In the News

Kauffman Named CEO of Holualoa Companies

by 4:33pm
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From Commercial Executive Magazine

Tucson, Arizona – Richard B. Kauffman has been promoted to Chief Executive Officer of Holualoa Companies effective December 1, 2019. 

I. Michael Kasser will continue to guide Holualoa as Founder and Chairman of the company. “Rick’s leadership has been an integral part of Holualoa’s success, and his becoming CEO is a natural step forward for the company,” Kasser said.  

Kauffman, who has been with Holualoa since 2000 in various finance and operational roles, previously served as the company’s Chief Financial Officer.

 “I am honored to work with Holualoa’s skilled team of over 30 professionals and particularly with the partners on the company’s executive team, including Aroon Chinai (Chief Investment Officer), Stan Shafer (Chief Operating Officer) and Lani Baker (Vice President of Finance),” Kauffman said.

Holualoa was founded by Kasser in Hawaii 35 years ago. The company expanded to the Southwest in the Resolution Trust Corporation days with a Tucson office.  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.

Holualoa Companies Purchases Vacant Forbes Blvd. Office Building in Tucson, Plans $4 Million+ Revitalization

by 11:15am
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A Tucson office property vacated in 2016 will soon undergo a significant revitalization effort to make it more desirable for businesses and better-suited for multitenant use.

 

The property, located at 2202 Forbes Blvd. in Tucson, is part of the larger Broadbent Interstate Center, which first took shape in the 1980s. The Forbes office building is a 58,000-square-foot back office building recently owned by Carondelet Healthcare. When Carondelet was purchased by Tenet Healthcare in 2016, Tenet moved its operations out of the building.

 

Holualoa Companies officially acquired the property on Sept. 6, and plans a $4 million renovation to transform the space for a wide range of medical, office and other tenants to meet rising demand across the region. The property will feature a market-leading parking ratio of 9 spaces per 1,000 square feet of rentable space.

 

Holualoa Companies’ Vice President of Finance Lani Baker said the property was particularly desirable because of its well-established location, its close proximity to Interstate 10 and the University of Arizona.

 

“There’s a significant need for quality office space in this area, so transforming this vacant property into desirable office space helps address the needs of this growing part of Tucson,” she said. “We have a number of companies that have already expressed interest in putting down roots at Forbes, and adding more parking spaces, upgrading building systems and otherwise enhancing its amenities will only increase its desirability.”

 

Holualoa Companies already has a large presence throughout Tucson, including extensive office, industrial and multifamily properties. The company’s planned $4,090,000 investment in the property will finance additional parking areas, leasing efforts and additional accommodations needed to make the property ideal for multi-tenant use.

Gateway at Tucson Apartments to Receive $10 Million Renovation to Meet Needs of Expanding Multifamily Market

by 11:21am
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A Tucson multifamily residential complex is about to receive a $10 million renovation to transform it into a premier apartment community.

Gateway at Tucson Apartments, a 188-unit complex located at 2800 W. Broadway Road, will be completely renovated over the course of the next year. The complex, built in 2005 to serve college students, will be reintroduced to the market as a 272-unit multifamily community with exceptional amenities and a variety of floor plans available.

Holualoa Companies purchased Gateway in November 2018 with the intention of transforming it into a more dynamic and inviting residential community to help meet a surge in demand for multifamily in the Tucson marketplace. Multifamily occupancy in the Tucson market reached 95 percent in 2019, which has led to an increase in rents year-over-year of almost 8 percent.

Lani Baker, Vice President – Finance of Holualoa Companies, said the property was an ideal opportunity for renovation because of its location near Downtown Tucson.

“We look forward to transforming this property into a community that is truly inviting for residents wanting to live in this bustling area of Tucson,” Baker said. “Because of the significant need in the Tucson market for properties such as this, we’re confident that the project will be successful and will be a welcoming living environment for residents.”

Gateway will remain open for current residents during construction.

Holualoa Companies plans to split each of the existing 84 four‐bedroom units at Gateway — designed for groups of students — into one‐bedroom and two‐bedroom units, renovate all unit interiors, and remedy a significant amount of deferred maintenance as part of the renovation.

Holualoa Companies has an extensive experience with multifamily assets in Arizona, having acquired more than  5,700 units. The company also has extensive office and industrial holdings in Tucson.

Stifel signs 10-year lease at Camelback Collective

by 8:13am
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One of the country’s premier investment firms is moving its Phoenix office to a premier location in the Camelback Corridor’s newest office project.  Stifel, Nicolaus & Company, Incorporated (“Stifel”) is a full-service wealth management and investment banking firm established in 1890. It is the primary broker-dealer subsidiary of Stifel Financial Corp., a diversified financial services holding company that conducts its business through several wholly-owned subsidiaries.

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Scottsdale North Marketplace sells for $16M

by 8:17am
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A prominent north Scottsdale retail center has new ownership as a result of a $16 million sale that closed last week. Scottsdale North Marketplace, a 68,522-square-foot retail center located at Scottsdale Road and Lone Mountain Road, was purchased by a joint venture between Holualoa Companies and Epic Real Estate Partners in a $16 million transaction.

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Construction to Begin on New Creighton University Health Sciences Campus at Park Central

by 8:07am
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PHOENIX, ARIZ. – It’s about to get busy at Park Central in midtown Phoenix, as construction of Creighton University’s nearly $100 million health sciences campus gets underway on July 8.Plaza Companies is the developer, and Okland Construction will be the general contractor for the first phase of the Creighton University building. Butler Design Group will serve as the architect, and the conceptual and tenant design and improvement architect is RDG Planning & Design….

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Phoenix’s first mall, Park Central in Midtown, finally gets much-needed new look and life

by 10:27am
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Midtown Phoenix is no longer a canyon of far-from-full office towers built more than three decades ago.

The area that businesses moved away from in the late 1990s is now drawing start-ups and big companies that want to be near light rail, new restaurants, apartments, redeveloped buildings and revived historic neighborhoods.

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AC Hotel opens second Valley property; this time in upscale Biltmore area

by 11:37am
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A new AC Hotels by Marriott has opened in Phoenix’s upscale Biltmore area, and it looks to cater to both business and leisure travelers.

The 160-room AC Hotel Phoenix Biltmore is part of the Marriott International (Nasdaq: MAR) brand that has heavy European influences. The property, at 2811 E. Camelback Road, had a soft opening in October and held a grand opening event on Nov. 8.

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