Issue 5, 2019 by Commercial Executive Magazine

1 CEM-AZ.COM â&#x20AC;¢ ISSUE 5, 2019

Every bank has business accounts. Ours come with accountability. Understanding your business and being responsive to all needs – big and small – is how we deliver on accountability at Alliance Bank of Arizona.

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FALL FORUM ISSUE

Mortenson

The development and construction company leads the way in hospitality in the Valley

Broker Team of the Month

Lee & Associates’ Bill Blake and Colton Trauter are office broker heavyweights

56 Rock Star

Vanessa Williams climbs the ladder of success at Colliers International

Cover Story

Our Fall Forum panelists discuss their roles creating a bigger, better, booming Arizona

44 Sunbelt Holdings

The reputable firm celebrates its 40th anniversary and gears up for the future

52 Emerging Professional

NorthMarq’s rising star, Zach Tolson, talks work ethic and commercial finance

FOUNDER & PUBLISHER Mandy Purcell, mandy@mpmediaaz.com MANAGING DIRECTOR Karen Gallagher, karen@mpmediaaz.com EDITOR-IN-CHIEF Celina Busse, celina@mpmediaaz.com CREATIVE DIRECTOR Zane Bolen, zane@mpmediaaz.com SALES Karen Gallagher EDITORIAL Celina Busse, Tim Randall GRAPHIC DESIGN Zane Bolen PHOTOGRAPHY Zane Bolen 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

LE T T ER FROM T HE P UBLISHER

“I had no ambition to make a fortune. Mere money-making has never been my goal, I had an ambition to build.” – Jo hn D. Rockefeller

imilar to the age of Rockefeller, Ford and Carnegie, we are seeing a period of prosperity in America, and Arizona is at the heart of that growth. Leading the U.S. in population growth, Phoenix broke records this year as the fastest-growing city in the country.

With this exponential growth comes the power players who have created and continue to design the framework for the communities we live and work in. They are visionaries and innovators, and Commercial Executive Magazine is honored to have them speak at our annual Fall Forum. Our legendary panel this year features Larry Van Tuyl, Van Tuyl Companies; Dr. Michael Crow, Arizona State University; Karrin Taylor Robson, Arizona Strategies; Erik Olsson, Mobile Mini, Inc.; and Jason Morris, Withey Morris, as moderator. Read about these incredible icons and how they are contributing to a bigger, better, booming Arizona on page 12. CEM also broke records this year selling out the Fall Forum 2 months in advance! Our highly anticipated event wouldn’t be possible without our panelists, sponsors, advertisers and attendees. CEM appreciates the generous support over the years and is excited to bring another outstanding event to the commercial real estate industry. For a look back at memories from past forums, check out page 32.

Mandy Purcell , Founder & Publisher

CEM is also excited to host another EPNE - Emerging Professional Networking Event on Thursday, Nov. 21. After introducing this event in August with outstanding feedback and record attendance, we will be continuing this event quarterly. Stay tuned for more information on the November event, and for a peek at our last EPNE, go to page 58. To sponsor this event, contact Karen Gallagher, karen@mpmediaaz.com. I’d like to thank my dedicated team for your hard work making this event so special. Each year, the CEM team and I continuously strive to improve the event, discussion and topics. Finally, a special thank you to Larry (who I’ve been asking to speak at the Fall Forum more than 8 years), Michael, Karrin, Erik and Jason for being part of our Fall Forum and supporting the publication. Enjoy the issue,

CEM would like to extend our gratitude to Ed Ro bson and Karrin Taylor Ro bson for hosting our cover photo shoot at their beautiful home. Ed and Karrin have suppor ted the magazine for years and are dear friends.

Mandy Purcell Founder & Publisher

When it comes to real estate, we see potential everywhere. CBRE turns scale into strength, expense into performance, and property into prosperity. How can we help you transform your real estate into real advantage?

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JOIN THE NEW KID ON THE BLOCK.

Larry Van Tuyl, Karrin Taylor Robson, Dr. Michael Crow, Erik Olsson, Jason Morris 12

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As moderator, what do you enjoy most about questioning a panel of this caliber?

It’s intriguing to moderate a group with such depth and experience. Our panel accounts for not only a significant portion of the deals done in previous years, but they present a strong picture of the future of the Valley’s real estate market.” - Jason Morris What is something most people don’t know about you? J: My family is British and, though I was born here, I grew up in England for a large part of my life.

If you could write one new law that everyone had to obey, what law would you create? J: I’d ban phones from the dinner table and require people

to look at each other and converse. So much of what I learned in life, I learned from listening to and participating in conversation around the dinner table.

One of three partners at land-use firm Withey Morris, Jason Morris − along with co-founder Michael Withey and Adam Baugh − have built the company into one of the most distinguished and recognized commercial real estate brands in Greater Phoenix.

Started in 1999, Morris and Withey recognized that the state was poised for high growth and wanted to take part in the region’s expansion by serving high-profile clients on large-scale developments. A look at the firm’s portfolio reveals a who’s who of Fortune 500 and best-inclass institutional names: Cisco, D.R. Horton, Banner Health, Exxon Mobil, Waste Management and dozens more … Amazon ring a bell?

The company’s projects span all sectors of the industry: retail, office, multifamily, master-planned communities, hospitality, industry and mixed-use. Over his work career, Morris’ expertise and legal prowess have been instrumental in solving the most challenging and complex land-use, planning and zoning issues. With economic momentum surging in the region, stakeholders are once again revitalizing the opportunities for the connection of Greater Phoenix and Tucson. As both metros move closer to a united Sun Corridor, organizations will seek out Withey Morris to effectively manage their land-use, planning and zoning strategies.

Jason Morris

MODERATOR

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Building Arizona from concept to completion Withey Morris - Arizona's most trusted land use law firm.

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Robson Resort Communities Congratulates

Karrin Taylor Robson Arizona Strategiesâ&#x20AC;&#x2122; President and the 2019 Fall Forum Panelists

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In what ways have you fostered change to create a bigger, better, booming Phoenix?

I have focused my professional career on helping to create a more diverse and resilient economy so that we can attract high-paying jobs and grow companies here. I serve on multiple boards which focus on growing a strong economy and building a more successful education system.” -Karrin Taylor Robson

What characteristics did your parents instill in you? K: Every good characteristic I possess I received from my parents. They taught me to work hard, pay it forward and always do the right thing, even when it’s hard. They also instilled in me a great love for the beautiful state of Arizona.

Do you ever get tired of being asked what it’s like to be a woman of power? K: Never. Women are a lot more powerful than they think

they are – we have so many unique qualities and capabilities, and I never apologize to anyone for being a woman. I believe in meritocracy; our capabilities should always rule the day, not our gender.

