GRAN JARDIN - LoopNet...GRAN JARDIN APARTMENTS | 7 VALUE-ADD OPPORTUNITIES > Submarket occupancy and...

O F F E R I N G M E M O R A N D U M

GRAN JARDIN405 N 40TH AVE., PHOENIX, AZ 85009

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Exclusively Listed by: NorthMarq

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Ryan Boyle SENIOR ASSOCIATE

T 602.952.4050

C 602.510.2972

[email protected]

Daniel Leibsohn SENIOR ASSOCIATE

T 602.952.4048

C 602.284.5904

[email protected]

Phoenix Office 3200 E. CAMELBACK ROAD, SUITE 253

PHOENIX, AZ 85018

602.955.7100

MULTIFAMILY & MANUFACTURED HOUSING INVESTMENT SALES

Alex Quenzler VICE PRESIDENT - DEBT & EQUITY

T 602.508.2209

C 480.522.0250

[email protected]

4 | NORTHMARQ MULTIFAMILY

SITE DESCRIPTION

Apartment Community Gran Jardin

Location 405 N 40th Ave. Phoenix, AZ 85009

Total Units 45

Year Built 1971

Net Rentable Square Feet 29,835

Number of Buildings 23

Number of Stories 1

Sub-market Central West Phoenix

Land Size 3.04 Acres

Density 14.80 Units Per Acre

Parking Uncovered Spaces

Laundry On-Site Laundry Facility

OFFERING

Price $4,425,000

Price Per Unit $98,333

Price Per Square Foot $148.32

Terms Cash - Fee Simple

MECHANICAL

Heating / Cooling Individual Roof Mounted Units

Hot Water Individual Water Heaters

Electricity Paid by Tenant

Water / Sewer Paid by Owner

CONSTRUCTION

Style Single Story

Foundation Concrete

Framing Block

Exterior Painted Brick

Roof Pitched Shingle

Parking Surface Asphalt

PROPERTY TAXES

Number of Parcels 3

Tax Parcel Number 106-03-004; -009, -019B

2018 Property Tax $13,594

PROPERTY SUMMARY

5GRAN JARDIN APARTMENTS |

PROPERTY SUMMARY

UNIT TYPE # OF UNITS

% OF COMPLEX

SQUARE FEET VACANT MANAGER

UNITASKING

RENTASKING

RENT / SFAVERAGE

IN-PLACE RENTAVERAGE RENT / SF

TOTAL ASKING RENT

TOTAL AVERAGE RENT

2BD/1BA 45 100% 663 3 1 $695 $1.05 $676 $1.02 $31,275 $30,420

UNIT MIX BREAKDOWN


ASSET HIGHLIGHTS

> Desirable low density single-story buildings with all spacious two-bedroom floor plans

> Limited new construction planned or underway within the submarket

> Less than a mile south of Interstate-10 manufacturing and warehouse employment corridor (over 236,000 jobs within five miles of the property)

> Recently underwent capital improvements including new concrete walkways, landscape upgrades, interior and exterior paint, new refrigerators in select units, and added a new storage container on the property


VALUE-ADD OPPORTUNITIES

> Submarket occupancy and rents allow for improved performance - subject rents currently below market

> Organic rent growth - submarket rents increased 17% since Q1 2016

> Initiating an interior upgrade program including new flooring, paint, resurfaced cabinets, new countertops, new fixtures and stainless steel appliances will generate additional rental premiums

> Modernization of signage will enhance the curb appeal for prospective residents

> Energy efficient retrofit of exterior fixtures will decrease utility & contract service expenses

> Installing additional covered parking spaces and/or carports can generate ancillary income via parking premiums

> Opportunity to increase current asking rents and implement a RUBS program to recapture utility expenses and increase revenue

