include skiing, playing golf and doing hot yoga at Radi8 with my fiancée, Cara, which is coincidently how we met. I adopted my dog, Captain, last November from HALO Animal Rescue. He has about 12 different breeds in him and loves a good peanut butter bone. I’m also a player/manager in a men’s softball league. Our team, The Orphans, won the Scottsdale championship last season, and just won the Phoenix championship this season. Many of my teammates are also friendly competitors in the commercial real estate industry, so it’s always fun to get together.


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Presented by Willmeng Construction

Broker Team of the Month John Werstler & Cooper Fratt John Elway. John Stockton. Mark Few. Bill Walsh. Adam Morrison. John McEnroe. When they aren’t meeting with developers to go over site plans for a new industrial project or touring clients, Senior Vice Presidents John Werstler and Cooper Fratt are likely to be found having high-level discussions about which university possesses the more impressive athletic resume. “I was born and raised in Tucson and left to attend Stanford University on a football scholarship,” says Werstler. “I was born and raised in Phoenix and attended school at Gonzaga University on a tennis scholarship and am an avid Zags basketball fan.” says Fratt. Fratt and Werstler hold a combined 50-plus years in the commercial real estate sphere. For both men, CBRE has been home throughout their impressive careers, Werstler beginning in 1983 and Fratt starting in 2008. “John’s experience in the Metro Phoenix industrial market is a differentiator,” says Fratt. “His knowledge of the area’s industrial parks, land sites and redevelopment projects is not something you can learn simply from researching online. His first-hand experience is an asset to the team’s clients in uncovering opportunities.” Werstler says, “Cooper is more technologically savvy. Our combined talents allow the team to appeal to a large and diverse range of clients and projects.” For Werstler and Fratt, the CBRE name holds distinct meaning as they considered a career in CRE. “I was exposed to the industry growing up through my dad and uncle (Paul Boyle), who worked at CBRE back in the 1980s when it was called Coldwell Banker,” says Fratt. “They would tell me stories about their time at Coldwell, which created a sense of familiarity and interest growing up.” Werstler said, “During my time at Stanford, I wanted to get into the commercial real estate business in the San Francisco Bay Area but decided to move back to Arizona since the Phoenix Metro was becoming a high-growth market. My brother-in-law worked for Coldwell Banker at the time and helped me get into the business.”


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Industrial Experts John Werstler and Cooper Fratt, senior vice presidents with CBRE, have built their business on solving problems and creating value for industrial and logistics clients, with a focus on industrial tenant representation, industrial investment building sales, industrial leasing, owner/user sales and cold storage facilities. The pair is intimately familiar with market cycles and stay ahead of trends by identifying opportunities.

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Broker Team of the Month

“At this point in the cycle, we have no concerns about any sort of slowdown in the market. If you look at the current construction pipeline, over 40% of the 11.7 million square feet of industrial space under construction is pre-committed. That is a very healthy ratio and a trend we expect to continue. During the previous cycle, the amount of pre-committed space was only 10-20%.” – John Werstler

With an impressive client roster including, among others, Trammel Crow, Albertson’s/Safeway, Lincoln Property Company and Prologis, Werstler and Fratt have respectively conducted 250 transactions totaling over $1 billion in value, and 10 million square feet totaling nearly $806 million in value. True to their nature as athletes with a dedication and commitment to team, both are quick to mention that their success emanates from the talented cast surrounding them. “We are a small but efficient team of four: Cooper, myself, Sales Assistant Tanner Ferrandi and Client Services Coordinator Katie Shipp,” he says. “Given the team’s athletic and sports backgrounds, we take a very systematic approach to serving our clients and providing exceptional outcomes.” The industrial and logistics market in the Metro is booming thanks to a resilient economy, dynamic E-commerce space and favorable supply-and-demand conditions. “The past three years, the market has experienced near-record absorption, and new construction has now increased to near records with vacancy rates still declining,” says Fratt. “At this point in the cycle, we have no concerns about any sort of slowdown in the market. If you look at the current construction pipeline, over 40% of the 11.7 million square feet of industrial space under construction is pre-committed,” says Werstler. “That is a very healthy ratio and a trend we expect to continue. During the previous cycle, the amount of pre-committed space was only 10-20%.” Whether the vertical is manufacturing, logistics, distribution, warehouse or computing, the Werstler/ Fratt team is excited at the prospects for Valley industrial. “One of the most encouraging factors of the market is its diversity,” says Werstler. “In line with most of the country, Metro Phoenix continues to see growth in the E-commerce sector. Additionally, the area has seen a surge in data center activity, with over 1,200 acres of industrial land absorbed for data centers over the past 12 months alone,” says Fratt. There is no shortage of transactions for the CBRE industrial team, as clients continue to look for available space to expand and develop their brand footprint. “For Prologis, we are involved in the lease component of a 330,000-square-foot Class A industrial project currently under construction at Van Buren Street and 61st Avenue adjacent to the new Loop 202 Freeway,” says Fratt.

