Category: Press releases

RadNet Leases Significant New Space in Phoenix at Park Central

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Nation’s Largest Radiology Firm Signs Long-Term Lease for 24,000 Square Foot Space

In Park Central’s Strauss Building; Adds to Medical and Tech Presence in Project

PHOENIX (February 8, 2021) – The largest provider of outpatient imaging services in the United States is significantly expanding its presence in Arizona through a new lease at Park Central in Phoenix.

RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services, has signed a new lease for a 24,000-square-foot space in the Strauss Building at Park Central. The new space is part of an ongoing commitment by RadNet and its partner Dignity Health, which is part of CommonSpirit Health, to provide high-quality imaging services to targeted medical communities and patient populations.

RadNet, through Dignity Health – Arizona Diagnostic Radiology, will provide a full-service imaging clinic including MRI, CT, Nuclear Imaging and Mammography at the Park Central location, meeting a key need for the local medical community.

Norman Hames, President and Chief Operating Officer with RadNet said that the Park Central location in the emerging medical hub of central Phoenix is an ideal fit for the company’s new center of excellence.

“Park Central is becoming known as one of the most important intersections in the medical and technology fields in the region, and it is the perfect spot for this new comprehensive imaging center,” Hames said. “We look forward to enjoying the synergies we will experience with medical partners in the area such as Dignity Health and many more.”

Sharon Harper, Chairman and CEO of Plaza Companies, one of the co-developers of Park Central, said RadNet’s presence at Park Central will further strengthen the healthcare profile of the property while providing new access for patients in central Phoenix to access key services.

“We are very pleased to welcome RadNet to Park Central and look forward to seeing how RadNet will grow and thrive as part of this vital mixed-use environment,” Harper said. “RadNet has significant plans to grow its presence in Arizona and this new facility at Park Central will enhance that presence while providing another important healthcare amenity for the region.”

Plaza Companies and Tucson’s Holualoa Companies have teamed up to redevelop Park Central into a vibrant destination, which once was the city’s first official large-scale shopping mall. The companies have transitioned the expansive space from a retail center to an almost 500,000-square-foot bustling community hub ideal for playing, working, congregating and celebrating the arts.

Stan Shafer, Chief Operating Officer for Holualoa Companies, said RadNet will become an important part of the Park Central project, which already serves as home to such high-profile medical entities as Dignity Health, DMG Medical Group, Creighton University’s Health Sciences Campus and West Coast Ultrasound Institute.

“RadNet is another great example of how Park Central is creating a substantial impact on healthcare in the region,” he said. “And it shows how Park Central is emerging as a key factor in creating a healthcare ecosystem in central Phoenix that features some of the finest providers and organizations in the country.”

For office leasing, tenants and brokers can reach out to Andrew Cheney with Lee & Associates (602.954.3769) 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).

ABOUT PARK CENTRAL

The new Park Central includes 450,000 square feet of Class A low-rise 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 more information on the project, visit www.parkcentralphoenix.com.

ABOUT RADNET, INC.

RadNet, Inc. is the leading national provider of freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of 334 owned and/or operated outpatient imaging centers. RadNet’s core markets include California, Maryland, Delaware, New Jersey, Arizona, and New York. In addition, RadNet provides radiology information technology solutions and other related products and services to customers in the diagnostic imaging industry. Together with affiliated radiologists, and inclusive of full-time and per diem employees and technicians, RadNet has approximately 8,600 employees.

For more information, visit www.radnet.com.

ABOUT DIGNITY HEALTH IN ARIZONA

Dignity Health in Arizona includes six acute care hospitals: Chandler Regional Medical Center, Mercy Gilbert Medical Center, St. Joseph’s Hospital and Medical Center, which includes Barrow Neurological Institute, St. Joseph’s Westgate Hospital, Arizona General Hospital Laveen and Arizona General Hospital Mesa. From this foundation, Dignity Health in Arizona has expanded into a comprehensive health care system, which includes clinics, specialty hospitals, urgent cares, insurance providers, an accountable care organization and other clinical partnerships. The Dignity Health Medical Group includes hundreds of physicians in Arizona and a wide range of specialties. Dignity Health in Arizona is part of CommonSpirit Health, one of the nation’s largest health care systems.

Central and Downtown Phoenix Emerging as One of Arizona’s Largest Higher Education Hubs

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Thousands of Students Converge on Central City to Study Variety of Disciplines; Park Central Includes Two of Newest Educational Opportunities
PHOENIX (January 27, 2021) – When most people think of Arizona college towns, it’s Tempe, Tucson and Flagstaff that pop to mind.

But in central and downtown Phoenix, a critical mass of higher education is taking place that is making the area one of the largest hubs of higher education in the state. Almost 15,000 students will study in central or downtown Phoenix in the 2021 school year as part of a half-dozen educational institutions.