HIGHLIGHTS


PROPERTY EXTERIOR PHOTOS


PROPERTY INTERIOR PHOTOS


NO. PROPERTY YEAR BUILT UNITS UNIT SIZE

AVG. SFPHYSICAL

OCCUPANCYASKING RENT/

UNITASKING RENT/SF

NET RENT/UNIT NET RENT/SF MANAGED BY

Gran Jardin 405 N 40th Ave. Phoenix, AZ 85009

1971 45 663 93% $695 $1.05 $695 $1.05 Mi Casa PM

Casa West 4029 W McDowell Rd. Phoenix, AZ 85009

1968 32 780 80% $898 $1.15 $898 $1.15 Dunlap & Magee

Six Twelve 612-630 N 39th Ave. Phoenix, AZ 85009

1963 18 621 94% $692 $1.11 $692 $1.11 Owner

Cactus 506 N 40th Ave. Phoenix, AZ 85009

1985 16 650 94% $748 $1.15 $748 $1.15 Owner

3101 W Melvin Steet 3101 W Melvin St. Phoenix, AZ 85009

1984 48 621 96% $696 $1.12 $696 $1.12 Owner

Average 1975 29 668 91% $759 $1.14 $759 $1.14

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RENT COMPARABLES

NO. PROPERTY YEAR BUILT UNITS UNIT SIZE

AVG. SFPHYSICAL

OCCUPANCYASKING RENT/

UNITASKING RENT/SF

NET RENT/UNIT NET RENT/SF MANAGED BY


1971 45 663 93% $695 $1.05 $695 $1.05 Mi Casa PM


1968 32 780 80% $898 $1.15 $898 $1.15 Dunlap & Magee


1963 18 621 94% $692 $1.11 $692 $1.11 Owner


1985 16 650 94% $748 $1.15 $748 $1.15 Owner


1984 48 621 96% $696 $1.12 $696 $1.12 Owner

Average 1975 29 668 91% $759 $1.14 $759 $1.14


OWNER: Green Point Investments LLC

MANAGED BY: Torina

UNIT TYPE UNITS SF ASKING RENT/UNIT

ASKING RENT/SF

NET RENT/UNIT

NET RENT/SF

2BD/1BA 45 663 $695 $1.05 $695 $1.05

TOTAL/AVG. 45 663 $695 $1.05 $695 $1.05

S

WALKSCORE

34TRANSIT

SCORE

42


OWNER: Aspen Capital

MANAGED BY: Dunlap & Magee


ASKING RENT/SF

NET RENT/UNIT

NET RENT/SF

2BD/1BA 32 780 $898 $1.15 $898 $1.15

TOTAL/AVG. 32 780 $898 $1.15 $898 $1.15

1

WALKSCORE

65TRANSIT

SCORE

41


OWNER: Six Twelve Apartments LLC

MANAGED BY: Owner


ASKING RENT/SF

NET RENT/UNIT

NET RENT/SF

2BD/1BA 18 621 $692 $1.11 $692 $1.11

TOTAL/AVG. 18 621 $692 $1.11 $692 $1.11

2

WALKSCORE

54TRANSIT

SCORE

41



OWNER: Fan Francisco T C & Yuh L Y

MANAGED BY: Owner


ASKING RENT/SF

NET RENT/UNIT

NET RENT/SF

2BD/1BA 16 650 $748 $1.15 $748 $1.15

TOTAL/AVG. 16 650 $748 $1.15 $748 $1.15

3

WALKSCORE

40TRANSIT

SCORE

41


OWNER: Rental Property & Mgnt

MANAGED BY: Owner


ASKING RENT/SF

NET RENT/UNIT

NET RENT/SF

2BD/1BA 48 621 $696 $1.12 $696 $1.12

TOTAL/AVG. 48 621 $696 $1.12 $696 $1.12

4

WALKSCORE

78TRANSIT

SCORE

42

1

2

3

4

5

6

$680$700$720$740$760$780$800$820$840$860$880$900

$1.00 $1.02 $1.04 $1.06 $1.08 $1.10 $1.12 $1.14 $1.16

# PROPERTY UNIT TYPE UNITS SF RENT/UNIT RENT/SF

1 Gran Jardin 2BD/1BA 45 663 $695 $1.05

