Issue 2, 2018 by Commercial Executive Magazine

HEALTHCARE UPDATE

EVERGREEN

TAX TIME

Outlook for 2018 from Four Companies

Almost to 45 & Going Strong

Good News for CRE

C E M - A Z . C O M â&#x20AC;¢ ISSUE 2, 2018

2017 TOP PRODUCERS CONGRATULATIONS!

Trevor Koskovich

Executive Vice President Multifamily Investments

Bill Hahn

Executive Vice President Multifamily Investments

Jim Keeley, SIOR, CCIM

Sr. Executive Vice President Founding Partner Scottsdale

Philip Wurth, CCIM

Executive Vice President Office Properties

A+

Todd Noel, CCIM

Cindy Cooke

Sr. Executive Vice President Multifamily Investments

Ryan Timpani

Executive Vice President Office Properties

Don MacWilliam

Payson MacWilliam

Rob Martensen, SIOR, CCIM

Executive Vice President Industrial Properties

Brad Cooke

Executive Vice President Multifamily Investments

Paul Sieczkowski, SIOR Sr. Executive Vice President Industrial Properties

Executive Vice President Industrial Properties

Executive Vice President Office Properties

Executive Vice President Industrial Properties

Mindy Korth

Tim Dulany

Brian Woods

Matt Fitz-Gerald

Executive Vice President Investment Properties

Senior Vice President Retail Properties

Phoenix +1 602 222 5000 | Scottsdale +1 480 596 9000 | www.colliers.com

Senior Vice President Healthcare Properties

Vice President Office Properties

Letter from the Publisher Building Dynasties

72 EVERGREEN Company Spotlight

ARTICLES Tax Reform Update

Industry experts break down the recent tax reform and impacts it may have on CRE investments

Fast Loans, Done Right

Mark Marmis, Managing Director, talks about what sets YAM Captial apart from the rest

Healthcare Update in CRE

Representatives from Ensemble, Kidder Mathews, Avison Young and ARCHSOL provide the latest update on the Valley's CRE healthcare sector

BROKER OF THE MONTH Savills Studley

Congrats, Mr. Zito

Ed Zito retires after 15 years as President of Alliance Bank of Arizona

E X E C U T I V E P U B L I S H E R Mandy Purcell • mandy@mpmediaaz.com M A N A G I N G D I R E C T O R Karen Gallagher • karen@mpmediaaz.com E D I T O R Celina Busse • celina@mpmediaaz.com E D I T O R I A L Celina Busse • Tim Randall G R A P H I C D E S I G N Allison Martin • allison@mpmediaaz.com P H O T O G R A P H Y Carl Schultz All rights reserved. No part of this publication can be reprinted or reproduced without publisher’s permission. Opinions expressed are those of the authors or persons quoted and not necessarily those of CEM. 2920 East Camelback Road, #228 • Phoenix, AZ 85016 • 602-955-2899 • www.cem-az.com

Letter from the

PUBLISHER

"Family faces are magic mirrors. Looking at people who belong to us, we see the past, present and future." – GAI L LU ME T B U C KL E Y

MANDY PURCELL Executive Publisher

nspired by my childhood, “Building Dynasties” is a testament to family resilience, history and legacy. I was adopted at the age of seven into an American family from my home country of South Korea. My heritage is something I hold very close to my heart and the photo of me, as a young child, is a rare heirloom of my past.

Piecing together family stories, relationships and photos for the 23 families featured in “Building Dynasties” was an absolute pleasure for my team and me. I am proud to announce that our Phoenix CRE Dynasty has 2,064 years of legacy. Our cover family is a prime example of future generations who are continuing their family legacy. Read more about this family and 22 more in our “Building Dynasties” feature. Looking back at my past 10 years as Publisher of Commercial Executive Magazine, I’m so appreciative of the network of friends and business associates that I’ve come to consider family. In this issue, we provide a complete breakdown on healthcare trends from Avison Young, Ensemble, Kidder Mathews, and Scottsdale architectural firm ARCHSOL.

KAREN GALLAGHER Managing Director

Additionally, we congratulate Evergreen on almost 45 years of excellence in the commercial real estate industry with an in-depth feature. Our “Broker of the Month” is industry veteran Tom Johnston with Savills Studley. Not only is Tom a close friend of mine, he is widely successful with over 18 years of experience. Tom is very much an open book, and I had a wonderful interview with him. I want to give a special thanks to all families involved in this issue, we couldn’t have coordinated these intricate trees without your help! I hope you enjoy learning about some of Phoenix’s most powerful leaders and their dynastic lineage.

Enjoy,

CELINA BUSSE Editor

Tax Reform

UPDATE

"This is a major tax benefit for the real estate industry and may favorably impact returns to investors."

STEVE MOSKOWITZ Senior Partner • Moskowitz, LLP

NEW TAX LAW AND COMMERCIAL REAL ESTATE BY: STEVE MOSKOWITZ • Senior Partner • Moskowitz, LLP The new tax law is good news for the commercial real estate business. The new 20 percent pass-through deduction will benefit real estate owners holding title through partnerships, LLCs, and S-Corps generating qualified business income. Rental properties with net income after amortization and depreciation will receive a 20 percent deduction on net income or a 2.5 percent deduction on your property’s unadjusted basis. The new tax law retains the depreciable lives of 39 and 27.5 years for nonresidential and residential rental property, respectively, and will allow many real estate investors to fully expense qualified new and used property, with a recovery period of 20 years or less, acquired after Sept. 27, 2017, and before Jan. 1, 2023. This is a major tax benefit for the real estate industry and may favorably impact returns to investors. The new tax law expands the definition of section 179 property to include certain depreciable tangible personal property improvements made to nonresidential real property, such as roofs, heating, ventilation and air-conditioning property, fire protection and alarm systems and security systems as long as the improvements are placed in service after the date the building was first placed in service. A 1031 Exchange, which has been part of the tax law for almost 100 years, allows real estate investors to exchange a property for a “like-kind” property without paying taxes immediately on the gain. The tax is deferred until the last “like-kind” property is sold. The good news is that real estate investors can still leverage the 1031 exchanges under the new tax law.

Tax Reform

UPDATE

Industry experts break down the recent tax reform and impacts it may have on commercial real estate.

OTTO S. SHILL, III Attorney • Jennings Strouss & Salmon, PLC

IMPACTS OF THE TAX CUTS AND JOBS ACT OF 2017 ON REAL ESTATE INVESTMENT BY: OTTO S. SHILL, III • Attorney • Jennings Strouss & Salmon, PLC There are a number of provisions in the Tax Cuts and Jobs Act of 2017 (the 2017 Act) that impact real estate ownership and investment. The 2017 Act generally flattened individual and corporate tax rates. Gift and estate taxes remain, but the unified credit now shelters more than $22 million estates for married couples while retaining the dateof-death step-up in basis to fair market value for the assets of a decedent’s estate. One of the most talked-about features of the 2017 Act is the new 20 percent deduction against taxable income from certain pass-through entities. Many provisions in the 2017 Act are set to expire in 2026. This leaves businesses and investors evaluating how to restructure entities and operations to maximize the advantages of tax provisions that may be gone in eight years. Top priority for real estate owners and investors will be to examine the structure of their ownership and business entities to maximize available deductions. For example, the new 20 percent deduction for owners of pass-through entities is based on a formula that generally rewards increases in employee wages and depreciable personal property. In addition, changes to other rules such as depreciation periods, capital gains holding periods for interests received in exchange for services, and a new limitation business interest will all require taxpayers to plan carefully to make tax-efficient choices. Likewise, investment partnerships and REITs will have to examine their holdings and structure to provide value to investors. Families may consider holding real estate longer to achieve the basis step-up given the much higher unified credit. While there are more examples and more details to discuss, it is critical for real estate owners and investors, and their advisors, to review the substance and structure of their holdings to minimize tax liabilities.

Finance

UPDATE

FAST LOANS, Done Right W

ith 14 companies under the YAM Worldwide Inc. brand, one would think that Founder Bob Parsons would be absolutely swamped. /// “He still takes time to review each of the loan packages,” says Mike Marmis, managing director at YAM Capital. “He is our credit committee of one and is actively involved in each decision.”

STARTING POINTS Marmis joined YAM Capital in 2012. It provides short-term commercial real estate bridge loans. /// “Our tagline is ‘Bridge Loans, Fast,’” Marmis says. “We have closed $50 million loans in one week.” BACKGROUND Graduating from the University of Arizona with a Juris Doctor and MBA, Marmis set his sights on the banking sphere. /// “I like to say I am twice a recovering banker because I returned to lending after a stint as a COO of a real estate development company from 2006 to 2010.” /// The decision to join YAM occurred as a result of a longtime connection with Dan Dahl, director of real estate for YAM Properties. /// “I contacted him about getting our motorcycle licenses at a newly opened track in North Scottsdale,” Marmis recalls. “Next thing I know he sends me a picture of the track on my phone, which he took out of his office window right near it. A couple of weeks later we talked about a YAM Capital opportunity.” YAM DIFFERENCE The company specializes in a myriad

of financing scenarios. /// “YAM is different for a number of reasons, most important our certainty of execution, because of our access to capital because of our founder,” Marmis says. “We offer flexibility, speed, simplicity, transparency and a national footprint.”

PHILANTHROPY Charity and philanthropy are at the heart of the YAM Worldwide brand. Its companies operate with a substantial portion of their profits flowing to The Bob & Renee Parsons Foundation. According to the site, more than 280 grants have been issued to 97 nonprofit organizations in the past six years. /// Marmis, who for the past six years sat on the Board of Make-A-Wish Foundation, indicates that philanthropy is an ongoing effort at YAM. /// “Giving is part of the culture,” he says.

For Marmis and YAM Capital, the sky is the limit on opportunities after a banner 2017. /// “I am proud to say that borrowers always indicate what a pleasure it was to do business with YAM Capital, and that they really needed our help in getting them from Point A to Point B.” 6

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FOR MORE INF ORMATION: TRACY ALTEMUS, CCIM

MARINA HAMMERSMITH, CCIM

602/443-4022 taltemus@ensemble.net

602/954-8414 mhammersmith@ensemble.net

ensemble.net

Sector

UPDATE

Sector

UPDATE

or Certified Commercial Investment Member (CCIM) designated healthcare real estate professionals, look to Marina Hammersmith, Senior VP, and Tracy Altemus, Executive VP at Ensemble Real Estate Solutions. Their 60+ years of combined experience and success led the talented team to comment how much the Farmers Insurance ® slogan applied to their practice.

STARTING POINTS

“That is us, we know a thing or two, because we have seen a thing or two,” says Hammersmith.

MARINA HAMMERSMITH Senior VP Ensemble Real Estate Solutions

Ensemble with offices in Phoenix, Long Beach, Los Angeles, Reno and Las Vegas works in the “healthcare, hospitality, commercial and urban multifamily / mixed-use sectors,” according to their website. Hammersmith and Altemus both have spent most of their exceptional careers under the Ensemble brand crafting healthcare deals with landlords, tenants, owners and buyers. “For us the business is about building long-term relationships with our clients,” says Altemus. “Ensemble is a solutions company,” says Hammersmith. “The best days occur when a physician calls and says, I do not really know what I am asking, but my practice is doing this, and what does that mean in terms of my options for real estate space?”

BACKGROUND At Ensemble, Hammersmith and Altemus have built an impressive portfolio of “oncampus and off-campus facilities, including hospital-sponsored facilities, investorowned healthcare facilities, and physician-owned medical office buildings,” according to the company site. “We are always aligning our work with the client’s direction, and assist through the process,” says Hammersmith. “That may mean buy, build, lease or revamp depending on the client’s needs.”

As healthcare continues its evolution, Hammersmith and Altemus will guide Ensemble’s Phoenix efforts to position their clients in the best commercial real estate opportunities. “That is our priority, to grow relationships over time and provide impeccable service to our clients,” says Altemus. 10

Sector

UPDATE

DISRUPTION With the healthcare sector near 18 percent of U.S. Gross Domestic Product, according to the Centers for Medicare and Medicaid Services; its size, scope and scale translate into massive ramifications for the economy as a whole, and the healthcare commercial real estate space. Over the last decade, the landscape of healthcare has altered dramatically as clinical integration, population health management and value-based care have been implemented by payers and providers. “There are really two drivers at work, the large aging population requiring more healthcare and the huge downward pressure on costs,” says Altemus. “Everyone needs healthcare, so there is steady demand, and investors want to enter the market, because healthcare commercial real estate is a stable and growning asset class.”

