DAVID GUIDO & DAVID WETTAcem-az.com/issues/2008/CEM-i09-2008.pdfDarren Tappen and Bob Lundstedt...

A R I Z O N A ’ S P U B L I C A T I O N F O R T H E C O M M E R C I A L R E A L E S T A T E I N D U S T R Y

DAVID GUIDO & DAVID WETTADefining DifferenceMarcus & Millichap

Featured BrokersDarren Tappen and Bob LundstedtColliers International

Richard LoopeDirector of the Master of Real Estate Development

Company ProfileWolff Company

DAVID GUIDO & DAVID WETTADefining DifferenceMarcus & Millichap

Featured BrokersDarren Tappen and Bob LundstedtColliers International

Richard LoopeDirector of the Master of Real Estate Development

Company ProfileWolff Company

4

Contents Issue 9 • 2008C

om

merc

ial E

xecutive m

agaz

ine

6 Cover StoryDavid Guido & David WettaDefining DifferenceMarcus & Millichap

12 Making Headlines

15 Featured BrokersDarren Tappen and Bob Lundstedt Colliers International

21 People & Properties

24 Executive Q&ARusty MitchelLuke Air Force Base

26 Industry NewsIndustrial Rental Rates Soften

27 Company ProfileWolff Company

32 EducationRichard Loope,Master of Real Estate DevelopmentInnovation Done Well Can Influence Generations

Executive PublisherMandy [email protected]

Publisher/EditorCarol [email protected]

Creative DirectorBob [email protected]

Graphics AssistantCaprice Perry

Contributing WritersDJ BurroughMike Coover, Grubb & Ellis BRE Commercial, LLCKerry DuffTom Gibbons Kathleen O'BrienJim Wilson, Cushman & Wakefield

Photographyphotobyjl.comLinda Lee Story

© 2008 by MP Magazines LLC

All rights reserved. No part of this publication can bereprinted or reproduced without publishers permission.Opinions expressed are those of the authors or personsquoted and not necessarily those of CEM.

CEM is a monthly publication.

P.O. Box 10398Phoenix, AZ 85064-0398Phone: 480-946-0398fax: 480-946-1416www.cem-az.com

6 15 24 27 32

I

5

Com

merc

ial E

xecutiv

e m

agazine

Carol PerryPublisher/[email protected]

Mandy McCullough PurcellExecutive [email protected]

Carol Perry

Subscribe atwww.cem-az.com

It is my pleasure to join the team here at Commercial Executivemagazine. Discovering the personalities and the winning talents of thosein this industry and getting to share their stories of success is a true joy.

Having just spent a significant amount of time viewing the talents of theOlympic athletes in Beijing, I am reminded of a book written by DenisWaitley many years back. The book is, “The Psychology of Winning” andit Waitley discusses the ten qualities of a winner. Waitley used many ofthe ideas in this book to mentally prepare and train Olympic athletes ofyears past, and many of his mental exercises are still a part of thepreparation of today’s athletes.

It is clear, that the winners in today’s real estate climate have alsodeveloped not only a plan but, mental toughness to endure, persevereand succeed.

This month’s cover story features the two David’s – David Guido andDavid Wetta of Marcus & Millichap. Both men have winning careersboth in sales and in management. Both men understand what mentalpreparation is all about and how a positive mental attitude translatesinto success.

The Lundstedt team are our feature brokers of the month. This team isa group of high-energy individuals with big ideas and big visions.

We also feature a story of the incredible success of the Masters of RealEstate Development at ASU and the man at the helm of this success – R. Nicholas Loope. Ryc Loope had a vision and he turned the vision intoreality and is helping develop tomorrow’s leader’s right here in the Valley.

Read also this month about the Wolff Companies and South Bank. This is a humble family-owned business and this group isre-defining the meaning of high-level performance in the commercialdevelopment sector. South Bank promises to be a winning project -combining retail, commercial and residential on the shores of TempeTown Lake.

Make it a winning month…and if you’venever read the book by Waitley, go grabyourself a copy – you won’t be disappointed!

Carol Perry Publisher/[email protected]

Letter from the Publisher

6

Cover StoryC

om

merc

ial E

xecutive m

agaz

ine

n 2007, Marcus & Millichapclosed more than $20.7billion of investmenttransactions for privateand institutional investors.

For a company driven by long-termclient relationships and local marketexpertise, its agents and leadershipare critical. Many in the industryhave looked with interest at the recentchanges at Marcus & Millichap’s

Phoenix office. David Wetta, nowVice President Investments, hasturned over the leadership to DavidGuido, who as of April 2, 2008 isnow the Regional Manager andDesignated Broker. As Wetta puts it,“Guido is the news now, and he wasthe best choice for the job. He haswhat is essential in leadership: he ishighly trusted, has presence, energy,enthusiasm, an optimistic outlook

David GuidoRegional Manager and

Designated Broker

I

7

Com

merc

ial E

xecutiv

e m

agazine

Defining DifferenceMarcus & Millichap

David WettaVice President Investments

By Kathleen O'Brien

Photos by Linda Story

and most important, he has a greaterinterest in helping others.” Wettashould know; he has promoted fiveagents into management positionsduring his unprecedented 20 yeartenure as Regional Manager. One thingthat hasn’t changed though is Marcus& Millichap’s defining difference: thedeep and diverse experience of theiragents. The result is a team ofseasoned professionals, Wetta included,

8Com

merc

ial E

xecutive m

agaz

ine

who choose to staywith the firm becauseof his love for thebusiness, theorganization and theirclients. “Once I decidedto step down frommanagement, I knew Ididn’t want to retireand I briefly consideredthe possibility of finallyusing my law degree.Ultimately, I came torealize I didn’t want toleave Marcus &Millichap, it would belike leaving my family,”says Wetta.

Long term client, JeffGeyser, Partner ofLawrence & GeyserDevelopment, is one ofmany who see the tran-sition in leadership as anatural progression.“During our relation-ship with Marcus &Millichap, we havebeen fortunate to dealwith both Dave Wettaand David Guido. Dave Wetta is atrue professional whose strengths arehis integrity, market knowledge andthe demeanor and experience topress the right buttons at the righttime. Dave is always trying to build arelationship, not sell you a deal.David Guido is from the same moldas Dave Wetta. He carries all thesame qualities as Dave and is a greatchoice to carry on.”

Investment FocusSince 1971, the Marcus &

Millichap Real Estate InvestmentBrokerage Company has primarilyserved the individual investor.Although their market segment hasalso included representing institu-tional investors with multi-billiondollar portfolios, the majority of theirtransactions have been conductedwith the individual investor who ison the title. With this emphasis on

face to face relationships, the inter-dependence that has developed with-in the organization from the leader-ship to new agents is what has giventhe company their impressive results.Veteran agent Ric Holway describes amanagement structure that is “verti-cally integrated.” Holway explains,“Our upper management is complete-ly dedicated to our success; I can callHarvey Green, Bill Millichap, orGeorge Marcus at any time. Thistransparency contributes to theagents’ ability to grow, learn and pro-vide the best services.” With thismodel, Marcus & Millichap brokershave actively participated in closingover $80 billion dollars on incomeproducing property in more than20,000 transactions.

Agents Make theDifference

One of the strongest in the organi-zations national network, the

Phoenix office is indeed a microcosmof the larger company. At its founda-tion is a strong core of agents whowork well together, specialize in onearea in the market, and can rely on astrong national presence. Many ofthe agents have been with the firmover ten years and both locally andnationally, the company has a proventrack record of retaining senioragents. Perhaps one reason is itsunusual recruitment strategy. Wettamentions that upwards of ninety per-cent of the agents in the Phoenixoffice were new to the industry whenthey started. “The benefit is thatthese new recruits are trained anddeveloped on our own systems andinvestor approaches; they are essen-tially taught.”

The culture of development andtraining starts with the manager andpermeates throughout the culture ofthe company. Primary training isdone by the new agents manager

David Wetta and David Guido

9

Com

merc

ial E

xecutiv

e m

agazine

along with help they receivefrom both corporate and a des-ignated mentor, who supportsthe new agent throughout theirgrowth. However, even thoughnew agents have a primarymentor, everyone is involvedand engaged in training.Subsequently, bringing the agentsup ‘through the ranks’ becomesa tremendous asset for the com-pany; the supportive and cohe-sive atmosphere allows theorganization to remain focusedon the needs of the client. “Ihad the great fortune to haveDavid Guido as my mentorwhen I started in the business.With his background, expertiseand direction, I was able to gainthe proper skills needed tobecome a successful agent,”states Joe Compagno, AssociateDirector, National Retail Group.The expertise and knowledge of

these seasoned agents compli-ments one of Marcus &Millichap’s other key strengths,its research department.

Research DivisionProvides Edge

Headquartered in Phoenix,the research division is struc-tured to provide clients with thequantity and quality informa-tion that is essential during anypoint in the real estate cycle.Guido believes that in morechallenging market conditions,market research is even morecritical. “You need to knowwhat’s going on in the economyas a whole, not just in realestate. A world perspective isimportant because that knowl-edge drives you to understandinvestment alternatives. Bottomline, commercial real estate isstill one of the best investments

The Bottom lineIn more challengingmarket conditions, marketresearch is even morecritical. “You need toknow what’s going on inthe economy as a whole,not just in real estate. Aworld perspective isimportant because thatknowledge drives you tounderstand investmentalternatives. Bottom line,commercial real estate isstill one of the bestinvestments you can findout there.”

