Month: April 2020

Leasing activity at Park Central Mixed-use development project outdoor image
Leasing activity at Park Central Mixed-use development project outdoor image

Park Central Ramps Up Leasing Activity Despite Slowdown

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Three New Leases Signed in Past Few Months at Revitalized Mixed-Use Development

PHOENIX (April 29, 2020) – The revitalized Park Central project has enjoyed increased leasing activity despite the economic downturn, with three new leases signed in the past few months. 

New Leasing Activity in Phoenix

Interface Technologies has signed a lease to occupy the entirety of the 15,500-square-foot Graham Building.  Interface is currently building out a state-of-the-art office complete with multiple studios to broadcast their industry leading IT training classes to companies around the globe.  Dustin McFarland with Savills represented the tenant in the transaction.

Additionally, District Medical Group renewed their 56,000-square-foot lease in the Burgbacher building for 10 years.  DMG Children’s Rehabilitative Services is the largest multi-specialty interdisciplinary clinic in the state of Arizona with over 25 medical specialties and is designed to meet the unique healthcare requirements of special-needs children.  DMG provides direct care to the community with over 66,000 visits annually.  Bo Sederstrom represented DMG in the transaction.

And, Firestone Tire Center has renewed its lease on its building at the northwest corner of the property for another 10 years. A tenant for over 50 years at Park Central, Firestone has been serving the midtown neighborhood at its current location on the property since 1965.  

Bill Cook and Margaret Lloyd of Plaza Companies represented the ownership group in all three transactions.

Park Central Improvements and Activity

The Park Central development team also continues its work on making the project more robust, including a new conference center that is being built for use by all Park Central tenants. The new conference center will be located in the Goldwater Building and can accommodate up to 85 people for tenants to utilize.  The conference center will also have a galley and state of the art A/V equipment. 

Stan Shafer, Chief Operating Officer for Holualoa Companies, said the project’s leasing momentum is a great sign despite the economic downturn created by the pandemic. 

“We are pleased to see the continued interest in Park Central especially considering the current economic conditions,” he said. “It is a sign that the project remains truly desirable thanks to its innovative and welcoming design, exceptional location and strong surrounding support industries.”

Sharon Harper, Chairman and CEO of Plaza Companies, said the leasing momentum is an indicator of Park Central’s role in keeping Phoenix’s economy strong. 

“We want Park Central to continue to be a hub for our local economy as we enter a recovery phase in the coming weeks and months,” she said. “We are looking forward to Interface Technologies new state of the art facility at Park Central and are very pleased to continue our long-term partnerships with District Medical Group and Firestone.”

The Dream Development Team

Plaza Companies and Holualoa Companies are teaming up to redevelop Park Central, which once held court as the city’s first official large-scale shopping mall. The companies are transitioning the project to a bustling community hub ideal for playing, working, congregating and celebrating the arts. The first 337,000 square feet of redeveloped office and retail is almost complete. Leasing activity for office and retail space is ongoing at the property and interest has been strong in the newly revitalized property. 

The new Park Central includes 450,000 square feet of Class A creative office space available for lease with the ability to accommodate tenants ranging from 3,500 square feet to more than 100,000 square feet in size. It features exclusive tenant patios, on-site restaurants and amenities, a stunning mid-century modern design, 15-25 foot ceilings, extensive bike paths and light rail access and ample parking. 

For office leasing, tenants and brokers can reach out to Andrew Cheney with Lee & Associates (502.954.3769) or Bill Cook with Plaza Companies (623.344.4526).  For Retail leasing contacts are Brent Mallonee with Cushman and Wakefield  (602.224.4437)  or Margaret Lloyd with Plaza Companies (623.344.4558).

For more information on the project, visit www.parkcentralphoenix.com.

Rancho Santa Fe Center building

Holualoa Companies Completes Several Transactions To Generate Momentum Despite Economic Downturn

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FOR IMMEDIATE RELEASE

Contact: Tom Evans
602.448.5483 | tevans@onadvertising.com  

PHOENIX, Arizona (April 20, 2020) – Holualoa Companies has enjoyed a strong first four months of the year despite recent economic challenges, closing on several key transactions in Arizona. 

The company sold several properties in Phoenix and Tucson over the past few months and signed a significant new lease at one of its signature properties:

• On April 14, Holualoa sold the 64-unit Sandpiper Apartments located in Tucson for $4.7 million.  They acquired Sandpiper in November 1995 in a joint venture with Scotia Group. The property is well located in Tucson’s North Central submarket with excellent access to shopping, major employers, recreation and transportation corridors, and the University of Arizona is minutes away.

• Holualoa, in a joint venture with Epic Real Estate Partners, sold the Starbucks at Scottsdale North in a $2.4 million transaction. Holualoa had purchased the AJ’s Fine Foods-anchored retail center located on North Scottsdale Road in 2019. 