2 Casa West 2BD/1BA 32 780 $898 $1.15

3 Six Twelve 2BD/1BA 18 621 $692 $1.11

4 Cactus 2BD/1BA 16 650 $748 $1.15

5 3101 W Melvin Street 2BD/1BA 48 621 $696 $1.12

6 TOTAL/AVG. 159 668 $741 $1.11

Rent/Unit TWO BEDROOM RENTS


RENT COMPARABLES MAP

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T-12 INCOME / T-12 EXPENSESWITH ADJUSTMENTS NOTES

TRAILING FINANCIALS AS OF DECEMBER 2018

RENTSCurrent asking rents.

PHYSICAL VACANCYRent Roll dated December 2018

ECONOMIC VACANCYIncludes historical physical vacancy

GROSS OPERATING INCOMERemoved $355 in Interest Income

PROPERTY TAXES2018 annual property taxes quoted from the Maricopa County Treasurer.

EXPENSESTrailing P&L statement from through December 2018.Removed $150,168 in Total Expenses:Removed $105,069 in Interest ExpenseRemoved $1,225 in Concrete WorkRemoved $4,329 in Landscape UpgradeRemoved $25,000 in Painting ExpenseRemoved $9,540 in Rental Tax ExpenseRemoved $2,005 in Security Camera ExpenseRemoved $3,000 for Storage Container

OPERATING INCOMEMonthly Scheduled Gross Rent $31,275Annual Scheduled Gross Rent $375,300Current Physical Vacancy 6.67% -$2,085Loss to Lease 0.88% -$3,302Economic Vacancy 3.57% -$13,389Net Rental Income $356,524Pest Control Income $982Laundry Income $8,950Storage Income $4,611Other Income (Late Fees, Pet Fees, Application Fees, Etc.) $30,134Gross Operating Income $401,202OPERATING EXPENSES PER UNITProperty Taxes $302 $13,594Insurance $162 $7,289Maintenance & Repairs $537 $24,147Turnover $67 $3,010Contract Services $47 $2,093Electricity $142 $6,394Gas $27 $1,230Sewer and Water $517 $23,285Trash $92 $4,140Payroll $603 $27,126Management Fee 2.64%OF GOI $235 $10,590Marketing $10 $449Administrative Expenses $163 $7,342TOTAL OPERATING EXPENSES $130,691Operating Cost Per Unit $2,904Operating Cost Per Sq Ft $4.38NET OPERATING INCOME $270,511Capital Reserve $300 $13,500ADJUSTED NET OPERATING INCOME $257,011


MONTHLY RENT

2BD/1BA 45 663 $695 $31,275

TOTAL/AVG. 45 663 $695 $31,275

T-12 OPERATIONS


NOTES

RENTSIncreased asking rents to $800.

PHYSICAL VACANCYConsistent with submarket performance.

MANAGER UNITAnnual rent loss on one manager unit.

PEST CONTROL INCOMEIncreased 3% from T-12 income operations.

LAUNDRY, STORAGE & OTHER INCOMEIncreased 3% from T-12 income operations.

PROPERTY TAXES2018 Annual property taxes quoted from the Maricopa County Treasurer.

UTILITIESIncreased 3% from adjusted T-12 operations.

OPERATIONAL EXPENSESBased on industry standards of similar properties.