10Com

merc

ial E

xecutive m

agaz

ine

you can find out there, Guido says.As transaction opportunities haveslowed down, agents stay vital byproviding market perspective as anadvisor and intermediary. A key com-ponent in that equation is theresearch division. The company’s res-olution to achieving the best resultsfor each client is evident in the com-pany’s commitment to providing oneof the industry’s most powerful andcomprehensive real estate marketresearch divisions. The group pro-duces more than 200 research reportsannually, which are customized bylocal market and property type, andare regularly quoted in leadingregional and national publicationssuch as the Wall Street Journal, USAToday, The New York Times, ChicagoTribune, and Los Angeles Times.

Slow and Steady GrowthThe Phoenix office, has established

itself as a leader within an organiza-tion that is ever expanding withmore than 1,300 brokers inmarkets throughout the UnitedStates. Yet its’ growth has beenrelatively slow according toWetta. He points out that nine-ty five percent of the manage-ment team are sales agents whowere promoted into manage-ment positions. The obviousbenefit of this organic growth isthe strong foundation that eachmanager has in building busi-ness relationships and realestate expertise - both withclients and within their market-place. Harvey Green, presidentand CEO for Marcus &Millichap had this to say aboutthe recent transition of DavidGuido to Regional Manager,“entering the management teamwith ten years of investmentexperience and with his ownclient base gives David a strongknowledge in all aspects of com-mercial real estate in Phoenix.David's expertise will assist theagents when turning to him for

guidance as he has actually been inthe trenches and has a strong knowl-edge of the commercial real estate mar-ket.”

Stay the CourseAlthough many were surprised by

the change in leadership, DavidMiller, Vice President of NationalAccounts for Chicago Title was not.“Once Wetta made the decision tostep down from management, histiming seemed like a natural evolu-tion for his life and career. Staying atMarcus & Millichap will benefiteveryone.” Miller believes that Guidowas a “great choice” for the positionand further comments that, “Wettatook the success of the agents veryseriously, and Guido is cut from thesame cloth. He is methodical andlevel headed and he has the righttemperament to juggle the divergentpersonalities in a commercial realestate brokerage.”

Time and the opinion of clients willbe the true test of the transition inleadership. Yet if Bruce Shapiro,Principal of Arizona Partners RetailInvestment Group, and long termclient of the firm are any indication,the future looks bright. “Over the last14 years I have done several transac-tions with Marcus & Millichap asboth a buyer and seller. The organiza-tion, and in particular David Wettaand David Guido, have impressed mewith their candor, agility and experi-ence. It’s important in an ever chang-ing market to have a strong brokerwho tells you what they are seeing asopposed to what you want to hear,”Shapiro states. ●

2398 East Camelback RoadSuite 550Phoenix, Arizona 85016602-952-9669www.MarcusMillichap.com


Vision and Direction of the Phoenix Office

As the largest firm in the United States specializing in real

estate investment services, Marcus & Millichap focuses on

maximizing value, one property at a time - for one client at a

time, and Guido will continue to focus on service in order to

uphold the cooperative reputation that Wetta strove to build

in the Phoenix market. Services will continue to be

customized and personalized to meet the diverse needs of

private investors, developers, lenders and institutions. “We

want to ensure that our clients are well-informed - Informed

investors make prudent decisions. As our brand has grown

over the years in the Phoenix market, it is our goal to be the

‘go to’ professionals regarding investment real estate not

only in Phoenix, but also in the Arizona, Southwest and

national marketplace,” Harvey Green states.

Marcus & Millichap

11

Com

merc

ial E

xecutiv

e m

agazine

Industry News

The Metro Phoenix industri-al real estate marketcontinues to function at anequilibrium level despitethe slow national economy,according to statisticsreleased by Cushman &Wakefield of Arizona, Inc.

“Some people in the real estateindustry will tell you the market hasstalled,” says Jim Wilson, executivedirector with Cushman & Wakefieldin Phoenix. “During my 22 years inthis business I’ve seen times whenthe Phoenix market stalled and thisisn’t it. Because of recent construc-tion completions, we have anoverabundance of space, but thereare numerous tenants shopping our

market and we have plenty of workto accomplish.”

Direct vacancy rates in the indus-trial sector increased to 8.8 percentat the mid-year point, up slightlyfrom 7.5 percent at the end of firstquarter. The direct vacancy rate was6.1 percent a year ago. “We’re in thefinal stages of a major building boomin the industrial market,” reportsWilson. “It will take a little time forthe demand to catch up with thenewly delivered supply of space. Alarge portion of our vacant space islocated in the Southwest Valley wherewe’ve constructed large quantities ofhuge warehouse buildings. Our marketnow attracts very large warehouseusers, so two or three sizable leasetransactions could make a big differ-ence in decreasing our vacancy.”

The Southwest Valley area ofMetro Phoenix contains more than

112 million square feet of industrialspace and more than 12 millionsquare feet are currently vacant.During the first six months of 2008approximately 6.3 million new squarefeet of space was completed in thearea and another 2.5 million squarefeet are currently under construction.“There’s no doubt that this sector isoverbuilt, but the projects have beendeveloped by solid, deep-pocketedcompanies that have the ability toweather the market. Landlords areholding steady with their rates andthere are no ‘firesale’ deals to behad,” says Wilson.

Jim WilsonExecutive Director

Cushman &Wakefield

Metro Phoenix Industrial Market RemainsStable In The Midst Of Slow National Economy

Industrial Market Statistics / Second Quarter 2008

12Com

merc

ial E

xecutive m

agaz

ine

Greg DiDonnaReal Estate Lending Services602-553-7445 – [email protected]

CB Richard Ellis Negotiates $7.25 MillionSale of Mesa Executive Park in Mesa, Ariz.

CB Richard Ellis (CBRE) has negotiated the sale ofMesa Executive Park, an 80,067-square-foot office com-plex located at 1255 W. Baseline Road in Mesa, Ariz.

Bob Young, Steve Brabant, Glenn Smigiel and RickAbraham of CBRE’s Phoenix office represented the seller,KBS Realty Advisors of Newport Beach, Calif., in structur-ing the $7.25 million transaction. The buyer was WilsonProperty Services Inc. of Scottsdale, Ariz.

Mesa Executive Park is a suburban office park consist-ing of four, two-story buildings, interconnected by elevat-ed walkways and lush interior courtyard landscaping.The property’s location, at the southwest corner ofBaseline and Alma School roads, offers convenient accessto the area’s numerous restaurant and retail amenities, aswell as the U.S. 60 freeway, one-half mile away.

Built in 1982, Mesa Executive Park was 61 percent leasedat the time of sale. Its diverse tenant mix includes Kimley-Horn and Associates, Maricopa County EnvironmentalServices and Southwest Behavioral Health Services.

For more information, visit www.cbre.com.

Transwestern Negotiates Two NewPhoenix Leases

Transwestern’s Phoenix office announced that it hasnegotiated two new leases in Phoenix for Arizona Centerfor Chest Diseases and The Hartford Fire InsuranceCompany. The leases, totaling 15,977 square feet, werevalued at a total consideration of $3.6 million.

Arizona Center for Chest Diseasesprovides pulmonary, critical care,and sleep medicine services to thePhoenix and Scottsdale communitiesand associated hospitals. The Centerhas signed a ten year lease for 6,394square of space at 5090 N 40th Street,valued at $2.3 million. Senior VicePresidents of Transwestern’s AgencyLeasing team, Jim Achen, Jr. and BillZurek represented the landlord,Transwestern Investment Company,in the new lease. Arizona Center for Chest Diseases was representedby Mike Sayre of Cushman andWakefield.

The Hartford Fire InsuranceCompany, also known as TheHartford, is one of the nation’s largestinvestment and insurance compa-nies. The Hartford Fire InsuranceCompany signed a six year lease expan-sion and renewal for 9,583 square-feet of space at 2510 Dunlap Ave, for

approximately $1.25 million. Senior Vice Presidents ofTranswestern’s Agency Leasing team Jim Achen, Jr. andBill Zurek represented the landlord, Northridge Capital;The Hartford Fire Insurance Company was represented byDave Barrett of CBRE in the lease renewal and expansion.

For more information, visit www.transwestern.net

CB Richard Ellis NegotiatesSale-Leaseback of 47,000-Square-Foot IndustrialBuilding in Tempe, Ariz.

CB Richard Ellis (CBRE) hasnegotiated the sale-leaseback of a47,000-square-foot, single-tenantindustrial building located at 2810 S.Roosevelt St. in Tempe, Ariz.

Bill Bayless and Andrew Brighamof CBRE’s Phoenix office, along withDon Mitchell in the company’s San

Kyler KienholzReal Estate Lending Services602.553.7475 [email protected]

Josh CookMortgage Banking Manager602-553-7467 – [email protected]

MakingHeadlines

The Big Deals and the Brokers Who Made Them Happen

Mesa Executive Park Jim Achen, Jr.

Bill Zurek

Bill Bayless

13

Com

merc

ial E

xecutiv

e m

agazine

Promenade Branch16435 N. Scottsdale Road, Suite 140Scottsdale, AZ 85254480-612-6500 Phone • 480-612-6510 Fax

Esplanade Branch2525 E. Camelback Road, Suite 100Phoenix, AZ 85016602.553.7444 Phone • 602.553.7449 Fax

Lincoln Branch6500 N. Scottsdale RoadScottsdale, AZ 85253480-374-6800 Phone • 480-374-6818 Fax

Regina CreelRelationship Manager, Vice President602-553-7490 – [email protected]

Kathy CamachoDeposit Services – Scottsdale Branches480.612.6525 – [email protected]

Presented by Making Headlines

Diego, Calif. office, represented theseller, Wax Properties Ltd. of SanDiego, in negotiating the $4.65 mil-lion sale. The buyer, Santa Ana #164of Redondo Beach, Calif., was repre-sented by Tom Louer of Lee &Associates in Phoenix.