When talking clout and cachet, you do not get more impressive than 20,000 acres, 35,000 homes and more than 25 million square feet of commercial space. Those are the entitlement metrics on Karrin Taylor Robson’s extraordinary resume, built over the years at Biskind, Hunt & Taylor, P.L.C.; DMB Associates, Inc.; and now as founder and president of Arizona Strategies. Taylor Robson has substantively impacted the Greater Phoenix commercial and residential real estate landscape, and Arizona Strategies provides her a unique platform for providing best-in-class expertise to clients on land-use scenarios across the state.

Her stellar record of accomplishments in the industry is just one part of the story. Taylor Robson is a great champion of the Valley and the Grand Canyon State. She serves with distinction on the Arizona Board of Regents, the Joe Foss Institute, Greater Phoenix Economic Council, the Arizona Chamber of Commerce and invisionAZ. A dedicated advocate for the causes of education, economic development, civic responsibility and the well-being of U.S. Armed Forces, Taylor Robson is unrelenting in her desire to see Arizona outperform competing states, not just domestically, but globally. With Maricopa County the fastest-growing county in the U.S., Taylor Robson will be in high demand by clients looking to build multifamily, mixed-use, retail and office developments. Under Taylor Robson’s leadership, Arizona Strategies looks to have a long runway of success ahead.

Karrin Taylor Robson Â© copyright MPmedia, LLC 2019

In what ways have you fostered change to create a bigger, better, booming Phoenix?

I’ve provided employment opportunities and have always fostered an environment of giving back to the community, focusing on what we believe the three pillars are: children, education and medicine. I strive to continue investing in technology, education, real estate and operating business to invest and grow in Phoenix.

When famed investor Warren Buffett takes notice of a company, the CEO knows they are doing business the right way. It was in 2015 when the Oracle of Omaha’s Berkshire Hathaway purchased Larry Van Tuyl’s automotive asset portfolio. Even before assuming the title of chairman of the board of Berkshire Hathaway Automotive, Van Tuyl was already a business legend in Arizona. Arriving to the Valley in 1982, Larry and his father Cecil, who had roots in the auto business in Kansas City, tapped into their entrepreneurial energy with start-ups Automotive Investment Group and Old United Casualty Company/MPP.

-Larry Van Tuyl What is the total dollar amount in real estate projects you have touched, the total invested in development? L: We have invested over $6 billion in real estate development, including office, industrial, retail, multifamily and masterplanned communities

What does having a strong work ethic mean to you? L: I have committed to myself to maintain a strong work ethic that gives me the opportunity to set the bar with the people I work with!

Vehicle service contracts, dealership acquisitions, auto sales, real estate holdings, and finance and insurance became the lifeblood of the father/son duo. The companies merged in 2008 as the Van Tuyl Group, Inc. Van Tuyl in 2015 noted that the tie-up with Berkshire was a “marriage made in heaven.” The reason was simple: Both men realized the intrinsic value of the Van Tuyl Group, Inc., and understood that beyond the tangible assets, the company was built on a foundation of partnerships, engagement and dedication to superior service. Eager for new challenges, the innovative businessman launched Van Tuyl Companies, Inc. The firm’s vision includes operating in the real estate space, while also seeking out investment opportunities in a vast array of industry verticals. And at the helm is a visionary who succeeds through determination, unparalleled competencies in operations and an indefatigable commitment to excellence.

Larry Van Tuyl Â© copyright MPmedia, LLC 2019

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In what ways have you fostered change to create a bigger, better, booming Phoenix?

In collaboration with our extended ASU community, I’ve been empowered to foster change by driving forward the innovation mindset and building effective partnerships that support broad success and ongoing opportunities.” -Dr. Michael Crow

How do you decompress when you are not working? M: I enjoy spending time with my family and making

my grandchildren laugh, reading history and sciencefiction, hiking in nature, and catching up on movies.

What would be your dream come true? M: My dream is to design and realize new models that make quality learning available to all learners who seek it, regardless of their background, socioeconomic status or geographic location.

Ingenious, groundbreaker, transformational … just a few of the commendations associated with Arizona State University President Michael Crow. In the role since 2002, Crow has elevated ASU to the upper echelon of global education institutions. The accolades continue to pile up under Crow’s tenure including five consecutive rankings as the #1 most innovative school in the nation by U.S. News & World Report and top 1% of the world’s most prestigious universities as ranked by Times Higher Education. Prior to his arrival, Crow served in multiple capacities at Columbia University in New York including executive vice provost and founding director, Earth Institute. Crow is the paragon of avant-garde leadership with a passion for continuous improvement. He has raised the bar for not just ASU faculty, staff and students but the residents of Greater Phoenix. Always a teacher, Crow challenges the status quo and is always asking the tough questions that push minds, organizations and metros forward to the next level of excellence.

Across its Valley campuses - Downtown Phoenix, Polytechnic, Tempe and West - and through learning opportunities online and around the world, ASU serves nearly 119,000 undergraduate and graduate students. Skysong, the ASU Scottsdale Innovation Center, serves as a vital entrepreneurial, research and economic development hub. Under Dr. Crow’s leadership, ASU is uniquely dedicated to the simultaneous demonstration of excellence, inclusion and social impact. There is no question of the indefatigable greatness of Crow’s leadership and the powerful results he continues to generate for Greater Phoenix. © copyright MPmedia, LLC 2019

Dr. Michael Crow Â© copyright MPmedia, LLC 2019

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In what ways have you fostered change to create a bigger, better, booming Phoenix?

Having been CEO of two successful Phoenix-based public companies, I have worked to bring employment growth and tax dollars to the city.” -Erik Olsson

What’s the benefit of speaking five languages fluently? E: A major benefit is that I can listen in five languages. When you listen, you learn.

What is your guilty pleasure? E: Smoking cigars and being a Phoenix Suns fan.

A look at the numbers reveals Mobile Mini, Inc., generated impressive results with CEO Erik Olsson at the helm: #1 global provider of storage offerings with over 196,000 units; 156 locations in the U.K., U.S. and Canada; 2019 Q1 revenue of $149.7 million and net income of $18.1 million.

On October 1, 2019, Olsson stepped down as CEO to take on the role of chairman of the board. While the task of filling his shoes will not be an easy one, Kelly Williams, current COO and president, is certainly up to the task. And the best part of these terrific headline numbers … this exceptional company and leadership call Greater Phoenix home. Since 2013, Olsson has steered Mobile Mini to even higher levels of corporate success. Shareholders continue to be rewarded with a steadily increasing dividend, while customers receive the best service and storage experience in the industry. This is no surprise given the executive’s long track record of delivering exceptional leadership and impressive company results.

