AZ Big 100: 50 commercial real estate companies to watch in 2023
It’s hard to know what to expect from Arizona’s economy in 2023. The labor market remains very tight, with low unemployment, high levels of labor market churn, and a tremendous number of open jobs. But any income gains we are making are more than offset by inflation. Rising mortgage interest rates and low affordability have combined to generate a decline in home sales. But as venture deeper into 2023, one thing is certain: Arizona is filled with brilliant minds and innovative companies that are certain to guide us through any economic storms that come our way. That's why we created the AZ Big 100: The 100 Arizona commercial real estate companies and people to watch in 2023.
The editorial board for Az Business and AZRE magazines met with Arizona industry leaders to identify the AZ Big 100 for 2023: The 100 people and companies who will shape Arizona’s business community in 2023. Today, meet 50 commercial real estate companies to watch in 2023 (in alphabetical order).
Monday, Jan. 16: 25 women business leaders to watch in 2023
Tuesday, Jan. 17: 25 male business leaders to watch in 2023
Wednesday, Jan. 18: 50 commercial real estate companies to watch in 2023
Thursday, Jan. 19: 25 women commercial real estate leaders to watch in 2023
Friday, Jan. 20: 25 male commercial real estate leaders to watch in 2023
Saturday, Jan. 21: 50 Arizona businesses to watch in 2023
Adolfson & Peterson Construction (AP) is a family-owned company that is consistently ranked among the top construction managers and general contractors in the nation, while maintaining one of the safest records in the industry. The company’s commitment to quality, reliability, integrity and innovation has allowed it to remain an industry leader and dependable construction partner for more than 75 years.
AP has offices across Arizona, Colorado, Minnesota, Texas and Wyoming, employing more than 600 employees and covering work in more than 20 states. In Arizona, AP Southwest offers full pre-construction and construction services to the healthcare, education, industrial and manufacturing, multifamily/senior living, municipal and commercial markets.
APSW’s growing Tempe office currently has more than 40 experienced and dedicated construction professionals based in Arizona focusing on projects of all sizes and complexity up to $150 million in volume. AP also has a Special Projects Division that focuses on projects from a small tenant improvement up to $10 million servicing of its markets.
Adolfson & Peterson is proud to have shaped Arizona for the past 30 years and look to continue to build spaces where communities can live, work, play, learn and heal.
With more than 10,000 customers and 360,000 daily users in 20 countries around the world, Scottsdale-based Arcoro offers popular workforce management modules for contractors including applicant tracking, time tracking, benefits management, learning management, performance management, the Affordable Care Act (ACA) compliance reporting, payroll and compensation management that provide greater workforce connectivity.
Alston’s Phoenix Business Unit has been shining on projects like Goodrich’s manufacturing and office project that included a 10,000-square-foot lab and features a radius steel stair. Overseeing the team is longtime Arizona professional Mike Bontrager with a nearly 40-year track record of success in the industry.
Gilbert-based Bjerk Builders is a full-service construction company specializing in tenant improvements, general contracting, construction management, design-build, and self-performing walls, trim carpentry and electrical services. Bjerk has succeeded by providing a wide range of construction solutions to our clients and delivering quality and uncompromising work for every project.
One word Butler Design Group (BDG) associates with the company’s mission, values and practices is “adaptable.” What better descriptor to use in context with the past year, as companies in commercial real estate were forced to contend with shipping delays, supply shortages and several other challenges?
“Ever adapting, in 2022, we upgraded our workspace and moved to a new location,” says Korey Wilkes, principal at BDG. “We invested in the future of our firm by expanding our ability to grow and retain a strong workforce by creating a fresh, collaboration-friendly space. We are as strong as we’ve ever been, and we look forward to a bright future as a result of this investment in our culture.”
Investing in the company and its staff, according to Wilkes, is paying off by positioning BDG for further growth and a “bright outlook” in 2023. Since 1996, BDG has specialized in several market sectors: Office, medical office, industrial, manufacturing, retail, mixed-use, public-private partnerships and specialty projects.
Already serving a diverse client base, BDG looks forward to exploring the possibilities of even a wider spectrum of projects, “while capturing a larger market share of the product types we know best,” Wilkes says.