And, many of the programs offered in the central Phoenix corridor are elite, specialty programs that are meeting critical needs for Arizona’s economy and providing the skilled workforce for thousands of high-paying jobs. 

“Higher education is a significant part of the transformation happening in central and downtown Phoenix,” said Chris Camacho, President & CEO of the Greater Phoenix Economic Council. “Educating the workforce needed to meet the demands of future industry is critical to the success of Greater Phoenix and contributes to our region’s value proposition as we recruit employers seeking qualified talent ready to succeed.”

Park Central in midtown Phoenix is home to two significant entries into the educational hub.

  • Creighton University’s new $100 million Health Sciences Campus will open for students in fall 2021, and will provide more than 900 students with an education in medicine, nursing, occupational therapy, physical therapy and pharmacy. Creighton’s medical and nursing programs are consistently ranked among the best in the country. The university has been training medical and nursing students in Phoenix for more than a decade.
  • West Coast Ultrasound Institute’s School of Imaging and Nursing at Park Central opened in the summer of 2020 and offers programs for 400 students.

Other institutions include:

  • Arizona State University’s (ASU) downtown campus has more than 11,000 students enrolled in elite programs such as journalism, healthcare and law.
  • The University of Arizona College of Medicine facility in downtown Phoenix provides 25 different healthcare graduate programs to more than 750 enrolled students.
  • The Northern Arizona University Biomedical Campus, a partnership with UArizona, is located on a 30-acre medical and bioscience campus with more than 250 students on site.
  • ASU will open a new facility for the Thunderbird School of Global Management in fall 2021, where the top-ranked master’s program will educate more than 325 enrolled students.

The influx particularly in healthcare education is significant. Phoenix was in need for more medical school opportunities, despite the area’s expansive healthcare infrastructure. The additional educational opportunities create partnerships between the universities, public sector and private sector to improve healthcare, research, technology and several other key industries.

Sharon Harper, Chairman and CEO of Plaza Companies, one of the co-developers of Park Central, said the influx of education creates significant synergies with other successful industries in the area, specifically healthcare and tech.

“Central Phoenix is benefitting from an influx of excellence in several key industries, and the presence of some of the finest educational institutions in the country is an important part of it,” Harper said. “It is these fine educational institutions that attract, train, and retain the talented physicians and workforce that will ultimately grow and enhance the healthcare and technology industries and services in our State.”

Plaza Companies and Tucson’s Holualoa Companies have teamed up to redevelop Park Central into a vibrant destination, which once was the city’s first official large-scale shopping mall. The companies have transitioned the expansive space from a retail center to an almost 500,000-square-foot bustling community hub ideal for playing, working, congregating and celebrating the arts.

Stan Shafer, Chief Operating Officer for Holualoa Companies, said the presence of so many high-quality institutions of learning make the entire region more attractive for business while providing significant educational opportunities for Arizona residents.

“Quality higher education institutions are a key component in successful cities,” he said. “Central Phoenix is showing itself to be an ideal location for education and is enjoying the many benefits provided by having some of the country’s finest universities and educational institutions as part of its fabric.”

For office leasing, tenants and brokers reach out to Andrew Cheney with Lee & Associates (602.954.3769) or Bill Cook with Plaza Companies (623.344.4526).  For retail leasing contact Brent Mallonee with Cushman and Wakefield (602.224.4437) or Margaret Lloyd with Plaza Companies (623.344.4558).

About Park Central

The new Park Central includes 450,000 square feet of Class A low-rise 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 more information on the project, visit www.parkcentralphoenix.com.

Holualoa Companies Celebrates 35th Anniversary

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TUCSON, Arizona (October 6, 2020) – One of Arizona’s top commercial real estate firms is marking a significant milestone this fall.

Tucson-based Holualoa Companies, which has a prominent portfolio of properties throughout the Phoenix and Tucson markets as part of its national and international real estate holdings, is celebrating its 35th anniversary. The company has successfully navigated numerous industry cycles and changes in the commercial real estate market over that time to achieve its current status.

Holualoa Companies was founded by I. Michael Kasser in Kailua-Kona, Hawaii 35 years ago. Kasser currently serves and Chairman of the firm. The company expanded to the Southwest in 1992, moving the headquarters to Tucson, Arizona. Since then, it has established offices in Phoenix, Los Angeles, and Paris, France.

Holualoa invests globally in multifamily, office, industrial, retail, hotel and mixed-use properties and has acquired more than $3 billion of assets. The company focuses on acquiring and repositioning underperforming real estate assets for successful sale upon stabilization. Holualoa also acquires select core assets in superior locations and participates in development opportunities that exhibit a compelling opportunity.

