11 minute read
Real Estate
COMMERCIAL REAL ESTATE
LOOKING UP GOING INTO THE SUMMER MONTHS
By Chris Keeley Phoenix Commercial Brokers
Commercial real estate in the Deer Valley Airpark has been on fire over the last year. There has been over $370 million in sales in the Deer Valley Airpark commercial market over the last 12 months. Over 3.8 million square feet have changed hands in our submarket. We’ve had over 170 commercial sales in that time. Office, Flex, Retail and Industrial has all seen increased sales over the last year. We are currently fully entrenched in a sellers market in Deer Valley Airpark.
Here are some of the largest sales in the last Year:
• The Crossroads Apartments sold in January 2019 for $33,500,000
• The Corridors Industrial Project sold in August 2018 for $29,550,000
• National Mallfront sold in May 2018 for $11,000,000
• 1 Deer Valley Project sold in December 2018 for $5,350,000
• 1637 W. Knudsen hanger building sold in January 2019 for $4,230,00
• 28.81 Acres at Happy Valley and 19th Ave sold on February 2019 for $10,817,589
• 17.15 acres of the 28.8-acre parcel resold for future multifamily development
• 18.67 Acres at Pinnacle Peak and 7th Street sold April 2019 for $6,100,000
USAA opened their new 140,000 square foot office in May with plans to add up to a thousand new employees in their Deer Valley project. The MACK Company has broken ground on Pinnacle 7 Phase II that will be about 170,000 square feet in two new multitenant buildings. Cobblestone Auto Spa has broken ground for their new 1 plus acre car wash just east of the SEC of Happy Valley and 19th Avenue. The Bungalows on Jomax broke ground on their 141 single-family, detached houses on the east side of I-17 North of Jomax. NexMetro has plans to build approximately 200 similar units just North of The Bungalows project. These are just some of the projects currently happening in our sub-market. We can expect to see much more building over the next few years.
Commercial inventory has decreased significantly over the last year, mostly from all the sales activity. Currently there is less than half the amount of square footage available for sale than this time last year. We have about 3 million total square feet available on the market. Compare that to the 3.8 million square feet sold over the last year and you can understand why this is a strong sellers market.
It was a Buyer’s market for so long, that it’s nice to see we’re in such a strong economic surge today. With it being such a strong market, it has been difficult for developers to keep up with the cost of construction. I would say that has been the biggest hesitation we’ve seen from some developers. With inventory so low and the current demand in the Deer Valley market so high, we expect to see a huge jump in new construction in the near future.
Our prognosis looks very bright heading into the summer of 2019 for Deer Valley Airpark commercial real estate market. Have a great summer all!
Sales & Leasing – Commercial, Industrial, Office, Land
Specializing in the Greater Deer Valley Airpark
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BROOKS REALTY & ADVISORY GROUP LAUNCHES THE ESTATES LOCAL BUSINESS LEADER BUILDING A FAMILY LEGACY WITH LAND By Alison Bailin Batz This issue, we are proud to share their journey. “He knew I was the person for this job, which electric, phone and internet, along with natural gas.
This summer, Brooks Realty & Advisory Group THE INITIAL DREAM 1997 to 2003 to full commit to the project,” says (BRAG) will unveil “The Estates.” Benjamin “Ben” Brooks II – Tres’ father – was born Tres. in Escondido, Calif. in 1940. “The Estates are 10-acre Ponderosa pine-covered And that is just one of Tres’ landmark projects. Both forest properties adjacent to Forest Highlands Golf “He saw Arizona not as the Wild, Wild West, but as Ben and Tres, in fact, took on a who’s who of masClub and the Coconino National Forest just south of the land of plenty when it came to rich, very special sively successful ventures from Arizona to Wyoming Flagstaff,” says Benjamin “Tres” Brooks III, who land,” says Tres. “He wanted to build a legacy by to New Mexico. founded BRAG in the Northeast Valley in 1996. helping to develop this land for families just like ours. He saw land as something that could be passed “And then the unthinkable happened,” says Tres. “My Overall, there will be 16 estate parcels – each 10 down in families over several generations.” father was involved in a motorcycle accident and lost acres – available in the gated community, with ac- his life in 2007, just as the real estate crash began.” cess to the estate properties permitted only through He moved his family to Arizona in 1964 and foundForest Highlands’ 24-hour guard gated-entrance, off ed Ben Brooks & Associates in 1969, first making The next 10 years would be filled with the highest Highway 89A. a name in residential real estate and then turning of highs – Tres is now married with three children toward land investment and development in 1985, himself – and lowest of lows, notably keeping a real All of the 10-acre estates will have underground just as Tres graduated the University of Arizona. estate business afloat. Water will be provided by individual wells as the “I actually earned my real estate license in high By 2017, things were on the upswing for Tres prodevelopment lies over a tremendous aquifer with school, eager to work with dad,” says Tres. “But my fessionally again. So