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NEWS
Prudential CRES Commercial Real Estate
Promotes Art Carll to Regional Vice President
SCOTTSDALE,
Ariz.-- Apr 10, 2008 - Prudential CRES Commercial Real Estate has promoted Art Carll to regional vice president. Carll had been serving as the president of the company's operations in Nevada and will now oversee all operations in both Nevada and Arizona to include Prudential CRES Commercial Real Estate, Prudential CRES Appraisal Services and the Prudential CRES | GPE Medical Group.
Carll has also been appointed to the Prudential CRES National Advisory Board.
"Art's depth of knowledge about our industry, coupled with his charismatic personality makes him the best person to lead
Prudential CRES as we continue to aggressively grow our presence in the southwest," says Charlie Lindgren, chief operating officer.
Under Carll's direction, the
Prudential CRES operations in
Nevada tripled in size and closed more than $200 million in sales volume over the past year. Carll will be based at the southwest region's headquarters in
Scottsdale and will split his time between the
Arizona and
Nevada offices.
Prior to joining
Prudential CRES, Carll was a senior manager for Hendricks & Partners, a multi-family investment firm head-quartered in
Phoenix,
AZ, with 27 regional offices.
His experience also includes owning and managing a transportation and distribution company with more than $13 million in annual revenue, and he spent three years on the staff of a NCAA Division I football team.
Art Carll's memberships and affiliations include:
NAIOP, SIOR, ICSC, CCIM, and NDA.
About Prudential CRES Commercial Real Estate
Prudential CRES Commercial Real Estate is an affiliate of
Prudential CRES, a global system of commercial real estate industry leaders.
Prudential CRES Commercial Real Estate's local market knowledge of
Arizona and
Nevada, combined with its international presence through other
Prudential CRES affiliates, makes it uniquely qualified to provide the highest level of commercial real estate services.
Prudential CRES Commercial Real Estate specializes in all commercial disciplines including office, industrial, multi-family, medical, retail and investment services.
For more information contact Katie Shields at (480) 365-1526 or visit the company website at http://www.prucres.com/.
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PHOENIX
OFFICE MARKET HANGS ON TIGHT
Local Businesses Take Advantage of Increased Space and Lower Rents
Scottsdale
,
Arizona -- Apr 10, 2008 -
In its highly anticipated first quarter 2008 report, Prudential CRES Commercial Real Estate's
Arizona operation reports lower demand due to slower job creation, higher vacancy and a favorable market for tenants.
In the face of a softer office market,
Phoenix buyers and tenants reassess business expectations and economic conditions at the start of 2008.
Slowing rent growth will allow tenants to obtain additional space, which will alleviate increasing vacancy throughout the Valley, most specifically in the suburban submarkets. Opportunities are available to tenants seeking expansion in the
Phoenix metro office market.
In Prudential CRES Commercial Real Estate's first-quarter report, vacancy was calculated at 15.2%.
1,050,000 square feet of office space was delivered in the first quarter and the Valley has over 5 million square feet in the planning stage. Net absorption totaled an approximate negative 50,000 square feet. New space will increase by over 4 million square feet in 2008.
Prudential CRES
forecasts that vacancy will continue to increase this year, however it can be expected to moderate by year-end into 2009.
Office condo sales are expected to grow as businesses reassess the advantages of owning versus leasing. Building owners have been re-pricing to meet on-going demand.
"Throughout 2008, vacancy will rise modestly before leveling out," says David Illsley, managing director/designated broker of the Prudential CRES Commercial Real Estate's
Arizona operation. "The long-term economic outlook remains favorable for
Arizona with the
Phoenix metro office market being a cost-effective location for many businesses."
To obtain a copy of the Prudential CRES Commercial Real Estate's quarterly office market report, contact
Shara Galonsky, director of research at Prudential CRES Commercial Real Estate, at 480-365-1583, or visit www.prucres.com/groups/research.aspx.