Born in Sweden, Olsson holds dual citizenship in the U.S. and his native land. His career path began over 30 years ago, holding several key leadership roles over a 12-year tenure at Sweden’s Atlas Copco, before spending 1998-2001 as CFO at Milwaukee Electric Tool Corporation. At RSC Holdings, Inc., Olsson catapulted to the heights of a premier executive, first as COO and CFO, and in 2006 as CEO of the $1.6 billion rental equipment powerhouse. Robust growth, accelerating profits and a growing footprint showcase Olsson’s talents as a manager, leader, steward of shareholder value and client-centric CEO. Mobile Mini’s headquarters in the Valley demonstrates once again that the metro is a thriving and vibrant economy that attracts and retains innovative and prosperous companies.

Erik Olsson Â© copyright MPmedia, LLC 2019

LEADERSHIP FOR TODAY. VISION FOR THE FUTURE.

Plaza Companies has created a new Executive Council to help guide its strategic business vision moving forward. As part of the creation of the council, several Plaza Companies leaders have Sharon Harper

Larry Pinalto

Perry Gabuzzi

seen enhancements in their titles and duties, including the promotion of Larry Pinalto to serve as president of the company. Sharon Harper, the company’s founder and chief executive officer, will continue to lead as Chairman and CEO.

The moves will advance the trajectory of the company and recognize the creativity, talent, and commitment of this dedicated team of experts. The newly formed Executive Council provides a deeper level of leadership in the key divisions of our Peggy Maxwell

Bill Cook

Jon Stelzer

fully integrated real estate firm, which include Development, Design and Construction, Asset Management, Property, and Facilities Management and Brokerage and Leasing.

We’re proud to be involved in some of the Valley’s premier development projects, and are excited about what the future holds.

Margaret Lloyd

Scott Rubin

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The Future is Bright

L to R: Chris Maddox, Randall Parmele, Vicki Etherton, Shaun Tessensohn, Marie Volm

36 36

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Landmark Title In the last two years, Landmark Title has opened four new offices with plans in place for more in the coming year. Vicki Etherton, president of Landmark Title Assurance Agency, will be the first to say that the secret to the company’s success is her team. Etherton believes that hiring highly knowledgeable and experienced people that share her commitment to focusing on clients’ needs is one of the key factors that set Landmark apart from other firms in the industry. Second, and equally important, is Landmark’s collaborative approach.

“Traditionally, most companies in our industry assign files and clients to a single escrow officer. While escrow officers in our group have personal clients, we work as a team to ensure that someone experienced is always available to step in if needed,” says Etherton. Randall Parmele, Marie Volm, Chris Maddox, Shaun Tessesohn, Tony Choe, Mike Bishop and Josh Conant are all seasoned escrow and title professionals at Landmark Title, and many have known and worked with Etherton for years. Their combined experience in the real estate industry allows the firm to be nimble and responsive, especially when navigating complex deals. One of those complex deals Landmark Title handled this past year was Park Central Mall redevelopment in midtown Phoenix. It’s a mixed-use project that will include creative office space, restaurant, retail and Creighton University’s nursing school and new $150 million Health Services Campus. While some companies delegate solving the complicated title matters to the title department, Landmark’s title and escrow teams work closely on a project like this one and stay in regular communication with the client and underwriters to ensure its successful close. “If we are guilty of anything, it might be overcommunicating,” says Etherton. “We typically meet as a group to discuss potential roadblocks and determine solutions, deflecting them before they become issues.” The Landmark Title team always keeps a pulse on the market and is confident in the continued growth of Maricopa County. At a recent national industry conference, Etherton reminded peers that Phoenix is the fifth largest city in the country and one of the fastest-growing. Colleagues in other states are keeping a keen eye on Arizona, as they represent clients interested in investing here.

“ If we are guilty of anything, it might be overcommunicating. We typically meet as a group to discuss potential roadblocks and determine solutions, deflecting them before they become issues.” - Vicki Etherton PRESIDENT

“History proves there will always be ups and downs in the market, but there is always opportunity for growth,” says Randall Parmele, senior vice president of business development. “Transactions are done in good markets and bad. It’s just a matter of finding those clients and deals.” In recent years, Landmark expanded its residential team, which is aligned with the commercial team in its commitment to customer service. Etherton began in the trenches and continues to work with her team on deals, which gives her a unique perspective. She understands the ins and outs, still works with clients directly and provides support to her team where needed. She also makes a point to celebrate their successes. When a transaction is done, they make it a tradition to always celebrate with Champagne. Etherton smiles, “We are fortunate to drink a lot of bubbly around here.”

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SERVICE YOU

DESERVE Our goal at Lawyers Title is to provide exceptional products and services that expedite the closing process for your commercial transactions in Arizona and across the United States. Billie Johnson

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3131 E. Camelback Rd., #220, Phoenix, AZ 85016 | 602.954.6774 | www.LawyersTitleArizona.com

NAIOP RETAIL ROUNDTABLE

Five retail industry icons spoke during an engaging presentation on the evolution of retail in Phoenix from the 1960s through today. Dave Cheatham, president, and Darren Pitts, executive vice president of Velocity Retail Group, led the group which spoke to 100+ attendees. The panel members discussed the evolution of retail design, retailers, restaurants and the ever-important consumer which drives retail to continuously grow. Stewart Jean made the comment, “Retail is like fashion, it is continuously changing,” making note of the ever-changing width of men’s ties. The group concluded with positive comments about the outlook for the Phoenix market, retail development and retailer growth. “Getting all of this talent, experience, and history together was a treat for us as well as those attending,” said Pitts, who is also a board member for NAIOP-AZ. The Market Leader Series is made possible by NAIOP’s Arizona Chapter in partnership with the Arizona Commerce Authority and Commercial Executive Magazine.

L to R Panelists: Scott Rehorn, RED Development; Bob Kubicek, RKAA Architects; Stewart Jean, Park West Development; Jack Rasor, WDP Partners; Howard Grace, W.M. Grace Companies.

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Downtown Ocotillo

New Square

Spike Lawrence Ventures is

TRANSFORMING CHANDLER The most talented and successful athletes, entrepreneurs and business professionals find their way onto Arizona State University’s Hall of Fame, be it the W.P. Carey School of Business, Sun Devil 100 or Sports Hall of Fame. A name certain to appear on an ASU roster of excellence is Sun Devil graduate and fervent supporter Charles “Spike” Lawrence. “I am very involved in the school,” he says. “My parents attended, and now with my daughter studying, we are three generations ASU proud.”