As for what to anticipate in the CRE market in the new year, Wilkes and BDG are continuing to track activity in the office space sector, which remains lower compared with other markets. Retail, on the other hand, according to Wilkes, will continue to demonstrate momentum.
“People want to get out again, shop in brick-and-mortar retail outlets, dine at restaurants, work in an office and spend time in social settings,” Wilkes says. “We believe this resurgence of the workforce coming out of their homes will lead to a balanced development once again.”
Heavy industrial development throughout the pandemic, notes Wilkes, has created a new backbone structure for the other sectors to grow and diversify. “In particular, Arizona should see more development in all sectors with the influx of people migrating from other areas of the country,” he says.
As for potential roadblocks such as rising interest rates and capital markets, BDG remains cautious. “Construction costs need to start coming down and we are hopeful that supply chain bottlenecks ease up,” Wilkes says. “If we can solve the political matters of water, power and scarce resources, we can sustain our communities for years to come and 2023 has great potential. It’s what we all do with it that will make the difference.”
Since 1978, Canyon State Electric has specialized in electrical solutions, design-build construction, low voltage systems, and more. Ranked as the No. 1 electrical contractor in 2022 by Ranking Arizona magazine, CSE has detailed knowledge of infrastructure design and engineering and a long-standing history of dedicated and dependable people.
Cawley Architects is a proponent of the cost-effective “design build” methodology of delivering projects. Cawley Architects is unique because it successfully partners with many contractors and clients to deliver commercial projects representing the highest level of achievement in cost control, scheduling, architect-contractor collaboration and client satisfaction.
CBRE Phoenix has served the Valley since 1952, becoming an industry leader in the dynamic Phoenix commercial real estate market. Over the past seven decades, CBRE has earned a reputation as a leader in the local community through its ability to anticipate critical market trends and establish lasting relationships with its clients and business partners.
Even prior to Clayco establishing its Phoenix office in 2021, the full-service, turnkey real estate, architecture, engineering, design-build and construction firm had solid roots in the Valley. In fact, as of 2021, Clayco had more than $300 million in active construction projects in the Phoenix market, completing upwards of 3.3 million square feet of corporate, industrial, manufacturing, distribution and e-commerce facilities throughout Metro Phoenix.
Of note in 2022 was Clayco’s work on the downtown, mixed-use, residential high-rise, X Phoenix. The 731,321-square-foot, 20-story, 330-unit project, located at 200 W. Monroe Street, is one example of the company’s dynamic portfolio. Further east, in Mesa, Clayco also started the Power Industrial project, a four-building, 583,955-square-foot, industrial space. Much like how X Phoenix enhances the vibrancy and progression of downtown development, Power Industrial reflects the economic vitality and importance of the Gateway-Mesa industrial area.
“As we wave goodbye to 2022," says Ryan Abbott, executive vice president of Clayco Southwest Region, “Clayco is immensely proud of the partnerships we’ve gained. Through those partnerships, we are transforming the Phoenix skyline and economy while assuring strategic growth in the state and investing in our shared community.”
Heading into 2023, Clayco is looking forward to continuing to foster the connections it's made, while also focusing on building technologically advanced, enriching and economically strong facilities. “In 2023, we’ll create complex manufacturing facilities, robust data infrastructure and living spaces that inspire a better personal well-being,” Abbott says.
And while Clayco’s leadership team prepares for exciting projects ahead, they’re also keeping a pulse on what’s to come for the commercial real estate market at large in the new year.
“We predict an even more adaptive, agile supply chain response to dynamic economic, market externalities,” says Kim Poole, senior vice president of economic development for Clayco. “Completely new and innovative solutions to how we communicate, make decisions, and build environment value. We will see the creation of some of the most environmentally responsive facilities that have ever been.”
Colliers made a big move in 2022 when it acquired a controlling interest in Arcadia Management Group, a leading commercial real estate property management firm focused in the Southwest. Founded in Phoenix in 1986, Arcadia and its 150 professionals provide property management, property accounting services and project management to more than 60 million square feet of office, retail, and industrial properties in 24 states.
“Our strategic investment in Arcadia positions Colliers as the leading property management firm in the important and fast-growing Southwest U.S. market,” says Karen Whitt, president of Real Estate Management Services for Colliers.