The seller has signed a 16-monthlease for its janitorial service, WaxieSanitary Supply, which is the build-ing’s sole tenant. The exact financialterms of the lease were not disclosed.

Waxie Sanitary Supply is planning to build a new facili-ty in Mesa, Ariz. that it plans to occupy at the conclusionof the lease.

For more information, visit www.cbre.com.

Canyon Ridge Apartments192 UnitsConstructed: 200217477 N. Avenue of the Arts Surprise, AZ 85374Closed Price: $17,650,000,$91,927/Unit, Approx. $104.49/Sq. Ft.

Buyers’ Broker: Alon Shnitzer,Marcus & Millichap Phoenix OfficeSellers’ Broker: Mark Forrester &

Robert Bruno, Hendricks & Partners Phoenix OfficeBuyer: Brookside Premier LLC (Logan, UT)Seller: PM Canyon Ridge, LLC (Scottsdale, AZ)

Fort Properties, Inc. Purchases AvnetBuilding In Chandler, Arizona For $35.2Million

The newly completed Avnet Building at 6700 W. MorelosPlace has been sold to Los Angeles-based real estateinvestment firm FORT Properties, Inc. for $35,200,000.

Ryan Companies US, Inc. completed construction of thebuild-to-suit facility in April 2008. The building is locatedwithin the Chandler Freeways Business Park and contains

approximately 230,000 square feet of space. It is fullyoccupied by Phoenix-based Avnet, Inc. (NYSE: AVT;

Moody’s: Baa 3), a Fortune 500 com-pany and leader in supply-chainoptimization, logistics solutions,product assembly, device program-ming, computer system integrationand engineering design assistance.The facility serves as an assemblyand integration operation for Avnet,with approximately 50 percent of thespace being used for warehousingand the remainder for light manu-facturing and office space.

Ryan/Pilgrim Investments Chandler Freeways, LLC, anentity led by Ryan Companies US, Inc., sold the propertyto FORT Properties, Inc., a real estate investment firm thathas purchased more than $150 million in commercial realestate over the last 12 months. FORT Properties is aprominent real estate investment firm specializing in ten-ant-in-common investments and 1031 exchanges. This is

continued on page 19

Alon Shnitzer

Avnet BuildingAndrew Brigham

Chris Toci

Ted Harrison

Mark Detmer Bo Mills

LeasingBrett K. SheetsVice President of [email protected]

AcquisitionsJohn J. ConaDirector of [email protected] 602.778.8762

DevelopmentJeff Simpson Senior Vice President of [email protected]

F For nearly three decades, Cole has been acquiring, improving and managinghigh-quality, retail real estate across the United States. Cole related entitiescurrently own approximately $3.2 billion in assets in 45 states.

Call us today if you are selling, interested in leasing or developing retail properties.

© 2008 Cole Capital Advisors, Inc. All rights reserved. The tenants and properties pictured, which may contain illustrativerenderings of properties, are illustrative of the types of tenantsand properties that have been acquired by Cole Companies.Cole is not affiliated or associated with, is not endorsed by,does not endorse, and is not sponsored by or a sponsor of thetenants or of their products or services pictured or mentioned.The names, logos and all related product and service names,design marks, and slogans are the trademarks or service marksof their respective companies.

2555 East Camelback Road Suite 400Phoenix, Arizona 85016www.ColeCapital.com888.677.2653

A Trusted Name ForR e a l E s t a t e I n v e s t m e n t F u n d s

� Acquisitions

� Leasing

� Property

Management

� Development

15

Com

merc

ial E

xecutiv

e m

agazine

Featured BrokersPresented by

Darren Tappen andBob Lundstedt

▲

By Tom Gibbons

Photos by photobyjl.com

From early on,Bob Lundstedtalways knewthe directionhis career was heading—NORTH.

HHe started working with developersto build commercial projects aroundthe Metrocenter area in the 1980s and1990s, and he stayed out ahead of thewave, as the city grew northwardtoward Deer Valley.

Since starting in his career in 1981after graduating from the Universityof Illinois, Lundstedt estimates he’sbeen involved in land transactionsworth more than $1 billion. And he’sworked from all directions—repre-senting tenants, users, investors, andlandlords for land, industrial andoffice properties.

“He’s really an expert on I-17,’’ saidKurt Rosene of The Alter Group, whohas been working with Lundstedt for10 years.

Rosene said developers rely on aspecialist who has the local knowl-edge, understands the shifting value

of land, and knows what other projects are planned ina given area. For a developer who works in a variety ofareas, it’s almost impossible to provide that knowledgein-house.

“You’re committing millions of dollars on these proj-ects,’’ he said. “You have to know this information.”

Among the team’s projects are Spectrum Ridge atDeer Valley (1.3 million sf mixed-use office and retaildevelopment), LaPour Commerce Park (industrial dis-tribution project on an 80-acre state land lease), and

16Com

merc

ial E

xecutive m

agaz

ine

Back row – Darren Tappen, Bob Lundstedt, Mike Ciosek & Eric Bell. Front row – Shasta Broyles

Alameda Business Park (35-acre free-standing industrial buildings project).

There may be a new directionahead for Lundstedt and his team inthe coming years in the West Valley,where they’re already involved in amajor project. But they’re not donewith I-17 yet.

The MoveWhile working at Cushman &

Wakefield in 2003, Lundstedt metDarren Tappen, who happened to sitin the next cubicle. Tappen was with

another team but wanted to make achange.

The two worked together for a yearbefore moving over to Colliers in2004. They came to Colliers largelybecause of Jim Keeley, who foundedColliers’ Scottsdale office.

Keeley’s experience fit with thedirection that Lundstedt and Tappensaw their market headed.

Keeley was a driving force in theScottsdale Airpark in the 1980s,before the Loop 101 freeway wasbuilt, working with smaller pieces of

land for owner/users rather than put-ting up buildings that were designedto be leased out.

“He was doing more of the owner-user, smaller-company type properties,’’said Tappen, a vice president withColliers International. “That wasaligned with what we were doingand what the Deer Valley marketwas becoming.”

The Lundstedt-KeeleyConnection

Lundstedt and Keeley had a long-

I’ve spent my whole careerworking I-17.

Said Lundstedt, a senior vicepresident who heads acommercial real estate teamof six in Colliers International’sScottsdale office.

“”

standing relationship.“Jim and I both got out of real

estate school in 1981,’’ Lundstedtsaid. “We got to know each other. Hecame out here (to Scottsdale). Whenyou first get your license you’re justfloundering around. You have noidea what you want to do. Keeleydecided, ‘I’m going to specialize inthe Scottsdale Airpark.’ Now he isconsidered the Airpark expert andhas published the Airpark 2010Report since 1990.”

As Keeley was getting started inthe Airpark, Lundstedt gravitatedtoward the Metrocenter area. Whenit opened in 1973, Metrocenter wasthe largest shopping mall in Arizona.

Today the center has been under-cut somewhat by competition fromother, newer malls in the West Valleyand changing demographics in thesurrounding neighborhoods; but inthe early 1980s, the mall was in itshey-day.

Commercial projects were sprout-ing up along the Interstate—andLundstedt got involved.

Lundstedt believes that because hespecialized in one geographic area,the opportunity to become involvedin land deals came his way.

He grabbed it. Among otheraspects he likes about doing landdeals is that he often comes acrosscolorful, rustic and sometimes rough-

hewn characters. “Sometimes you’re dealing with

institutional money,’’ he said. “A lotof times it’s just a private guy.”

Lundstedt said his experience withleasing helped him when it came toland deals. “In my mind, when you’vedone leasing before, you can look ata site with a user mentality,’’ he said.“You can say, that would be great foran office, for industrial, or for awarehouse—you are in a better posi-tion to identify potential users.”

The TeamAt Colliers International, Lundstedt

and Tappen assembled their team.Lundstedt finds new land sites, meetswith developers and investors, andprovides guidance and leadership insales and putting together deals.

Tappen specializes in land develop-ment of industrial and office proper-ties and the sale of new constructionshell industrial and office buildings.He crunches the numbers and per-forms financial analysis on invest-ment sale and leasing projects, meetswith City leaders and economicdevelopment staff, and manages theprocess of tracking inventory andvacancies for the Deer Valley sub-market.

Eric Bell, associate vice president,is the team’s Ivy Leaguer. He startedin commercial real estate in 2000, a

year before he received his degree ineconomics from Brown University.His duties include identifying landopportunities for developers, investorsand speculators as the metropolitanarea grows. He is focused on theemerging markets in the NorthwestValley, including Deer Valley, Loop101, Loop 303 and West I-10.

Mike Ciosek, associate vice presi-dent, is responsible for creating andmaintaining high-level client relation-ships as well as the marketing effortsfor over 10 million square feet of newconstruction sale and leasing proj-ects. Ciosek has created a strongbackground of tenant representationin the Phoenix marketplace. He isalso a member of Colliers’Multimodal Services Group, whichspecializes in supply chain real estatesolutions along transportation corri-dors, including freeway, airport andrail-served markets.

Mitch Stravitz, senior associate,recently joined the team and is work-ing closely with Lundstedt andTappen. With five years’ experience,Stravitz was recruited from CBRE toconcentrate on industrial sales andleasing for the team’s developments.