MONTHLY RENT

2BD/1BA 45 663 $800 $36,000

TOTAL/AVG. 45 663 $800 $36,000

PRO FORMA OPERATING INCOME

Monthly Scheduled Gross Rent $36,000

Annual Scheduled Gross Rent $432,000

Physical Vacancy 2.00% -$8,640

Loss to Lease 1.00% -$4,320

Manager Unit 2.22% -$9,600

Economic Vacancy 3.00% -$12,960

Net Rental Income $396,480

Pest Control Income $1,011

Laundry Income $9,219

Storage Income $4,749

Other Income $31,038

Gross Operating Income $442,498

PRO FORMA OPERATING EXPENSES PER UNIT

Property Taxes $302 $13,594

Insurance $175 $7,875

Maintenance & Repairs $250 $11,250

Turnover $100 $4,500

Contract Services $100 $4,500

Electricity $146 $6,586

Gas $28 $1,267

Sewer and Water $533 $23,984

Trash $95 $4,264

Payroll $500 $22,500

Management Fee 5.00%OF GOI $492 $22,125

Marketing $50 $2,250

Administrative Expenses $150 $6,750

Capital Reserve $300 $13,500

TOTAL OPERATING EXPENSES $144,946

Operating Cost Per Unit $3,221

Operating Cost Per Sq Ft $4.86

PRO FORMA NET OPERATING INCOME $297,552

PRO FORMA OPERATIONS


NO. PROPERTY YEAR BUILT UNITS PRICE $/UNIT $/SF SALE DATE


1971 45 $4,425,000 $98,333 $148.32 On Market

Hayward 2049 W Hayward Ave. Phoenix, AZ 85021

1985 16 $1,616,000 $101,000 $141.65 12/14/2018

La Monte 4207 N 9th St. Phoenix, AZ 85014

1965 18 $1,570,000 $87,222 $135.02 9/27/2018

Albany 5801 E Albany St. Mesa, AZ 85205

1972 98 $9,900,000 $101,020 $140.50 9/7/2018

Colter Garden 1545 W Colter St. Phoenix, AZ 85015

1965 16 $1,525,000 $95,313 $107.70 6/29/2018


1968 32 $3,450,000 $107,813 $138.22 1/31/2018

Villa Ventura 7125 N 19th Ave. Phoenix, AZ 85021

1970 50 $4,500,000 $90,000 $90.45 1/31/2018

Average 1971 39 $97,243 $128.84

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SALES COMPARABLES

NN

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5

6

4

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NO. PROPERTY YEAR BUILT UNITS PRICE $/UNIT $/SF SALE DATE


1971 45 $4,425,000 $98,333 $148.32 On Market

Hayward 2049 W Hayward Ave. Phoenix, AZ 85021

1985 16 $1,616,000 $101,000 $141.65 12/14/2018

La Monte 4207 N 9th St. Phoenix, AZ 85014

1965 18 $1,570,000 $87,222 $135.02 9/27/2018

Albany 5801 E Albany St. Mesa, AZ 85205

1972 98 $9,900,000 $101,020 $140.50 9/7/2018

Colter Garden 1545 W Colter St. Phoenix, AZ 85015

1965 16 $1,525,000 $95,313 $107.70 6/29/2018


1968 32 $3,450,000 $107,813 $138.22 1/31/2018

Villa Ventura 7125 N 19th Ave. Phoenix, AZ 85021

1970 50 $4,500,000 $90,000 $90.45 1/31/2018

Average 1971 39 $97,243 $128.84


AvondaleAutoMall

Phoenix Goodyear

Airport

West Valley Hospital

Estrella Mountain

Community College

Desert Sky Mall

Cancer Treatment Center of America

Westgate City Center

University of Phoenix

Stadium

Banner Estrella Medical Center

Canal Industrial Park

Grand CanyonUniversity

MetroCenter Mall

Christown Spectrum

Mall

Downtown Phoenix

St. Joseph’s Hospital

FreeportIndustrial

Center

Glendale Community

CollegeHonorHealth

John C. Lincoln Hospital

Gateway Pavillions

Retail Center

Glendale Municipal

AirportBiltmore

Fashion Park

Maryvale Baseball

Park

Maryvale Golf Course

Wigwam Golf Course

Luke Air Force Base

Phoenix Sky Harbor

Airport

Arizona State University

Scottsdale Fashion Square

ASU - West Campus

Thunderbird School of Global

Management

Arrowhead Towne Center

Peoria Stadium

Del E Web Hospital

Banner Thunderbird

Medical Center

HonorHealth Deer Valley

HospitalParadise

Valley Community

College Paradise Valley