Colliers is a leading diversified professional services and investment management company. With operations in 63 countries, the company’s 17,000 professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 27 years, the company’s leadership has delivered compound annual investment returns of 20% for shareholders. But what has really separated Colliers from its competition is the culture it has cultivated.
“We say that we are going to compete with honor,” says Bob Mulhern, senior managing director at Colliers. “We are in a business that if you don’t win, you don’t get anything. But we say, ‘You DO get something when you don’t win. You get a lot.’ If you compete with honor, there’s always something to be gained. Also, we’re committed to collaborating and learning together. That perpetuates that momentum that we’ve been able to build because it continues to attract the kind of people we want to help us continue to grow.”
And that collaborative culture is what has defined Colliers in Arizona.
“The thing that I’m most proud of is that our culture is allowing very talented people who really want to thrive in their business, in their lives, to work with other people who have the same goals,” Mulhern says. “When you do that, it makes not only for a great place to work, but it attracts great clients. It attracts great opportunities.”
CORE Construction had much to be thankful for exiting 2022, but one victory for which the company is particularly proud is that each CORE project finished on time and on budget.
“With global logistic issues impacting everything from corner guards to mechanical equipment, no project in the construction industry has been immune to supply chain challenges,” says Todd Steffen, president and CEO of CORE Construction. “In the face of these significant headwinds, the CORE team, at every turn, found alternative solutions to keep projects on track and delivered above clients’ expectations.”
The forecast for CORE heading into 2023 looks favorable as the company completes the ASU Bateman Physical Sciences D and E Wing Laboratory renovation project. “This $45 million project required a complete gut and reconstruction of a critical laboratory and research facility right in the heart of the ASU Tempe campus,” Steffen says.
Despite a large portion of the ASU building remaining full during the renovations — as well as “some extremely sensitive research equipment that could not be disturbed, according to Steffen — the project will still wrap up sooner than anticipated.”
This year, Corgan has strengthened the muscle of its talent — expanding a deep bench of experts committed to research, innovation, and data-driven design. From reimagined approach to the production, distribution, and consumption of energy to an overdue transformation on the built environment’s impact on our mental health, Corgan’s research sprints and thought leaders continue to investigate the complex architectural ecosystem to create places that shape a more sustainable, more human tomorrow.
“Corgan’s unwavering commitment to clients is at the foundation of everything we do,” says Cheyne Brown, senior associate at Corgan. “Nine-two percent of our business comes from repeat clients. Our work is only successful if it succeeds on our client’s terms — every decision we make is in their interest.”
The firm’s strengths in evidenced-based research and data help the experts at Corgan understand their clients' needs, desires, and dreams. Passionate about designing sustainable, functional, and enduring structures, Corgan’s team aspires to create real value for its clients.
“Agility and flexibility empower us to foresee emerging changes and minimize risks while providing long-term solutions,” Brown says.
So, what’s next for Corgan?
“In the future, Corgan will continue to expand its investment in cutting-edge research and design innovations that lead to more enduring spaces,” Brown says. “We look forward to the evolution of architecture and design to meet the growing demand for sustainability and transparency — considering the impact of big and small changes, sharing ideas and lessons learned, and serving as a leader in a shared vision for cleaner, healthier, more responsible tomorrow.”
Creation has managed to create a name for itself as one of the Valley’s leading real estate, hospitality and alternative investments firms. Currently, Creation’s portfolio has an industrial development value of $3.3 billion and $624 million in retail/mixed-use development with 36 current, active real estate projects.
Cushman & Wakefield’s Phoenix office had a busy 2022, adding several notable projects to its already robust portfolio. In addition to aiding in the disposition of the former Arrive Fountain Hills — a nine-building asset — acquired for $58.25 million, the firm also advised in the disposition sale of a Class-A, last-mile fulfillment/distribution facility for $74.7 million.
The extensive combined experience of their people along with “old school” values has enabled Derek Builders to double in size annually, quickly establishing itself in the market as an Arizona-grown general contractor. “Experience The DEREK Difference” is not just the company’s mantra, it has become a reality for end users, developers, subcontractors, architects, and engineers working with Derek Builders. With a mindset of “how do we get to yes,” clients have experienced proactive solutions to challenges faced by all this past year. For example, when the traditional steel joist and panelized roof system could not accommodate two of its clients due to long lead times, Derek explored other roof systems and was able to substitute Double-T concrete roof systems to meet their needs.