Shasta Broyles, project coordina-tor, manages administrative activi-ties, processes escrow transactions,and coordinates marketing efforts andcollateral for their clients’ projects.

17

Com

merc

ial E

xecutiv

e m

agazine

Spectrum Ridge at Deer Valley - 1.3 msf mixed-useoffice & retail development

Alameda Business Park - 35-acre freestandingindustrial buildings project

18Com

merc

ial E

xecutive m

agaz

ine

When asked to describe theLundstedt team, Jim Keeley said,“The Lundstedt team is always highenergy, blunt, and funny and has bigideas and big vision. They don't hesi-tate to debate their ideas amongthemselves and then pass on theirexpertise to their clients. They arenot perfect and have flaws like all ofus; however, they bring a big pres-ence into the office. The team isamong our top producers every yearand sets a high standard for success.”

Deer ValleyLundstedt saw the potential in the

area north of what would be theLoop 101 far before many others in

the real estateindustry. “I wasreally pushingDeer Valleyhard,’’ Lundstedtsaid. “A lot ofpeople saw DeerValley as a sleepylittle place. Itwas certainly an

industrial area,but you couldstand at an inter-section and therewas vacant land asfar as you couldsee.”

Some others inthe industry didn’tsee the impact ofthe 101 and how its intersection withInterstate 17 would build on analready strong employment base innorthwest Phoenix.

There are more Fortune 500 com-panies along Interstate 17, includingAmerican Express, Honeywell andFarmers Insurance, which employ

more people than anywhere else inthe Valley.

“It’s a major, major employmentcenter,’’ Lundstedt said. If you drivealong I-17 through Deer Valley, it stilllooks like there’s a lot of open space.Looks can be deceiving. There areprojects under construction and othersare in the planning process. There’snot that much available land left.’’

Surprise and beyond With that in mind, Bell and Ciosek

are working out closer to the yet tobe completed Loop 303.

Their first major project isSurprise Pointe, a 300-acre mixed-use project at Litchfield and Waddellroads. They completed a 60-acre salein the development to CrescentCrownDistributing, abeer distribu-tor that isanticipated tobe the largestemployer inSurprise. In

the retail phase of theproject, Walgreens hassigned on and UltraStar Cinema recentlyopened.

The 303 is expectedto be completed in thenext six years. “There’s

already a lot of development goingon,’’ Bell said. “We were trying tofind the next emerging market. Youhave Deer Valley and the prices forland are going up there. You have thedevelopment on the 101 near the(University of Phoenix) Stadium inGlendale. People were even getting

priced out of that marketplace.” “You look at the bigger picture and

you see there are a lot of rooftops inthis West Valley market already, cre-ating more opportunities,’’ he said

North of Deer ValleyThere’s also potential for growth

north of Deer Valley along I-17. Tappen said the team had been

working to interest developers in thearea north of Deer Valley for aboutfive years. We are now beginning tosee the early stages of developmentin that area.

“We’re going to continually seegrowth here. There are always goingto be people moving in,” Tappen said.”Yes, we’re going to hit cycles likewe’re now seeing, but there will con-

tinue to be those big usersthat will hit, and then it’s amatter of other develop-ments and users follow-ing.”

In August 2007. W. L.Gore & Associates, makersof Gore-Tex, bought 40acres for a campus for itsmedical products division.The parcel is located abouta mile southeast of theCarefree Highway/I-17interchange.

“That’s a pretty goodkickoff for developmentthat’s going to be occur-ring,’’ Tappen said. “Tocontinue to drive the mar-ket, you have to be persist-

ent and continually update your mar-ket information to give validity towhat your projections were three tofive years ago.

“Following a certain area for a longtime and having the most informa-tion on specific markets has certainlybeen key to our success.” ●

Colliers International14080 N. Northsight BoulevardScottsdale, AZ 85260480.596.9000www.colliers.com/scottsdale


Mike Ciosek

Eric Bell

Mitch Stravitz

19

Com

merc

ial E

xecutiv

e m

agazine

the second building FORT Properties has purchased in thismarket in the last twelve months, having acquired theFoothills Corporate Centre II in July 2007 through Chris Tociof Cushman & Wakefield, who is also the broker for theAvnet Building. Ryan Companies US, Inc.

Chris Toci, Ted Harrison, Mark Detmer and Bo Mills ofCushman & Wakefield of Arizona, Inc. served as exclusivesales agents for the property and negotiated the transaction.FORT Properties Vice President of Real Estate Robert Alterrepresented the firm in this transaction. Jeff Majewski ofCBRE Capital Markets arranged financing throughWachovia Bank.

For more information, visit www.ryan-companies.com

www.cushmanwakefield.com.www.fortproperties.com

Transwestern Phoenix Beats ASlow Market With $1m Sale InCave Creek, Az

Transwestern’s Phoenix office todayannounced it has successfully completedthe sale of 3.22 acres of land on behalf ofthe Light of the Desert Lutheran Church inCave Creek, Arizona.

The City of Phoenix Fire Departmentacquired the parcel, which is located onthe northeast corner of Cave Creek Roadand Dove Valley Road, for a total consider-ation of approximately $1 million.

Managing Director Bobby Bull andSenior Associate Matt Lockin ofTranswestern’s western region multifamilyinvestment sales team represented theLight of the Desert Lutheran Church in thetransaction. The negotiation ended in suc-

cess because of theTranswestern team’spatience and tenaci-ty. They persevered,working through adifficult market tofind a capable buyer,and were able to over-come various chal-lenges regarding enti-tlements and zoningfor the site as well.

“It took time andpersistence to find the right buyer for thissite on Cave Creek Road. We began market-

Making Headlines

continued from page 13

Bobby Bull

ing this parcel in March, 2006,” said Mr. Bull. “We werevery pleased to conclude the deal successfully despite thecurrent difficult market. This sale represents the first andonly land transaction in this area of Northeast Phoenix in2008,” he added.

Don Solon of Acquisition Sciences represented thebuyer, City of Phoenix Fire Department, and the City per-formed all of the required due diligence prior to openingof escrow and closing.

For more information, visit www.transwestern.netcontinued on page 20

20Com

merc

ial E

xecutive m

agaz

ine

Colliers International Negotiates 10,870Square-Foot Lease. NES Rentals Takes Five-Year Lease of Office/Warehouse in Gilbert

Colliers International has negotiated a five-year leasefor 10,870 square feet of office and warehouse space locat-ed at 1224 N.Hobson Street inGilbert, Ariz.Mike Parker andJohn Soldo, vicepresidents, andEvan Koplan,associate, withC o l l i e r s ’Scottsdale officerepresented thelandlord, YBDHoldings, LLC, of Gilbert. Lee Noble of CB Richard Ellisin Phoenix represented the tenant, NES Rentals ofDeerfield, Ill.

“This property gives NES a strategic location to increaseits presence in the Southeast Valley, with proximity to itscompetitors and easy access to the full diamond inter-change at U.S. 60 and Mesa Drive,” said Mike Parker withColliers. “NES had been looking in the market for approx-imately nine months. After touring the Hobson Streetproperty, we were able to close within 60 days, with NEStaking possession on July 1, 2008.” According to Parker,the landlord, YBD Holdings, was very pleased with theminimal downtime for the building in what can be seen asa slowing marketplace. The building was formerly occu-pied by the Arizona National Guard, which vacated thepremises at the end of February.

For further information, please contact Mike Parker, VicePresident - Industrial Properties, at 480.655.3315.

To have an item of interest included in anupcoming edition of Making Headlines, email all submissions to [email protected]

Making Headlines

John SoldoMike Parker

continued on page 19

21

Com

merc

ial E

xecutiv

e m

agazine

Announcements • Press Releases • Promotions • Awards • Community Info

NAI Horizon’s John Filli AchievesGold Elite Status With NAI Global

High Honor Given To Veteran Phoenix BrokerFilli, SIOR, a senior vice president at NAI Horizon in

Phoenix, has achieved Gold Elite status within the firm’sworldwide network, NAI Global. He is one of just nine

brokers worldwide to achieve thatdesignation in the past year, asselected from the nearly 5,000 bro-kers operating within NAI Global.

Filli, who specializes in industri-al, land and investment properties,was selected as one of NAI Global’stop performers and top producersbased on his production in 2007.One of the deals that helped Filliachieve the Gold Elite designationwas the sale of a 22.34 acre site at

Chandler Blvd. and the Loop 101 by his client, GouldElectronics, Inc., to David E. Sellers, president of LGEDesign Build. Filli worked with NAI agents Jeff Hays andChad Neppl on the $20.5 million deal. Another key dealfor Filli was the purchase of a 9.63-acre parcel at Interstate10 and 91st Avenue in Tolleson by his client, MarkDevelopment, Inc./Ebeneezer Scrooge, LLC, which will bedeveloped into a hotel property with surrounding retailand possibly another hotel.

“I’m thrilled to be recognized by NAI Global with theGold Elite designation,” said Filli, who has been with NAIHorizon since 1992. “A lot of time and hard work wentinto these and many other deals that we completed andaside from the knowledge that we helped our clientsachieve their goals for the property, it’s very nice to get apat on the back from my peers as well. It was a great year,and we’re looking forward to another one this year.”

www.naihorizon.com or www.naiglobal.com.

Ann Seibert joins The RenaissanceCompanies as Vice President of BusinessDevelopment

Ann Seibert, CPSM, was recently named Vice Presidentof Business Development for The Renaissance Companies.Seibert will direct overall business development and mar-keting strategies for the firm. She will further enhanceRenaissance’s local presence by continuing to developbusiness opportunities in the industrial, office, retail, hos-pitality and medical markets.