“Holualoa Companies had fairly humble beginnings, and it has been gratifying to see how the firm has grown over the years,” Kasser said. “Our culture has focused on discipline, patience and attention to detail, and we’re proud to have produced superior results for Holualoa’s investors for over 35 years – through bull and bear markets and through favorable and unfavorable business cycles.”

The company continued to grow by opening offices in Phoenix, Arizona and Santa Monica, California. Further expansion led Holualoa to partnerships in Washington, DC and Paris, France. In Arizona, it has been at the forefront of such high-profile projects in the Phoenix area as SkySong, The ASU Scottsdale Innovation Center, Park Central, the AC Hotel by Marriott Phoenix Biltmore at Camelback Collective and the Civana Wellness Resort & Spa.

In Tucson, the company boasts a significant multifamily, office and industrial portfolio including the Pioneer Office Building, Herbert Residential and One East Congress in downtown, the Sonoran Reserve Apartments and the Mountain View Ranch development in Vail.

The company recently named Richard Kauffman as Chief Executive Officer, a role in which Kauffman oversees the company’s strategic growth, and promoted Lani Baker to Chief Financial Officer. Aroon Chinai is the company’s Chief Investment Officer and Stan Shafer serves as Chief Operating Officer. Additionally, Steve Betts, one of the best-known names in commercial real estate in Arizona, joined the company as Managing Director of Development.

“We are proud of the way we’ve been able to grow, evolve and expand our portfolio over the years and become involved with projects that are truly transformative,” Kauffman said. “We’re excited about the opportunities we see for the future. Currently, one of our key initiatives is our partnership with Greenlight Communities to develop attainable housing communities. These well-maintained, well-located and design-forward projects provide studio, one-bedroom and two-bedroom units for renters with a range of incomes under the Cabana brand.”

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.

Mountain View Ranch Development In Vail Sees Sharp Jump in Sales Momentum

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VAIL, Arizona (September 1, 2020) – Mountain View Ranch development in Vail — a joint venture between Holualoa Companies, New Mountain View, LLC, A.W. Marrs, Inc. and Marrs Mountain View Ranch LLC — has seen a sharp increase in sales in 2020 despite the challenging economic environment. 

Year-over-year sales are up almost 43 percent at the property, which includes two unique subdivisions set in an exceptional Sonoran Desert environment. The subdivisions feature one-acre lots allowing plenty of open space for homeowners. 

The three homebuilders involved in the project — Fairfield Homes, Dell Mar Homes LLC and Bednar Design & Construction, Inc.— have each seen a sales jump with numbers exceeding last year’s levels and four months remaining in the year.

Mountain View Ranch combines a beautiful Sonoran Desert setting with the comforts of modern living. Every home site in Mountain View Ranch is an acre or more, all with stunning views of the Rincon Mountains. The location provides the opportunity to enjoy the best of what the Tucson metro area offers while enjoying extensive open space.

The property features two unique neighborhoods — Windmill Ridge and Sonoita Hills — with several custom and semi-custom plans ranging from 1,800 to 4,000+ square feet. It is located in the award-winning Vail School District and is adjacent to state lands with stunning views.

“Mountain View Ranch is a really unique and exceptional development, and we are pleased to see its sales momentum building,” said Lani Baker, Chief Financial Officer for Holualoa Companies. “We are definitely seeing buyers who are attracted to the mix of amenities and the location of the project in such a desirable area.”

Mountain View Ranch has lots available both for custom homes and for builders who are interested in buying multiple lots. For additional information on the project, visit www.homesatmountainviewranch.com. 

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. 

Lani Baker Promoted to Chief Financial Officer of Holualoa Companies

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Holualoa Companies, a prominent Tucson-based real estate, and investment firm, has promoted Lani Baker to the position of Chief Financial Officer.  

Baker’s promotion follows other leadership enhancements, including I. Michael Kasser’s transition to Founder and Chairman of the company and Richard Kauffman’s promotion to Chief Executive Officer late last year. 

Baker has more than 15 years of experience in commercial real estate. Her skills and resources are targeted toward exceeding quality objectives and attaining revenue. Her areas of expertise and responsibility include commercial real estate transactions including acquisitions, financing and sales, treasury, and investor relations.

Baker is a native Tucsonan currently residing in Tucson with her husband and two children. She received a Bachelor of Science in Accounting from the University of Arizona, Eller College of Management, and a Master’s degree in Business Administration.  In addition, she became a licensed CPA in 2012.

Baker’s community service includes working as a past Vice President and board member of the Lupus Foundation of Southern Arizona and a member of Angel Charity for Children. She was a recipient of Tucson Hispanic Chamber of Commerce’s 2016 40 under 40 and a Tu Nidito Remarkable Mom in 2018.

Most recently, Baker was recognized as a “Real Estate Champion” in the “Women of Influence” awards by Inside Tucson Business. She is also the Board President of CREW Tucson, part of the nation’s premier women’s commercial real estate network.