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“The project is set to complete in February 2020, and over 180,000 square feet is pre-leased.” “In Goodyear, Opus is set to break ground on a 450,000-square-foot, rail-served, cross-docked facility, adjacent to the airport in the first quarter of 2020,” says Werstler. “And in Central Phoenix, ViaWest is undertaking a 425,000-square-foot redevelopment project, which includes modern, Class A speculative warehouse space and cold storage,” says Fratt. With strong momentum, the CBRE pair expect the upward trajectory of the industrial space to continue into 2020. That said, there are headwinds. “An ongoing challenge is the lack of available land. Many submarkets − particularly the Sky Harbor Airport submarket − have become land-constrained,” says Werstler. “Our team has been very successful in identifying sites that have often been overlooked, such as old gravel pits, leased land parcels and teardowns.” Devoted to family, Werstler and Fratt enjoy the moments away from the CRE whirlwind. “I still love to play tennis and pickleball in my spare time. I also enjoy spending time with my wife and two young children,” says Fratt. “I have been married for 33 years to my wife Danielle and have a 17-year-old son who attends Brophy. My hobbies are golf, sports, traveling and watching my son participate in sports,” says Werstler. With a long runway ahead, Werstler and Fratt are optimistic about the Valley and the industrial sphere. “Metro Phoenix is a desirable E-commerce and manufacturing hub for its proximity to Southern California and other major metropolitan areas within the Southwest region,” says Werstler. “Add to that a business-friendly climate, excellent labor base, cost of living and quality of life, and Phoenix is one of the nation’s most desirable locales.” Which only leaves one question: 15,806 all-time NBA assists leader John Stockton, or John Elway, two-time Super Bowl champion? “Has to be Elway,” says Werstler. “No chance, Stockton all the way,” says Fratt.


CBRE DEBT & STRUCTURED FINANCE Rocco Mandala & Team 2019 Production

$1,021,170,000 CLOSED!!

$70,000,000 San Valencia 382 Units | Built 2019 | Refinance Chandler, AZ

Rocco Mandala

Anthony Valenzuela

Dominique Damerell

Ann McCartney

Elliott Voreis

Joshua Manelis

Vice Chairman 602 735 1775

Vice President 602 735 1932


MEET THE TEAM Vice President 602 735 5663

Sr. Production Analyst 602 735 1761

Vice President 602 735 1792

Sr. Production Analyst 602 735 5356

Š 2019 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent Š copyright MPmedia 2019 investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited.

35 Transactions | 15 Lenders

Agency, Lifeco, Debt Funds, CMBS





X Phoenix Downtown Phoenix, AZ Multifamily 20 Story, 253 Units, 33K SF Office, 15K SF Retail Construction / Floating















Addison at Cherry Creek Denver, CO Multifamily, 560 Units Refinance / Fixed

Hayden Peak Crossing Scottsdale, AZ Grocery Anchored Center 145,161 SF Refinance / Fixed



Uptown Plaza Phoenix AZ Grocery Anchored Center 109,346 SF Refinance / Fixed

Continental & Carol Mary Phoenix, AZ Multifamily, 88 Units Refinance / Fixed

Five 46 Mesa, AZ Multifamily, 320 Units Acquisition / Floating

Reserve at Stone Hollow Charlotte, NC Multifamily, 194 Units Acquisition / Fixed

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Courtney Vista @ Zanjero Glendale, AZ Multifamily, 308 Units Acquisition / Floating