Hospital

Paradise Valley Mall

Scottsdale Airport

Kierland Commons

Scottsdale Quarter

Scottsdale Sports Complex

Papago Park / Zoo

Tempe Marketplace

Wildlife World Zoo

Gainey Ranch

McCormick Ranch

Salt River Fields at

Talking Stick

N

SkySong

Phoenix Children’s Hospital

Phoenix VA Medical Center

GRAN JARDIN


PHOENIX MSA REGIONAL MAP

GRAN JARDIN

DOWNTOWNMIDTOWN

GRAN JARDIN

N

Van Buren Street

40th Avenue


WITH PROXIMITY TO I-10 AND I-17, GRAN JARDIN IS WITHIN EASY ACCESS TO

> Sky Harbor International Airport – one of the top ten busiest airports in the nation with more than 100,000 passengers daily, over 31,000 employees & a daily economic impact of $90 million.

> Deer Valley Airport - serves to relieve air traffic from Sky Harbor; situated on 914 acres and is home to more than 1,277 aircrafts.

> Metrocenter Mall - 1.3 million square foot super-regional shopping mall in northwest Phoenix with over 100 retailers and restaurants. Currently being transformed by initiating a new Planned Urband Development (PUD) Zoning Overlay to accommodate a 2,700,000 square feet mixed-use environment, including office, medical and residential units. New 148,000 square feet Walmart Supercenter opened July 2017.

> Glendale Sports and Entertainment District: Westgate Shopping District, University of Phoenix Stadium, and Gila Rivera Arena.

> Desert Ridge Marketplace - premier shopping and entertainment destination with over 110 retailers and restaurants.

> Arrowhead Towne Center - anchored by Macy’s, Sears, Dillard’s, JCPenney, and AMC Theatres and is home to 132 tenants.

> Paradise Valley Mall - anchored by Macy’s, Sears, Dillard’s, JCPenney, and Costco and is home to 160 tenants.

> Biltmore Fashion Park - over 600,000 square feet of luxury outdoor retail and dining.

> HonorHealth Deer Valley Medical Center - Magnet status 204-bed full service hospital.

> HonorHealth John C. Lincoln Medical Center - Magnet status 266-bed full service hospital.

> Banner Thunderbird Medical Center - 504-bed hospital ranked 6th best in Phoenix metro area.

> Abrazo Scottsdale Campus - 142-bed acute care hospital.


AREA HIGHLIGHTSAREA HIGHLIGHTS

> Downtown Phoenix is the #1 employment center with over $3

billion in new development planned or underway.

“ > Phoenix Children’s Hospital - 385 bed hospital currently undergoing a $60M expansion

project which will accommodate up to 100,000 patients per year (existing capacity is 22,000 patients).

> Thunderbird School of Global Management - top ranked global business school with over 1,000 students enrolled (recently acquired by ASU).

> Midwestern University - top physician assistant program (#20) in the country with 3,000 students enrolled.

> Grand Canyon University - rapidly expanding educational institution with over 74,000 students enrolled.

> Arizona State University Main Campus – largest in the nation with over 100,000 students enrolled.

> SkySong - a 1.2 million square foot mixed-use project with more than 1,000 employees and 50 companies.

> New $1.4 billion Phoenix Metro Light Rail connecting Tempe to Mesa, Downtown & Greater Phoenix.

> Downtown Phoenix - #1 employment center with over $3 billion in new development planned or underway.

> Camelback Corridor/Biltmore area - 12,400+ employees and over 100 companies (20th Street to 32nd Street along Camelback Road).

> Old-Town Scottsdale features dozens of restaurants and bars, the 1.6-million square foot Scottsdale Fashion Square Mall.