/// The swift and sudden shocks to the healthcare system can be seen in the commercial sphere, as the care delivery model changes how providers reach patients and how healthcare is consumed. “Healthcare is seen as a subset of office, but it is really a sector all its own,” says Hammersmith. “We are seeing a migration towards a consumer focus and a move toward a retail mentality.” /// That transition is rooted in a provider approach, which focuses on convenience, access and choice for the patient. “There is a diversification of the delivery system with a vast number of touchpoints,” says Hammersmith. “Office, home, phone and around the corner; healthcare services are targeted not just by location, but by demographics.”

TRACY ALTEMUS

“Healthcare is seen as a subset of office, but it is really a sector all its own. We are seeing a migration towards a consumer focus and a move toward a retail mentality," says Hammersmith.

Executive VP Ensemble Real Estate Solutions

MARKET SNAPSHOT & PROJECTS

OTHER TRENDS

“Phoenix is a vibrant market, because of its population growth and strong economy,” says Altemus. “We are seeing healthcare in the Valley move into neighborhoods. As an example, Banner’s urgent care facilities are popping up everywhere.” /// Between Altemus and Hammersmith, their current listing portfolio, lease and sale, numbers 23 properties across the metro. “We have developed great relationships with our clients and they understand we are a great resource for them,” says Altemus.

The divergence of healthcare into retail has created a definitive effort for providers to focus on cost controls. “There is certainly a transition from the emergency room to urgent care facilities,” says Altemus. “The goal is to reduce the usage of the hospital hub.” /// On the cost front, Hammersmith notes the continuation of the long-term trend towards cutting physician reimbursement rates. “People do not realize that insurance companies, not doctors control the delivery of healthcare,” Hammersmith says. The financial system pays the doctors and their payments have been shrinking over time.” /// A final trend that Altemus sees is the expansion of the size of medical office space, a change emanating from the consolidation of health practices from single user to multiple user. “We are now seeing spaces range from 5,000-20,000 square feet, and in some cases even more.” Altemus says.

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•

• • • •

• •

Sector

UPDATE

FROM LEFT TO RIGHT:

or the healthcare commercial real estate team of Kidder Mathews’ Phoenix office, the trends in the sector represent a secular growth dynamic teeming with possibilities. “This is an industry which has been strong for many years,” says Fletcher Perry, Senior VP / Partner, at the firm.

“Metro Phoenix is becoming the Southwest hub for healthcare in the U.S.," says Perry. 14

Michael Dupuy, Rachael Thompson and Fletcher Perry

STARTING POINTS Kidder Mathews, the largest independent commercial real estate firm on the West Coast, conducts annual transaction volume of $7 billion; 18.6 million square feet of sales; 30.9 million square feet of leases, and operates a property management portfolio of more than 50 MSF. /// “Specific to healthcare, the segment is no longer just a subsector of office,” says Senior Vice President Michael Dupuy. “Healthcare and medical office buildings (MOB’s) are becoming their own investment class.”

BACKGROUND With the third member of the team, Vice President Rachael Thompson, the trio represents more than 40 years of brokerage experience, the majority in healthcare. /// “This has been a very consistent area,” Thompson explains. “Some submarkets are hotter than others. Arrowhead is an example where our four medical office buildings are 97 percent leased.” /// For Perry and Dupuy, healthcare runs deep in their background. Both of their fathers are physicians. /// “We grew up together,” Perry recalls. “From the real estate aspect and the healthcare aspect, our team understands both perspectives.” /// Adds Dupuy: “Healthcare benefits from its economic inelasticity.” /// As a team, the transaction flows begins with Perry, who handles tenants and buyers; Dupuy manages investment sales; and Thompson controls listings. © Copyright 2018 by MP Media, LLC

Sector

UPDATE

DISRUPTION At the crux of any discussion on healthcare is the weighty issue of cost controls, a point which drives the strategic decisions of payers and providers. “The system is unsustainable if costs are not properly controlled,” Dupuy explains. /// The biggest forces reshaping the Metro Phoenix market are the surge of population growth, an aging demographic, and the tide of healthcare services repositioning to the consumer. /// “Healthcare is now about proactive rather than reactive services and education relative to the patient,” Perry says. “There is a MARKET SNAPSHOT definitive move away from the emergency room and toward keeping patients out of the With the expansion of urgent care and ambulatory surgical centers hospital. Health systems are bringing care across the Valley, healthcare in large part is taking on a retail approach. out into the community.” /// “The major hospital systems: Banner, Dignity Health, HonorHealth

PROJECTS

and others are following the growth of Metro Phoenix,” Dupuy says. /// When you're tracking retail, office and medical data on healthcare, real estate can be a challenging proposition. /// “Right now, there is an annual delivery of 9 million square feet a year nationally, as opposed to 2005-2007 numbers of 23 million square feet,” Dupuy explains. “But some of that development is occurring in retail spaces and is classified as such. Really, though, this is healthcare related construction activity.”

“We currently have more than 40 listings in our portfolio and are seeing tremendous market activity in Scottsdale and Gilbert,” Thompson says. “We are excited about Gilbert and our new development there named Spectrum Medical Commons, which is 78 percent leased after only a year out of the ground. We have activity on all the remaining vacancies as well.” /// Most notable in Valley submarkets is the utilization of metrics by healthcare stakeholders as they assess opportunities. /// “The Arrowhead market is so hot because of demographics including the mix of private payers as residents,” Dupuy says.

OTHER TRENDS The team views technology as another large driver in healthcare, telehealth in particular. /// “A new app firm, DispatchHealth, just entered Arizona,” Dupuy says. “The app connects patients with a doctor who can come into the home and deliver care.” Beyond technology, the Valley is also experiencing a surge in senior living facilities. “It is not just in Sun City anymore,” Perry says.

Perry, Dupuy, and Thompson take pride in Kidder Mathews’ standing in the Valley’s healthcare real estate space and envision a vibrant market. “We are seeing sophisticated clients enter the Phoenix market,” Dupuy says. “This is definitely an attractive metro,” Thompson adds.

Sector

UPDATE

vison Young’s Phoenix healthcare commercial real estate team may be the company’s finest. It is, after all, led by the co-leader of the national firm’s Healthcare Affinity Group, Julie Johnson. A Principal at Avison Young, Johnson is an industry expert who stands out as one of the premier names in the sector. “She is one of the premier leaders in the healthcare brokerage industry,” says fellow Principal and team partner, Alexandra Loye.

Together the tandem navigates the complexities of a rapidly transforming healthcare space for their clients. “There is a total shift in the healthcare delivery system, which is massively disrupting the commercial real estate side,” Johnson asserts.

STARTING POINTS Avison Young’s Phoenix office took form in April 2016 after the Canadianbased company purchased Valleybased GPE Commercial Advisors. Johnson and Loye first joined forces at GPE in 2013, and have been delivering exceptional results for clients ever since. /// “We have adopted a business plan focused on a full-service model of stabilizing an asset then maximizing the value for the owner by selling it as a stabilized investment,” Loye says. “Our goal is to be a resource for our clients with a focus on the full investment cycle of an asset.”

BACKGROUND Both Johnson and Loye graduated from Arizona State University and have worked at some of most prominent firms in the industry. Johnson, who holds the prestigious CCIM designation, held executive positions at CBRE, DevMan, and GPE 16

before joining Avison Young. Prior to Avison Young and GPE, Loye advanced her career at Grubb & Ellis, NAI Horizon and Cushman & Wakefield. /// Operating in the context of Avison Young’s 74-national-market footprint, the team has handled transactions with some of the largest Metro Phoenix healthcare entities: Mayo Clinic, Dignity Health, and Banner Healthcare. “Phoenix has some of the best healthcare organizations in the country,” Johnson says.

DISRUPTION With tremendous changes to the healthcare environment over the past decade including the Affordable Care Act, its undoing, and 10,000 Baby Boomers turning 65 each day, it is only logical that those events and trends would spill over to healthcare and senior housing commercial real estate. /// “There are a lot of new properties being built to facilitate these changing user demands, which is huge for architecture, engineering, and construction,” Johnson says. /// Fundamentally, a confluence of forces is driving industry changes. /// “It really is a perfect storm affecting the sector,” Loye says. “We are reaching a point where many of the existing buildings are functionally obsolete. Couple that with a change in the average size of medical office tenant requirements from 2,500 to now 5,000 square feet, as a result of physician practices merging, and there is not enough supply in high demand locations.” © Copyright 2018 by MP Media, LLC

Sector

UPDATE

MARKET SNAPSHOT

PROJECTS

Aging real estate stands as one of the most prominent highlights of Metro Phoenix’s healthcare asset pool. /// “There needs to be more facilities built with larger contiguous spaces, which is why built-to-suits have been so popular over the last couple of years,” Johnson says. /// With pricing and cap rates peaking in the Valley, stakeholders are positioning themselves in strategic ways. In some cases, with growth postures far different than the norm. /// “Developers who have historically focused on large, even master planned projects, such as DMB, are changing their model to focus on dense urban infill projects,” Loye says.

Johnson and Loye keep busy with more than 20 properties either for sale or lease in their portfolio. One stands out in particular for Loye. /// “It has to be the Grunow Memorial Medical Center on McDowell and 10th Street,” she explains. “It’s Julie’s legacy listing,” Loye says with a laugh. /// “I have had that listing in multiple transactions since 1992,” Johnson says. In this latest iteration, the team increased the leasing numbers after a sale to a new owner from 25 percent to 79 percent in just four short months. /// Another notable property listed for sale, a 63,000 SF in-patient facility, currently vacant across from Banner University Medical Center in Central Phoenix. /// “We are active in that submarket and the property is on the market for $5.9 million, and we have had good traction,” Loye says.

JULIE JOHNSON Principal

ALEXANDR

OTHER TRENDS Adding to the vibrancy of the sector, trends in technology are reshaping the landscape. /// “We are seeing a lot of dollars spent on information technology (IT) to support the demand for electronic medical records, digital, and diagnostics,” Johnson says. “Data integration is becoming very important and IT needs the robust infrastructure of commercial real estate.” /// From the healthcare perspective, Johnson notes the increasing utilization of outpatient and urgent care facilities to deliver care. /// “The high cost of large hospitals (250 beds) is driving the growth of micro hospitals (12 beds),” she says. “More surgeries are conducted at these smaller locations.” /// A final shift is the adoption of retail metrics by healthcare providers. /// “Hospitals are now using sophisticated data, once the domain of retailers, as checklists to provide convenience for service users,” Loye says. “Drive times, access and parking data as examples.”

Principal

A LOYE

Look for Johnson and Loye to continue their run of success, particularly as disruption continues to impact the space. “Consolidation will continue to accelerate, and everyone is a consumer of healthcare” Johnson says. “This is a highly specialized and multi-faceted segment.” /// Avison Young looks well positioned for the future with these two quality professionals.

Sector

UPDATE

In 1997,

Alex Laky focused on the healthcare sector. The route was not conventional: medical school and residency. Neither was the vehicle, healthcare architecture. “I was driving a truck before I graduated from the University of Arizona with a degree in architecture,” Laky says. ARCHSOL – The Architectural Solutions Team is thriving, a testament to Laky’s vision since founding the company in 2005.

“I love the complexity involved in the design of healthcare facilities,” he says.

YUMA REGIONAL MEDICAL CENTER

Emergency Department Expansion, New Patient Tower and Campus Redevelopment Key phases include new Emergency Department expansion with two underground levels for parking & support services, two raised dual helipads, and new patient tower. Expansions also include new Cancer Center and Serenity Garden, Administration and Support Services Buildings, and 3rd, 4th, & 5th build-out of existing Patient Tower.

STARTING POINTS

Venture around the Valley and you see ARCHSOL success stories. Most noticeable is its collaboration with premier organizations including Banner, Mayo Clinic, Dignity Health, and HonorHealth. /// “We specialize in healthcare DISRUPTION architecture and undertake With the ongoing transformation of healthcare, Laky says he needs to be thinking years an approach with each project ahead to ensure that the spaces he designs meet not only today’s needs but tomorrow’s as that is distinct to the needs well. /// “Our directive is to design and construct facilities that need to remain operational of the client,” Laky says. in the future and still meet the needs of the staff and patients,” he says. Technology “Our business is centered on without question is a huge driver of the changing dynamics of the healthcare sphere. /// renovation and expansion to “The impact on design and construction is exponential,” he says.“We have to understand get more out of existing space the performance of our designs now and into the future,” says ARCHSOL Director and infrastructure.” of Operations Lori Aune. “It will be interesting to see the healthcare requirements of

BACKGROUND

facilities in 10-20 years.” /// With technology reinventing the healthcare delivery model, providers are positioning their patient platforms out into the community as customerfacing enterprises. /// “Outpatient services are growing in significance,” Laky says. “The goal is to improve the overall healthcare experience for the consumer with technology tools such as telemedicine, video-conferencing and image-sharing technology; TeleStroke capability in every emergency department exam room as an example.”