Starting Points

Future recognition emanates from a 25-year career developing iconic projects and concepts in the Southeast Valley including The Falls at Ocotillo, Living Room Wine Bar and Café, Downtown Ocotillo and The Waters at Ocotillo, CHoP Chandler and the Ocotillo Executive Building. “I truly believe that south on the 101 from Scottsdale and east on the 202, that corridor in 20 years will become our metro’s Orange County,” he says. “The ingredients are all there for a dynamic and flourishing ecosystem.”

Background

Were it not for a miracle, the founder of Spike Lawrence Ventures, and formerly co-founder of Lawrence & Geyser Development, would not have achieved his enormous success. “I survived a terrible farm accident when I was 5,” he says. “That experience shaped me, defined my life and is the reason I live with such energy, optimism and perseverance.”

Lawrence thrived at ASU and fostered valuable long-term relationships as he ran his proprietary newspaper, Devil’s Tale. “We had a circulation of 15,000 ticket holders who wanted the inside scoop on ASU athletics,” he says. “Running the publication provided connections to early investors as I entered the real estate development domain.”

Spike Lawrence Ventures

Since 2010, Spike Lawrence Ventures has been transforming the vibrant Chandler community by capitalizing on the demand for more high-end restaurants, shopping and living options. With an already impressive resume of development successes, Lawrence in 2018 pursued perhaps his most bold initiative: a mixed-use project in downtown Chandler featuring hospitality, retail and Class A office. “New Square is a terrific design with an expected opening this fall,” he says. “This build would not have been possible without the involvement of HCW. I am proud to work with CEO Rick Huffman, who has been a great partner.”

Future

Lawrence sees vast potential and opportunities for Ventures in the coming years. “I love doing deals,” he says. “I want the company’s legacy to be about quality and best-in-class developments that stand the test of time.”

Â© copyright MPmedia, LLC 2019

| Spike Lawrence

40th Street Frontage

32' Clear Height

Class A Industrial in the Heart of Phoenix Site Demoliton Now Complete! Two-Building Industrial Development | 320,700 SF Delivering Q2 2020 BEFORE

AFTER Building 1 211,900 SF

Building 2 108,800 SF

Located just off 40th Street and University Drive  5 minutes to Sky Harbor  2 minutes to I-10

www.Airport40.com 42

DEVELOPMENT SOLUTIONS

Ellsworth Adhesives West Region Distribution Center

The Beam on Farmer

www.mortenson.com/development

Hampton Inn and 43 Suites Downtown Phoenix

Mortenson

Leading the way in hospitality development

n a 20-plus-year career with industry leader Mortenson, George Forristall, director of real estate development, has traveled the world and contributed his expertise on dozens of the company’s high-profile projects. “From building ski lodge condos across the Mountain West region and data centers in Tokyo and Guam, to wind farms in Hawaii and office buildings, hotels and redevelopments in Denver and Phoenix, I have a passion for working in real estate development,” he says. And there is one area of real estate development he enjoys most: “integrating projects into the existing urban fabric of a community,” he says.

Starting Points

Mortenson’s vast and impressive footprint came to the Valley beginning in 2000, and Forristall joined the Chandler operation in 2009 as part of the leadership team. Over the course of his Arizona tenure, Forristall has brought strategic insight and tactical intelligence to a host of notable buildings. Some of Mortenson’s local, most significant projects include American Family Fields of Phoenix, Salt River Project’s Project Administration Building, Eagle Mountain Facebook Data Center, University of Arizona McKale Center and Cole and Jeannie Indoor Sports Center, as well as Salt River Fields at Talking Stick. “Our organization is equipped to support our customers from a development and builder mindset,” says Forristall. “At Mortenson, a successful project emanates from cultivating longterm relationships with customers. We recently delivered a West Region Distribution Center, in Nevada, for an existing Midwest customer, Ellsworth Adhesives.”

Left to Right:

George Forristall

Director of Real Estate Development

Damon Jeffrey

Senior Design Phase Manager

Brady Rewerts Ron Wilson

Director of Design Phase

Verticals

Customers trust Mortenson for their commercial real estate knowledge across a range of verticals, including health care, multifamily, office, mission critical and industrial. And don’t forget hospitality. “Our brand has been a leader in this space since 1979,” Forristall says. “We have developed and built 134 hospitality projects totaling more than 24 million square feet and more than 25,000 keys.”

Hampton Inn and Suites Downtown Phoenix

Forristall and Mortenson’s development team debuted its first hospitality experience to Arizona with the opening of the 11-story, 210-key Hampton Inn and Suites Downtown Phoenix in May 2018. “The most unique aspect of developing and building the hotel was to execute the product with zero parking – a common amenity for many hotels,” he says. “Additionally, we also completed the design of an adjacent multifamily tower, which is currently under construction. We believed this combination added the most value to the core of downtown Phoenix.” /// The “we” Forristall refers to includes valuable team members: Ron Wilson, director of design phase; Brady Rewerts, senior design phase manager; and Damon Jeffrey, senior design phase manager.

Hyatt Place Hyatt House

The Follow-Up

With the 2018 opening, Mortenson hospitality in the Valley was off and running. Forristall seized on the success with chapter two; Hyatt Place / Hyatt House in the Novus Innovation Corridor of Tempe. “Groundbreaking at the site began in April of this year, the first building to break ground in the Corridor” says Forristall. “We are excited to see the 259-room hotel come to fruition in the summer of 2020.” /// With the success of the Hampton, Forristall is eager to pursue additional new opportunities in Downtown Phoenix. “We truly appreciate our partnerships with the City of Phoenix and with their economic development department. Their open-arms approach to helping us develop and plan for the future is developer-friendly,” he says. /// Here is one more for good measure: the recent opening of the Great Wolf Lodge property in Scottsdale. This 350-key resort is the first indoor water park in the state of Arizona, complete with a family entertainment center and many retail and restaurant options. It creates a destination experience for locals and visitors alike, he says.

Hampton Inn & Suites

The Beam on Farmer New Projects

The Mortenson team is always at the forefront of innovation, as demonstrated by The Beam on Farmer. “The structure is a first-of-its-kind in Arizona office building that will be a destination experience featuring the best of live, work and play,” he says. “An urban product in downtown Tempe, the new office will be fully built out of cross-laminated timber.”

Future

There is no stopping the momentum of Mortenson in the Valley. “One thing that makes us unique is we have a robust construction and development portfolio – and we are not locked into a single way of doing each service,” Forristall says. “We have versatility and tools to figure out the best solution for our customers to advance a project, from concept to development stages to the groundbreaking and opening of the project.”