> Mill Avenue District (Downtown Tempe) – unique urban environment with countless commercial, retail & office developments and over 30,000 workers.

> Tempe Town Lake & Beach Park – over 6 million square feet in new development planned, under construction or recently completed including Marina Heights, a $600M, 20-acre, mixed-use development that will include five office buildings leased by State Farm, retail amenities and a 10-acre plaza to be constructed over the next four years.


t

SUBMARKET ASKING RENT PER UNIT$778

$666

17% GROWTH

SUBMARKET ASKING RENT PER SF

$1.12

$0.96

TRAFFIC COUNT ON VAN BUREN

42,676SOURCE: COSTAR

W O R K F O R C E WITHIN 5 MILESS O U R C E : C O S T A R

236,337

MEDIAN AGE WITHIN 1 MILE S O U R C E : C O S T A R

30

GRAN JARDIN AREA BREAKDOWN

S F H O M EM E D I A N L I S T P R I C ESOURCE: ZILLOW/85009

$163,900

W I T H I N 5 M I L E SS O U R C E : C O S T A R

15,752BUSINESSES

$33,725M E D I A N HOUSEHOLDI N C O M E W I T H I N 5 M I L E

S O U R C E : C O S T A R

S U B M A R K E T O C C U P A N C YS O U R C E :C O S T A R

96%2 0 1 8 - 2 0 2 3P O P U L A T I O N G R O W T HS O U R C E : C O S T A R

7.2%


RETAIL/AMENITIES

Gateway Pavilions is a 301,460-square foot open-air shopping center that was built in the early 2000’s. This shopping center features over 50 retail tenants, and highlights two key tenants, Costco and Harkins Theatre. Those two anchor tenants account for over 230,000 square feet of real estate.

Many retail venues have opened in response to the large population and the expanding entertainment choices. The Westgate City Center opened in 2006 adjacent to the hockey arena and features approximately 300,000 square feet of retail space. The 328,000-square foot Tanger Outlet Center opened in late-2012 and was fully occupied and had tremendous foot traffic. In addition to the newer retail options, the 660,000-square foot Arrowhead Towne Center has been a fixture in Glendale for nearly 20 years and has more than 100 retailers.

Retailers are also prominent employers in the city. Walmart has six locations in the city, employing approximately 2,200 full- and part-time staff. Sanderson Ford has 500 workers at a few dealerships, Cabela’s has more than 300 employees and Costco and Winco each have 250 workers at their locations. In all, there are more than 100 employers in the city that have payrolls of at least 100 workers.