One impetus for ARCHSOL arose from the opportunity for Laky to experience an openheart surgery procedure while working with a key client on a Hybrid O.R. project. /// “Watching that was very profound, to see how the design of a room and facility affects the work of the medical professionals,” Laky says. 18

Sector

ALEX LAKY, Founder of ARCHSOL

UPDATE

LORI AUNE, Director of Operations

MARKET SNAPSHOT

Healthcare real estate space in Arizona and Metro Phoenix continues to flourish, riding the growth in population and an aging demographic. /// “We are witnessing providers implementing elective construction projects, as opposed to only the critical projects that were brought to the market over the last number of years,” Laky says. “And when you see community investments into the Maricopa Integrated Health System, that is a terrific sign for the Valley.”

PROJECTS

Nuclear medicine, radioisotopes and cyclotrons; a few of the “hobbies” of Laky as he goes about designing healthcare facilities. /// “There is a lot more attention to validating projects,” he says. “The model now is an integrated project delivery method that supports such validation.” /// ARCHSOL is currently renovating HonorHealth’s Virginia G. Piper Cancer Center on the Shea Campus and was instrumental in expanding the health system’s footprint of its Virginia G. Piper Cancer Care Network. “We worked on 10 of their facilities,” Laky says. /// The workload at ARCHSOL comprises new construction, remodels, and repurposing assets. “We converted a vacant Target property into a medical call center,” Aune says.

YUMA REGIONAL MEDICAL CENTER

Cancer Center Integration of indoor/outdoor environment for health and well-being. The new 3-story 41,110 SF state-of-the-art cancer center features an abundance of natural light and large shade elements allowing a very strong indoor/outdoor relationship with expansive views.

OTHER TRENDS

Considering that patient experience is now a factor in a provider’s reimbursement rates, the design and functionality of the healthcare space is increasingly important. /// “Everything is predicated on patient care and their experience,” Aune explains. /// Laky also points to the ongoing development of healthcare education centers in Arizona as one of the transformational forces. /// “Residency programs are more prevalent: Banner University Medical Center, Creighton/Dignity and others,” Laky says. “These programs are critical to healthcare.” © Copyright 2018 by MP Media, LLC

As healthcare evolves over the next decades, Laky and his staff of experts will be there to strategically and tactically orient their clients to patient and provider spaces which provide functionality, but also the capabilities to adapt over time. /// “I think of our ARCHSOL professionals as not merely architects, but part of the medical care team,” he says.

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DYNASTIES

Building We are links between the ages, containing past and present expectations, sacred memories and future promise.” – EDWARD SELLNER

he word “dynasty” originates from the Greek dynastéia meaning power, domination and rule. While ancient empires, rulers and civilizations have come and gone, ancestry is everlasting.

Throughout the ages, this phenomena of familial power swept the globe, dating back as far as 1040 B.C. The ancient Qin Dynasty built the Great Wall of China, proving strength in numbers can withstand the test of time. In the United Kingdom, the House of Windsor under the Royal Monarchy was a stabilizing force throughout the commonwealth, allowing for a time of peace and prosperity. Furthermore, the Yamato Dynasty in Japan is the most recognized and oldest continuous hereditary monarchy in the world. These historic families all had one thing in common; a vision to expand their legacy.

DYNASTIES

“Building Dynasties” rewinds decades to highlight the commercial real estate ancestry in Phoenix and beyond. Much like these powerful dynasties that came before us, our own Phoenix CRE dynasty has built a lasting legacy of 2,064 years. The 23 families featured have been instrumental in improving the many aspects of CRE in metro Phoenix, the vibrant and growing fifth largest city in the country. Some families have deep roots with decades of experience passed down from generation to generation. Others plan to create a new legacy with future generations. Our cover features John Graham with Sunbelt Holdings, Kevin Czerwinski with Merit Partners and Mark Bauer with JLL. As patriarchs of this extensive Phoenix commercial real estate family, all three men have children in the industry who will now carry on the legacy so important to their family: integrity, ambition and success.

K E Y F O R FA M I LY T R E E SIBLINGS

MARRIED

CHILD

EXTENDED FAMILY

* Black and white headshots indicate that a family member is deceased.

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DYNASTIES

JOHN GRAHAM

KATHLEEN GRAHAM Past VP, RREEF Management

SUNBE LT H O L DIN GS

LE AS I N G & PROPE RT Y M AN AG E M E N T

JUS TIN GRAHAM, JD, MBA

WILL GRAHAM

Project Manager

Barrett the Honors College

SUNBE LT H O L DIN GS

AS U C L AS S OF 2 0 2 2

KATHLEEN & ANNE'S U N C L E

President & CEO

JOE HUME Arcadia Realty

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DYNASTIES

ANNE CZERWINSKI

KEVIN CZERWINSKI

Human Resources

President & Principal

M E RIT PA RT NE R S

M E R I T PARTN E R S

BROTHER - IN - L AW

JAC K CZERWINSKI

JOE CZERWINSKI

Development Associate

Project Manager

MRED Student

M A J E S T IC RE A LT Y CO.

M E R I T PARTN E R S

AR I ZON A S TATE UN I VE R S I T Y

TOM CZERWINSKI

MARK BAUER Managing Director / National Director DATA CENT E R S OLU TI ON S (D C S ), J LL

KEVIN BAUER

MADEL AINE BAUER

M RE D â&#x20AC;&#x201C; ASU 2018/19

AS U L AW S C HOOL 2 018 /19

Associate at JLL

Intern at JLL

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DYNASTIES

Who introduced you to the industry? KG: I was introduced to real estate by my brother-in-law, Kevin Czerwinski, and slowly transitioned my career from marketing in the real estate industry to property management and leasing, eventually becoming a VP of RREEF Management. JG: My father, Bill Graham who worked at Coldwell Banker, introduced me to the real estate industry. JG: My father and step-mother introduced me to real estate. I watched them, and other family members work in the industry from a young age. KC: My wife’s uncle, Joe Hume, was a broker at Grubb & Ellis and then went to Cabot Cabot & Forbes. Joe was instrumental in helping me get interviews with various firms and kept encouraging me to stick with it. After 17 interviews, CBRE finally gave me my first job out of college. AC: I got my real estate license in 1986 and worked for The Koll Company in leasing and management for three years until I had Jack. When Kevin started Merit Partners in 2010, he asked me to get my broker’s license. I did and have worked there part time since. TC: My father, he has been working in this industry since before my brothers and I were born and that’s how we all grew an interest in CRE as well. MB: Bruce Goldstein, a successful real estate developer in Minneapolis. KB & MB: Our father.

FAMILY

YE ARS

Czerwinski

Hume

Graham

101

Bauer

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DYNASTIES

What’s it like working with family members in the same industry?

AC: It is always fun to see Kevin in action! It’s great to have a small role where I get to be a part of our boys' working lives. I could not be more proud of them.

MB: This is a business of relationships and trust at its core. These are core values that all of my family members and close friends live by and is the reason for our success.

TC: Working with family is sometimes tough, but it’s also fun because you get to work with your best friends. Even when we aren’t working I feel like we are always talking about it and trying to learn from each other.

JC: It’s awesome. We are constantly bouncing thoughts and ideas off each other.

KB: Working with family is great because we understand each other and are able to easily communicate and work with each other. MB: Growing up in the industry, you learn about what the industry entails and how much work it takes to be successful. It honestly makes it more fun and enjoyable to go to work knowing that you are able to work with family who are there to support you and guide you towards success within the industry. JG: Hectic! But I love it! KG: Working in the same industry as almost our entire family makes for fun conversations! JG: I love working closely with my father, brother, uncle and cousins! KC: Seeing my family members at industry events and watching each of them work hard and smart in their areas of specialty is very rewarding. It also makes for fun and interesting holiday conversations!

What are some fun facts about your family? JG: Will Graham, the youngest of the Graham family, was the first of mine and Kathleen’s kids to get his feet wet in the real estate industry. At the young age of 10, he convinced me to invest in the Coronado Village Theatre and helped structure a deal that involved an almost $3 million redevelopment grant from the City of Coronado and State of California. KC: Each of my three sons got introduced to the real estate business by spending time with me when I had to go into the office on weekends. Each of them interned for me during their summer breaks from school. KB: I remember going on my first business trip with my father when I was in 7th grade. We went on a trip to Denver, CO looking at industrial land sites and buildings for possible data centers builds. After being there for two days looking at land and buildings and having meetings/discussions with clients, I knew I wanted to be in this industry and looked forward to the future of working with my family in this business. 27

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National Managing Director

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Nicole

Carl

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Brokerage Coordinator

Finance

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Asset Repositioning

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expert market knowledge, meaningful industry

Acquistions

Leasing & Sales Operations

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Ranked #1 Industrial-Commercial Real Estate

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YOUR EXPERT TO GET DEALS DONE Industrial, Flex and Office

relationships, and productive collaborations.

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DYNASTIES

WILLIAM 'BILL' GRACE

ANN K. GRACE

Founder & Past Chairman

Secretary

W. M . GRACE CO M PANIES

W.M . G R AC E COM PAN I E S

“Bill Grace was a true pioneer and icon in Arizona’s retail industry and the company is still regarded as one where a handshake and one’s word is as good as a contract.” – JAME S STAMAT IS

BROTHER - IN - L AW

HOWARD GRACE

W. MATTHEW GRACE

President

CEO

W. M . GRACE CO M PANIES

G R AC E C API TAL I N VE S TM E N T

JAMES KAISER Vice President W.M . G R AC E COM PAN IES , IN C . M AR R I E D TO HE ATHE R (FO R M ER ) G R AC E

THOMAS GRACE Vice President W. M . GRACE CO M PANIES

Who introduced you to the industry?

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DYNASTIES

HG: My grandfather was a contractor and as a kid I would help dig ditches and do anything needed around construction sites. As I got older, my father really opened the doors for me to learn through my own mistakes and it was the best lesson a father could teach his son. TG: Growing up with a family lineage of real estate professionals, both my grandfather and father were instrumental in my love of real estate. Having an inside look at what it takes to transform a piece of dirt into a vibrant retail shopping center was nothing short of a miracle as a young kid. I will forever have gratitude for being involved at such a young age.

What is it like working with family members in the same industry? HG: Like any family business it comes with challenges, but having just celebrated our 50th year in business and now three generations carrying on what my father started is the most rewarding experience in my professional career. TG: At times, it can be challenging to keep business separate from your actual relationship with family, but in the end, there is no better feeling than knowing you can rely and trust each other no matter the circumstances you are in.

JAMES S TAMATIS Senior Vice President W.M . G R AC E COM PAN I E S

MP: Working at a family business has unique dynamics. For me, it has been very positive. I have learned over the years that some of the best stories come from listening to Howard over a cocktail.

What are some fun facts about your family? HG: To this day, we all live within five miles of each other and are all very close. When we aren’t working, you can find us by a beach or up in Flagstaff with a nice glass of wine and plenty of laughs. TG: We work hard to be successful, but there is a fine balance between work and play. I think we’re good at both!