Sunbelt Holdings Celebrating 40 years

46to R: Keith Kauffman, Bob Bambauer, John Graham, Sean Walters, Heidi Kimball L

ÂŠ copyright MPmedia, LLC 2019

When talking character and tenure, no other development firm has a reputation quite like Sunbelt Holdings. The company, which celebrates its 40th anniversary this November, has built an impeccable reputation as a revered leader in real estate. History Sunbelt Holdings was formed in 1979 by Tor Andenaes, a successful international developer. Andenaes had a portfolio of assets in Arizona including Phoenix Gateway Center, a 40-acre mixed-use office and hotel development; a 5-acre hotel site at 44th Street and McDowell; and 1,800-acres that was annexed into Scottsdale and became Troon North.

Leadership

Andenaes instilled a team of leaders that have remained nimble and entrepreneurial through the ups and downs of several economic cycles. One of those leaders is John Graham, widely respected throughout Phoenix as an outstanding developer and community advocate. In 1982, John Graham joined Sunbelt Holdings from Coldwell Banker and The Koll Company in asset management and quickly took the reigns as Andenaes’ right-hand partner and leader of Sunbelt Holdings’ properties. Graham was named president in 1990 and assumed the role of chairman and chief executive officer earlier this year. Cornerstone to Sunbelt’s 40-year success has been a tenured leadership team including Sean Walters, president and chief operating officer; Heidi Kimball, senior vice president and designated broker; Bob Bambauer, executive vice president; and Keith Kauffman, chief financial officer. Collectively, they have buoyed Sunbelt’s mission to add meaningful value to real estate opportunities – from land and residential to office and industrial, and have set the tone for Sunbelt’s next 40 years of development.

Legacy Properties

While Sunbelt Holdings is best known for developing some of the Valley’s most beloved master-planned residential communities including Power Ranch, Johnson Ranch, McDowell Mountain Ranch, Vistancia, Sonoran Foothills and Arizona Traditions, it has expanded its portfolio to include successful mixeduse commercial centers and large-scaled office and industrial development projects including Marina Heights in Tempe and PV|303 in Goodyear.

Present

As the company looks ahead to the next 40 years, Graham and the leadership team are keenly focused on continuing to seek new opportunities to expand the company’s portfolio in residential, hotel, multifamily and retail mixed-use properties.

Earlier this year, Sunbelt launched Union Park at Norterra in North Phoenix, a 400acre master-planned community it is codeveloping with USAA Real Estate, a subsidiary of USAA. The firm has also recently taken a solid position in the Tucson market, acquiring four master-planned residential properties – La Estancia, Red Rock Village, Sendero Pass and Sycamore Canyon; and manages the development of Windrose and Zanjero Trails properties in Maricopa County.

Paving the Future

The new generation of Sunbelt is taking shape and making a mark on the company’s newest properties.

“Sunbelt Holdings has been fortunate to be involved with numerous iconic real estate projects and community issues that have truly improved the quality of life for many. “ - John Graham Chairman & CEO

Paving the

For the Nex T H E N EW GEN ER ATION Wayne Dames, P.E. Vice President

Wayne joined Sunbelt Holdings in 2004 and leads Sunbelt Holdings’ urban infill projects. One of the most time-consuming projects consists of entitlements to plan and construct a 700 unit and 30,000 square feet mixed-use development which is planned to break ground in 2020. Other development projects include the 149-unit Portland on the Park condominium project featuring a 14-story tower in the downtown Phoenix Roosevelt Historic and Art District, and a future building for the One East Jefferson project.

Jeremy Johnson Vice President

Jeremy joined Sunbelt Holdings in 2004 and serves as the lead for Sunbelt’s West Valley residential planning, engineering and construction projects including Windrose in Maricopa County, Union Park at Norterra in North Phoenix and the 1,600-acre PV|303 master-planned industrial business park in Goodyear.

Josef Pappas, P.E. Vice President

Joe joined Sunbelt Holdings in 2016 and leads all facets of development for the 400-acre Union Park at Norterra master-planned community in North Phoenix including planning, engineering, construction management builder negotiations, as well as serving as the liaison to San Antoniobased land owner USAA Real Estate. Joe also heads up the entitlements and design engineering for the 192-acre Laveen Vistas in southwestern Phoenix.

“As we celebrate our 40th anniversary, we are proud we continue to hire the best people to build upon Sunbelt’s legacy for decades to come.”

Way

- John Graham Chairman & CEO

xt 40 Years O F SU NBE LT HO LD IN GS Greg Mohl, P.E. Vice President

Greg joined Sunbelt Holdings in 2018 and oversees homebuilder land sales negotiations, entitlements, engineering and construction of Sunbelt Holdings’ residential master-planned communities in the Tucson and Pinal County markets, including La Estancia in Tucson; Red Rock Village in Pinal County; and Sendero Pass and Sycamore Canyon in Pima County.

Justin Graham, J.D./MBA Project Manager

Justin joined Sunbelt Holdings in 2018 and is focused on expanding Sunbelt Holdings’ infill and vertical project portfolio. He leads acquisitions, entitlements, due diligence, legal support and feasibility on new and current projects, including a Downtown Phoenix hotel development project at Central and Adams, a multifamily and retail mixed-use infill project in Tempe, a multifamily project at Central and Jefferson in Downtown Phoenix, and manages closeout of the final units at the Portland on the Park condominium project.

Brady Ewell Project Manager

Brady joined Sunbelt Holdings in 2014 and manages the day-to-day construction and development of the Windrose master-planned community. He is also involved in the planning and development of the remaining 300 acres of the Zanjero Trails project in Maricopa County, and manages the construction of the remaining assets at the PV|303 master-planned industrial business park.

Thank You

Commercial Executive Magazine thanks each of our generous sponsors. Your support for our Fall Forum is greatly appreciated.

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WE PROUDLY WELCOME STRATEGIC RETAIL GROUP TO AVISON YOUNG. Servicing the office, industrial, healthcare, and retail sectors in the Arizona market.

The fastest growing brokerage services firm in the world. Photographed from left: Mark Seale, Wally Hale, David Genovese, Matt Milinovich, James DeCremer, David Jarand

avisonyoung.com

Bill Blake, Colton Trauter

BROKER TEAM OF THE MONTH Presented by Willmeng Construction

Â© copyright MPmedia, LLC 2019

BILL BLAKE & COLTON TRAUTER

Seventy-two inches. You get to know someone very well when that is the distance between desks. “We have sat 6 feet apart for the past 13 years and are always able to bounce ideas off of one another,” says Colton Trauter, principal at Lee & Associates. “Colton and I have always worked well together and share a lot of the same interests and work habits,” says Bill Blake, principal.