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Prudential CRES Commercial Real Estate
Appoints Lisa Lyons as Managing Director in
Nevada
LAS VEGAS,
Nev. -- Apr 10, 2008 - Prudential CRES Commercial Real Estate has named Lisa Lyons managing director in
Nevada.
Lyons will manage the company's efforts throughout the state including the
Las Vegas office, which handled more than $200 million in transactions last year.
Lyons will be responsible for managing ongoing client transactional assignments, analysis of local market conditions, and maintaining a strong awareness of local office inventory through engagement of the brokerage community.
Lyons comes to
Prudential CRES with more than 15 years' professional experience in commercial real estate.
Prior to joining Prudential CRES, Lyons was at Commercial Partners of Nevada where they specialized in leasing, subleasing and sales of office properties and land in Reno and the surrounding area.
Earlier in her career,
Lyons was the director of corporate resources for Handspring where she was instrumental in the company's phenomenal growth.
Being one of the first 8 employees, she helped grow the company from a small start-up to more than 450 employees in three countries in just five years.
She started her career in
Santa Clara,
Calif., in commercial real estate.
"Lisa is joining us at a time when we are making an aggressive move in the
Nevada marketplace to grow and increase our presence," says
Art Carll, regional vice president of
Prudential CRES.
"Lisa's experience in managing growth and driving sales will help promote the successful implementation of our strategic expansion plan."
A native of southern
California,
Lyons is a third-generation Realtor.
She is active in CREW (Commercial Real Estate Women) and is a member of the National Association of Realtors and supports NAIOP and SIOR.
In her spare time,
Lyons volunteers at a historical school in
Virginia City,
Nev., where she works to preserve
Nevada's history.
She is also a volunteer facilitator at The Solace Tree, a center for children and teens who have lost loved ones.
Prudential CRES Commercial Real Estate is an affiliate of
Prudential CRES, a global system of commercial real estate industry leaders.
Prudential CRES Commercial Real Estate's local market knowledge of
Arizona and
Nevada, combined with its international presence through other
Prudential CRES affiliates, makes it uniquely qualified to provide the highest level of commercial real estate services.
Prudential CRES Commercial Real Estate specializes in all commercial disciplines including office, industrial, multi-family, medical, retail and investment services.
Prudential CRES Commercial Real Estate is located at
14287 N. 87th Street, Su ite 220, in
Scottsdale, and at
127 E. Warm Springs Road, Suite A, in
Las Vegas. For more information contact Marnie Settle in
Las Vegas at
(702)
363-8400 or visit the company website at
www.prucres.com
.
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Phoenix Office Remained Buoyant Throughout 2007
Scottsdale
,
Ariz., --
Jan 23
, 2008 -
In its highly anticipated fourth quarter 2007 report, Prudential CRES Commercial Real Estate's
Arizona operation reports increased sales activity, completions and low absorption.
Despite the volatility of the single-family home market the commercial market sustained strength throughout 2007.
Prudential CRES
Commercial Real Estate forecasts that over 34,000 new jobs will be added by the end of 2008, which is a 1.7 percent increase over 2007, and more than 10,000 of these jobs will be office-using positions.
In response to this job creation, office space increased by over one million square feet in the fourth quarter and over 3.8 million square feet in 2007.
New development is expected to increase by 3.5 million square feet in 2008.
Demand for commercial assets remained strong throughout 2007.
Office sales (including office condos) skyrocketed reporting over 700 sales and a total sales volume of $3.7 billion.
Small business took advantage of a large pool of new office condos, claiming 11.2 percent of sales volume and almost 50 percent of overall office sales in 2007.
Speculative office development rose swiftly placing upward pressure on vacancy.
Additionally, sublease space flooded the market this year due to the subprime fallout.
"In the first half of 2008, we estimate sales activity to level-out.
Building owners will try to move office assets by repricing," says David Illsley, managing director/designated broker of the Prudential CRES Commercial Real Estate's
Arizona operation.
"With spec office space rising in 2007, developers are urged to pre-lease before construction can begin in 2008."