Looking forward, Derek Builders continues to expand its relationships in light industrial/commercial warehousing, while developing new relationships in cold storage, medical, and technology sectors. With this added diversity, Derek Builders is staring directly at another record-setting year.
In a history filled with milestones, 2022 was a game-changing year for Earthworks Environmental, which helps companies ease environmental compliance concerns through its customer-focused, conscientious, hands-on approach to compliance management.
“We established ERX, which is a separate business entity that manages our proprietary environmental software,” says Earthworks Environmental CEO Cherie Koester, one of AZRE’s Most Influential Women in Commercial Real Estate in 2018. “DR Horton, the largest national homebuilder, has purchased a copy of the license to use internally for all its sites in the U.S. Implementation is happening now. ERX was created by Earthworks with lots of feedback from the homebuilding industry. It is user friendly and top-of-the-line technology all in one.”
That ability to innovate is one of the many things that separates Earthworks Environmental from its competition.
“Earthworks is managed by former regulators (some hold management positions at Earthworks but not all),” Koester says. “We have extensive knowledge of environmental regulations and can guide our clients on time-consuming and often complicated regulatory policies. Our software is the most user friendly and technologically-advanced in the industry. There is nothing out there similar to it. We believe in true customer service. With the bump in development over the past few years, we hear and see poor customer service. I strive for Earthworks and ERX to hold old-school customer service and family values.”
Heading into 2023, Earthworks Environmental is focusing on its continued growth.
“We have our sights set on both the East and West coasts,” Koester says. “We have a solid footing in the Midwest, South and the Southeast. We plan to solidify that footing by spreading our service footprint throughout the U.S. We pride ourselves on a higher level of communication and customer service. I am here for the long term. I am no flash-in-the-pan. I am still not even halfway to where I want to be with Earthworks Environmental.”
Committed to the highest levels of employee satisfaction, customer service and safety, FCL builders “proudly maintains a 97% customer retention rate.” With a focus on e-commerce, warehousing, cold storage, food production and manufacturing facilities, the general contractor and design-builder has delivered upwards of 550 million square feet of industrial spaces.
Known for lucrative endeavors such as the $52 million renovation of Biltmore Commerce Center, George Oliver seeks to enhance the workplace employee experience and culture. This means integrating optimal health and wellness spaces as well as vibrant, dynamic and collaborative spaces designed for gathering and working.
Globe Corporation is a family-owned, diversified investment company. It continues to increase its influence in real estate, asset management and private equity, transforming visionary thinking into brick and mortar reality. Started in 1958, the Globe Foundation has steadily grown in size and total charitable gifts. The Foundation also serves as a training vehicle for current and future generations of family members, teaching the history of the family’s philanthropy and commitment to continue its philanthropic heritage.
In, 2021, Graycor celebrated 100 years in business, demonstrating its longevity in providing a diverse range of construction, fabrication, design and general contracting services. In 2023, Rusty Martin general manager of Graycor’s Southwest Division was recognized in Projects and People to Know (PTK), in addition to the Gilbert Spectrum and Hines G303 projects.
With David Kotter, CEO/president at the helm of Integrity Capital, the organization has been instrumental in numerous retail and industrial acquisitions, throughout Arizona. Top deals include $4.050 million in industrial, $4.875 Million in retail and $8.718 million for multi-tenant retail (in Phoenix). Integrity Capital’s specializations also include apartments, bridges, car wash, self-storage and other types of financing (and more).
2022 was a year of welcoming and celebrating talent for the JLL Phoenix office. New arrivals included Senior Vice President, Brett Thompson and industrial team members Greer Oliver, senior director and Connor Nebeker-Hay, associate. Long-time JLL standout, Vicki Robinson, senior vice president, received the honor as one of 2022’s Most Influential Women.
Under the leadership of Founder and CEO, Greg Vogel, Land Advisors Organization continues to serve as one of Arizona’s top land economics, land use and market trends resources. The company is recognized for its integration of local market intel, combined with cutting-edge technology and geographically-specialized professionals to inform strategic decisions.
This year, Layton was recognized for its work as general contractor on the groundbreaking of Central Station, a 1-million-square-foot, mixed-use downtown project. And, as part of 2023 People and Projects to Know (PTK), Executive Vice President Andrew Geier was featured as a “general contractor to watch.”