Starting Points

Since the firm’s inception in 1979, Lee & Associates has earned a sterling reputation in the industry with a distinctive organizational dimension. “We are the nation’s largest broker-owned commercial real estate services firm,” says Blake. Over 1,000 professionals in 60 offices provide a comprehensive suite of brokerage, management and appraisal services. For Blake and Trauter, their expertise extends to the representation of landlords and tenants in the Greater Phoenix office sector. “We feel very optimistic about the future of the Valley office market. We have had controlled growth and are not overbuilt at this time,” says Trauter. “I would expect to continue to see new spec office buildings being delivered over the next 18-24 months, as well as the continued renovation of high-vacancy buildings in desirable submarkets to better meet the demands of today’s office users.”

Relationships

“I would expect to continue to see new spec office buildings being delivered over the next 18-24 months, as well as the continued renovation of highvacancy buildings in desirable submarkets to better meet the demands of today’s office users.”

Both Blake and Trauter espouse the importance and value of relationships as pivotal to their success. “Many of my – Colton Trauter clients are my peers that I have worked Principal | Lee & Associates with for over 20 years, which is very gratifying,” says Blake. “I have been working with some of my clients since I cold called them 15 years ago and have been working with them as they have continued to grow their business,” says Trauter.

Beginnings

The partners’ multiyear collaboration began with Trauter learning the business under the mentorship of Blake. “I got into commercial real estate through introductions made by family friends,” he says. “I eventually ended up meeting with Bill and ran for him prior to us becoming partners.”

Book of Business

Blake and Trauter’s roster of clients is certainly impressive: Arizona State University, DMB, Ryan Companies, Regent Properties, Desert Troon Companies and dozens more. Together, the team has amassed over 1,700 transactions, covering 28 million square feet with a valuation of $1.3 billion. These numbers reflect the duo’s dedication to clients, and their unwavering commitment to deliver a superior level of service. As such, it is no surprise that Blake and Trauter are associated with world-class properties such as Biltmore Commerce Center, Desert Ridge and Park One.

Trends

As for what is in store over the next several quarters, Blake says, “The office market should follow multifamily with continued in-fill and vertical development. Unfortunately, the multifamily surge has taken many of our better office sites off the market.” More broadly, “The next push for office buildings to differentiate themselves is to create a lifestyle feel with a wellness centers, coffee/juice bars, libraries for quiet places and other amenities,” Trauter says. “All these trends are geared toward employers being able to retain and recruit top talent.”

Future

Lee & Associates continues to thrive in the Valley, thanks in no small part to the hard work of Blake and Trauter. “We have high expectations for our team and try to live up to them,” says Blake.

Notable Clients

Ryan Companies Regent Properties Lincoln Property Company Oaktree ASU

Noteworthy Properties Biltmore Commerce Center Renaissance Square Desert Ridge Elevate 24

1,700 Transactions

28M Square Feet

$1.3B In Total Sales

“Colton and I have always worked well together and share a lot of the same interests and work habits.” – Bill Blake

Principal | Lee & Associates

Zach Tolson E M E R G I N G

P R O F E S S I O N A L

Zach Tolson, vice president with NorthMarq’s Phoenix office, is no stranger to hard work. Tolson’s road to playing Division 1 basketball under mentor and Coach Dan Majerle at Grand Canyon University didn’t come easy. After playing basketball most of his life, he graduated high school with zero college offers or interest. Instead of giving up, Tolson worked at his craft, faced many difficulties and overcame it all to achieve his dreams.

How did you get into the business? My father, Adam Tolson, has been in the industry for more than 20 years. I gained interest at a young age, which eventually led to an internship in commercial finance. After graduating from GCU, I landed a position at NorthMarq. During my internship, I gained a passion and strong desire to build a career in the real estate debt and equity space. What is the most notable deal you’ve worked on? The most notable deal also happens to be the first deal I brought in the door at NorthMarq. A $30 million Class A flex/office center in South Tempe that struggled with occupancy for years. It needed a bridge loan to do some necessary improvements and allow the buyer time to raise occupancy before securing permanent financing. It had a few moving parts, so it gave me an opportunity to gain additional insight into the value-add space and bridge lending space. How has your experience as a D-1 athlete helped you as a broker? The skill I use most often is my work ethic. Nothing about my basketball career was given to me or was pure luck. I had to work with intense tenacity to achieve each of my goals, and I think that is my greatest strength as a commercial mortgage broker. Where do you see yourself in 10 years? I see myself being an industry leader, known as someone who achieves excellent results for my customers all the while adhering to my values. I also see myself starting my own family and achieving balance in my life with them as well. Long-term success to me is a package deal, which includes success in the industry and in my personal life.

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Network with other emerging professionals in CRE Our next event is in November! Visit our website to sign up: cem-az.com/epne

About EPNE

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

Emerging Professional Networking Event 58

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NORTHMARQ PHOENIX - RECENT FINANCINGS

$34,300,000

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376 UNITS | HENDERSON, NV

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PHOENIX OFFICE DEBT/EQUITY

INVESTMENT SALES

James DuMars Managing Director Griffin Martin Senior Producer Alex Quenzler Vice President Zach Tolson Vice President

Trevor Koskovich President Bill Hahn Executive Vice President Jesse Hudson Vice President Don Vedeen Vice President

Jared Bosch Sr Associate Chris Michl Sr Associate Ryan Boyle Sr Associate Logan Baca Associate

COMMERCIAL REAL ESTATE DEBT & EQUITY | INVESTMENT SALES | LOAN SERVICING

Visit northmarq.com/phoenix or call 602.955.7100 License #: AZCBK 0919710 & CBKBR 0117381

60 60

Vanessa Williams

Director of Business Development & Strategic Resources Southwest Region | Colliers International

usiness executives commonly ask how important marketing and public relations are in growing a firm’s brand. As director of business development and strategic resources for the Southwest Region of Colliers International, Vanessa Williams answers authoritatively. “By developing and implementing the most innovative and meaningful marketing, communication and public relation strategies, Colliers gains market share,” she says. “Staying current with marketing approaches can make or break a real estate asset or tenant space. This includes elevating our marketing and research departments in each of the offices to operate as strategic partners to our brokers.”

Starting Points

Credit Bob Mulhern, senior managing director, Colliers International in Arizona, with understanding the value of a robust marketing, advertising and public relation function. “Vanessa’s transformative vision about commercial real estate marketing has benefited our operations in remarkable ways,” he says.

Background

After graduating from the Art Institute of Phoenix, Williams entered the commercial real estate sphere working for Grubb & Ellis as a graphic designer in 2007. “I loved the industry and enjoyed graphic design, but there was a lack of synergy within the two fields, and I was not satisfied with the standard project brochure formats, presentation materials and standard leasing and sales approaches,” she says. After some time away from the industry, during which she sharpened her creative talents; Williams took the opportunity to re-enter the sector in 2013 with a mission to change how commercial real estate stakeholders viewed and used marketing, communications and public relations capabilities. “We have brought innovation and technology to the table,” she says. “As a communicator, it is thrilling to experience new tools that reach our potential clients, whether they be new social media platforms or software lead generators.”