1 MILE

±9,825 JOBS

±80,012 JOBS

±9,825 JOBS WITHIN A ONE MILE RADIUS FROM THE PROPERTY

±80,012 JOBS WITHIN A THREE MILE RADIUS FROM THE PROPERTY

±236,337 JOBS WITHIN A FIVE MILE RADIUS FROM THE PROPERTY

NUMBER OF JOBS IN THE AREA

1 MILE

3 MILES

5 MILES N

AREA HIGHLIGHTS

GRAN JARDIN

±236,337 JOBS

JOB CORRIDOR

26 | NORTHMARQ MULTIFAMILY 91st

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Distribution Center

Distribution Center

Distribution Center

WAREHOUSE

GATEWAY PAVIL IONS

Algodon Center

Sheely Farms MPC

N 83rd

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WEST PHOENIX EMPLOYERS

Van Buren Street


McDowell Road

Thomas Road

Indian School Road

Camelback Road

Bethany Home Road

67th

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75th

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83rd

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Distribution Center

DISTRIBUTION CENTER

Distribution Center

WAREHOUSE

WAREHOUSE

Distribution CenterFULFILLMENT CENTER

Distribution Center

59th

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51st

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43rd

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35th

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EMPLOYERS ALONG I-10 JOBSBANNER HEALTH 7,690LUKE AIR FORCE BASE 5,690GRAND CANYON UNIVERSITY 3,550AMAZON 3,020APS 2,740ABRAZO HEALTHCARE 1,940PETSMART 1,860JPS PACKERLAND 1,100SHAMROCK FOODS 1,040SWIFT TRANSPORTATION 960LOCKHEED MARTIN 800ALLIANCE BEVERAGE DISTRIBUTING 670LIVING SPACES FURNITURE 300AZ DEPT. OF ECONOMIC SECURITY 300CORNERSTONE BRANDS, INC. 300MENLO LOGISTICS 300PETSMART DISTRIBUTION CTR 12 250ROYAL PAPER CONVERTING 250CIRCLE K 250EXEL 250QUIK TRIP DISTRIBUTION 200SNYDERS OF HANOVER, INC. 200AUTOZONE 200ABRAXIS BIOSCIENCE, LLC 200UPDIKE DISTRIBUTION LOGISTICS 200MOVIE CENTER SA DE CV 200MCLANE FOODS SERVICES 200OHL 200SUMMIT WAREHOUSE & LOGISTICS 150XBL LOGISTICS 150ARIZONA RECORDS STGE CTR LLC 150GOODWILL 150OMCO SOLAR INC 150SAN MAR CORP 150ASHLEY FURNITURE INDUSTRIES, INC. 150AVIALL SERVICES, INC. 150UPPER CRUST BAKERY, USA 140TEMPLE-INLAND 125AMSAFE AVIATION 125CONNS APPLIANCES INC 125FREEPORT LOGISTICS INC 120COLLEGEVILLE IMAGINEERING-59TH 100SALT RIVER PROJECT-WEST VALLEY 100REXAM 100ATLAS ROOFING CORPORATION 100FRESH DEL MONTE PRODUCE INC. 100METAL FORM MANUFACTURING INC. 100MARATHON EQUIPMENT 100FACTORY MOTOR PARTS CO 75TOTAL JOBS 37,545

Glendale Avenue

GRAN JARDIN405 N. 40TH AVE


INFRASTRUCTURE IMPROVEMENTS

The West Valley cities are benefitting from significant freeway expansion. The Loop 303, which is located as an outer loop outside of the Loop 101, connects the Interstate 10 (which runs east-west to Los Angeles and Texas) and the Interstate 17, which runs north through Phoenix and into Flagstaff. Many large distribution/fulfillment centers have sprung up along the Loop 303, with companies including REI, Dick’s Sporting Goods and Sub-Zero combining for hundreds of jobs in the city. A 1-million square foot facility for ConAir is under way, a facility that will ultimately employ about 300 workers.

Amazon and Macy’s also have facilities that each employ about 1,000 workers, as these large retailers are some of the most prominent tenants in the tens of millions of square feet of industrial space located along the I-10. These distribution/fulfillment centers support thousands of jobs in Glendale and surrounding areas. Other prominent employers include Petsmart, McLane Foods and Aspenhome furniture.


WEST PHOENIX OVERVIEW

RETAIL/AMENITES

Over the past decade, entertainment options in Glendale have multiplied. The area is now home to both the Arizona Cardinals (at University of Phoenix Stadium) and the Phoenix Coyotes (at Gila River Arena). The University of Phoenix stadium is in the rotation that hosts both the Super Bowl and the NCAA National Football Championship Game, which brings visitors and commerce to the area.

Westgate Entertainment District is an 8 million-square foot mixed use development located in the heart of Glendale, right off of the Loop 101. This sports and entertainment complex is located adjacent to the University of Phoenix Stadium, and the Gila River Arena. This district encompasses approximately six square miles of development. There are over 21 restaurants and bars in this district, along with an AMC Theatres and Dave and Busters.