MIC HAEL PEARL S TEIN Senior Vice President W.M . G R AC E COM PAN I E S

Long-time employees of W.M. Grace Companies, James Stamatis and Michael Pearlstein have become honored members of the Grace family, both professionally and personally. 31

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DYNASTIES

Who introduced you to the industry? HO: I showed up on my first day at Arizona State University as an engineering major. The Engineering Department was in the same building as The Architectural School. By chance, I wandered into The Architectural School and within 30 minutes, I had changed my major from engineering to architecture. MO: In 2006, I was a summer intern in the Arizona Attorney General’s office and assisted in a mortgage fraud investigation. One of the families affected by the case was being represented on a pro bono basis by a real estate litigation firm, which led to an offer and my decision to pursue a career in real estate law. JO: I babysat for several brokers at Cushman & Wakefield and CBRE while I was in high school. So, when I wanted to get a foot in the door, I called every one of the brokers who used to trust me with their kids. They knew I was responsible, respectable and would work hard, so they all gave me great referrals. CT: My introduction to real estate was by happenstance. I had time to kill before an interview with a law firm, so I wandered into Del Webb’s “Personnel Department”. 90 minutes later, I had my choice of two different positions at Del Webb. I chose the one in Realty & Management because it sounded like fun. A couple of the brokers I worked with at Del Webb moved to Cushman & Wakefield and took me with them. The rest is history. JT: I really grew up around real estate. My mom worked long hours, so I got to listen to her talk on the phone while she drove me to sports practice. Jackie was always looking for someone to help keep her database updated or take photos of properties, so she would put me to work during school breaks. 32

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DYNASTIES

EVEN THOUGH HERMAN IS RETIRED, ORCUTT-WINSLOW STILL GIVES A “HERMAN AWARD” AT HIS OLD FIRM.

HERMAN ORCUTT Founding Partner O RCUT T - WINSLOW

The coveted “Herman Award” seeks to celebrate the architectural work and life of Herman Orcutt by recognizing exemplary projects of any Orcutt-Winslow employee. To win the Herman, projects must exhibit the timeless values espoused by vitruvius, firmitas, utilitas, venustas – that is, it must be strong or durable, useful, and beautiful. In the words of Mr. Orcutt, “It must give back to both society and the environment more than it takes – for this is the true meaning of sustainable work.” Winners are chosen each December based on these merits.

C ATHY TEETER Managing Director ADVI S ORY & TR AN SAC TI ON S E RVI C E S , C BR E

MIC HAEL ORCUTT

JAC KIE ORCUTT

JON ATHAN TEETER

Partner

First Vice President

Sales Assistant

L IPSO N NE IL SO N , P C

C BR E

What is it like working with family members in the same industry? CT: I get called on from time to time to relieve the nanny if Jackie is out with a client. I guess turn-about is fair play since I often asked Jackie to watch her younger siblings when she was in high school. JT: Mom has always been more of an operations manager than a typical mom. She was always checking to make sure we were hitting our goals. If you were underperforming, she’d put you on a program. Whenever you wanted permission to go on a trip or buy something, she wanted to know the budget.

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DYNASTIES

Who introduced you to the industry? GS: I worked for Bob Young as a runner and have been his partner ever since. I have been very fortunate to have Bob, Steve Brabant, Rick Abraham and Marian McFarlane as partners for many years. They are truly family. DS / KS: Our dad has been at CBRE since 1986, so we grew up around the office.

GLENN SMIGIEL Senior Vice President I N VE S TM E N T PROPE RTI E S , C A P ITA L M A R K ETS

What are some fun facts about your family? GS: I had nothing to do with either Derek or Kevin getting their positions at CBRE. Derek called me one day about three weeks prior to graduating from ASU to let me know he got a job. I asked where and he said CBRE. To say the least I was a bit surprised. Thank you Brian Smuckler and Jeff Seaman – you got Derek off my payroll. Derek was the one who introduced Kevin to Vince Femiano. They started talking and hit it off. Vince hired Kevin and again I was on the outside looking in.

DEREK SMIGIEL Senior Associate at CBRE M ULTI FAM I LY

KEVIN SMIGIEL Sales Assistant at CBRE HE ALTHC AR E S E RV IC ES

What is it like working with family members in the same industry? GS: Watching Derek and Kevin grow into adults and mature in the business has really been rewarding. I am convinced they will both far exceed any success’s/accomplishments I have had. They are both in very exciting specialties which truly have long term growth. DS: It’s fantastic having my dad around and being able to leverage his experience, knowledge and relationships. My brother Kevin just started a month ago so he’s still pretty new, but it’s fun having him in the office and seeing him learn the business.

KS: I've been with CBRE for only a couple of months now, and am already enjoying having my dad and brother in the same office. With my dad having been in the industry for 30+ years, and my brother with several years under his belt as well, I always appreciate their insight on projects I'm working on. Being that we are always rooting for each other's successes, I'm looking forward to the day I'm able to help either of them with a deal. 35

Building

DYNASTIES

Who introduced you to the industry?

What’s it like working with family members in the same industry?

PB: My older brother who had a number of friends in the industry.

PB: Although none of us work together, it’s exciting to see that each family member recognizes the rewards the industry can offer if you’re committed. All of them have independently chosen different specialties which is gratifying to see. Just recently, Patrick and Kaleigh joined our office division at Cushman & Wakefield and ironically, sit near me.

PB: My dad — always admired his passion for his job while I was growing up. My cousin Cooper Fratt introduced me to the research manager at CBRE, who ultimately hired me. They both do industrial, which is what I wanted to do, but all that was available was the office research position, which ended up working out for me. KB: My family introduced me to the industry. I am the youngest of six who all work in someway with real estate so I grew up hearing about real estate and watching my parents and siblings join the industry.

LB: It is so fun that we all have a connection and understand what each other is talking about despite all of our different specialties. So many times, we have discovered we have many of the same clients and business partners. RB: It’s fun all being in the same industry and nice to bounce ideas off more experienced family members and hear what strategies have worked for them throughout their careers. We all have difference specialties within the industry which I think is nice to maintain some degree of separation. MB: Working in the same building as my dad, Pat, and Kaleigh, I usually can’t go a few days without seeing one of them in the elevator, let alone getting mistaken for my sister! It is rewarding to witness my family members find their own niche and passion within the same industry, and to have the support from each other along the way.

“Lisa and I have tried to instill a strong work ethic in our children, which I think we have achieved.” – PAU L B OY L E 36

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DYNASTIES

PAUL BOYLE

LISA BOYLE

Executive Director at Cushman & Wakefield

Branch Manager / Escrow Officer

C APITAL M ARKE TS, INDUS TRIAL & SELF -S TORAGE INVES TMENTS

FI D E LI T Y N ATI ON AL TI TLE AG E N C Y

BOYLE / DANIS TEAM

PATRIC K BOYLE

RYAN BOYLE

Senior Associate at Cushman & Wakefield

Associate at Lee & Associates M U LTI FAM I LY PROPE RTI E S

RO BE RTS / BOYL E TEAM

MAKENN A BOYLE

KALEIGH BOYLE

Account Manager at Western Retail Advisors

Marketing Associate at Cushman & Wakefield

L ANDLORD & TEN ANT REP R E S E N TATI ON

ROBE RTS / BOYLE T EA M

What are some fun facts about your family?

“Growing up as a ‘Boyle’ I always had an interest in CRE… Seeing my parents in the industry having successful careers and a passion for what they do.”

LB: Cheering on all of our Alma Mater, ASU. We are six for six ASU graduates!

– M A K E N N A B OY L E

C OOPER FRATT

PB: Before we were all in real estate we played in a family band. As if we don’t see each other enough, we all get together every Sunday at our parent’s house for family dinner.

Vice President at CBRE NEP HEW & G OD C HI LD TO L I SA & PAU L BOYLE

Fl ip th e pa ge fo r mo re ab ou t Co op er Fr at t!

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DYNASTIES

Who introduced you to the industry? CF: My dad and my uncle, Paul Boyle, have both been in the Commercial Real Estate Industry since I was young. My dad left brokerage to get into lending in 2002, but my uncle has been an industrial broker throughout. He really guided me to the right contacts while I was in college and pointed me in the right direction.

PB: Longtime developer Bruce Ruede introduced me to John Strittmatter at Ryan Companies back in 2004. John suggested I continue my education and pursue a MBA and then come back to discuss further. Given that advice, I showed back up at his office in April 2006. He introduced me to Bruce Pomeroy at Evergreen Development. Neither company had an opening, but I was able to continue meeting with other offices with and through their connections.

BC: Pete, Cooper, a college football teammate and board member of Colleen’s Dream, Jeff Seaman at CBRE, and Dustin Gaskey at Fidelity Title helped connect me with people throughout the industry. My internships in the offseason with CBRE really helped, as well.

What is it like working with family members in the same industry? CF: I love it. Pete and I have been in the same field since the beginning of my career. Even though we are technically competitors, we have never seen it that way. We have helped each other much more than anything. It was great having Billy join the development side of the business also. Pete and I now bring brochures of land we have listed to holiday dinners just in case. PB: It’s absolutely exciting. Cooper and I have the privilege of working in the same sandbox. It’s competitive only to a certain extent and then it becomes information sharing and trying to help one another out. Family gatherings are especially fun because we talk the same lingo and bounce ideas off of one another. BC: I’ve watched both of these guys grind it out and start to see some serious success. I’m new to the scene, but they are bringing me up to speed on the industrial scene.

Building TAKE A LOOK AT THIS UNIQUE FAMILY TREE:

DYNASTIES

Two sisters, Nicole and Michelle, married two men in CRE, Billy and Peter. Nicole and Michelle's third sister married Cooper Fratt a few years later.

C OOPER FRATT Vice President at CBRE

"Family gatherings are especially fun because we talk the same lingo and bounce ideas off of one another."

BILLY CUNDIFF Associate at Hines

PETER BAT SC HELET Principal at Lee & Associates

– P E T E R B ATS C H E L E T

NIC OLE CUNDIFF

MIC HELLE BAT SC HELET

Realtor

L AUN C H REAL ES TATE W ITH THE K ARAS G ROU P

L AU N C H R E AL E S TATE

What are some fun facts about your family? CF: I was the last one of four brothers-in-law to the family. When I first started dating my now-wife, Pete and Billy had been around for a while and made sure to get a little hazing in! Pete and I were also lucky enough to attend a number of Billy’s football games when he was playing in the NFL. BC: Four sisters and three of them married guys in commercial real estate. Nicole and I set up Pete and Michelle three months after we started dating. © Copyright 2018 by MP Media, LLC

“We do what’s right, not what’s easy.” — R.Chapin Bell, CEO, P.B. Bell

Providing our clients award-winning multifamily property management services in Arizona since 1976.

PBBell.com For more information contact Arian Ploszaj at 480-951-2222 or aploszaj@pbbell.com

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DYNASTIES

“My father has given me great advice over the years. One thing that stuck with me was: Always do what is right, not what is easy.” – C H A P I N B E L L

Who introduced you to the industry? CB: My father. I was involved in the business early on. I was 14 years old when I first started at P.B. Bell and would work on-site during the summers. I remember when my father bought his first building, he woke me up in the middle of the night because there was a monsoon and we had to get the water off the roof. Once I started working for him after college, our relationship turned into more of a mentorship.

What is it like working with family members in the same industry?

PHILIP BELL Chairman P.B. BE LL

PB: Chapin has done a great job of carrying on what I started. He is very much of a people person and has a great way of relating to people. I focus on the numbers and spreadsheets, more of the analytical side of the business. I’ve been happy to let Chapin take the role he is in and continue the legacy. It’s nice to see him be successful at what he does. CB: I’ve always felt very fortunate working with my father. My father created the foundation that we’ve grown on. He always looked over my shoulder and got the boat sailing in the right direction if I’ve been off track. My father has also given me plenty of rope to do things differently. He’s always been supportive of what we’ve done, especially learning from mistakes.

What are some fun facts about your family? C HAPIN BELL CB: We’ve had some great fishing and hiking trips over the years. My father and I love the outdoors and spending time at his place up north.

President & CEO P.B. BE LL

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DYNASTIES

JEAN BOROS Past Agent CO L DWE L L BA NKE R

What is it like working with family members in the same industry? JB: Working with my daughter was awesome! Her knowledge of commercial real estate has taught me a lot and allowed me to find my passion in this industry. I also had the opportunity to work with my grandson not long after he graduated from college. We both learned a lot and had a bunch of laughs. I love his personality and professionalism that has made him one of the top agents today. I have been very blessed to have the opportunity to share our experiences and career together. Thank you Cindy and Brad for all the knowledge you shared and the support you gave me. I had the best of both worlds.

CINDY C OOKE Senior Executive Vice Principal COL L IE RS INT E RN AT IO N AL

CC: The best part of my day is going to work and knowing Brad is by my side. We approach things differently but almost always come to the same conclusion. There is definitely a synergy that occurs when we work together. Having the same value system and business plan has enabled us to build a strong team so we can provide our clients excellent service. Working with my mom was a lot of laughs and a few tears, along the way. My first company called C & H Realty Resources – “C” was for Cooke and “H” for my maiden name Hughes. Mom had just moved to Arizona when I opened the company and she wanted to work together. It was a fast paced environment and she was a blessing. Brad was about 4 years old at that time. I am not sure how I would have made it without her. BC: It’s very rewarding and humbling to know that I’m continuing my mother's tradition and building from her reputation. I would be honored if any of my five kids decide to do the same and continue growing our family reputation in the industry.