Development

Williams joined Colliers in 2015 and rapidly climbed the ladder of success in capacities as regional marketing ambassador for the Southwest Region, and marketing director for Arizona. Promoted in 2019 to her current position, Williams is excited about the challenges and responsibilities that accompany the role. “Bob Mulhern’s dedication to nurturing his team personally and professionally allowed me to grow and transform the Colliers marketing efforts in Arizona. This led to recognition by the overall corporation and Regional President David Josker’s interest in expanding my scope to the entire Southwest Region,” she says. “In my new role, I assist in managing the business development process, the identification and qualification of opportunities, and the assignment of these opportunities to local, regional and/or national business development professionals. It is quite an honor to have been promoted to this new position.”

Personal

Away from the office, Williams has a singular focus and love. “My greatest passion is family, especially my 3-year-old daughter, Roslyn Brynne. She is my biggest joy and the part of life I am the most passionate and proud of,” she says. “I’m especially dedicated to supporting Roslyn’s beautiful autism journey and advocating for the entire Arizona autism community.”

Future

Williams sees great times ahead for Colliers, as the company continues to expand its offerings and presence. “On a macro level, I am completely bullish on our brand in the Southwest region,” she says. “Within the field of marketing and business development, I am excited about the ever-changing technological advances.”

61 61

RAZOR SHARP Agility Responsiveness

INNOVATION

Navigating the rapidly changing world of commercial real estate demands innovation and agility. Colliers International in Arizona offers the winning combination of cutting-edge solutions executed with efficiency and razor-sharp precision. colliers.com/arizona Phoenix Scottsdale Flagstaff

+1 602 222 5000 +1 480 596 9000 +1 928 440 5450

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D EV E L O P E R

E X C L U S I V E A G E NT Office:

James V. Camp

Mark Singerman, LEED AP

Senior Vice President and Regional Development Officer

Vice President Regional Director - Arizona

RGDC-CA@rockgrp.com

RGDC-AZ@rockgrp.com

www.rockefellergroup.com

Phil Breidenbach, SIOR phil.breidenbach@colliers.com 602-222-5073

Industrial: Paul Sieczkowski, SIOR paul.sieczkowski@colliers.com 602-222-5085

2390 E. Camelback Road, Rob Martensen, SIOR, CCIM Suite 100 rob.martensen@colliers.com Phoenix, AZ 85016 602-222-5082 602-222-5000 63 www.colliers.com

You don’t have to be

RUTHLESS

to win

Q: Tell us about the rubber ducks.

A: In our first office space when the company started, I found a rubber duck that the previous tenant left behind. Team members started tossing it around, then it became an award and it has evolved over time.

Q: So, the duck is the mascot of Keyser? A: Absolutely. When I give speeches, I tell the audience, “If you want to ask a question, just throw a duck at me.”

Q: What does the duck mean now?

A: People started noticing the duck, so I bought more. The duck has become this gigantic part of the identity of Keyser, which is really cool.

Q: Any idea how many you have bought? A: Let’s just say we have not yet reached seven digits.

“The Keyser brand is all about proving that selfless service is a powerful formula for achieving long-term success. You can indeed win in this business through being of service to others.” -Jonathan Keyser Founder

JONATHAN KEYSER Talk about the Big Picture. For Jonathan Keyser, founder of the eponymous commercial real estate and business advisory firm, the business is a vehicle to spread the larger message that he hopes will transform the industry. “I am an evangelist for selfless service,” he says. “The Keyser brand is all about proving that selfless service is a powerful formula for achieving long-term success. You can indeed win in this business through being of service to others.”

service is a personal and business game-changer. “That is why I wrote ‘You Don’t Have to Be Ruthless to Win: The Art of Badass Selfless Service,’” he says. “I hope anyone who wants to think differently about how they live their life and conduct themselves can pick up the book and discover a different route.” The message certainly clicked as the narrative reached #1 on The Wall Street Journal’s Best Seller List its second week after publication.

Starting Points

Future

If the Jonathan Keyser of 2004 could hear his 2019 counterpart, there would no doubt be some skepticism. “When I entered the world of CRE, I wanted to make money, and to that end, the prevailing wisdom indicated that a ruthless and cutthroat approach was the only way forward,” he says. “I traveled on that road for years, but in the end that reality did not align with my core values, and I knew there had to be a better path.”

Life Changer

That alternative arrived when Keyser attended a seminar on selfless service and discovered a truth that he believed was the answer. “The speaker indicated that attaining personal success emanated from building a network by helping as many other people as you could,” he says. “I bought into the philosophy, and over the years, reinvented and redefined myself. The journey took time and the payback was not immediate, but in 2012, I realized that what I was doing could revolutionize the culture of CRE.”

Amid the success of the business, the book, and his speaking engagements and television appearances, Keyser has not forgotten what is important. “My wife Susanna and four kids are the most important to me,” he says. /// It seems there is no stopping Keyser. “This has been an unbelievable journey,” he says. “Selfless service will continue to be my passion and life’s work. So how can I best h e l p you?”

Keyser

Launched in January of 2013, Keyser has grown rapidly into the largest occupier services firm in Arizona, and one of the fastest growing, privately-owned companies in the country. “The brand starts and ends with our foundational 15 Core Operating Principles,” he says. “Team members live by these tenets with an unparalleled dedication to client service.” /// In addition to the brokerage and advisory lines, the Keyser Institute offers a teaching platform for business executives interested in learning how to create a selfless service-oriented culture in their organization. “The Institute is all about spreading the service message as broadly as possible,” he says. “Selfless service is not about just commercial real estate; the idea can be applied to all industries.”

Keyser wants all of his team members and clients to accomplish their goals and dreams. Even more, though, he believes that selfless

65 65

LET’S DO THIS As mayor of Goodyear since 2011, Georgia Lord has spearheaded an amazing growth trajectory for the dynamic West Valley city. “Goodyear has a lot of to offer,” she says. “When a person or a company chooses Goodyear as home, they are entering a city with a number of advantages. We offer a safe and vibrant community, schools with A ratings, ample space for development, a highly educated and skilled workforce, and a business-friendly environment.”

Starting Points

When her tenure began, Lord faced the daunting task of reversing a commercial climate that company executives found uninviting to business. “The feeling was that Goodyear was not a place to allocate capital, relocate or expand,” she says. “Our city has invested in our community, and over time, we’ve earned a business-friendly reputation by implementing practices promoting efficiency and innovation. Best-in-class names putting roots down in Goodyear tell the story: Microsoft, Compass Datacenters, Nike Air Manufacturing Innovation, UPS, Amazon and many more.”