To obtain a copy of the Prudential CRES Commercial Real Estate's quarterly office market report, contact
Shara Galonsky, Director of Research at Prudential CRES Commercial Real Estate, at 480-365-1583, or visit www.prucres.com/groups/research.aspx.
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Prudential CRES Commercial Real Estate and
GPE Commercial Real Estate Merge Assets and People
Scottsdale
,
Ariz., -
January 10
,
2007 -
Prudential CRES
Commercial Real Estate, the nation's fastest growing commercial real estate network, announces that GPE Commercial Real Estate, a premier medical office leasing, sales and property management group based in
Scottsdale,
Ariz., has merged its operations with
Prudential CRES.
GPE's property management division, which manages just under 2 million square feet of medical and commercial space, will be a separate entity known as GPE Management Services.
This new entity will be led by David M. Genovese, President and Designated Broker; and Scott Long-Genovese, CFO.
Ronald V. Genovese, the founder and former President, will remain on in a business development role.
Prudential CRES will retain an exclusive property management relationship with this division.
GPE's
full-service brokerage team consists of six sales and leasing professionals who work with both tenant and landlords in selling and leasing over 2.5 million square feet in over 52 exclusively listed commercial properties in the
Phoenix market, including healthcare, office, retail and industrial space. "The medical office building component is a great addition to
Prudential CRES' services," says Dave Illsley, managing director/designated broker.
"It gives us the opportunity to expand medical sales for tenant representation and investment in office buildings adjacent to hospitals."
"We are excited to brand with Prudential CRES, whose name and reputation enhances our ability to capture a larger market share and expand our property management services into general office, industrial and retail properties." says GPE's David M. Genovese.
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Dan A. Paulus, MAI, Launches CRES Appraisal Services, LLC
Scottsdale
,
Ariz, - Nov. 27, 2007 - Prudential CRES Commercial Real Estate, one of the nation's fastest growing commercial real estate networks , announces the formation of CRES Appraisal Services, LLC, its commercial real estate appraisal group, led by President Dan A. Paulus, MAI. In this role, Paulus plans to expand the Phoenix-Scottsdale office to 12 appraisers and open multiple office locations throughout the
United States.
Paulus has built a reputation for service excellence and technical competence in his 25 years in commercial real estate. His experience in business management, consultation and appraisal of all property types includes undeveloped and entitled land, master-planned communities, apartment and condominium complexes, mobile home parks, medical office buildings and hospitals, garden and high-rise office buildings, industrial parks, neighborhood shopping centers and regional malls, hotels, golf courses, time share resorts and special use properties. Paulus specializes in forensic valuation to provide law firm litigation support and expert witness testimony. He also is among a select few real estate experts in the healthcare industry.
"Dan Paulus is uniquely qualified to propel this new division to success," says William C. Saul, president of Prudential CRES Commercial Real Estate. "His extensive real estate appraisal, consulting and management background make Dan ideal to grow and develop the appraisal division which joins forces with Prudential CRES Commercial Real Estate."
Previously, Paulus was a managing director at Colliers International and became the president of its large North American appraisal operation (
United States and
Canada). He started his appraisal career with CB Richard Ellis, and then joined the Arthur Andersen LLP Tax Division (1989-1996) as a senior manager to establish its southwest region valuation services group. He was a partner with regional real estate appraisal firm Burke Hansen, Inc. and was then a senior appraiser with Cushman & Wakefield.
Paulus, a graduate of
Arizona
State
University's accounting program, is MAI designated through the Appraisal Institute, and an Arizona State Certified General Appraiser.
He is a past member of the Appraisal Institute Review Committee and the Regional Ethics and Counseling Panel. Paulus has assisted the Disciplinary Committee of the Arizona Board of Appraisal in reviewing complaints.
Paulus resides in
Phoenix with Sharman, his wife of 28 years.
He is a member of the North Phoenix Lions Club, the Boys & Girls Clubs of Metropolitan Phoenix, and he is active in his church.
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