BRAD C OOKE Executive Vice Principal COL L IE RS INT E RN AT IO N AL

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Who introduced you to the industry? CC: I made a list of what I wanted out of a career when I was 17. I did a pros and cons list on real estate and it checked all my boxes. BC: My mother did not introduce me to the business she submerged me into it. She is the spark that has blessed this family with the opportunity to thrive in this industry! She is already taking my 13-year-old daughter out to shop units with her. JB: My daughter introduced me to the business and because of her I found my passion as a sales agent for 28 years.

DYNASTIES

"My mother did not introduce me to the business, she submerged me into it. She is the spark that has blessed this family with the opportunity to thrive in this industry!" – B R A D C O O K E

What are some fun facts about your family? BC: Cindy was a single mom and she would include me in the business at an early age so we could spend more time together. When I was about 10 years old she brought me to a dinner with one of her top clients. Near the end of the meal, Cindy stepped away from the table when the waiter came by and asked us if we would like some coffee. The client ordered some and asked me if I would like a cup of coffee. The client did not have kids, therefore he didn’t know a 10-year-old shouldn’t be having coffee, especially after 8 p.m. Mom came back to the table to find the client and me enjoying our conversation over a cup of coffee.

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DYNASTIES

LEROY BREINHOLT

T YSON BREINHOLT

President & Designated Broker

Partner & Associate Broker

COM M E RCIAL PRO PE RT IE S , IN C.

COM M E RC I AL PROPE RT IES , IN C .

Who introduced you to the industry?

C ORY BREINHOLT Sales & Leasing Associate CO MM E RCIAL PRO PE RT IE S , IN C.

What are some fun facts about your family? LB: We ALL like to go fast! Whether it’s at the sand dunes, wakeboarding, surfing, snowmobiling or skiing, we all have a need for speed. TB: The Breinholt family has many hobbies and fun activities, most of them revolve around the outdoors and anything with a motor. CB: Breinholts tend to operate at a very fast pace. Growing up, I always heard the saying “It’s all good” and that’s really the kind of life we live. © Copyright 2018 by MP Media, LLC

LB: I wanted to be in the real estate business since I was a child. My grandfather, Canute Leroy Breinholt is still alive at 95 years old. I remember wanting to be a salesman like he was. After college, I interviewed with the Trammel Crow Company and they sent me to meet with CPI, which had been in existence for five years at that point. TB: My brother, Leroy introduced me to the business. Growing, learning and working together with my brother over the years has been a great strength to me. CB: My dad introduced me to the industry a little over three years ago. I had returned home from serving a mission for my church and the opportunity was given to me to learn more. I am forever grateful that he extended his hand in teaching me more about CRE.

What is it like working with family members in the same industry? LB: It is rewarding seeing family members succeed and flourish. It’s always nice to know that someone “has your back” no matter what, and you can discuss things in a manner that nobody gets offended. It’s nice to have the synergy of a team and family members. TB: It’s great to work with family, especially my brother. There have been many lessons learned over the years that have helped both of us come together and support one another. CB: I’ve been blessed to always have a good relationship with my dad. There has never been a negative aspect of having to work with my dad on a daily basis. My uncle, Tyson works in the office sector and I’m on industrial properties so I don’t have the opportunity to work with him as often as I’d like, however, he is by far my favorite uncle in the business. We have always gotten along great and I respect him very much. 45

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DYNASTIES

Who introduced you to the industry? ER: My first big break came from Wayne Doran who hired me to broker land for John F. Long Homes, one of the first large homebuilders in Phoenix, as well as my employment at Del Webb. KTR: My father, Carl Kunasek, and my first boss and mentor in the legal profession, Eneas Kane. My father’s tenure in the State Legislature exposed me at a very young age to public policy and its impact on real estate. Eneas’ influence focused me on how to create value for real estate owners and developers through the zoning process — something I continue to be passionate about. SR: My father. Going to a new development with him was probably one of the coolest things to do as a kid. JR: My father, grandfather and Scott Knauer have been great mentors.

KARRIN TAYLOR -ROBSON Founder & President AR I ZON A S TR ATE G I E S

What is it like working with family members in the same industry? ER: Working with family members has allowed me to stay connected and create a family legacy for my children, grandchildren and generations to come. I have to say that it can be stressful at times and on occasion, even hazardous! (laughing) MR: It’s fun sharing ideas and finding ways to challenge ourselves to be better. AK: When members of a family become employees in the same company, they are working toward a common goal; a passion is ignited and further substantiated by an already established open line of communication. SR: Reputation is an important thing in the real estate industry. I am incredibly fortunate to have family members who have spent decades building a reputation for quality. LR: There is a tremendous amount of pride and at times pressure working alongside family — everyone strives to be their best. JR: Working with family is an exciting opportunity and one that forces you to expect more of yourself than anyone else. You want to succeed not only for the business and the company, but also for your family.

AMANDA KIN G Administrative Assistant II R E N AI S SAN C E LU X URY R E TI R E M E N T CO M M U N IT Y ( S TEP -DAUGH TER TO EDWA R D RO B SON )

What are some fun facts about your family? MR: A typical meeting with my grandfather would not be complete without his beloved dogs spread out across work papers or chasing each other around the office. LR: Growing up I was always told, “Keep your head down, work hard, but most of all treat everyone throughout all levels of the company and in your daily life with kindness and respect.”

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DYNASTIES

EDWARD ROBSON Founder & Chairman RO BSO N CO MMUNITIES, IN C.

MARK ROBSON

S TEVEN ROBSON

LINDA ROBSON GOSNELL

Founder & President

CEO

Publisher & Editor

RO BSON HOMES

S COTT COM M U N I TI E S , I N C .

ROBS ON PUBL IS H IN G ( DAUGH TER -I N -L AW TO E DWA R D ROB SON )

EDWARD "JAMES" ROBSON II

SC OTT ROBSON

Vice President

VP of Finance

MIC HAEL ROBSON Vice President

RO BSO N COMMUNITIES

S COTT COM M U N I TI E S , I N C .

ROBS ON COM M U N IT IES , IN C .

L AND ACUISIT ION & SENIOR LIVIN G

Building Homes and Communities Since 1972

55+ BUILDER OF THE YEAR - 2017 National Association of Home Builders

Since the opening of Sun Lakes in 1972, founder Ed Robson has created exceptional communities for active adults with more than 50,000 people calling a Robson Resort Community home. Each Robson Resort Community offers an outstanding way of life that combines a beautiful setting with visionary homes, impressive amenities and countless social opportunities. Live life inspired at a Robson Resort Community. PHOENIX AREA

PebbleCreek

• Robson Ranch® Arizona TUCSON AREA

SaddleBrooke Ranch

• SaddleBrooke

• The Preserve • Quail Creek®

DALLAS/FORT WORTH METROPLEX

Robson Ranch® Texas

Robson.com • 800.732.9949 Model Homes Open Daily 9am To 6pm • $190’s - Over $1 Million The housing at any Robson Resort Community™ is intended for occupancy by at least one person 55 years of age or older per dwelling unit, although the occupants of a limited number of dwelling units may be younger. One person must be at least 40 years old in each unit. No one in permanent residence under 19 years of age. Homes at PebbleCreek are offered and sold by PebbleCreek Properties Limited Partnership, owner/agent. PebbleCreek Construction Company, general contractor, ROC 190149. Homes at SaddleBrooke are offered and sold by SaddleBrooke Development Company, owner/agent. SaddleBrooke Construction Company, general contractor, ROC 192901. Homes at Robson Ranch are offered and sold by Sun Lakes-Casa Grande Development, LLC, owner/agent. Robson Ranch Arizona Construction Company, general contractor, ROC 192584. Homes at Quail Creek are offered and sold by Robson Ranch Quail Creek, LLC, owner/agent. Robson Ranch Arizona Construction Company, general contractor, ROC 192584. Homes at SaddleBrooke Ranch are offered and sold by SaddleBrooke Development Company, broker for Robson Ranch Mountains LLC, owner. Robson Ranch Arizona Construction Company, general contractor, ROC 192584. No offer for sale or lease may be made or accepted prior to buyer’s receipt of an Arizona subdivision public report. A public report is available on the Arizona state real estate department’s website. Please review the CC&R’s for the Villas regarding details for home exterior, landscaping & common areas maintenance. Restaurants and golf courses currently are open to the public. The golf courses, pro shops and practice facilities at Robson Ranch, SaddleBrooke, The Preserve and SaddleBrooke Ranch will be owned by the developers or their assignee(s). At Robson Ranch Texas the developer of the project and the seller of homes is Robson Denton Development, LP. Availability of these facilities for use by owners of interests in any of the developments is at the pleasure of the owners of the facilities. All photos/pictorials are artist’s conception. Information is subject to change without notice. This shall not constitute an offer in any state where registration is required or if in violation of law. © 2018 Robson Communities®, Inc. All rights reserved 18RC067

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DYNASTIES

GARY PEDERSON

JIM PEDERSON

(BIG JIM)

Senior Vice President / Legal Counsel

Chairman & CEO

PE DE RSON GROUP, IN C.

PE D E R S ON G ROUP, I N C .

"Aside from sharing his deep knowledge of real estate, Big Jim ingrained in me a philosophy of doing the right thing, the value of working hard and working well with others, and the importance of giving back to the community we both call home." – JAMES PEDERSON

JAMES PEDERSON

(LITTLE JIM)

Vice President / Designated Broker PE D E R S ON G ROUP, I N C .

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DYNASTIES

Who introduced you to the industry? BJ: I was Administrative Assistant to the Mayor of the City of Phoenix, when the owner of Christown Shopping Center approached me to manage his campaign for the U.S. Senate. We lost that campaign, but I was invited to stay on at Christown Shopping Center, thereby starting my career in retail real estate. After 10 years with the Grossman Company and Westcor, I started my company in 1983.

LJ: It was as if my path into commercial real estate was predestined. As the son of a successful business owner, I watched as my father and namesake of The Pederson Group turned barren land into bustling developments that created jobs, revitalized neighborhoods and bolstered Arizona’s economy. At the tender age of nine, I was reviewing development plans and joining my dad at construction sites. I saw firsthand what it takes to incorporate retail projects into upscale master-planned residential communities, which is The Pederson Group’s specialty. As the company grew in size and scope of projects, I learned how to get things done by collaborating with local officials, civic leaders and members of the community. I also came to know how The Pederson Group earned its stellar reputation for creating quality places to shop and public gathering places with lasting appeal.

What is it like working with family members in the same industry? LJ: There’s a lot to be said about working with a member of the family, especially when the family member is your mentor. There has been no greater learning or better person to emulate than Big Jim, whose illustrious career spans nearly a half-century in real estate development. Aside from sharing his deep knowledge of real estate, Big Jim ingrained in me a philosophy of doing the right thing, the value of working hard and working well with others, and the importance of giving back to the community we both call home. Today, as a member of The Pederson Group’s leadership team, Big Jim and I have a shared level of trust, enjoy bouncing ideas off of one another and working toward a common goal.

What are some fun facts about your family? BJ: The Pederson family has several common denominators; the love of real estate, politics and animals. We are all native born to Arizona and care deeply about our state. We take pride in the 30+ projects that have been developed during the history of our company by adding jobs, quality shopping environments and contributions to the communities in which they are located. LJ: Ever since I can remember, Big Jim was giving back to something, whether it was children in need, an animal welfare league, a business organization or state and local politics, (following in the footsteps of his dad, who managed a growing city in Arizona for 25 years).