Valley Hub

Business leaders see Goodyear as a superstar with unlimited potential. “With only 11% of our 191-square-mile city developed, the opportunities for new business are almost endless,” she says. “We strive to be the best partners, be it Fortune 500 or an entrepreneurial startup. I like to say, we’re in the service business – because we are! We work closely with each business to find solutions to problems and ensure timelines are met. After all, time is money.” /// While Goodyear possesses many foundational elements critical to its success, a major factor involves the robust transportation infrastructure surrounding the municipality including

Goodyear Statistics

85k Residents

95%

Feel Goodyear is an excellent or good place to live

96%

Feel safe in their neighborhood

89%

We’ve got Nike and Amazon. What’s next? Interstate 10, Loop 303 and MC 85. In addition, the Phoenix Goodyear Airport is in proximity, as is a rail line. “These all provide access for businesses and residents, as well as the workforce entering our city,” she says. “And don’t forget State Route 30, which currently is in the environmental study phase. This project will provide more access to Goodyear, attract more development to our community and serve as a major economic driver by increasing the connectivity for the entire region.”

Balance

Lord, City Council members and the talented government staff have been instrumental in creating a culture of engagement, synergy and constructive dialogue between business leaders, residents and municipal personnel. “We listen to all of our partners equally. Fortune 500 companies, our citizens and everyone in between has wants or needs, and it’s our job to ensure we are all successful,” she says. “Keeping our partners happy is a common goal across the city of Goodyear. We are lucky to have such dedicated staff working in the best interest of the community.” /// The results speak volumes about the success of the Goodyear model. In the city’s most recent Citizen Satisfaction Survey, respondents indicated: 95% feel Goodyear is an excellent or good place to live; 96% feel safe in their neighborhood; 9 out of 10 would recommend and remain in Goodyear.

“With only 11% of our 191-square-mile city developed, the opportunities for new business are almost endless. We strive to be the best partners, be it Fortune 500 or an entrepreneurial startup.”

Upcoming

The mayor finds herself amid a flurry of activity before her final term expires after the fall 2022 elections. A new Water Treatment Facility, Recreation Campus and Civic Square at Estrella Falls are all projects in the works. Lord is

-Mayor Lord

particularly excited about the latter. “Our community has patiently waited for this project, and we are tremendously grateful for our partnership with Globe Corporation and for their investment in our community,” she says.

Future

The future is bright for Goodyear thanks to Lord’s energy and enthusiasm. “It is an exciting time for Goodyear, and I am so

fortunate to be the mayor at a time like this,” she says. “Providing a quality city for our residents and business community has been a main goal of mine. With the help of our City Council, our city management and external partners, I truly believe we’ve done so thus far. The next few years will be an exciting time, and I look forward to what is to come for Goodyear.”

IT’S BEEN A GOODYEAR

NOW RECRUITING BROKERS! 68

DELIVERING EXCEPTIONAL

RESULTS

Newmark Knight Frank is taking on the Phoenix market with tremendous momentum and continues to pioneer winning real estate solutions.

GROWING The Platform

INCREASING Market Share

RECRUITING Top Talent

CLOSING

Large Assignments As one of the world’s leading commercial real estate advisory firms, Newmark Knight Frank is transforming businesses and properties, and exceeding client expectations.

2398 E Camelback Road, Suite 950, Phoenix, AZ 85016 • 602.952.3800

ngkf.com/phoenix

BH Properties Finds Success in The

Northsight Financial Center

“We have identified Phoenix as one of a few major markets for our continued expansion in hopes of doubling our Arizona portfolio size in the next few years.” - Andrew Van Tuyle

Arizona Opportunities 10M+

In-State Investments

1M+

Out-of-State Investments

250k+ Less Than 250K Total property sales in the past 24 months

BH PROPERTIES

Q: As more outside investors focus on Arizona, how do you feel that will affect BH Properties’ business? A: The reality is that very few, if any, investors can move quickly enough

ANDREW VAN TUYLE

to write a check for as much as $100 million in a matter of days. Because of the way we are structured, we don’t have any need to raise capital, get debt, or rely on an outside board or third-party approval for us to move forward. Everything that we buy is taken down with our line of credit. No debt and no equity raise. So, while there are plenty of buyers out there, we are unique in our ability to move quickly.

Q: Which commercial asset classes is BH Properties focused on in Phoenix? A: Although we recently closed three office deals in Phoenix, one of our

advantages as a company is that we aren’t restricted in what we can buy. Our portfolio not only enjoys geographic diversity, but also diversity in asset type. We generally focus on retail, office, industrial and multifamily, and have recently started investing in ground leases and covered-land plays. In the short term, I think our focus will be in retail and office, but we are willing to evaluate and buy whatever makes sense.

Q: BH Properties has invested $55.3 million in the past couple of months, bringing its Phoenix portfolio to a total of 21 properties. Why is BH Properties choosing to expand its portfolio in Phoenix? A: Phoenix has a lot to offer. The city provides a low cost of living

and a business-friendly environment for employers. In addition, the city’s employment base has become much more diversified compared to the pre-recession economics. We strategically decided to open a management office there with the expectation of growing our portfolio. Unlike some of the other larger cities, Phoenix still doesn’t attract a lot of institutional capital, resulting in less competition for us than Los Angeles and San Francisco. To the extent we can bring our capital closer to our headquarters in Los Angeles, it makes management and operations much more efficient.

Q: What does BH Properties’ future involvement in Phoenix look like?

Senior Managing Director of Investments

Company History

BH Properties has been investing in the greater Phoenix area for nearly 30 years. One of the company’s first acquisitions in the early ’90s was a multifamily project in Apache Junction. It was a small, 25-unit apartment building that became a success for BH Properties. While the company continued to invest in the greater Phoenix market through the years, the bulk of its investment has been in this most recent cycle. BH Properties acquired around 3,000 multifamily units from 2010 to 2014 and have amassed over 1 million square feet of retail, office and industrial properties post-recession. All told, BH Properties owns approximately 2 million square feet of space in Arizona today across multiple product types.

A: Our business plan calls for us to be heavily invested in Phoenix,

and to move some of our equity from the East Coast closer to our headquarters in Los Angeles. We have identified Phoenix as one of a few major markets for our continued expansion in hopes of doubling our Arizona portfolio size in the next few years.

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WHAT DOES $

147 MILLION

IN CHARITABLE GIVING FEEL LIKE?

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

For more Arizona success stories, visit www.ThunderbirdsCharities.org