In addition to LGE Design Build being featured as one of the 100 Best Places to Work in Arizona this year, President and CEO, David Sellers was also recognized in 2023 People and Projects to Know (PTK), as were several projects. Additionally, Blake Wells, vice president of pre-construction was recognized as a Business Leader to Watch in 2023.
Since its inception in 1965, LPC Desert West has developed upwards of 128 million square feet of office, industrial and retail projects, with more than 403 million current square feet of commercial space under leasing and/or management. In 2022, LPC Desert West launched the 2.3 million-square-foot, 140-acre Luke Field industrial project.
As one of the largest brokerage teams in the industry, Marcus & Millichap specializes in investment sales, financing, research and advisory services. This year, the firm announced the sale of the highest-priced, single-tenant Raising Cane’s in the country. The Phoenix location was traded for $9 million (with a 3.72% cap rate).
Mark-Taylor Residential, a privately held, Arizona-based developer, owner and investment manager of multifamily communities celebrated a first in 2022. This past year, the largest apartment developer in Arizona and second largest owner of rental communities in the state, added the “Derby” to its portfolio — the company’s first high-rise micro-unit community.
In addition to having several people and projects recognized as part of 2023’s People and Projects to Know (PTK), McCarthy Building Companies broke ground on the Student Experience Center at Arizona Western College (AWC). The $17.5 project is a two-story, 45,000-square-foot building set on 3.5 acres within the campus.
As a full-service, commercial real estate brokerage, Menlo Group Commercial Real Estate specializes in buyer/tenant representation, seller/landlord representation, investment services, real estate consulting, property management and property management. Among the company’s 2022 wins, was the sale of Lake Biltmore Corporate Center for $11.5 million.
In the past year, NAI Horizon had much to add as part of its commercial real estate victories and portfolio. In addition to five 2023 People and Projects to Know (PTK) honorees, and an AZ Big 100 recipient — Denise Nunez, executive managing director — the company closed out the year by solidifying two leases totaling more than 250,000 square feet.
Specializing in master-planned communities, commercial, retail and multi-family land acquisitions, Nathan & Associates, is also known for the longevity of its team members. Most have been with the company between 10 and 30 years, including 2023 People and Projects to Know (PTK) honoree Courtney C. Buck, who’s been with the company since 1991.
In addition to Newmark’s Kathleen Morgan, managing director of Newmark being featured as part of 2022’s Most Influential Women, the company added several multifamily deals to its portfolio: The 200-unit Cobblestone Apartments, the $68.5 million sale of the 272-unit Ponderosa Ranch and the $111.75 million sale of the two-property, 369-unit multifamily portfolio in the Southeast Valley of Phoenix.
In October, Northmarq, a leader in commercial real estate capital markets, announced the completion of its acquisition of Stan Johnson Company (SJC), a real estate brokerage and advisory firm that focuses on investment sales across multiple asset classes. The acquisition also includes the purchase of Four Pillars Capital Markets (FPCM), a debt/equity intermediary for commercial real estate assets.
The acquisition of these two firms means Northmarq now has nearly 1,000 professionals across its investment sales, debt/equity financing, loan servicing and fund management operations. The expanded company transacts $23 billion in debt/equity volume and $15 billion in investment sales volume annually, and services a commercial loan portfolio in excess of $76 billion.
With the addition of SJC and FPCM to its existing multifamily sales platform, Northmarq will now offer services across all major property types, including office, healthcare, industrial, retail, self-storage, multifamily and more.
Also in October, Northmarq’s Debt and Equity team of Brandon Harrington and Tyler Woodard secured a $33,327,212 construction loan for the development of The Aster at Mountain Vista in Mesa. The ground-up development is a joint venture between Scottsdale-based Ascent Companies and Stave Properties, with Crown Builders as the general contractor.
“The capital markets for construction financing are challenging but we cast a wide marketing effort and were able to secure a fixed rate construction loan for this project,” Harrington says. “Lenders are still active for best-in-class developers and projects given the continued lack of supply in certain areas of Phoenix.”