Business Leaders Committed to Community

“Business leaders have a tremendous opportunity to engage their professional networks in community initiatives that build a better Arizona for all of us. In my experience, it is always a win-win.” — Brad Vynalek, Partner, Quarles & Brady-Phoenix brad.vynalek@quarles.com

“When Tucson and Phoenix business leaders collaborate, their combined efforts make both communities stronger. Joining forces with my brother for community projects is both productive and fun.” — Victoria Teeple, Sr. Associate & Chief Marketing Officer, Tango Commercial Real Estate-Tucson vicki@tangocommercial.com

Quarles & Brady salutes Brad and Vicki’s commitment to a vibrant Arizona for all.

quarles.com

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DYNASTIES

BRAD VYN ALEK

VICTORIA TEEPLE

Partner Q UA RL E S & BRADY LLP

Senior Associate & Chief Marketing Officer

L E GA L SE RV ICE S

TAN G O COM M E RC I AL R EA L ES TAT E

Who introduced you to the industry? BV: When I first joined Streich Lang, which merged with Quarles immediately afterwards, a group of legal titans including Don Martin, Diane Haller and Hank Perras introduced me to the world of CRE and gave me an amazing opportunity to be the fixer as a litigator to complex real estate disputes. That was almost twenty years ago. Since then, I have handled a huge amount of dispute resolution work involving CRE across the state and beyond. Having mentors like Sharon Harper and John Graham has led me to really respect giants like them in the industry not just for what they have done in their careers, but for what they have done to make our communities better places. VT: Tom Hunt—partner, firm founder and friend. He had the vision and confidence in me before I even did.

What are some fun facts about your family? BV: From our mom, in particular, we learned that hard and honest work is the path to developing a career filled with integrity. © Copyright 2018 by MP Media, LLC

What is it like working with family members in the same industry? BV: It’s been really fun to work with Vicki on creating opportunities in Phoenix. Since she is in Tucson most of the time, it’s great that she’s able to expand her and Tango's presence to the greater Phoenix area. I love introducing her to my network and cannot wait to see how she rocks it now that she has one year under her belt in the industry. I am proud of her taking this new step to create a great career. VT: It’s a natural fit. Luckily my brother and I share the same interests and have the same drive. We both take our jobs seriously but know that laughing and using our natural social skills are key to being successful. I create opportunities for Brad and Brad creates opportunities for me. We have large city experience but we both came back to our home state that we love. 53

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DYNASTIES

C HRIS HAENEL

PAT S Y JEDYN AK

Past President

Past Real Estate Agent

H A E NE L DE VELOP MENT

D I LBE C K R E ALTOR S I N L A C AÑ A DA , C A

MIKE HAENEL Executive Managing Director C U S HM AN & WAK E FI E LD I N D US TR I AL

PHIL HAENEL

PETER HAENEL

Director

Analyst

CUSH M AN & WAK EFIELD

D iN APOLI C API TAL PARTN ER S

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DYNASTIES

Who introduced you to the industry? MH: Both my parents were in real estate. My dad was in the business in Palm Desert in the 80s and 90s. He developed an office building, retail project and built a few custom homes. My mom was also a residential broker for 35 years in La Cañada, California. PH: My father, Mike Haenel who has been in the industry for 33 years, introduced me to the business. After an internship in college with Ryan Company, I started my career in Oakland, California. I was there for two years before moving back here to join my father’s team, where I have been for the past three years.

on M ike & P hi l's team w th e Year In dustrial Broker of March! at Best of NAIO P in

“There’s absolutely no substitute for grinding it out… Do the right thing.”

– MI KE HA EN EL

What is it like working with family members in the same industry?

What are some fun facts about your family?

MH: I love having Phil on our team. I’m very proud of his work ethic. He is my favorite of my five kids when he is generating income for our team! My fourth son, Peter, is the grinder in California. He is as smart as a computer… we call him the professor.

MH: My grandfather worked for Howard Hughes in Los Angeles for 40 years. He was very active helping Howard in the movie industry at the time. Howard then became a real estate mogul during the last few chapters of his life especially in Las Vegas.

PH: It is great working with family members in the industry. My younger brother is also dating a Boyle, so who knows I could have more family in the industry in the future!

PH: I am one of five and am very close with my family. My family loves the industry, as I also have a younger brother Peter who works in CRE in San Francisco.

PH: It’s been invaluable starting my career in real estate being able to call Phil and my dad for advice or asking that “dumb” question that you’d rather ask family than my co-workers.

PH: Ironically, Phil and I were the only ones who did not intern with our dad’s Industrial brokerage team in college and are the only ones to end up in real estate. Michael, Patrick and Katie were smart and ran the other way.

Building a Legacy at the Gateway to the Southeast Valley.

From the development of the Class A Waypoint campus to the many new opportunities on the horizon, Lincoln Property Company and Harvard Investments are proud partners in the next wave of creative office environments within Mesa Riverview. Looking for premier, state-of-the-art office space at the borders of Mesa, Tempe and Scottsdale? LPC and Harvard are pointing the way.

For more information, contact

Lincoln Property Company

602-912-8888

www.lpcphx.com

Harvard Investments 480-348-1118

www.harvardinvestments.com

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DYNASTIES

In the 1960s,

Loren Krumwiede moved from the Midwest to California to work for Aerojet General Corp. It was there that he was recruited by Del Webb, the American real estate mogul. This initiated a move to Arizona, where Loren worked the next 25 years for Del Webb in controller and facilities operations leadership roles.

l We bb – tique de sk at De Lo re n wi th his an fa th er. his ss ed do wn fr om th e de sk wa s pa

LOREN KRUMWIEDE

"We're continuing the legacy. My daughter Ellen now works as a Property Manager for Lincoln Property Company at Biltmore Commerce Center and Craig's son Michael, who watched his grandpa, dad and uncle for years in this industry, now works in real estate as a VP for Invitation Homes – which owns 80,000 single family for rent homes across the country." – DAVID KRUMWIEDE

Controller & Facilities Operations D E L WE BB

CRAIG KRUMWIEDE President & CEO H ARVARD INVES TMENTS

Who introduced you to the industry?

DAVID KRUMWIEDE Executive Vice President LI N COLN PROPE RT Y COM PA N Y

CK: We were both influenced by our father, who worked for Del Webb here in the Valley.

MIC HAEL KRUMWIEDE

DK: It was a combination of my dad and my brother. I took some of my dad’s history on the operations side at Del Webb and my brother’s experience in the real estate investment industry. I morphed those into what I do today, which is running the spectrum of a project from earliest conception to completion, asset and property management, and in many cases disposition.

ELLEN KRUMWIEDE

Vice President

Property Manager

INV ITAT IO N HOMES

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What is it like working with family members in the same industry? DK: Trust is the best foundation for any working relationship. Working with family is good because there is already a level of trust built into the formula that you wouldn’t get anywhere else. However, the relationships have to be strong because, as we know, CRE moves in cycles and shifts. Believing in the market knowledge of your family member helps to navigate through those cycles and come out in the end with successful undertakings.

DYNASTIES

"We’ve always had our own niches, but look forward to opportunities to combine our expertise when it makes sense. We're very likeminded when it comes to details and doing it the right way, but our personalities are different. I hate to say ‘classic older/younger brother’, but it’s kind of true. As the older brother, I’ve probably always been more likely to internalize and Dave definitely has that outgoing/charming personality that lets him get away with murder!" – CRAIG KRUMWIEDE

What are some fun facts about your family? CK: One development we partnered on was the Waypoint development in 2015. It started with two Class A office buildings at the borders of Tempe, Scottsdale and Mesa, and has now evolved into four office buildings with renovations and complete rebranding. DK: Mom tells us all the time that she’s proud of us. Dad doesn’t say a bunch, but we know he’s very proud as well.

D a v id & C r a ig w it h th ei r Pa r en ts a t Wa y p oi n t G r ou n d b r ea k in g in 2 0 1 5

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DYNASTIES

GREG MAS T

JEFF MAS T

President, Mast Law Firm

Vice Presidet, Caliber Companies

RE A L E S TAT E DE V E LOP MENT AND L AW

PROJ E C T FI N AN C E AN D AS S E T M AN AG EM EN T

WILL MAS T Vice President, CBRE INV E S T M E NT P ROP ERTIES

Greg and Jeff’s father, Ken Mast, (pictured here) and uncle, Fred Mast were also involved in CRE in their hometown of Waterloo, Iowa.

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DYNASTIES

What are some fun facts about your family? WM: When I was at Opus, my dad and I worked on more than $1.5 billion of sales and financings together for one of my dad’s good friends and one of my mentors, Tom Roberts. Recently, my dad and I closed three deals for a total value of ±$450 million, including one of the largest sale transaction in the country, a $330 million storage portfolio across multiple states.

“Both my dad and Jeff are as hard-working and smart as they come. Ever y transaction I’m able to work on with them, I learn so much. I’m very lucky they are both mentors and friends.” – W I L L M A S T

Who introduced you to the industry? JM: Greg and I grew up in commercial real estate. My father and uncle were very involved with the AGC on both local and national levels. My brothers and I all had our first jobs in construction. I painted the sheds in the construction yard until I was old enough to be a laborer so it’s only natural we all migrated back to the industry. GM: In law school, I found it was easy to combine my family’s construction background with law. Ted Allen, Vern Lindstrom, Ed LeBeau and Bill Jury all provided me opportunities and introductions to Phoenix real estate activities. WM: My father. Starting at a young age, I used to sit in his office at night and listen to him dictate contracts, leases and loan documents. He would have me read the documents and help him find certain items from each. I found it fun and interesting, and this set the wheels in motion for me pursuing a career in CRE.

What's it like working with family members in the same industry? GM: My father Ken Mast and my uncle Fred Mast had a large general construction company in my hometown of Waterloo, Iowa, which constructed the John Deere Tractor Works and office, commercial, retail, multi-family and mixed-use projects. The boys in our family, starting at age 16, spent summers working such jobs as union laborers, carpenters and bricklayer tenders for subcontractors.

WM: Working with family is a lot of fun, well, that is, as long as we are on the same side of the transaction! Both my dad and Jeff are as hard-working and smart as they come. Every transaction I’m able to work on with them, I learn so much. I’m very lucky they are both mentors and friends.

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DYNASTIES Who introduced you to the industry? BA: One of the legends in our real estate community, Bob Crum, was most impactful towards convincing me that CBRE was a great place to begin a career. Bob influenced me and so many others in our real estate community. He cares deeply about people and has provided me encouragement and helpful advice since I met him while I was in college.

What are some fun facts about your family? BA: I grew up in a dysfunctional family environment – including two older brothers and an abusive father, where addiction and emotional distress were commonplace. One of the most important goals was to create a very safe and stable family foundation for our family, one that is rich in communication, spiritual growth, encouragement and healthy living. My wife and I were blessed with three beautiful daughters, which turned me into a completely different person, and certainly for the better. Our family’s journey has had some challenges, especially losing a child and sister to cancer (Ashley), which was a very, very low point in our family’s life and legacy. The best thing to come out of that is how it created opportunity for our family to become closer and establish an even deeper relationship with each other.

LA: My father was recruited by the Chicago Bears right out of college. He and my mother moved back to Phoenix in 1986 and my father began his career at CBRE. In elementary school, I would bring my father in for show-and-tell and make him bring his Super Bowl ring. While all the kids were looking at the ring he would be talking about his new favorite sport… getting deals done!

BRAD ANDERSON Executive Vice Principal C BR E

What is it like working with family members in the same industry? BA: I love it! Clearly, there are many challenges that come along with a father/daughter “business/work” relationship and getting Lauren to call me Brad versus daddy was one of the earlier challenges!

L AUREN ANDERSON Brokerage Services, CBRE OFFI C E PROPE RTI ES

Female diversity in the work force is an important belief of mine. Many of the top producers in our company are female, and as a proud father of daughters, two of them in the commercial real estate business (my youngest daughter works for Pacific Coast Capital Partners in Los Angeles), I am encouraged that they have equal opportunity with very professional firms working with the best and brightest people in the world. LA: It’s awesome getting to spend time with my dad every day. Seeing him in his element, doing what he loves is very inspiring for me. At the end of day, being able to learn from him and having him as a mentor and a business partner is the greatest gift.

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DYNASTIES

RIC K LEE Principal

Who introduced you to the industry?

LE E & AS S OC IAT ES

RL: I started my career in 1980 at CBRE. Jim Wentworth was the manager at CBRE at the time and he hired me. Now, 38 years later, Jim Wentworth Sr. and Jim Wentworth Jr. hired my son-in-law David Dickson at Wentworth Property Company. CL: My father always said he had the best job and was his own boss. I never dreamed I would follow him, as I was pursuing a career at the State Department. From my time at Lee & Associates as a researcher, I thoroughly enjoyed the people I was working with and thought of them as my second family. Turns out my dad was right, and it’s been great seeing him every day and working on listings together. DD: While I was finishing school and working with a developer in Cincinnati, my now father-in-law, Rick Lee introduced me to Wentworth Property Company. Both were instrumental in introducing me to the industry.