Pillar Bella Vista Perioral, AZ Multifamily, 163 Units Acquisition / Floating

The REV Tempe, AZ Multifamily, 172 Units Acquisition / Fixed

Biscayne Bay Chandler, AZ Multifamily, 512 Units Acquisition / Fixed

Core Scottsdale Scottsdale, AZ Multifamily, 282 Units Acquisition / Fixed

Herriman Towne Center Herriman, UT Multifamily, 304 Units Acquisition / Fixed

Jefferson Chandler Chandler, AZ Multifamily, 283 Units Acquisition / Fixed

Liv North Scottsdale Scottsdale, AZ Multifamily, 240 Units Refinance / Fixed

Alta Drinkwater Scottsdale, AZ Multifamily, 277 Units Acquisition / Fixed

Central Park Houston, TX Multifamily, 424 Units Acquisition / Floating

South Valley Ranch Henderson, NV Multifamily, 292 Units Acquisition / Floating

The Lido Henderson, NV Multifamily, 113 Units Acquisition / Fixed

San Marbeya Tempe, AZ Multifamily, 276 Units Refinance/Fixed

602 735 5555 | 2575 E Camelback Rd #500 • Phoenix, AZ 85016


Tucson Update


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OPPORTUNITY Tom Hunt, Co-Founder of Tango Commercial Real Estate


common phrase of Gov. Doug Ducey is that “Arizona is open for business.” Tom Hunt, cofounder of Tango Commercial Real Estate, echoes that sentiment, and has a design on the specifics. “Tucson holds extraordinary opportunity,” he says. “The metro offers a high-quality lifestyle, a flourishing economy, world-class companies and high-paying jobs.”

Starting Points

Along with co-founder Bob Davis, Hunt started Tango in 2015 as a tenant/buyer representation focused brokerage. “We realized that there were no firms in Tucson catering to high-growth businesses,” he says. “We focus on helping companies from startup to multibillion entities find the right space to prosper in the office, industrial and retail sector,” says Davis.


Hunt and Davis have been friends and business partners for years at Rein & Grossoehme Commercial Real Estate and Newmark Knight Frank. “When I entered the industry, Bob was the first person I sought out,” he says. “He is an icon in the business and has been an amazing mentor.” Prior to commercial real estate, Hunt operated in a diverse mix of verticals including wealth management, information technology, and food and beverage. His impressive resume boasts roles in finance, investor relations, marketing and client management. “I worked internationally and domestically in my positions,” he says. “But Tucson has always been home. I was born and raised here, and this is where my family resides.”

Two to Tango

Learning a new business is never easy, but Hunt’s previous experiences provided a winning formula as he embarked on the commercial real estate journey in 2013. “I was interested in seeing the various business opportunities that the sector provided,” he says. “And with Bob as a coach, I found success early, which fueled my entrepreneurial spirit.”

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With 25 years at CBRE, prior to Rein & Grossoehme and Newmark, Davis choosing to team up with an industry newcomer might have seemed unusual to some, but not for the veteran. “We are highly compatible and have complementary skillsets,” says Davis. “I move on the creative side of a deal, while Tom is phenomenal at blocking and tackling as well as business development.” In a few short years, Tango has developed a sterling reputation as a firm committed to achieving superior client outcomes. “We are 100% aligned with the business owner’s needs,” Davis says. “That is the principle that distinguishes Tango from the competition.”


Boasting a roster of Fortune 500 brands including Caterpillar, Roche and Raytheon, among others, Tucson’s economic engine is humming. “The metro is poised for amazing growth over the next several years,” Hunt says. “Exceptional businesses, Sun Corridor, a highly rated research and academic institution - University of Arizona - and a vibrant workforce are all drivers of the region’s prosperity.” Hunt also makes a point that Tucson and Phoenix are not opponents, but allies in the competitive dynamic to attract and retain best-in-class organizations and talent. “Arizona is going head-to-head against domestic and international rivals,” Hunt says. “We need to get away from the mindset of Tucson vs. Phoenix and collaborate in advancing the fortunes of the Grand Canyon State. In Tucson, you can see the marvels of nature, and in Phoenix, the marvels of man.”


The future of Tango looks promising as the pair expand their footprint and further develop their client portfolio. “We are thrilled at the growth prospects for Tango,” says Davis. “The greater Tucson area will continue sustained growth in population and high value enterprises, and we look forward to it doing so at an accelerated pace.”