 “It is gratifying to be able to take on this exciting role in a company that I love with a team that I greatly respect,” Baker said. “Holualoa Companies has had an extremely positive impact on Arizona’s business and economic environment, and I am proud to be able to serve the company as its new Chief Financial Officer.”

Holualoa was founded by Kasser in Hawaii 35 years ago. The company expanded to the Southwest in the Resolution Trust Corporation days, moving the headquarters office to Tucson, Arizona.  The company continued to grow by opening offices in Phoenix, Arizona and Santa Monica, California. Further expansion led Holualoa to partnerships in Washington, DC and Paris, France.

“We are pleased to promote Lani to Chief Financial Officer and are grateful for the contributions she has made to the company’s success,” Kauffman said. “We look forward to her continued leadership.”

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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Superstition Canyon Apartments

Superstition Canyon Apartments Sold for $42 Million

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PHOENIX (May 6, 2020) – Holualoa Companies has sold the highly successful Superstition Canyon Apartments in Mesa to KB Investment Development Company in a $42 million transaction arranged by CBRE.

The sale of the 200-unit property was brokered on behalf of the seller by CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties.

Located at 1247 S. 96th Street in Mesa, Superstition Canyon features a resort-style heated pool with ramada, TV, fireplace and barbeques, sauna, fitness center, clubhouse with billiards table, business center, basketball court, sand volleyball court, and gated dog park. The acquisition also included a 1.7-acre vacant parcel adjacent to the community.

The sale is one of several high-profile transactions that Holualoa Companies has executed in recent months despite the changing economic conditions. Holualoa bought the property in 2013.

“We are pleased to complete this transaction and grateful to the team at KB for their interest as well as our brokerage team for their hard work,” said Stan Shafer, Chief Operating Officer of Holualoa Companies. “It is a good indicator that the fundamentals behind the real estate market are sound despite the overall economic conditions.”

“Mesa is a high-growth market with strong demand drivers,” Anderson said. “Superstition Canyon’s excellent bones and the community’s proximity to Mesa’s expanding amenities, employment bases and infrastructure generated significant buyer interest with over 300 executed confidentiality agreements and more than 60 tours.”

The transaction marks the fifth large multifamily project acquired by KB in the Phoenix area since they entered the local market in 2015.  “Our projects in Mesa and Ahwatukee have occupancies around 98 percent and we have similar expectations for Superstition Canyon,” said Khosro Khaloghli, KB’s CEO and founder.  “Looking at the bigger picture, we believe Phoenix will continue to be a powerful draw for new residents. People and companies will go where they have the best chance for success.” 

KB’s local portfolio of 1,432 units includes Stone Canyon, a 392-unit low-density garden-style apartment complex in Mesa, Superstition Canyon with 200 units, and three communities in the premium Ahwatukee submarket: Mountainside, a 288-unit property; Arboretum at South Mountain, with 312 units and Mountain Park, 240-units. All were financed through Freddie Mac and are exceeding their operating budgets under the management of Khaloghli’s Maverick Residential Company.

Jeffrey Krohn, President of Maverick, joined Khaloghli in 2018 to establish a multifamily investment/management firm that would set a higher standard for asset performance. Mr. Krohn commented, “We’re excited to add this beautiful community to our managed portfolio and work with the owner to really polish its value. Due to our robust cloud-based, virtual systems and company culture of creative responses to adversity, we’re well-positioned to exceed expectations despite the temporary restrictions.”

Krohn came to Maverick from his role as the Vice President of Operations for Alliance Residential, where he oversaw the operations of third-party managed assets in Arizona with over 16,500 units in his portfolio. He also created the Business Development platform for Alliance and was instrumental in growing the portfolio from 60,000 to 100,000 units.

Built in 2010, Superstition Canyon is located along the U.S. Route 60 corridor with over three million square feet of retail amenities in a four-mile stretch. Loop 202 is the primary transportation artery serving the East Valley and is located less than two miles from the community.

About KB Development

KB Investment Development Company (KB) is an Orange County, California based real estate development company with more than 40 years of experience in the development, construction and management of commercial and residential real estate. KB and its affiliates have built more than 7,000 residential and multifamily units and more than 11 million square feet of industrial and office properties. More at www.kb-development.com

About Maverick Residential Company

Founded in 2018, Maverick Residential Company (MRC) is a premiere, privately held real estate company based in Phoenix, Arizona. The Company is a fully integrated platform with a specific focus on the acquisition and management of multifamily real estate.  MRC prides itself on streamlined operational expertise, fostering strong on-site teams and taking care of residents. For more information, please visit www.mavres.com

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.

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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Tucson • Los Angeles • Kailua-Kona • Phoenix • Paris