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Avesis Goes Corporate in Phoenix

24 Sep 2015, 8:05 pm

By Liviu Oltean, Associate Editor

Avesis Inc. will soon consolidate its corporate headquarters, regional sales office, and several other departments at the Corporate Center in Phoenix.

The firm leased 55,501 square feet of space at the center, according to an official statement issued by Cushman & Wakefield. Located within the Metrocenter submarket at 10400 N. 25th Ave., the center is owned by Crown West Realty, and is currently 50 percent leased.

Corporate Center

Corporate Center

Tim Whittemore and Mike Sayre, both senior directors with Cushman & Wakefield, acted on behalf of Crown West Realty, while Todd Noel with Colliers represented Avesis. The healthcare company relocate into the new space in October, vacating its current headquarters and regional sales office at 3030 N. Central Ave. and 4451 E. Oak St.

“Avesis was attracted to Corporate Center as it allows the firm to consolidate three different leases including its corporate headquarters, regional sales office, customer service and several other departments not only in one building, but all on one floor,” Tim Whittemore said in a prepared statement. “Corporate Center’s large floor plates at approximately 55,000 square feet provided the efficiencies to accommodate Avesis’ entire operation.”

Image courtesy of Cushman & Wakefield

Savills Studley Appoints New Senior Managing Director

24 Sep 2015, 3:04 pm

By Liviu Oltean, Associate Editor

Commercial real estate services firm Savills Studley has recently appointed real estate veteran Michael White as senior managing director of its Phoenix office.

Michael White

Michael White of Savills Studley

Throughout his career, Michael White has negotiated and completed more than 27 million square feet of commercial lease transactions and build-to-suit projects, amounting to a total value in excess of $2.1 billion. Before joining Savills Studley, White served as senior director for Cushman & Wakefield, senior vice president for Grubb & Ellis|BRE Commercial, senior managing director for Insignia/ESG, and senior director for Koll Management Services Inc.

During his tenure at Cushman & Wakefield, Michael White was a key player in convincing Apple to enter the Phoenix real estate market—alongside Jim Wilson, he brokered the sale of the 1.3 million-square-foot Mesa Center to one of Apple’s affiliates, Platypus Development LLC.

“The Phoenix market has been hungry for a tenant-focused platform and Savills Studley’s solid reputation and proven track record is filling this need,” said White in a prepared statement. “I look forward to contributing to the growth of the Phoenix office and the firm’s overall success.

Image courtesy of Savills Studley 

Wood Partners Reaches Double Digits in Phoenix

22 Sep 2015, 3:18 pm

By Liviu Oltean, Associate Editor

Atlanta-based Wood Partners has recently celebrated the groundbreaking of its 10th multifamily community in the Phoenix metro area.

Alta Fillmore

Alta Fillmore

The company’s latest project is Alta Fillmore, a 230-unit multifamily community located on a 4.1-acre site in downtown Phoenix. The community, which was designed by Biltform, will offer one-, two-, and three-bedroom units ranging from 671 to 1,525 square feet. According to an official statement by the developer, the rental rates of the apartments will be lower than the area’s.

“Alta Fillmore will offer residents a unique value proposition that includes excellent walkability and bike-ability to the unique amenities found in downtown Phoenix,” said Todd Taylor, Wood Partners’ development director for Arizona and Nevada.

Apartment amenities include granite countertops, stainless steel appliances, and vinyl plank flooring. Residents will also have access to a club room and bar area, fitness center, resort-style pool, and 337 parking spaces.

Wood Partners Construction Services will act as general contractor, while Wood Residential Services will handle management. The firm expects to have the community ready for leasing sometime in the third quarter of 2016 and complete the project by the first quarter of 2017.

Rendering courtesy of Stream Realty 

Chandler Apartment Community Lands New Owner

21 Sep 2015, 1:52 pm

By Liviu Oltean, Associate Editor

A $28.7 million apartment community in Chandler, Ariz. has found a new owner under the brokerage of Cushman & Wakefield.

Dubbed Elevation Chandler, the apartment community is located within the East Valley area of metro Phoenix at 2300 West Pecos Road . It was developed by Vedura Residential, and was acquired  by Olympus Property of Fort Worth, Texas for $176,074 per unit.

Elevation Chandler

Elevation Chandler

The deal was handled by C&W’s team of David Fogler and Steven Nicoluzakis, both executive managing directors . “This asset attracted strong buyer attention because of its proximity to Chandler Fashion Center and the Price Road Corridor, which is home to some of the biggest employers in the Phoenix area,” Fogler said in a prepared statement.

The 163-unit apartment community offers one- and two-bedroom units with amenities such as granite countertops, European-style cabinets, above standard ceiling heights, and dual-pane glass. Additionally, residents have access to an open-air clubhouse, swimming pool, outdoor kitchen, and a fitness center.

Greystone Facilitates Sale of Senior Housing Community in Mesa

10 Sep 2015, 1:59 pm

By Adriana Pop, Associate Editor

Greystone has announced that its Real Estate Advisors group has arranged the sale of Courtyard Towers, a 175-unit senior housing community located in Mesa, Ariz.


Cody Tremper, Greystone Real Estate Advisors

Sierra Capital paid $20.8 million to acquire the property from Harrison Street Real Estate Capital. The transaction closed on June 30.

Courtyard Towers was originally built in 1985, and then converted into a senior housing property in 1997. Today, the community offers a mix of 22 independent living units, 123 assisted living units, and 30 memory care units.

Cody Tremper, a managing director of Greystone Real Estate Advisors, led the sale for Harrison Street Real Estate Capital.

“Courtyard Towers offers a diverse range of lifestyle options and amenities for the seniors demographic group, which will ensure the community sees high occupancy for many years to come,” Tremper said in prepared remarks.

Meanwhile, Brian Glover of Sierra Capital, led the partnership which acquired the asset and retained Frontier Management to provide management services. The appointment marks the fourth property Frontier is managing in Arizona.

“This in an exceptional property with significant potential and has the features that make it very successful,” Glover stated.

Greystone Real Estate Advisors Inc. provides services in sales and acquisitions of seniors housing property types including independent living, assisted living, memory care and skilled nursing. The team offers a full spectrum of advisory services including debt, equity, acquisition, and investment sales to funds, private equity groups, regional and national operators, not-for-profit owners and healthcare REITs.

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