Linda Bruce

Vice President, Commercial Account Manager Fidelity National Title Agency


ecently promoted to vice president, commercial account manager, Fidelity National Title Insurance Company, Linda Bruce embraces her role in the commercial real estate industry. “This field is about the people, their human motivation and needs,” she says. “It’s not about the deal, it’s about the relationship. I’m most proud of the trusted relationships I’ve fostered and developed over the last 30 years, including those within Fidelity and the CRE community.” Over 160 years young, Fidelity remains committed to providing customers with a level of satisfaction that is unparalleled in the title insurance industry. With a robust suite of service offerings, Fidelity is “always growing, changing and evolving in order to meet the needs of our clients and our communities, both locally and nationally,” says Bruce. “As the largest title company in the nation, we continue our mission to deliver excellence and grow our market share and client base.” Graduating from the University of Arizona, Bruce joined Showtime Networks as account director. “After 11 years of travel, I felt the need to put down more roots in my community and grow intellectually,” she says. Bruce found her next career in the sphere of CRE after speaking to a friend who recommended Fidelity. “She mentioned the company’s commitment to its employees and clients, and I was intrigued,” Bruce says. “Real estate is an exciting industry, as is entertainment, and Fidelity is immersed in all aspects of the sector, so it was a great fit for me.” After working as an assistant vice president, commercial business and banking, Bruce received a promotion to her new position. “My role allows me to continue growing as a leader in our company, and I’m proud to be part of our Fidelity family,” she says. “I’m grateful for my mentors that support, encourage and guide me daily.”

As metro Phoenix expands and the economy remains vibrant, Fidelity seeks to broaden its reach in the region. “With the ongoing growth of our clients and the market, our need to expand continues,” she says. “I believe that my reputation for building strong and trusted relationships with my clients has played a critical role in making Fidelity a strong force within local and national markets.” While the industry proceeds in opening its ranks to women, the journey is still an uphill one. However, Bruce has always been open to the challenge of competing and proving her considerable merit. “I cite integrity,” she says. “Growing up in a military family, I lived in many places and learned at an early age about hard work, commitment and communication with many diverse audiences. I have always appreciated deep relationships. Integrity builds trust, and without it, a relationship will not thrive.” A passionate advocate for canines and pets, Bruce is a founding member of HARTT, Inc. (Humane Animal Rescue and Trapping Team). “Many people who know me understand my love of every living thing and my passion for animal rescue. I’ve been involved in rescue for over 30 years and I’m committed to saving one life at a time,” she says. In addition, “I’m passionate about my husband Ron who is my rock, for my beautiful family, my amazing friends and my seven furry children who make me laugh every day.” As a dedicated client advocate, Bruce looks forward to excelling in her role and burnishing Fidelity’s sterling reputation. “I consider myself fortunate to have a large portfolio of clients who I’m always learning from,” she says. “Those relationships are based on earned trust, and it’s an honor to provide exceptional service to them and develop the relationships. I wake up every day grateful, with a desire to learn, serve and excel.”

As a full-service provider across all product types, Bruce eyes extraordinary opportunity in one rapidly growing space. “I’m very interested in healthcare and the myriad sections in this fascinating industry,” she says. “With the steady increase of Arizona’s population, I see the medical and senior care areas as one of our hottest asset classes.”


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‘Tis the Season for GRATITUDE Thank you to our clients and friends for all that you do to make us who we are. Happy Holidays from all of us at Commercial Executive Magazine.

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Paying it Larry Downey, CRE | vice chairman at Cushman & Wakefield, didn’t start his career working in commercial real estate; he was a successful salesperson with Xerox. It was the encouragement and advice of family and friends that suggested Downey consider a career in commercial real estate. Intrigued by the possibilities, Downey jumped in head-first and started making cold calls, proving he already had the first (of many) skills needed from his Xerox days to be successful in the very competitive office leasing business. Over the years, he transitioned from representing building owners to tenant advisory work. “I realized that I enjoyed working with corporate real estate decision-makers and ultimately helping them solve their corporate and multimarket office space requirements,” says Downey.


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owney credits clients for helping him to become a better tenant broker. One client Downey considers a mentor is John T. South III, chancellor of South University, Savannah, Georgia. “I worked with John for over 15 years in site selection for over a dozen medical school campus locations. He was a true southern gentleman, and I was fortunate to learn from him, including his advice to always dress for the occasion and wear a suit to a business meeting,” he says. Knowing how important it is to “pay it forward,” Downey started mentoring young professionals, sharing his knowledge and expertise through Cushman & Wakefield’s Tenant Advisory Group (TAG), a practice group of which he was one of 20 founding members. Since its inception in 2006, the group has grown to over 700 members. Downey, nominated by his colleagues, served as the group’s chairman from 2013 to 2016. During that time, he also developed the TAG Mentor Mentee Program, pairing senior tenant rep brokers with up-and-coming young professionals in different cities. Downey has taken his own TAG mentor role much further, having his mentees visit the Phoenix office and bringing in outside sales consultants and motivational guest speakers.