BROTHER - IN - L AW

DAVID DIC KSON

C ONNER LEE

Development Associate

Associate

W ENT WORTH PROPE RT Y COM PAN Y

LE E & AS S OC IAT ES

What is it like working with family members in the same industry? RL: Conner is doing a great job and has been a tremendous help on projects we work on. While we aren’t partners per se, we do work a lot together. It’s been very rewarding seeing Conner mature in the industry. It’s been fun meeting with my son-in-law and Jim Wentworth Jr. on some properties that I’ve submitted to them for sale; I’m happy for David to be working with Jim. Not only is he a potential client, but a friend as well who is one of the most respected and successful developers in town. CL: My dad and I have a few listings together and we’ve had great success on the leasing and sales of some back office buildings. I’m looking forward to working with David, my new brother-in-law in the near future as well. DD: It’s been a great experience having Rick and Conner in the same industry. Rick, being one of the most respected industrial and back office leasing brokers, has a wealth of knowledge about the market and has been tremendously helpful. It has also been rewarding to see Conner establish himself in the industry and compare notes as we approach the business from both the brokerage and development perspectives.

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DYNASTIES

TED ALLEN Cabot, Cabot & Forbes INDUS T RIA L

What are some fun facts about your family? AB: When my father, Don Brigham, moved his family to Arizona in 1983 to open up Bay Colony’s Phoenix Office, the first person he met in the industry was Ted Allen.

Who introduced you to the industry? JA: My father. He got me started as a property manager which I still believe is a great way to build a foundation in real estate. He was tough, but extremely fair. His word was his bond and I strive to live by that motto.

JEFF ALLEN President K I TC H E L L DE V E LO PM E NT COMPANY

JB: Both my grandpa and father. They have been involved in Phoenix CRE well before I was born!

R ETA I L, INDUS T RIAL , M ULT I- FAMILY, OFFICE

AB: My father was always in real estate and was such a phenomenal role model that I knew I wanted to follow in his footsteps… But it was actually Jen, who was my fiancée at the time, who was responsible for getting my foot in the door. Jen’s first job out of college was as the industrial researcher at CBRE and when she moved on she recommended that I take her place and got me an interview. She has not let me forget about that.

JENNIFER BRI GHAM Managing Vice President B RO O KF IE L D PRO PE RT IES : RETAIL

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DYNASTIES

DON ALD BRIGHAM Former Designated Broker & President COLDWE LL BAN K E R CO M M ERC IA L

What is it like working with family members in the same industry? JA: I am proud of Jen and Andrew’s character and the way they conduct themselves in business. I’m constantly learning from the both of them. As a father, all one can wish for their family is happiness. Seeing both Jennifer and Andrew succeed, and at the same time be extremely happy, is very rewarding. JB: I love it. Most people ask me if real estate is all we talk about. We do catch up on what is going on but we all work in different markets and different sectors. If anything, we are great resources to bounce ideas off each other. It has been fun to see Andrew and my father work together on a couple of deals. AB: It’s great when someone asks me a question about anything retail related. I can look like an absolute genius just by making a call and, because they are family, I don’t have to give them the credit but they still have to love me! The only negative I can think of is to have an inquisitive wife who knows the deal process intimately during a slow spell. Giving her starting or closing dates on a deal just doesn’t cut it. Jennifer will question, “Is it non-refundable?”…“Do you have a fully executed lease?”… “Do they have any outs?” etc!

ANDREW BRIGHAM Vice President of CBRE I N D U S TR I AL

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DYNASTIES

“Everything I have accomplished and experienced thus far in Phoenix has been on my own merit; something dad taught me is crucial for success.” – ELIZABETH COLLINS

RIC K C OLLINS Regional President RYA N CO M PA NIE S U S, IN C.

ELIZABETH C OLLINS Business Development Officer T H O M A S T IT L E & E S CROW

Who introduced you to the industry?

What is it like working with family members in the same industry?

EC: My dad. He’s been in the business since before I was born and has really enjoyed it over the years. I decided to leave a paralegal job in Chicago because I had zero client interaction, which drove me to consider a career where I could spend time working with people. I made the decision to move to Arizona and pursue a career in CRE. I knew nobody except for my parents! Shortly thereafter I was picked up by an office team at JLL and learned their sector of the market very quickly. It was like drinking out of a firehose… as they say! But lots of fun.

RC: It is truly a pleasure to see my daughter at industry events, and to feel that I can sometimes offer advice that she may find helpful about our industry. Her involvement in our industry is not something that I ever foresaw happening, so it has been all positive! EC: I love it. Ryan Companies has done so many amazing things in Phoenix and I am very proud of my dad and his contribution. One of the things we are both proud of is we are in the same industry, but we operate independently. Dad will say, ‘I think talking to X person would be helpful for you for X reason,’ and then after that it’s all on me to close the loop and make the connection after he’s opened the door.

What are some fun facts about your family? RC: We are all avid Green Bay Packers fans. We also enjoy boating, hiking, and getting together.

EC: Dad is a Green Bay Packers shareholder and we’ve had 48-yard line tickets at Lambeau Field in the family for 40+ years. We enjoy traveling, watching sports and just hanging out and laughing together. © Copyright 2018 by MP Media, LLC

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SC OTT BOARDMAN Senior Director

“We completed our first transaction together in 2017 where Alexandra represented the tenant. The negotiation was overall enjoyable and we delivered a fair deal for both the tenant and the landlord. Funny thing is that I sold that tenant 17-acres of land back in 2006, I guess I should have followed up…”

CUSH M A N & WA K EFIELD

– S COT T B OA R D M A N

DYNASTIES

ALEXANDRA LOYE Principal AVI S ON YOUN G

Who introduced you to the industry?

What are some fun facts about your family?

SB: I had a professor at University of San Diego that perked my interest in real estate. He was a real estate attorney who had each student come up with a redevelopment plan for a building next Petco Park in the Gaslamp District.

SB: My family was involved in competitive sports from a young age and it created a mental toughness for this career. With the ups and downs in brokerage, I am a firm believer in the saying that “It’s never as good as it seems and it’s never as bad as it seems.”

AL: I changed my major to real estate after taking a class at ASU. I knew I wanted to be in brokerage vs. other options in the industry because I am a sales-oriented person.

What is it like working with family members in the same industry? SB: Working in the same industry as my wife has been great. We share recommendations, ideas, and our experiences with one another; some good, some not so good. Being together in a similar business has helped both of us succeed and excel in our respective brokerage specialties.

AL: Growing up my family motto was “get tough or die” and I’d say that has definitely prepared me for this industry. We are looking forward to passing these mottos off to our son, due July 2018.

AL: It’s been really enjoyable. I tried to avoid dating brokers, but at the end of the day I just couldn’t help myself. Thankfully, I got one of the good ones. We both truly love real estate and are very passionate about our careers and it just makes it that much more fun to be able to share it with your spouse. © Copyright 2018 by MP Media, LLC

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DYNASTIES

“My dad (Nate Nathan) is incredibly ambitious, does not take “no” for an answer and pushes the people that surround him to never quit and to do their best.” – MAX NATHAN N ATE N ATHAN Prinicipal & Designated Broker N ATHAN & AS S OC I ATE S , I N C .

What’s it like working with family members in the same industry? NN: One of the best events of my life was when my son graduated college and joined Nathan & Associates, Inc. I’m excited for him to be part of the Nathan & Associates team – a team of people who have been with me between 8-33 years. In addition, I get to interact with my younger brother, Bob, in the high-end residential arena. BN: Nate and I are fortunate enough to swap information and collaborate on transactions because each one of our expertise complement one another. MN: Having the opportunity to work with my dad has been an amazing experience. It’s been eye opening to see him in a professional setting and see firsthand how hard he works. He is up at 3:30 a.m. every morning working and does not stop until he falls asleep. I often have to remind him to put his flip phone away and relax. He loves what he does and is not planning on stopping any time soon.

MAX N ATHAN Sales Associate N ATHAN & AS S OC I ATE S , I N C .

Building

BOB N ATHAN

DYNASTIES

MYRA DIAZ-N ATHAN

Broker Associate

Realtor

EN GEL & VOLK ERS

E N G E L & VOLK E R S

Who introduced you to the industry? NN: During college, I was a lifeguard at Mountain Shadows and met two prominent players in the real estate industry - Sally Goodall (a realtor who had her own firm) and the Moerkerke family – who both suggested that I get into real estate. With their advice, I got my license while I was still a senior in college.

What are some fun facts about your family? T.J. N ATHAN Realtor EN GEL & VOLK E R S OF SAN FR AN C I S CO

BN: Nate dragged me out of the restaurant business and convinced me to get into the real estate industry.

NN: My father grew up in the Depression era and always told us to never buy real estate. He was in the scrap metal business in Chicago and told me once I graduated from college I should move back and work with him. Didn’t happen.

MN: My dad. Growing up we would spend the weekends driving land and communities.

“ Never forget where you came from and always be humble. ” – N AT E N AT H A N

Nate has combined his passion for music and giving back to the community by forming

Nate Nathan & The MacDaddy-os. His band, filled with musically inclined friends, donates their talent to many Valley non-profits.

Building

DYNASTIES

Who introduced you to the industry? KS: My father was briefly in real estate when I was young. One of my banking referral sources is who asked me to join him in commercial real estate, and after spending many years in banking, decided to make the change. MM: My mother, she started in the CRE industry when I was in high school.

KIM SOULÉ Senior Vice President CO L L IE RS INT E RN AT ION AL

What is it like working with family members in the same industry? KS: I enjoy working with my son. I know him, trust him, and love seeing the ideas that Millennials have about approaching clients and marketing. He has taught me new ways of doing things and unfortunately, he can work circles around me. At the end of the day, if I can work with him and still love him, that says a lot. MM: We butt heads every once in a while, but she helps with the steep learning curve and it’s definitely great to have someone truly invested in your success. The pros absolutely outweigh the cons.

What are some fun facts about your family? MIC HAEL MONTOYA Associate CO L L IE RS INT E RN AT ION AL

MM: We are born and raised Arizonans. My family was here before Arizona was a state and there are streets named after my mother's family (Ellsworth, Crismon and Riggs).

Building

DYNASTIES

Who introduced you to the industry? TW: My father. I started my real estate career at my fatherâ&#x20AC;&#x2122;s company, Don Woods & Associates in 1973. I went with my dad to Iliff Thorn after they bought his company and then to Colliers International. BW: My father. I started with Colliers International in 2003.

What is it like working with family members in the same industry?

DON WOODS President D ON WOOD S & AS S O C IAT ES

TW: Working with Brian has been one of the biggest blessings in my life! BW: There is nobody I admire more than my dad. Having the opportunity to work with him for the last 15 years is something I'll always be grateful for!

What are some fun facts about your family?

TOM WOODS Senior Executive Vice President COLLI E R S I N TE R N AT IO N A L

BW: The Woods family moved to Phoenix in 1953 from Rochester, New York. We love Arizona and are very big on sports.

BRIAN WOODS Senior Vice President COLLI E R S I N TE R N AT IO N A L R E TAI L PROPE RT IES

Company

SPOTLIGHT

D E S C R I P T I O N S T H AT P E R F E C T LY E P I T O M I Z E

EVERGREEN “Even if a business wishes to remain its current size, it must strive to grow or else entropy, change, or competition will cause it to shrink,” says Bruce Pomeroy, Executive Chairman. “Ingrained in our DNA is a belief in continuous improvement.”

Company

SPOTLIGHT

Company

SPOTLIGHT S TA R T I N G P O I N T S Evergreen, founded almost 45 years ago by Pomeroy and CEO Andrew Skipper, boasts a national footprint of commercial real estate excellence in retail; commercial and multifamily development; asset management; property management; and leasing. /// Its client base is a who’s who of corporate titans: Sprouts, Kroger, Safeway, Walmart, Chase, Smart & Final, McDonald’s, Panda Express, Walgreens, Starbucks, Fresh & Easy, Jack in the Box and Raising Canes. And with its 2011 foray into multifamily, Evergreen is also building a formidable brand in that market segment. /// “As a mixed-use developer, we’re able to switch hit between commercial and residential redevelopment opportunities, which is critical in an era of e-commerce, driverless cars, telecommuting, and rapid societal change,” says Tyler Carlson, Managing Principal.

