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There's a big push for economic development deals in Phoenix, just as the area office market revives from its recessionary slumbers. (Or was it a coma?)  NAI Horizon's Patricia Rogers, a 20-handicap golfer, chatted with us just before heading to the Pinnacle Peak Country Club for a round. While the commercial real estate vet officially retired two years ago, she's been keeping her finger on the pulse of the market, especially through her involvement in CCIM—and she says it's certainly more active. One example of a growing company: LifeLock's 85k SF deal at Hayden Ferry Lakeside II this past year.  The Greater Phoenix area was one of eight US markets chosen last year for the Brookings Institution and JP Morgan Chase's five-year Global Cities Initiative project, which expands global trade and investment. The Greater Phoenix Economic Council points out that Fortune ranked us as the fifth fastest-growing tech market; CNBC dubbed it No. 2 for workforce; Inc counts it among the top 20 markets for startups; and Site Selection says it's No. 1 for new company facilities and expansions in the Mountain West region.  Pat has taken to art in her retirement. She started with pencils, and is now into oils; her work was recently shown at Pinnacle Peak Country Club's Art Walk. |
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WinnResidential's Big Management Play |
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 Boston-based WinnResidential has made a big splash (in one of its own pools, in fact) into Arizona, taking over the management for a slew of local communities. But this may not be the end of the company's ambitions here; WinnResidential's Jerry Lemmon says there's plenty of opportunity in the metro area. In this deal, it took on six apartment communities for Highridge Costa Investors. |
 The deal includes Quail Run Apartments, a 156-unit community in Peoria (above); Village Squire Apartments, a 116-unit apartment in Phoenix; and Casa Bonita (sorta like Madonna's Isla Bonita), a 60-unit community in Tucson. Many of these apartments have low-income units, a segment of the industry WinnResidential specializes in, Jerry says. It manages 95,000 units across the country. |
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Big, Big Data Center Coming Our Way The country's largest private colo operator has hit Phoenix, snapping up a site for its 27th data center. ViaWest's Chris Parsons calls Phoenix a “destination city” for companies along the West Coast, particularly in California, attracted to the stability from a disaster potential standpoint. (We can barely remember our last locust outbreak.)  The purchase is of a 42k SF Cox data center. (It signed a partnership with Cox last year before taking over ownership.) It's supplied with 5,400 kW of power at cheaper Phoenix energy rates. At this site, the focus will be healthcare, hospitality, and financial verticals, Chris says. The company regularly focuses on mid-market companies, some taking as little as half a cabinet, and can also accommodate up to 17KW per cabinet. ViaWest is also working to open a center in Minneapolis and is building one in Denver. (Though in terms of natural disasters, Denver was recently the site of a flash flood of tears.) |
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Association Spotlight: CCIM Central Arizona |
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 CCIM Central Arizona, one of the state's two CCIM chapters, is 150 members strong and looking to boost its membership. Its chapter president, Omni-American principal Scott Fey (snapped on Mt. Shasta) is reaching out not only to CCIM designees and candidates, but all other professionals who work with the commercial real estate community, touting the educational, networking, and dealmaking platform. This week, the org is holding a CI 101 course—one step in becoming a CCIM designee—being taught by the Institute's Steven Price (who just returned from teaching in Moscow—the Olympics aren't the only fun thing happening in Russia). |
 Above is the economic forecast that the chapter (along with IREM Greater Phoenix) hosted last month, which attracted 350 attendees. CCIM also hosts educational breakfasts or lunches once a month (last week's focused on ins and outs of the Maricopa County Assessor's website); a monthly “Lunch and Learn” to connect designees with top industry experts like Nussbaum Gillis & Dinner's Howard Weiss, who spoke last month; and its annual golf fundraiser in October. Scott also tells us the chapter is working with CCIM's university alliance program to connect with ASU students interested in a real estate career. |
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