Northmarq’s Phoenix office offers investment sales expertise for multifamily and manufactured housing properties and a complete range of financing options for all types of commercial real estate. Northmarq’s Phoenix office serves the entire Southwestern region.and can arrange commercial real estate loans for any property type through its unmatched network of lending partners. Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, and loan servicing. Northmarq combines industry-leading capabilities with an open, flexible structure, enabling its team of seasoned professionals to create innovative solutions for clients.
This year was a celebratory time for Okland Construction, as they gained Lisa Fernandez to join the company’s leadership line-up, as an executive. And, Morgan Betancourt, project director was honored as a 2022 Most Influential Woman. Oakland also gained recognition for its general contract work on The Grove project (among others).
Olsson is an employee-owned engineering firm made up of people who craft expert solutions and designs that improve communities. The firm is one of the top 75 largest engineering and design firms in the nation, listed as No. 74 on Engineering News-Record’s Top 500 Design Firms list.
In 2022, Olsson lent its engineering expertise to the Goodyear Civic Square at GSQ project, a development consisting of a two-acre park, new city hall, two-story library, 100,000 square feet of Class A office space and a parking garage. The project represents the first speculative, upscale office building in the West Valley.
The Goodyear Civic Square project is indicative of Olsson’s mission to improve communities by making them more sustainable, better connected and more efficient. For more than 25 years, the engineering company has helped provide services throughout Arizona, and has offices in Phoenix, Chandler and Tempe. Olsson’s experienced and dedicated engineering professionals in Arizona focus on projects of all sizes and disciplines. The expert teams build solutions, generate ideas and create designs that enhance communities in Arizona and throughout the United States.
Scottsdale-based P.B. Bell was founded in 1976 by Philip Bell and is one of the longest-tenured multifamily management companies in the Phoenix MSA. For each community, P.B. Bell identifies the needs and opportunities, and its creative and operational minds get to work. No two P.B. Bell communities are the same.
Founded in 1982, Plaza Companies is a full-service real estate firm specializing in leasing, management, construction and development of some of the most innovative commercial real estate projects in Arizona, including Park Central, SkySong, Paradise Valley Medical Plaza, Banner Estrella Medical Center, and Arrowhead Executive Center.
Prologis has a long track record of sustainable development and continues to remain dutiful in helping clients achieve their environmental, social and governance (ESG) goals. “We’re expanding our solar program and are now ranked No. 2 in the U.S. for onsite solar capacity,” says Jeff Foster, vice president and market officer for Prologis. “In addition, we’re growing our energy and electric vehicles (EV) business worldwide.”
As part of expanding its sustainability offerings, Prologis will continue to showcase its "Essentials" platform to better aid fulfillment/logistics center clients.
“Today’s customers are looking for more than four walls and a roof,” he says. “Through our Essentials platform, we’re leveraging our scale to provide solutions customers need to run and grow their businesses.”
According to recent research conducted by Prologis, “Demand for sustainable warehouses will grow rapidly in 2023. Installed rooftop solar capacity will double and EV truck charging capacity will exceed 10 megawatts.”
Essentials’ products and services range from electric forklifts to energy solutions such as solar, storage and EV charging to workforce solutions.
In October, RED Development announced The Grove, its highly anticipated mixed-use destination in Phoenix, was 100% fully leased prior to the completion of construction, which is a first in Arizona commercial real estate history. The Grove is a $400 million, 750,000 square-foot mixed-use destination on the northwest corner of 44th Street and Camelback Road.
Rise48 Equity – the fastest growing multifamily investment group in Phoenix, has acquired 13 new apartment properties since January of 2022, totaling more than $759,000,000, which adds 2,750 units to the company’s portfolio. The company plans to spend more than $63,000,000 renovating the interiors and exteriors of their 13 newest acquisition.
Scottsdale-based SimonCRE is planning a major expansion of its Prasada development with approximately 350,000 square feet of additional retail and restaurant space. The new $100 million shopping center, called Prasada North, will be developed adjacent to a planned, 200,000-square-foot American Furniture Warehouse store along the Loop 303 in Surprise.
Tower Capital’s experienced team brings an institutional quality approach to middle market owners, operators, and developers. Tower Capital provides white-glove service to its clients from the beginning of the transaction all the way through to closing.