A graduate of Northern IllinoisUniversity, Seibert holds a bache-lor’s degree in Marketing andreceived her Certified ProfessionalServices Marketer (CPSM) certifi-cation in 2001 from the Society forMarketing Professional Services(SMPS). In 2005, Seibert served asPresident of SMPS and garneredthe Chapter of the Year GrandAward for outstanding manage-ment and member service.

Seibert’s fast-paced marketing experience and revenuebuilding success, along with her personable and energeticdrive, makes her a strong addition to Renaissance’s execu-tive management team.

Renaissance is a locally owned and operated, full-serv-ice general contracting firm, specializing in the construc-tion of industrial, office, retail, hospitality and medicalprojects. Whether a new building, renovation or tenantimprovement, the firm is committed to the construction ofprojects that consistently exceed expectations in cost, timeand quality.

Yuma Economic Development Leader JoinsGPEC Business Development Team

Chris Camacho, former president and CEO of theGreater Yuma Economic Development Corporation

(GYEDC), has joined the GreaterPhoenix Economic Council as vicepresident of business development.Camacho will expand GPEC’s busi-ness attraction efforts in emergingtechnology and international eco-nomic development.

“GPEC consistently works torecruit the highest caliber of peo-ple to the organization and theaddition of Chris certainly reflects

this,” said Barry Broome, GPEC president and CEO. During his three and a half year tenure, GYEDC helped

with the location of 35 companies to Greater Yuma repre-senting the creation of over 3,500 new manufacturing andservice jobs and $450 million in new capital investment.

Camacho was pivotal in assisting in the relocation andexpansion of several Greater Yuma projects includingJohnson Controls, Alside Southwest, NorthwesternIndustries, General Motors Corporation, Advance Call

John Filli

Ann Seibert

Chris Camacho

22

People & PropertiesC

om

merc

ial E

xecutive m

agaz

ine

Center Technologies, Global Contact Services, FederalExpress, AgriNext and Allied West Paper Corporation.

Camacho attended Southern Illinois University wherehe earned a Masters Degree in Public Administration andPublic Policy and studied Psychology and BusinessAdministration as an undergraduate. He also completedthe Economic Development Institute at the University ofOklahoma. Camacho is a former NCAA All-American soc-cer player at Southern Illinois University at Edwardsville.

Edge Commercial Real Estate AdvisorsCeases Primary Day-To-Day BrokerageActivities In Favor Of Two PartnerCompanies

Edge Commercial Real Estate Advisors announced thatit will cease day-to-day operations of its commercial realestate brokerage division to allocate more time andresources to its two partner companies—PropertyInformatics™ and Incentives Advisors.

“The completion of this strategically important transac-tion by Edge now allows us to focus on executing our strat-egy of building our company into a significant globalprovider of a scientific approach to commercial real estate

site selection and incentive pro-grams for companies throughoutthe U.S.,” said Bryant W. Colman,Co-Founder and President of Edge.“Accelerating the growth of ourProperty Informatics™ andIncentives Advisors platforms is apriority and we are in a strongerposition than ever to achieve ourgoals and create increased long-term value during a great period ofopportunity.”

With the advent of this transaction, the services of bothProperty Informatics™ and Incentives Advisors will beavailable to other commercial real estate firms.

For more information, visit www.edgerea.com

CB Richard Ellis PromotesJack Hannum to SeniorVice President and BryanTaute to First VicePresident

The Phoenix office of CBRichard Ellis (CBRE) announcesthe promotion of Jack Hannumand Bryan Taute to the positions ofsenior vice president and first vicepresident, respectively.

Jack Hannum, senior vice presi-dent – With 10 years of commercial real estate experience,

Hannum represents institutional and private capitalclients in the sale of multi-family assets at the local andnational level. His notable clients include AIMCO, EquityResidential Properties Trust, JP Morgan, UBS, Archstone,Trillium Residential, Mark-Taylor and P.B. Bell andAssociates.

A resident of Phoenix, Hannum has a bachelor’s degreein business adminstration andfinance from California StateUniversity Northridge, where hegraduated magna cum laude.

Bryan Taute, first vice president– A CBRE employee since 2000,Taute is involved in all aspects ofcommercial real estate includingtenant representation, office build-ing leasing, investment sales andland development.

Also, a resident of Phoenix, Taute has a bachelor’sdegree in accounting from Arizona State University. www.cbre.com

Perry Gabuzzi Joins Transwestern’s PhoenixOffice Leasing Team

Transwestern announced that Perry Gabuzzi has joinedits Phoenix office as an associate in the office leasingteam. Mr. Gabuzzi will provide support in all functions,including business development, market research, leasenegotiations and transactions.

“We welcome Perry to our Phoenix office,” saidTranswestern Senior Vice President Bill Zurek. ”His expe-rience in market research, proposal preparation and leas-ing will be of tremendous value to the Transwestern team,as will his outstanding customer service skills,” he added.

Prior to joining Transwestern, Mr. Gabuzzi served as aresearcher/runner at Lee &Associates, where he assisted leas-ing executives and teams throughall aspects of research, negotia-tions, marketing, and customerservice. He has also held salespositions with Nutty Buddy, Inc.,American Funds and Vegetas.

Mr. Gabuzzi earned his BA inmarketing, selling and sales man-agement from Arizona StateUniversity. He is a licensed real

estate professional in the state of Arizona, and an activemember of Toastmasters International.

For more information, visit www.transwestern.net

To have an item of interest included in anupcoming edition of People and Properties, email all submissions to [email protected]

Jack Hannum

Bryan Taute

Perry Gabuzzi

Bryant Colman

23

Com

merc

ial E

xecutiv

e m

agazine

Featured Broker Nomination Form

Criteria for Nomination:● Active commercial real estate broker● Minimum of five years in the industry● A top producer who is in the top 15 percent of

the company or area● Respected by peers in the industry● Active in the real estate community● Dedicated to the industry and involved in

professional activities such as committees,associations or boards

Nominee Name:

Company: Address:

Phone:

Fax:

Email:

Submitted by (required):

Name:

Company:

Phone:

Email:

Reason for Nomination: (You may attach a separate sheet to submit more information)

Please fax or email to:480-946-1416 • [email protected]

Who Will Be

The Next

Featured

Broker?

Arizona’s Publication for the Commercial Real Estate industry

Q

QA

A

QA

Luke Air Force Base estab-lished a Community InitiativesTeam (CIT) in 2003 to help fighturban encroachment around themilitary base. Rusty Mitchell, 54,a retired squadron commander, isdirector of the team.

Mitchell served 22 years in theAir Force flying fighters fromEurope to the Far East. He retiredin 1998 after serving as the 21stFighter Squadron Commander atLuke AFB where he was directlyinvolved in all areas of flightoperations and issues involvingthe mission of the base. Thatcoupled with being a Valleyresident for over 10 years makeshim uniquely qualified to addressissues surrounding the base inregards to growth, developmentand compatible coexistence withsurrounding communities.

24

Executive Q & AC

om

merc

ial E

xecutive m

agaz

ine

QA

LUKE AIR FORCE BASE

What is the mission of Luke AFB?

Mitchell: Luke AFB is the only active-duty F-16 base in the nation. Weproduce the world’s finest F-16 pilotsand maintainers while deploying mis-sion-ready war fighters around theworld. Last year the base produced402 pilots and 471 F-16 crew chiefsand deployed more than 435 airmenaround the world in support of theglobal war on terror.

Why is Luke so important toArizona?

Mitchell: Luke produces fighter pilotsfor our nation’s defense and with over200 aircraft, 7,000 military andreserve and 1,500 civilian employees,the base contributes $2.17 billion ayear to the state’s economy.

Has growth in the Valley affectedthe base?

Mitchell: Yes! Growth is occurringinside and outside the areas designat-ed ‘in the vicinity’ of Luke.Unrestricted growth has put housingdevelopments within noise contoursand below takeoff and landing routes,which affects the safety of the publicon the ground. Growth of the Valleyalso means growth of all local air-ports. The increase in civilian aircraftflights generates an increased possibil-ity for airspace and missionencroachment.

Who created the CommunityInitiatives Team and why?

Mitchell: Brigadier General Philip M.Breedlove, commander of the 56thFighter Wing, came up with the ideafor the Community Initiatives Team.He recognized five years ago that withall the explosive growth in the WestValley there should be a fulltime staffto proactively engage with the com-

Here Mitchell talks about Luke AFB,its mission and the importance of theCommunity Initiatives Team.

Rusty Mitchell

QA

QA

QA

QA

Q

A

QA

QA

munity and elected officials on devel-opment issues.

Wing commanders are alsoassigned to Luke for two years, so acommon complaint of the communi-ty was that every two years they hadto readjust to the vision of the newwing commander. As director of theteam, I am the liaison between thebase and surrounding communities. Iprovide stability on issues withincommunities even during transitionof wing leadership.

Are you a team of one?

Mitchell: No. CIT is made up ofthree fulltime staff that work togetherproactively in the community. Luke’spublic affairs office is also a full part-ner with the staff. We draw on theirexpertise which is invaluable to ourteam’s success.

How does CIT help fight urbanencroachment around the base?

Mitchell: We meet regularly with ninemunicipalities, Maricopa County andthe state to help the base coexist withits neighbors and facilitate compatible

growth in areas that impact the base.CIT responds to over 350 develop-

ment proposals a year fromsurrounding communities. If the pro-posal impacts Luke’s mission, werespond back with comments to thespecific zoning authority from thecity as to whether it will impact ourmission. Then they decide whether toapprove our recommendation.