much so, when he was up at abundant water, the same source that all of Forest parents were adamant about education, and about his family’s vacation home in Forest Highlands and Highlands’ wells use for their water supply. me being the first in our family to attend and gradate learned about land coming available for development college.” nearby, he jumped at the chance to head the project. “Individual wells also offer much more water-rights Fast-forward to this summer; this land is none other flexibility, independent water freedoms and less Diploma in hand, Tres earned an entry-level job than The Estates. ongoing water expenses for very large grass areas, from his father and worked his way up, earning his ponds, fountains, swimming pools, and so on,” says broker’s license at just 24. The project will mark the Brooks family’s purchase Tres. “In addition, special memberships to Forest and development of nearly one million acres of land Highlands Golf Club are available, providing owners “Then things got…interesting. My dad pushed me to in the western United States. with access to Forest Highlands’ two championship go out on my own,” says Tres, who at the time was golf courses, two clubhouses with dining and an ar- flabbergasted. “So, in 1996 I founded Brooks Realty “Talk about full circle,” says Tres. “Getting to help ray of other fine amenities.” & Advisory Group, focused on developing land with build on the legacy that my father started and cona group of my own investors.” tinue making this dream he had when he was barely Tres believes these 10-acre forest estates will truly out of high school a reality has me emotional and become family legacy estate properties. The funniest part of the story is that within a year proud.” of BRAG launching – to great fanfare and immedirequired me to actually move to Lake Havasu from And speaking of family legacies, the Brooks family ate success – Ben earned the biggest land deal the For more information on the Brooks family, The has built a very special one – one that is celebrating Southwest had ever seen: the chance to develop Estates or any of its current ranch properties across its 50th anniversary in 2019. 130,000 acres near Lake Havasu City and Kingman. the country, visit www.brooksland.com.
RESIDENTIAL REAL ESTATE
HOME INSPECTION WOES: HOW TO IMPROVE THE PROCESS By Scott Gaertner back to us and accept our seller’s • Know they are going to find things consistently see agents that carelessly terms. And if there had been anything wrong. Finding things wrong with the forward their client's emails containing “WHERE IS THAT HOME else available, I am confident they home is the inspector's job. They will remarks that can easily be interpreted I SAW ON HGTV?!” would have purchased it. find things. Even if you are the best as offensive. That should never happen. Because of a shortage of homes on home maintainer in the world, the in- Your agent's job is to keep things posithe market, the mindset seems to be, IMPROVE THE HOME spector will find things that need repair. tive and professional, even during the “I can't find the home I really want, so INSPECTION PROCESS Expect it, accept it, and get over it. most contentious transactions. I’ll settle for this one. But it had better BEFORE SELLING • Keep the emotions out of it. Even be perfect!” There are things you and your agent if you are selling your personal home, UPGRADED FEATURES can do to reduce the chances of this a home sale is still a business transac- BUYERS WANT When sellers oppose what they feel scenario happening to you when you tion. Try to keep it that way and don't We are studying some new trends in are either petty requests or renegotia- sell. let it get personal. And remember that the market that help us understand tions during the inspection phase, we • Get a Pre-Listing Inspection. The this can be an emotional process for what buyers really want to see in get higher cancellation rates…and that first and easiest solution is to get a the buyer, too. terms of upgraded home features. I isn’t good for anyone. home inspection before you sell. It • Hire a great agent. When you get was very surprised by the results – will likely cost you around $500, but it the buyer’s inspection requests, a great and after 30 years in the real estate We see the effects of this frustration as could be the best money you spend. It agent will help you understand what is business, I am not the easiest guy to the sellers’ agents. Two of our sellers can save you thousands of dollars and important and what isn't. They will pick surprise in this arena! recently had buyers that canceled their millions of gray hairs. Buyers think ev- up the phone and negotiate for you. purchase on a seller's home during the erything costs thousands to repair when Text messages are the norm and they Lastly, If you would like a copy of inspection phase, only to come back it can really be just pennies. Fix it first! are easily misconstrued. A great agent Scott’s report Home Inspections: again weeks later to make another of- In fact, we think this step is important will also carefully shield you from What every buyer and seller needs to fer on the home! I imagine that those enough that we have started paying for potentially hurtful or incendiary com- know email us at info@scottgaertnerbuyers tried very hard not to come our sellers’ pre-inspection costs. ments that you should never see. We group.com
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