“So often, we hear complaints about our competitors, who sign up the transaction and then leave the borrower to manage the closing on their own with little support,” says Adam Finkel, principal and founder of Tower Capital. “Once we engage a lender, our transaction team is incredibly proactive throughout the closing process by keeping track of all lender and third-party due diligence; scheduling and coordinating site visits; facilitating communication amongst title, the lender, and legal teams; taking a lot of that time, energy, and frustration off our client’s plates. Additionally, we are often complimented by our capital providers on the quality of our loan packages and overall process. Ultimately, the most aggressive lenders are the busiest and a strong working relationship with these groups opens up access to our clients that the competition may not be able to provide.”
While 2022 was a year where the market quickly shifted from an up cycle to a down cycle, Tower Capital advisors have shined more than ever while helping clients navigate the choppy market conditions.
“We are using this continued momentum and activity to position ourselves to be the ‘go-to’ lenders for construction completion, bridge lease-up, and secondary financing solutions,” Finkel says.
Stoa, the Arizona-based company behind the FlipOS by Stoa property technology (proptech) platform for professional home flippers, rebranded as Stoa in 2022. The rebrand comes on the heels of closing a $100 million securitization, the latest of a total $300 million in debt and equity raised over the past year. The company was co-founded by Tom Sella and Or Agassi.
“Our company is built on 40 years of promises made and promises kept,” says Jamie Godwin, president, CEO and owner of SLC, which was founded in 1981. Some of the recent projects Stevens-Leinweber has been working on include Airport 48, Align Technologies, Chandler Connection and Goodyear AirPark.
With tremendous demand from a variety of industrial facility users in the Phoenix area, Opus developed, designed and constructed a 450,619-square-foot speculative industrial building in Goodyear. It’s a designated Opportunity Zone and Military Re-Use Zone, offering tax benefits and the opportunity to become a Foreign Trade Zone.
The Weitz Company has been an Arizona general contractor since 1978 and has successfully delivered more than 1,000 projects out of its Phoenix office, including Raintree in Scottsdale, a ground-up, five-story, wood framed, 192-unit multifamily project wrapped around a 6 level precast parking structure containing 270 stalls.
In July, JB Capital, an alternative credit manager investing in areas of the market underserved by traditional banks, announces its partnership with Taylor Street for JB Capital’s Real Estate Lending Income Fund. The fund provides capital to professional owners, operators and developers of multifamily and industrial real estate assets in key markets across the U.S.
In October, ViaWest Group broke ground on its latest state-of-the-art industrial development, Sight Logistics Park, along the high-visibility I-10 corridor in Tempe. Sight Logistics Park is an infill, redevelopment project that will revitalize the 17.97-acre parcel that was the former global headquarters for Insight Enterprises.
As you drive throughout Metro Phoenix, it’s a common sight to see Willmeng signs on construction projects across multiple sectors. So it’s a bit surprising that the company’s biggest source of pride has nothing to do with its many mega-projects.
“A significant highlight from 2022 was maintaining our culture through growth, specifically being able to gather nearly our entire team and their families for our mid-year retreat at Snowbird Resort,” says James Murphy, CEO of Willmeng. “The energy and inspiration we all took home from that weekend is still evident in how our team has finished out 2022. For us, success truly is about our people and client relationships, so being able to bring everyone together to show our gratitude and appreciation through a year of global supply change challenges was a highlight of the year for the entire team.”
Beyond Willmeng’s internal impact, the construction company is having a significant impact on Arizona’s economy and ever-changing landscape.
“Willmeng recently completed the ElectraMeccanica assembly plant and company headquarters in Mesa,” Murphy says. “Arizona is expected to receive approximately $76.5 million in federal funds over the next five years to enhance our electric vehicles infrastructure, creating a national EV charging network. Willmeng is grateful to be involved in providing a state-of-the-art facility for a company that is truly innovative; and there are many others in the design stages. Willmeng is also nearing completion on the Scottsdale Civic Center Park, which will take center stage during television coverage of Super Bowl LVII as a key location for media and event gatherings in the Valley.
“Our commitment to creating purpose for our people and building relationships with high-performing clients (is what separates us from the competition),” Murphy says. “Internally, we have made investments in the personal and professional growth of our team, with safety and leadership training courses, among just a few. We also introduced The Willmeng Academy to give our team the tools and knowledge they need to be successful. Externally, we are constantly looking for opportunities to strengthen our ties with companies and municipalities to truly impact their communities in a significant way.”
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