Are the surrounding communities– Glendale, Surprise, Goodyear,Peoria and smaller West Valleycities – important to Luke’sfuture?

Mitchell: Yes, absolutely. The sur-rounding communities actuallycontrol the compatible uses sur-rounding the base and its auxiliaryfields. They can approve or denydevelopment that either supports ornegatively impacts our training capa-bility. Glendale Mayor Elaine Scruggssays that the surrounding communi-ties must keep an eye on the ball andnot lower their defenses in support ofcompatible growth with Luke’s mis-sion in the West Valley.


By Kerry Duff

25

Com

merc

ial E

xecutiv

e m

agazine

What types of developments arecompatible with Luke’s mission?

Mitchell: Commercial and industrialdevelopments in general are compati-ble with our flight operations.Residential is a bit more problematicdue to safety of citizens and noise con-siderations.

Suncor went to great lengths to workwith us on compatibility when theydeveloped Palm Valley 303, a commer-cial development south of Luke AFBthat has large warehouses and offices.DMB did the same when they devel-oped the residential communities ofMarley Park and Verrado. Both Suncorand DMB made sacrifices for the base.If the base wasn’t there, they couldhave developed the property unencum-bered and with different designs,which would have given them a higheryield on their investment.

What is CIT’s biggest challenge?

Mitchell: Our greatest challenge iscoordinating all the support for thebase as opposed to generating it.Citizens to government have madecommitments and demonstrated theirability to make tough decisions toensure the long-term mission viabilityof Luke AFB.

Do all Air Force bases have a CIT?

Mitchell: No. The CommunityInitiatives Team has been recognizedby the Air Force as a ‘best practice’ andis constantly sought out by other mili-tary installations for guidance andassistance with community issues thatcould affect military effectiveness.

As a former pilot do you miss flying?

Mitchell: I became a fulltime pilot forUnited Airlines 10 years ago when Iretired and I’m still flying for them. Ifly every weekend all over the UnitedStates, Central America and Canada. Icouldn’t just give it up. I love flying. ●

26

Industry NewsC

om

merc

ial E

xecutive m

agaz

ine

Industrial rental rates inthe Phoenix market havebeen steadily increasingfor the last six years. Thesecond quarter of 2008demonstrated a softeningmarket with rental ratesfalling to 2005 levels. Theoverall asking rental ratesstand at $0.61 per squarefoot. Last quarter theaverage rental rate was$0.69 per square foot.

Competition for tenants can beseen market-wide with many roundsof leasing negotiations and extensiveselection of space. Another majorcontributor to the falling averagerental rate is the huge amount ofavailable distribution space. So farthis year over 6 million square feet ofwarehouse/distribution space hasbeen delivered. The majority of thisspace is still available for lease. Thecurrent vacancy market wide forwarehouse/distribution space hasincreased to over 14 million squarefeet, up from about 10 million squarefeet last quarter. This product typeaccounts for the majority of thevacant space by a significant margin.Distribution rental rates are the low-est of all product types with anaverage asking rate of $0.47 persquare foot. When combined, thehuge vacancy totals and relativelylow asking rates heavily weight theoverall average rental rate downward.

It has been six years since the mar-ket posted negative absorption.

Excluding the current situation, theonly period in the last 12 years wherethe market saw negative absorptionwas in 2001. At that time the year-end total was negative 1.4 millionsquare feet. The cycle of record set-ting net absorption is over. ThePhoenix market year to date hasposted a near record loss of spacewith just over 1.2 million square feet.The majority of the losses occurredin small amounts distributed overhundreds of buildings.

The excess supply of space in 2001took three years to correct; the mar-ket did not see substantial netabsorption until 2004 with just over 4million square feet. Currently thereare 4.6 million square feet under con-struction, which is roughly half thetotal a year ago. If development proj-ects continue to be pushed back, themarket should rebound at a fasterrate than during the previous cycle.

The bulk of new completions hasdriven the overall vacancy rate up to11.5 percent. Despite the significantdeliveries of space, the overall vacan-cy rate is far from the most recenthigh of 14.1 percent set in 1998.Total industrial space under con-

struction in the Phoenix market hasdecreased by nearly 3 million squarefeet from the previous quarter. It isexpected that construction will con-tinue to level off should the vacancyrates stay on the rise. Of the 17industrial submarkets, 9 showed dou-ble digit vacancy rates; the highest ofwhich was Glendale with a vacancyrate of 34.9 percent. However, theinventory base for Glendale is thesecond smallest of the submarketswith 2.55 million square feet. Thelowest vacancy rates occurred in theGrand Avenue and West CentralPhoenix submarkets with 5.4 and 6.2percent respectively. The most signifi-cant vacancy rate change occurred inthe North Glendale submarket, wherethe vacancy rate jumped from 19.3 to30.1 percent. However, any relativelysmall submarket can show volatileeffects in terms of percentagechanges as new space is delivered.R&D/Flex vacant space increased 160basis points from the first quarter2008 which coincides with all otherproperty types, the most of whichbeing the warehouse/distributionproperty type which increased 330basis points.

Industrial Rental Rates SoftenMetro Phoenix Feels The Affectsof Market Slowdown

3%

6%

9%

12%

2Q/07

15%

7.3

2Q/06

6.6

3Q/06

6.5

4Q/061Q/07

7.4 7.6

2Q/081Q/084Q/073Q/07

8.0 8.4 9.5 11.5

Vacancy RateContinued on page 38

27

Com

merc

ial E

xecutiv

e m

agazine

WOLFFCOMPANYBy Tom Gibbons

Company Profile

South Bank It took a long time to

get a project off the

ground – or rather

going into the ground –

on the southeast shore

of Tempe Town Lake.

And, we don’t intend

to stop.

The Scottsdale-based WolffCompany broke ground onthe project in April, puttingdown infrastructure for adevelopment that will even-tually include 3.6 million feetof residential, hotel, retailand office space.

And the Wolff Company’splan is for the building tokeep going, despite a some-what current shaky economicoutlook.

“We don’t intend to stop,’’said Peter Wolff, executivevice president of planningand development and one ofthe grandsons of the founderof Wolff company. “There willbe apparent pauses for archi-tectural drawings,entitlements, etc., but theproject is and will be in con-tinuous forward motion.”

Of course any developmen-tal project is subject tomarket conditions, but Wolffis confident this project canmaintain momentum.

“There’s a lot of interest inthe project from a number ofsources,’’ he said. “We see noreason we shouldn’t be ableto continue.”

28Com

merc

ial E

xecutive m

agaz

ine

Peabody HotelThe project is on 27.3 acres, one of

the last large pieces of land surround-ing the lake.

Ironically, it was supposed to behome to one of the first developments.A 1,000-room hotel was supposed toopen in 2000 and serve as a center-piece of a mixed-use project.

But the city’s deal with thePeabody Hotel Group – best knownfor its iconic Memphis property fea-turing ducks that march through thelobby twice a day – drew sharp criti-cism for heavy incentives Tempewould provide.

Among the critics was currentTempe Mayor Hugh Hallman. Thecity’s handling of the deal promptedHallman to run for city council.

The Peabody Hotel deal fell apart,but for years the project served as aposter child for critics of the lake.

Originally, it was the deal’s incen-tives that drew fire. But developmentaround the lake took several years toget going – as of 2004 only one build-ing was completed. The PeabodyHotel deal was cited as an example ofhow former Tempe Mayor Neil

Giuliano’s grandiose plans for thelake would never to be realized.

New projects on the site were pro-posed under the names Pier 202 andjust the Pier. Wolff said when hiscompany was approached about thesite, the disappointing back-story did-n’t matter.

“We had always been attracted tothe culture of Tempe,’’ he said.

The location along the lake, near

the intersection of two freeways, nextto Arizona State, and around the cor-ner from thriving downtown Tempe,was intriguing.

“We saw the Pier (as it was called)as a unique opportunity to do theright kind of development in the rightlocation, and it fit well within ourskill-sets and objectives as a compa-ny’’ he said.

The timing worked well, too.

Peter Wolff, Executive Vice President of Planning and Development and Tim Wolff, Chief Investment Officer/President phot

o by

Lin

da S

tory

29

Com

merc

ial E

xecutiv

e m

agazine

“There’s a lot of energy on the lakeright now,’’ Wolff said. “It’s not justour project or any one building.There’s a lot happening now. Thestars are aligning for Tempe.”

SustainabilitySome people thought Hallman

was opposed to the lake or develop-ment along the lake, but he said thatwasn’t the case.

“One of the things about politics isthat when you raise questions aboutan issue, you are seen as opposingit,’’ Hallman said.

Hallman said Giuliano deserves alot of credit for making the artificiallake his focus.

Tempe filled a portion of the drySalt River bed in 1999 to create thelake. The river had long been aheadache for the city, an unsightly

dumping ground. “It eliminated what had been a

scar and made it a regional asset,’’Hallman said.

He had originally supportedGiuliano, even contributing to hiscampaign. But during Hallman’s timeon the council the two men endureda somewhat testy relationship.

Hallman wanted the lake to payfor itself as much as possible. He

WOLFF

The Company

South Bank is not the Wolff Company’s only urban waterfront project. The company is involved in developing a similarlyscaled mixed-use project located directly on the waterfront in Marina del Rey. The Company is also associated with theSafari Drive Neighborhood and Scottsdale Quarter, both in Scottsdale.

Alvin J. Wolff started the family-owned business in Spokane as a single-family home brokerage,

Wolff, who passed away in November, was succeeded by his son Alvin Jr. “Fritz,” and his grandsons Tim, Peter, Jesse andFritz. Today, the company is involved in properties across the country.