PEOPLE

DOUG LEVENTHAL Principal & COO | Evergreen

"At its core, one of the enduring strengths of Evergreen is its people. From those who are just starting out to the individuals who have been here multiple decades, we thrive because of the people who chose Evergreen for their career. We benefit from not only the vast network of relationships that are formed in the communities where we work but also the commitment everyone has to being a steward of our brand and our culture." – DOUG LEVENTHAL | Principal & COO 74

Evergreen doesn’t rest on its laurels. Its foundation is grounded by a strong sense of family. /// “At its core, one of the enduring strengths of Evergreen is its people. From those who are just starting out to the individuals who have been here multiple decades, we thrive because of the people who chose Evergreen for their career,” says Doug Leventhal, Principal and COO. “There is a commitment everyone has to being a steward of our brand and our culture.” /// As Evergreen’s people drive the company’s positive trajectory, their quality relationships with clients provide the enduring element to successfully sustain the business. /// “100 percent of any success we enjoy is the result of associating with truly outstanding people. Our focus is on doing something significant that adds value through hard and creative work,” Pomeroy says.

PROJECTS While national in scale and scope, Evergreen’s projects in Metro Phoenix continue to impress their stakeholders. /// “The opportunities currently in our pipeline and in development are exciting,” says Laura Ortiz, President. “In retail, multifamily, single family, and mixed-use, Evergreen projects are showcasing our approach to quality, value, and excellence.” /// Across the Valley, developments include Estrella Commons at Estrella and I-10, a master-planned community with single family, multifamily, and retail components; The Point at Eastmark, Point Twenty Two & Signal Butte in Mesa, a 30,000 SF retail space anchored by a Safeway; Trellis on Bell, 12th Street and Bell Road in Phoenix, a 32-acre, mixed-use development consisting of single-family, multifamily and retail; and Parc Midtown Apartments at 3rd Street. and Indian School in Phoenix, a 306 unit, Class-A property. /// “Parc is an adaptive reuse of the former Phoenix Motor Company Mercedes Benz dealership,” Ortiz says.

Company

SPOTLIGHT

"Our equity partnerships have become larger and more sophisticated over the years, but some things haven’t changed; we pursue partners we like and respect, we are honest and transparent, and we invest personal funds in 100 percent of our offerings. "We talk about people and culture being our highest priorities at Evergreen. This mentality drives our internal TRENDS quality of life and informs our Navigating the retail environment with the tsunami of e-commerce business strategies. We hope and changing consumer habits presents challenges. However, it is evident across our broad, Evergreen’s strategic leadership continues to uncover tremendous growth opportunities. /// “In retail the conversion of over-supply diverse ‘friends and family’ of space, Internet sales, the growing influence of millennials as network." – TIM O’NEIL | Principal consumers, and the explosion of technology are reshaping future shopping and distribution space,” Pomeroy says. “Centers of the future will have more mixed-use elements of retail, multifamily, distribution, medical, office, and public space.” /// On the multifamily side, Pomeroy sees tremendous upside as demographic patterns provide tailwinds, particularly in Phoenix. /// “The pace of multifamily development remains strong. It is most successful in transportation corridors, near employment and retail, and where there are some barriers to entry (physical, political, price) that help keep submarket supply and demand in balance,” Pomeroy says. “Construction and financing costs are rising, but population and job growth in our markets continue to support development and redevelopment.”

C U LT U R E

While Evergreen’s construction and development activities highlight its achievements, it is the company culture which ultimately defines its legacy. /// “We talk about people and culture being our highest priorities at Evergreen. This mentality drives our internal quality of life and informs our business strategies. We hope it is evident across our broad, diverse ‘friends and family’ network,” says Tim O’Neil, Principal.

F O R WA R D T H I N K I N G

TIM O'NEIL Principal | Evergreen

Evergreen’s singular dedication to its clients and investors has pushed the company forward through recession and expansion cycles. /// “Evergreen is blessed to have a solid foundation of people, systems, and financial strength that put us in a position to capitalize on our ever-changing real estate environment,” Carlson says. “Our commitment is to honesty, integrity, hard work, transparency, and intentional development. I’m excited to see where the future takes our team.”

New projects, new markets, new opportunities. Trellis on Bell

Packing House District

PHOENIX, ARIZONA

REDLANDS, CALIFORNIA

306 UNITS

281,500 SF

2018 COMPLETED

88,000 SF SHOPPING CENTER 2018 COMPLETED

Perris Marketplace

Outlook DTC Apartments

PERRIS, CALIFORNIA

DENVER, COLORADO

225,000 SF SHOPPING CENTER 2017 COMPLETED

250 UNITS

245,000 SF

2018 COMPLETED

Trusted partnerships and strategic relationships provide us with the essential foundation to intelligently rwspond to our ever-changing market. We assess conditions, than adapt to create new opportunities. Commercial, retail, and multi-famly are all part of our evolving portfolio of developments.

www.evgre.com Visit our booth at ICSC RECon | Las Vegas | Booth C74 Union Street

Development | Services | Investments

Phoenix | Los Angeles | Denver | Salt Lake City

Commercial Real Estate Strategies Focused on the Tenant Savills Studley is fully focused on the occupancy needs of Phoenix tenants. We analyze commercial real estate through a robust and comprehensive lens, delivering conflict-free solutions through a global platform of workforce, workplace and real estate services.

Learn more at savills-studley.com

2231 E Camelback Rd, Phoenix, AZ 85016 I 602.783.1610

Broker of the

MONTH

TOM JOHNSTON Senior Managing Director • Savills Studley

“I have known Tom and worked with him for almost 20 years. He is unique in that he has been both a broker and manager. This comprehensive experience makes him acutely aware of the entire deal making process, which is one of many reasons he is successful.” – KURT R OSEN E, N OVO Development

Broker of the

MONTH

“I have learned so many pearls of wisdom from mentors, colleagues, and friends over the years that have helped me immensely both in business and personally,” says Tom Johnston, the Senior Managing Director at Savills Studley’s Phoenix office. “I remember Mike Beall from my time at Cushman & Wakefield telling me that sometimes the best brokers don’t make the most money; but they have clients for life.”

STARTING POINTS Savills Studley, operating under the global Savills plc brand, is the world’s fifth largest commercial real estate firm, according to Johnston, who started in 2015. “We are strictly a tenant representation platform,” he says. “We have no conflicts of interest and advocate only for our tenant clients.”

BACKGROUND A third generation Phoenix native, Johnston attended college at Columbia University where he played football. He earned his degree in economics. From there he entered the workforce selling corrugated boxes in Los Angeles, and subsequently surgical instruments for U.S. Surgical. /// “It was in my medical days that I learned a lifelong lesson from a mentor, Doug Gloff. ‘Be respectful to everyone from the janitor to the CEO,’” Johnston says. “You never know who is coming up and who is coming down.”

BROKERAGE It wasn't until his early 30s that Johnston made a career change into commercial real estate. /// “Interestingly, commercial real estate is in my blood, although I did not know it until after I started in the sector,” he says. “My great grandfather was once president of the Phoenix Real Estate Board in the early 1900s.” /// The transition into the space was quite easy for Johnston. /// “I called Jim Wentworth Jr. to discuss career change possibilities, and Jim’s dad called me the very next day,” Johnston recalls. “Beall and Wentworth were my two biggest commercial influences.” /// In his early days at Cushman & Wakefield, Johnston honed his craft under Mike Beall and Keith Lambeth as an office leasing broker. /// “When Jim Wentworth resigned, I was honored to fill his shoes,” Johnston says.

TOM JOHNSTON with his partner & mentee, MIKE MILLER

Broker of the

MONTH

“I had the privilege of working with Tom when we needed a new distribution facility in the East Valley. Tom is competent, professional, and very thorough in his preparation and analysis. He continually offered possibilities with the associated pros and cons, and would not let us settle for a location that did not best support our needs. The site we ended up selecting and facility we built were both great solutions for our company. I would gladly use Tom again for any future brokerage needs.” – AND REW M CCAIN, P R ESI DEN T & COO Hensley Beverage Company

SAVILLS STUDLEY After brief stops at PhoenixMart and Voit Real Estate Services, Johnston found himself at Savills Studley and back at brokering after years of management. /// “Managing is tough, hats off to those who can,” he says. “Now I am back hunting, killing, eating – which I love and was successful at for many years.” /// In his role at Savills Studley, Johnston works with the executive team to foster an ecosystem built on the principles and practices he learned. /// “Always do the right thing and take care of your clients,” he says. “I want to help create leaders of the future, such as my partner Mike Miller (and a slew of others before him that I was honored to help mentor), succeed in business and life. Culture is very important; the chemistry, so we are very selective about who we bring into the organization.”

Broker of the

MONTH

TOM JOHNSTON

Senior Managing Director Savills Studley

MUSINGS

PERSONAL

“What separates me from my peers?” asks a chuckling Johnston. “Height and weight.” /// It is that spirit, passion, and a dose of irreverence that keep Johnston one of the best in the Metro Phoenix commercial real estate community. /// “The truth is what makes me a good broker comes down to: I’m type A, have a fear of failure and am selfish, self-centered, arrogant, paranoid and insecure,” he says. “I believe that you need healthy doses of each to succeed in this business.” /// Of course, his experience, incredible professional network, and accomplishments don’t hurt either. /// The success I have enjoyed both as a manager and a salesman, is the result of learning not just from my own experience, but from that of others too,” he says. “What I learned early on from Chris Toci was the 24-hour rule. Grieve a loss for 24 hours and move on. For me personally, I hate losing more than I love winning.”

Johnston enjoys nothing more than spending time with his daughters: one lives in the Valley and the other soon will graduate from Fordham. /// “They are truly a gift from God,” he says proudly. /// Johnston also cherishes his role as a teacher and coach. /// “That would be my career if I was not chasing the almighty dollar,” he says. “The best experience is working with young people, seeing individuals like Mike Miller succeed.”

ADVICE Johnston will continue to espouse the lessons he has learned in an exciting career. /// “Love what you do, be pleasantly persistent, continue to learn, and get to know everyone,” he says. "No man is an island." 81

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Writing

Editing

Media Relations

Executive

PROFILE

partners that donated money, retires after 15 years with time and talent to non-profits Alliance Bank of Arizona. primarily focused on children Zito, who started with and education. /// “One of the Alliance in 2003, has been things that I am most proud a leader in the state’s of in my career at Alliance commercial banking and Bank is encouraging the public finance sectors. /// Zito next generation of bankers is known for his significant to not only be strategic in contributions to the region’s their contributions to the economic development and bank, but also to give back success in a variety of roles to their community and local including vice chairman of economy,” says Zito. /// Don Arizona Economic Resource Garner, CEO of Alliance says,” Organization (AERO), a Ed has played a significant role in the growth of Alliance public-private partnership formed to lease Arizona’s Bank of Arizona. On behalf of hundreds of employees he economic development initiatives. He has also held has impacted, including myself, it has been a pleasure to senior leadership positions with the Arizona Chamber of work with Ed and we are Commerce , Downtown thankful for his service to Phoenix, Inc./the Flinn the bank and the greater Foundation Bioscience “One of the things that I am most business community.” /// Steering Committee, proud of in my career at Alliance Bank Don Garner continues Living Cities Capital to lead Alliance Bank of Absorption Steering is encouraging the next generation of Arizona as CEO, with Committee, and the bankers to not only be strategic in their Tim Bruckner serving Canada Arizona Business as chief credit officer. Council. /// A founding contributions to the bank, but also to The organization will member of Arizona’s give back to their community and announce a successor for chapter for Social Zito later this year. Venture Partners, Zito local economy.” – Ed Zito worked with a network of

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Dynasties

EVENT

6 86

Dynasties

EVENT

12 A special thanks to our event sponsors at Cushman & Wakef ield and Belinda Rosthenhausler at Clear Title Agency of Arizona.

1. David, Ellen & Craig Krumwiede /// 2. Big Jim & Little Jim Pederson /// 3. Rick & Elizabeth Collins /// 4. Brad & Lauren Anderson /// 5. Mike & Phil Haenel /// 6. Michael & Jackie Orcutt, Cathy Teeter, Herman Orcutt & Jonathan Teeter /// 7. Jeff Allen, Jennifer & Andrew Brigham /// 8. Cory & Leroy Breinholt /// 9. Nate & Max Nathan /// 10. Brad Cooke & Jean Boros /// 11. Ryan, Kaleigh, Lisa, Paul, Makenna & Patrick Boyle /// 12. John Graham, Kevin & Joe Czerwinski /// 13. Brad Vynalek & Victoria Teeple. ÂŠ Copyright 2018 by MP Media, LLC

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Building Dynasties: The Bell Family