Downey also works as a mentor with Northern Arizona University’s W.A. Franke College of Business, hosting students every spring for a two-day shadowing program. Downey isn’t just a mentor, he’s also an apprentice. For three years, Downey has been part of a rigorous training program, working with Joe Serrano at Pro Edge Boxing gym on 16th Street. “I’ve learned new skills every time I get into the ring with him, and boxing has been an opportunity for conditioning – while relieving some brokerage-related stress.” Every year, the office market has new challenges. In 2020, he believes there will be some uneasiness surrounding the national economy, an upcoming election, trade wars and the possibility of an international conflict that might impact companies making real estate office space decisions. Tenants in the Phoenix office market will likely see rental rates continue to rise, after an increase of nearly 5% in 2019, especially with construction cost increases and labor shortages impacting overall tenant improvement costs.

Tenants in Phoenix looking for large blocks of existing space − 100,000 square feet or more − will likely be challenged in 2020. There were close to 20 transactions that size completed in 2019. Larry Downey, CRE | Vice Chairman, Cushman & Wakefield In addition, Phoenix will continue to have strong absorption (2.5 million square feet), with overall office In 2018, Downey was honored with the first national TAG vacancy dipping to 17% at the end of this year. Mentor of the Year award. The TAG Executive Committee and mentees surprised Downey with the award at their Downey starts the new year as a member of the Counselors annual conference. Downey considers this award to be one of Real Estate. The CRE credential is a prestigious of his most memorable achievements in his career. designation that members are awarded by invitation only after a rigorous selection process. Mentoring for Downey extends to his own office, where he hired Brett Thompson as an intern. After eight months, “CRE members are some of the most respected real estate Downey realized that Brett was a great fit to join his team specialists in the industry, and I am proud to be a member along with his client services coordinator of seven years, of the organization,” says Downey. He believes that the Candace Thrush. Together, they are a dynamic trio with an knowledge he will gain translates to more information to incredible work ethic. share with his clients and mentees, continuing his mantra of “always paying it forward.”

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Finance Your Project the Right Way. Our clients come first We work tirelessly to ensure our clients are treated fairly by avoiding conflicts of interest, streamlining the closing process, and by holding our fees as a secondary priority to the well-being of our clients.

We’ve Financed Nearly $1 Billion in Loans

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Colliers International Arizona

Dana Boyle

Client Services Coordinator

Joe McGovern

Lee Morris

Senior Vice President

Senior Vice President

Julie Johnson

Alexandra Loye

Ross Peterson

Chris Reese

Vice President


Proudly Welcomes Our New Hires of 2019 We are enterprising. Our people are passionate and kind, take personal responsibility and always do what’s right for our clients, people and communities. We attract and develop industry leaders, empowering them to think and act differently to drive exceptional results.

Marybeth Webb Vice President

Executive Vice President

Amber Coston

Aimee Jeffries

Client Services Coordinator

Marketing Manager

Senior Vice President

Sr Client Services Coordinator

Jessica Assad

Dillon Hopley

Emily Currie

Bill Swirtz

Casey Koziol

Associate Vice President

Vice President



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TPG CIM Group ViaWest Group Founders Properties Lincoln Property Company Sabal Financial C-III Capital Trammell Crow Company Invesco VanTrust

Ascent Real Estate Advisors

The Rodriguez Family Trust Hines

Chris Ordway

Wentworth Property Company

Strategic Office Partners


Libitzky Property Companies

Iron Point Partners Innovatus Capital Partners CarVal Investors Crow Holdings Capital Taconic Capital MainSpring Capital Harvard Investments

Oaktree Capital

PGIM Real Estate

Five Sac Holdings

Liberty Property Trust

Barker Pacific Group

Helix Properties

Pacific Coast Capital Partners

Transwestern Investment Group


iStar Equus Velocis

Northwood Investors

West Coast Capital Partners

BH Properties

We would like to thank everyone involved in the various successful transactions that we had the distinct pleasure to work on together in 2019. As they say it takes a village, and we could not be more thankful for those involved in every phase of the sales process! It has been a pleasure to work with so many buyers, sellers and service providers this year. We wish you all a very joyous holiday season and a prosperous New Year! BARRY GABEL +1 602 735 5273

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CHRIS MARCHILDON +1 602 735 5625




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Profile for Commercial Executive Magazine

Issue 6, 2019  

Our December cover story features Brad Cooke, recipient of Commercial Executive Magazine’s annual Broker of the Year award. A top multifamil...

Issue 6, 2019  

Our December cover story features Brad Cooke, recipient of Commercial Executive Magazine’s annual Broker of the Year award. A top multifamil...

Profile for cem-az