The four grandsons started their own careers across the country, but in the late 1990s they decided to come together.

Because much of their work was outside of Spokane, the family decided to evaluate other locations, which brought themto Scottsdale in 1991. “We still have strong ties there (in Spokane),’’ he said. “We still have employees there. A lot of ourlegal work is done there, and some of the banking.”

But they felt an area with better airline access would help when managing a national business. “Sunshine was also part ofthe equation,’’ he said.

They looked at a number of markets, including San Francisco and San Diego before settling on Scottsdale in 2001.

“We love it here.’’ Wolff said. “We have all gotten immersed in the area and involved in various organizations.”

30Com

merc

ial E

xecutive m

agaz

ine

said that instead of incentives andgiving away land, the city is makingdevelopers pay deferred fees thatyield enough to pay for operating thelake. The South Bank project willyield $2.7 million a year.

“We’ve been using the word sus-tainability for years – and now it’sbecome sort of the flavor of themonth,’’ Hallman said. “We meansustainability in the economic senseas well.”

Not only will development feeshelp the city’s budget, but SouthBank, as well as other projects underconstruction, will help make the lakemore of a neighborhood. South Bankhas a large residential component,bringing more people to live near thelake.

In the 1990s Tempe banked onmaking its Mill Avenue a regionaldraw for sales tax revenue.

“We found out in March 2001when the recession started how vul-nerable an entertainment district anddestination retail can be,’’ he said.

It is far better to rely more on thekind of retail people always needsuch as pharmacies and groceries,the mayor said.

South Bank also addresses someof the more commonly thought ofaspects of sustainability, Wolff said.

“Every study shows that with gasprices going where they’re going andconcern for the environment, morepeople want to be more centrallylocated,’’ he said. “This site is central;it’s urban. Yet it still has a lot of thenatural aspects that attract people toArizona.”

A CityThe plans for South Bank call for

about 2.2 million square feet of resi-dential, but South Bank won’tinitially be home to a slew of high-rise condominiums.

A number of new high-rise condo-miniums are slated to hit the alreadysoft residential real estate market inthe coming months.

“The condo market is over saturat-ed,’’ Wolff said. “You’re not going tosee any condominiums going up for awhile.”

But the residential rental marketremains strong, especially next to thelargest university in the country.

“Because it’s a long term project,because its a mixed-use project, thereare multiple uses – it will be like a

city really – we can hold off on theresidential until the market comesback,’’ Wolff said.

South Bank will be large enoughthat Wolff says he thinks of it asmore than just a project.

“I think of it not as a stand aloneproject, but as a part of the largerTown Lake district,’’ he said.

“South Bank will grow organical-ly.” said Wolff, meaning South Bankisn’t completely planned out at thisstage and it will evolve in user-defined ways.

“Many projects are someone’svision of how it should be sort ofimparted on the rest of the world in apre-packaged way,’’ he said. “Thosegrow old quickly.”

Top architects from across thecountry will design the buildings atSouth Bank– and it won’t all be inthe same style.

“Probably no one architect willbuild more than one building,’’ Wolffsaid.

“There will be a diversity of archi-tecture styles, a diversity of uses anda diversity of people,’’ he said. ●

The Wolff Company8320 East Hartford Drive #101Scottsdale, AZ 480-419-9124


Peter Wolff phot

o by

Lin

da S

tory

32

EducationC

om

merc

ial E

xecutive m

agaz

ine

Amid the items that festoon Ryc’s (R. Nicholas Loope, FAIA) office – architecturaldrawings pinned to the wall, blue printsrolled up and leaning in the corner, book-shelves stuffed with academic tomes,advanced degrees hung neatly together – is ascale model of the iconic Flatiron Building.The 22-story tower is for Loope, director ofthe Master of Real Estate Development(MRED) program at Arizona

State University, emblematic of the best develop-ment has to offer. The building, designed by Daniel Burnham and

completed in 1902, was one of the first buildings to use a steel skeleton

and is considered one of the first skyscrapers. Beyond those innovations

was the decision to construct a building that followed the contour of the

triangular shaped lot, which not only created the most floor space, but

whose uncommon shape ensured its lasting uniqueness. “It shows how

innovation done well can influence generations to come,” he says.

Innovation Done Well Can

Photo by Linda Story

By DJ Burrough

33

Com

merc

ial E

xecutiv

e m

agazine

As director of MRED, Loope alongwith his academic colleagues fromthe Sandra Day O’Connor School ofLaw, W P Carey School of Businessand the Del Web School ofconstruction are shaping the next

generation of developer, who arefacile with every critical aspect ofdevelopment – law, construction,design and finance – and who cancreate projects, like the FlatironBuilding, that are innovative andsustainable.

The 30-week accelerated Master’sdegree program, the first transdisipli-nary program in an Arizona universityand one of only a handful of mastersprograms in real estate developmentin the country, began in August 2006with a cohort of 30 students, mostlymid-career professionals already inthe real estate industry. By May of2007, all 30 of those students hadgraduated.

“They are very capable, plus theyare very passionate about theindustry ,” he says.

Loope’s interest in developmentand construction began as a boygrowing up in the District ofColumbia. It was there that he wouldaccompany his father, a journeyman

carpenter and constructionsuperintendent, to job sites. By thetime he was 16 years old, duringsummers and on other school breaks,Loope worked as an apprenticecarpenter, and was a member of the

United Brotherhood of Carpentersand Jointers of America.

Driving around D.C. Loope’s fatherwould point out all the buildings hehad worked on. “The pride in hisvoice as we passed each of thosebuildings still rings in my ears,” he

says. “There is something immortalwhen we build. Becoming anarchitect was a natural path.”

Loope went to the University ofMaryland, where he received hisbachelor of architecture, and then

onto YaleUniversity,where hereceived hismasters of

environmental design. During thesummers he returned to D.C. to workconstruction with his father, and itwas during that time that he firstbegan teaching. He helped establish atraining program for apprenticecarpenters to understand how to readplans and blueprints.

“I found out that I loved teaching,”he says. “It was so much fun to seethe “aha” phenomenon, which I stilllook for in each class, when thingsfall into place you can see the explo-sion in their eyes, that joy ofdiscovery of understanding.”

In 1976, Loope was teaching seniorseminars at Yale University when hewas approached by ASARCO, aninternational energy and miningconglomerate (known mostly inArizona for its copper mining). Thecompany purchased patent-rights toideas Loope and his thesis advisor,Everett Barber, had created aroundthe area of solar energy use, andwanted him to come on board for a

FAST FACTThe 30-week

accelerated Master’s

degree program is the

first transdisiplinary

program in an Arizona

university and one of

only a handful of

masters programs in

real estate development

in the country.

Influence Generations

Students presenting Project One, in theMRED facility to panel.

Students at the ULI (Urban Land Institute)Fall meeting in Las Vegas.

▲

▲

34Com

merc

ial E

xecutive m

agaz

ine

▲

Model of downtown Phoenix found in the PURL (Phoenix UrbanResearch Lab) building in the downtown campus

year to further develop those ideas.He ended up staying with thecompany for nearly a decade, andbecame vice president and generalmanager of Solector Corp. which wasone of the largest manufacturers ofsolar thermal and other alterativeenergy devices at that time.

“It was a very non-traditionalcareer path for an architect,” he says.

During his tenure with ASARCO

Loope also was elected President ofthe Solar Energy IndustriesAssociation, spoke to Congress aboutalternative energy, represented theUnited State in internationalsymposiums on the subject anddesigned solar arrays for buildingsfrom Hong Kong to New York City. Itwas during that time that Loopeenrolled into Harvard BusinessSchool’s Program for Management

Development.“I told my bosses that I knew so

little about business that I feltdangerous, so they decided to sendme to the Harvard Business School,”he says. “My boss told me ‘we wantyou to be lethal.’ I was exposed to thefullness of the business world.”

When the federal governmentremoved subsidies for the alternativeenergy industry, Loope went on to

R. Nicholas Loope, FAIADirector of Real EstatePrograms

Photo by Linda Story

35

Com

merc

ial E

xecutiv

e m

agazine

Education

become president of HighlandProducts Corp., a leading manufac-turer of glass-reinforced plastics forthe electrical transmission industry.At some point, Loope longed toreturn to his first love, architecture.

“I thought, ‘you know I went toschool for a long time to learn this,maybe its time I did some of it,’” hesays.

In 1988 he opened a small archi-tectural practice in Milford, Ct., andfound it difficult to get work. Hisnon-traditional path to architecturalpractice had provided him plenty ofexperience, but a dearth of his owndesigns to show potential clients. Hecreated customers by talking withbankers, who, because of the growingdownturn in the real estate marketwere, ladened with loans on proper-ties they weren’t sure what to dowith. With his business experience,he identified those properties thatcould be turned around with fixes inentitlement, design or new zoning. Itwasn’t long before Loope was con-sulting on projects from coast to coast.

Loope kept his ties to academia inplace by lecturing and writing for theAmerican Institute of Architectsabout the need for business knowl-edge in architectural practices andacademic programs. His writingscaught the attention of faculty at ASU,who were teaching in what was calledthen the College of Architecture and

Environmental Design.Loope says that he could see that

the real estate downturn was going tocontinue for a while, and that gettingbusiness in 1989 was going to getharder and harder.

“I talked to some local architects inPhoenix and they complained thatthey only had something like 13,000new home starts that year,” he says.“I don’t think there were half thatmany housing starts from Bangor,Maine to Philadelphia during thatsame time and I thought ‘this mightbe a good place to be.’”