One of the area’s newest entertainment options opened in Glendale in December 2015. The Tohono O’odham Nation tribe delivered its $400 million casino venture located at the Loop 101 and Northern Avenue, at the Peoria and Glendale border. The project, which was hotly contested in the state legislature, is expected to ultimately add approximately 3,000 jobs to the local employment base. The casino will be one of the largest employers in the Glendale area. The project is expected to total as much as 1 million square feet of space upon completion, including gaming floor, 400 hotel rooms, restaurants and a spa. This will be only the second casino in the West Valley.

The city of Glendale . . . is one of the largest economic single economic influences in all of the metro Phoenix.

“

4141 West Glendale Avenue, Milwaukee, WI, USA

4141 W Glendale Ave, Phoenix, AZ, USA


RETAIL/AMENITES

The city is the fifth largest in Arizona by population, and is by far the largest city in the West Valley of Metro Phoenix.

“

Gateway Pavilions is a 301,460-square foot open-air shopping center that was built in the early 2000’s. This shopping center features over 50 retail tenants, and highlights two key tenants, Costco and Harkins Theatre. Those two anchor tenants account for over 230,000 square feet of real estate.

Many retail venues have opened in response to the large population and the expanding entertainment choices. The Westgate City Center opened in 2006 adjacent to the hockey arena and features approximately 300,000 square feet of retail space. The 328,000-square foot Tanger Outlet Center opened in late-2012 and was fully occupied and had tremendous

foot traffic. In addition to the newer retail options, the 660,000-square foot Arrowhead Towne Center has been a fixture in Glendale for nearly 20 years and has more than 100 retailers.

Retailers are also prominent employers in the city. Walmart has six locations in the city, employing approximately 2,200 full- and part-time staff. Sanderson Ford has 500 workers at a few dealerships, Cabela’s has more than 300 employees and Costco and Winco each have 250 workers at their locations. In all, there are more than 100 employers in the city that have payrolls of at least 100 workers.


The city of Glendale features a large, fairly diverse mix of employers. Luke Air Force Base, with an employment base of more than 6,300 soldiers and administrative workers is one of the largest single economic influences in all of metro Phoenix and is located in the western portion of the city of Glendale. Local government is also a significant employer in the city, including a number of local school districts that serve the large local population. The city also features higher education; Glendale Community College, with an annual enrollment of more than 30,000 students taking at least one class, employs 2,000 full- and part-time workers. The prestigious Thunderbird School of Global Management, which recently merged with Arizona State University, has a full-time staff of 300 workers for its MBA program. Thunderbird’s 750 full-time graduate students now have access to ASU’s resources, while still attending classes at the Thunderbird Campus. In addition, Midwestern University has approximately 600 workers and an enrollment of approximately 2,500 students.

In addition to education, healthcare is one of the largest employment sectors in the city of Glendale. Banner Health system is the largest private employer in the city, with nearly 2,900 workers. In addition, Arrowhead Hospital, a 217-bed facility that routinely receives awards for top quality care, has approximately 1,000 workers. Humana Healthcare is also a prominent employer in Glendale, with more than 625 workers in the city. Life Care Center of North Glendale, a long-term care facility in the city, also has 300 workers. Outside of healthcare and education, there are a number of large, national and international companies with a presence in Glendale. AAA has an administrative office in the city with more than 1,300 workers, Honeywell employs 800 in the city and Bechtel—one of the largest privately-owned companies in the United States—has a facility with 500 employees.

EMPLOYERS

WEST PHOENIX OVERVIEW

M U L T I F A M I L Y & M A N U F A C T U R E D H O U S I N G I N V E S T M E N T S A L E S

Phoenix Office 3200 E. CAMELBACK ROAD, SUITE 253

PHOENIX, AZ 85018

602.955.7100

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Ryan Boyle SENIOR ASSOCIATE

T 602.952.4050

C 602.510.2972

[email protected]

Daniel Leibsohn SENIOR ASSOCIATE

T 602.952.4048

C 602.284.5904

[email protected]

Alex Quenzler VICE PRESIDENT-PRODUCER

T 602.508.2209

C 480.522.0250

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NorthMarq | Debt & Equity

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