• Holualoa sold the 25-unit McCormick Rental Homes located in downtown Tucson in February for $8.1 million. Holualoa had partnered with Scotia Group on the project, which they built from the ground up with construction completed in 2017.

• Holualoa, in a joint venture with Plaza Companies, sold the Rancho Santa Fe Center in Avondale in January in a $17.8 million transaction. The 74,000-square-foot building was purchased by the joint venture in 2014, including a 2.83-acre parcel adjacent to the building which the joint venture retained ownership of and is available for build-to-suit use. The building was 98 percent leased at the time of the transaction in January. 

• And, Holualoa, in a joint venture with LaPour Partners, signed a lease with PNC Bank at Camelback Collective, a high-profile, mixed-use property located at 2801 E. Camelback Road, Phoenix. It is a seven-year lease for 10,460 square feet of space on the property’s fourth floor. With the new lease, the office building is now approaching 80 percent occupancy. 

“We are very pleased with the momentum we’ve been able to build this spring despite the sudden change in economic conditions,” said Stan Shafer, Chief Operating Officer of Holualoa Companies. “We are well-positioned to make the most of our opportunities once the pandemic eases and we look forward to continuing our investments in the marketplace.”

Holualoa has also seen several other positive developments at its properties throughout Arizona, including:

• Increased leasing activity and the completion of a Phase II of renovations at Park Central, the award-winning revitalization project in central Phoenix. 

• Holualoa is also partnering with Greenlight Communities to develop the new Cabana multifamily properties throughout the Phoenix area. The new brand provides an attainable rental solution for individuals and families while creating a welcoming community environment. 

Holualoa is celebrating its 35th year in 2020, and Shafer said the company continues to look for opportunities and partnerships. 

“We know that we are facing unprecedented economic times, but we also know that these economic challenges often create opportunities,” he said. “We will continue to monitor the market and look for ways we can create value and have a positive impact on the commercial real estate industry.”

About Holualoa Companies

Holualoa Companies is a real estate investment firm focused on the successful acquisition, repositioning and disposition of real estate assets. Holualoa also acquires core assets in superior locations and participates in select development opportunities. Headquartered in Tucson, Arizona, with offices in Phoenix, Santa Monica, Hawaii and Paris, France its investments span the United States and Europe and include office, retail, industrial, multifamily, self storage and hotel properties. For more information visit www.holualoa.com

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Holualoa Companies Logo

Holualoa Companies Makes Financial Contribution to COVID-19 Relief — One Employee at a Time

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FOR IMMEDIATE RELEASE

Contact: Tom Evans
602.448.5483 | tevans@onadvertising.com 

Holualoa Companies Makes Financial Contribution to COVID-19 Relief — One Employee at a Time

TUCSON, Arizona (April 15, 2020) – Like many companies, Holualoa Companies wants to assist local and national charities in their response to the COVID-19 crisis. But in an innovative twist, they’re helping their employees make their own decisions about who to support. 

Holualoa Companies is allocating each of its 30 employees $2,000 to personally donate to the COVID-19 charities of their choice. The employees are free to choose any COVID-19 related cause on the local or national level. 

Holualoa has long been committed to the communities it serves, but the company’s leaders wanted to do something different in the current pandemic. 

“We’re seeing first-hand from the companies we work with in commercial real estate just how much we need to support each other,” said Lani Baker, Vice President – Finance of Holualoa Companies. “This is a way for our company to not only support many great causes, but to give our employees a sense of ownership of their own generosity in this time of crisis.”

“I am truly honored to work for a company that not only takes care of their employees but also each employee’s community,” said Tara Scherrer, Senior Financial Analyst with Holualoa Companies. “In these uncertain times, they selflessly are allowing each employee to choose a charity in their own community and fund a donation on our behalf. I am proud to be a part of a company that looks beyond themselves.”

Holualoa Companies owns a broad portfolio of commercial office buildings, multifamily residential properties, industrial properties and other real estate. The company is working individually and proactively with its tenants to help them find the right solutions and resources during the crisis. 

“We understand that we’re all going to have to work together as a community in order to best get through this challenging time,” Baker said. “We are confident that by continuing to support our communities and to be creative and understanding of the current conditions, we will emerge from the other side of this crisis stronger.”

About Holualoa Companies

Holualoa Companies is a real estate investment firm focused on the successful acquisition, repositioning and disposition of real estate assets. Holualoa also acquires core assets in superior locations and participates in select development opportunities. Headquartered in Tucson, Arizona, with offices in Phoenix, Santa Monica, Hawaii and Paris, France, its investments span the United States and Europe and include office, retail, industrial, multifamily, self storage and hotel properties. For more information visit www.holualoa.com
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