In 1989, Loope joined the facultyof ASU, teaching business practiceand ethics in a design firm, a coursehe continues to teach to this day. In1990, he became a management con-sultant to Taliesin Architects, thepractice begun by Frank Lloyd Wrightin 1893 and served as its presidentand principal architect until 1997.

It wasn’t long before Loope waspushing to create a real estate devel-opment program, but found that theCollege wasn’t interested in takingthe risk. When Michael Crow becamepresident of ASU in 2002, and DukeReiter became Dean of the College ofDesign shortly there after Loope hadfinally found sympathetic ears. Looperesearched the best masters pro-grams in the country, and didsomething that had never been donebefore at ASU: he pulled professors

from across academic disciplines inlaw, construction, business anddesign to teach in the nascent pro-gram. And so the MRED programbegan to take shape in 2005 with itsinaugural class in 2006.

In the end, he wants to createresponsible developers who aren’tafraid to be innovative, who createsustainable projects and who under-stand the impact a development canhave on the entire community.

“My proudest moment is when Isee the smiling face of one of ourgraduates in the paper because ofsome contribution they have madewith a project or through theircommunity leadership,” Loope says.“It’s just fabulous to see those youngmen and women achieving in just acouple of years or even few months. Ifeel like a proud papa every time Isee them.” ●

R. Nicholas Loope, FAIADirector of Real Estate [email protected]

Team photo of thewinning project“Urbane” for thefinal project.

▲


OnThe Market

OnThe Market

Available for Sale or Lease■ Surprise’s first movie theater

Ultrastar Cinemas is nowopen!!

■ Only movie theatre andentertainment center inSurprise!

■ Money Magazine ratesSurprise top in the nation injob growth since 2000!

■ Surprise is one of America’sfastest growing cities!

SURPRISE POINTELocation

36

On The MarketC

om

merc

ial E

xecutive m

agaz

ine

Available for Sale or Lease■ Newly Constructed Retail

Center ■ Shadow Anchored by Best

Buy; Adjacent to Lowe’s■ Great Accessibility to

Interstate 17■ Over 200,000 within 1 mile

Contacts:Tony Sekulovski 602-476-0707

Greg Abbott 602-476-0701

Dan Anderson 602-476-0708

THUNDERBIRD SQUARELocation

Contacts:Brian Gast 602-476-0705Dean Ingram 602-476-0706Justin Haefner 602-476-0715

■ Four Freestanding, DivisibleBuildings with Enclosed Yardsfor Sale or Lease

■ Building 1: 20,136 SF■ Building 2: 15,660 SF■ Building 3: 37,067 SF■ Building 4: 14,105 SF■ 1/2 Mile from Loop 101 and

Northern Avenue in GlendaleAirpark

■ M-1 Zoning, City of Glendale

Louis G. Finocchiaro, SIORVice President

[email protected]

John [email protected]

GLEN HARBOR COMMERCE PARKSWC Northern and Northern Glen Harbor Blvd., Glendale, AZ

Available for Lease

■ Savers Anchored

■ 1 block west of hwy 51

■ Free standing building available

■ Co-tenancy include: Savers, Chase Bank, What-A-Burger,Aqua Touch, Curves forWomen, DiamondbackLaundry

■ Good parking■ Space sizes range from

2,544 to 20,000 sq.ft.■ Rates start at $7.20 + nnn

Contacts:Patrick CassidyDaniel Pollack Michael Pollack 480-888-0888

CACTUS VILLAGESWC Cactus & 32nd St., Phoenix AZ

Available for Lease■ Fry’s anchored center■ Beautifully maintained center■ Co-tenancy include: What-A-

Burger, Taco Bell, Shepler’sWestern Wear, WashingtonMutual Bank, Ashlee’s, PizzaHut, UPS Store,

■ Plenty of parking■ One mile north of hwy 60

■ High density area■ Space sizes range from

5,100 to 25,000 sq.ft.■ Rates start at $9.00 psf + nnn


LINDSAY MARKETPLACESWC of Lindsay & Broadway, Mesa AZ

Available for Lease

■ Free Standing BuildingAvailable

■ Good Parking■ Circle K on pad site■ Health Club■ Woodcraft■ 4 Star Asian Restaurant■ Office Buildout Space

■ Space sizes range from2,880 to 7,200 sq.ft.

■ Rents starting at $7.80 psf + nnn


POLLACK PLAZANWC of Elliot Rd. and Arizona Ave

37

Com

merc

ial E

xecutiv

e m

agazine

On The MarketFor Sale • For Lease • Wanted

On the Market is an advertising section comprised of full color formatted ads thatare specifically designed to affordably promote your available property.

$500 per ad (includes production)For more information call 480-946-0398 or email us at [email protected]

38

Industry NewsC

om

merc

ial E

xecutive m

agaz

ine

The submarkets with the high-est absorption totals year to datewere Southwest Phoenix with332,525 square feet and DeerValley with 93,473 square feet.

The Southwest submarket has thepotential to show abnormally largeabsorption totals due to the majorityof industrial properties being ware-house/distribution.

The submarkets which have lostthe most space so far this yearhave been Sky Harbor and WestMesa with negative 365,787 and348,867 square feet respectively.

The Grand Avenue submarket hasbeen affected across the board, as allproperty types have suffered an overall

loss of space. Of the 17 submarkets,11 experienced a net loss of space.

The supply imbalance has hit themarket hard with excess supply andnear record negative net absorption.Businesses fortunate enough to beexpanding will see a vast availabilityof new space and attractive leasingincentives. Asking rental rates havefallen after a long trend of increases.Completed transactions will undoubt-edly have lower effective rental ratesthan last year. The main challengefacing developers is how to handletheir proposed projects. If the con-struction boom continues, therecould be an extended recovery muchlike 2001-2004.

Expectations are for a slow econo-my in 2008, which limits tenant

demand. The employment forecast in2008 is for a gain of a meager 10,000jobs which is very low by Phoenix’sstandards. According to the GreaterPhoenix Blue Chip, 26,000 jobs areexpected next year which is far fromthe strong gains made back in 2005where over 70,000 jobs were created.

Editorial submis-sion fromIndustrial MarketTrends, SecondQuarter 2008-Mike Coover, Vice President,Director ClientServices

Grubb & Ellis|BRE Commercial, LLCwww.brephoenix.com

Continued from page 26

Promenade Branch16435 N. Scottsdale Road, Suite 140Scottsdale, AZ 85254Ph. 480.612.6500

Esplanade Branch2525 E. Camelback Road, Suite 100Phoenix, AZ 85016Ph. 602.553.7444

Lincoln Branch6500 N. Scottsdale RoadScottsdale, AZ 85253Ph. 480.374.6800

WESTERNNATIONAL BANKC O O L C L E A R B A N K I N G

www.wnbank.com

NOW 3 Locations –

Local Knowledge.

And a Track Record to Prove it:Named one of Arizona’s 2007 “Companies to Watch” by the Arizona Small Business Association (only bank)

Named one of Arizona’s 2007 “Best Places to Work” by the Business Journal

Named 2007 “Bank of the Year” by Southwestern Business Financing Corporation

Named one of Arizona’s 2008 “Hot Growth Companies” by BizAz (only bank)

�

�

�

�

WESTERN NATIONAL BANK

ChandlerAlma/Ray Central Ctr.Alma School Village IAlma School Village II

Chandler Business PlazaChandler Crossing

Dobson PlazaGoodyear PlazaMervyns Plaza

North Park PlazaPaseo Del OroPecos VillagePecos Square

Pollack Business ParkPollack Business

Park NorthPollack Business

Park SouthPollack Chandler MercadoPollack Professional Plaza

Pollack PlazaSunshine PlazaWarner Plaza

Waterfall Shopping Ctr.

GilbertCooper Plaza

GlendaleGlendale Central Ctr.

Glenfair Plaza

TempeApache Central Center

Food City PlazaMarcos de Niza Plaza

Peter Piper PlazaRoyal Palm PlazaSouthwind Plaza

MesaAlma School Plaza

Gilbert Plaza IGilbert Plaza II

Lindsay MarketplaceMAP Plaza

Main Street PlazaSafeway Marketplace

Sun Valley PlazaSunset Commerce Ctr.

Trailside CenterVillage Grove Plaza

PeoriaOlive Plaza

Phoenix7th Avenue Plaza

Bethany PlazaBethany SquareCactus VillageEl Monte Plaza

Tower PlazaWest Thomas Business

CenterWestview Plaza

TucsonFlowing Wells Plaza

Grocery Anchored Spaces • Free Standing Buildings Pad Sites • Restaurant Spaces • Office Spaces

Furnished Hair/Nail Salons • Large Boxes • End Caps

Excellent Rates and Locations!

Cactus Village • SWC 32nd St. & Cactus Rd. • Phoenix

2,544 SF Free Standing Building • 20,000 SF Available

Whether you are Leasing, Buying orSelling, we are Ready to Deal!

Corporate Office: 1136 W. Baseline Road • Mesa, Arizona 85210 • www.pollackinvestments.com

Lindsay Marketplace • SWC Broadway & Lindsay Rds. • Mesa

From 5,000 to 25,000 SF Available

Brokers Always Welcome.For Leasing Information:

(480) 888-0888

DAVID GUIDO & DAVID WETTAcem-az.com/issues/2008/CEM-i09-2008.pdfDarren Tappen and Bob Lundstedt...

Documents

Transcript of DAVID GUIDO & DAVID WETTAcem-az.com/issues/2008/CEM-i09-2008.pdfDarren Tappen and Bob Lundstedt...