Arizona is scorching hot, and we’re not talking about the weather. Following 2020’s uncertainty, the commercial real estate (CRE) industry showed no signs of slowing down in 2021, with many commercial real estate companies reporting unprecedented amounts of business, from the number of construction projects underway to the record-breaking size of individual deals to the dollar amounts trading hands.
At the forefront of these transactions are the 50 commercial real estate companies to watch in 2022, which are highlighted below. As some of the top CRE companies in Arizona, they’ve seen tremendous growth in 2021 and will be the ones driving the industry forward in 2022.
2021 was a big year for Alston Construction, which celebrated 35 years of excellence. It was also a monumental year for its Phoenix business unit, which has been working on the highly anticipated 685,000-square-foot Brooklyn Bedding headquarters and manufacturing facility in Glendale and was just recently was awarded a project with MIG Real Estate. Under the leadership of seasoned construction veteran Mike Bontrager, the team will continue to grow in the industrial, commercial, office, healthcare, education and retail sectors in 2022.
Since its founding in June 2020, Arizona Land Consulting (ALC), a Phoenix-based land investment and consulting company that specializes in commercial real estate, has closed on $70 million in land transactions. Founder and CEO Anita Verma-Lallian, who also owns Equity Land Group, utilizes relationships she has with brokers and land-owners to provide off-market properties to 1031 exchange buyers. In August 2021, ALC closed on four separate properties totaling
$17 million in a matter of two weeks in the West Valley.
Butler Design Group (BDG) is an employee-owned Phoenix-based architecture and planning firm with more than 25 years of experience. In 2021, the firm completed several key projects, including Lagerhaus, Cavasson and Creighton University at Park Central and received the NAIOP Architect of the Year award for the 16th time. Looking to 2022, BDG is excited to see many projects being completed, including Goodyear Civic Square, which includes the new Goodyear City Hall and three-story office buildings surrounding a public park. Always continuing to grow and expand its diversified portfolio, BDG has enjoyed an amazing 2021, and the future looks just as exciting.
Celebrating more 25 years as one of Arizona’s most prolific architectural firms, Cawley Architects looks forward to advancing client initiatives for the next 25. It has completed more than 20 million square feet of projects designed and executed during that time in the industrial, manufacturing, distribution, healthcare, education, mixed-use, office, retail and multifamily sectors. Recent successes include the state-of-the-art 52,250-square-foot Life Recovery Building for the Phoenix Rescue Mission; the 96,400-square-foot Auto House facility; a fourth 40,100-square-foot Adelante Primary Healthcare facility; and the 31,800-square-foot Felix Construction Corporate headquarters.
Founded in 1984, Clayco is a national design-build firm dedicated to innovation and the art and science of building. The company relocated its residential business unit headquarters to the firm’s newly established Phoenix operations in 2021 and began transforming the downtown skyline with several multifamily high-rises under construction, including Skye on 6th, PALMtower and X Phoenix Phase 2.
In 2021 alone, Clayco’s Phoenix office was awarded more than $800 million in industrial, residential and commercial projects. Led by executive vice president and partner Anthony Johnson and newly appointed residential business unit leader Eric Jaegers, the Phoenix operations now include more than 60 local hires.
COLLIERS INTERNATIONAL OF ARIZONA
Colliers in Arizona posted its historically best year in 2021, completing more than 1,000 transactions and helping its clients make more than $4 billion of important real estate decisions. Some of the key transactions included the 1.2 million-square-foot expansion of MLILY in the West Valley, the $157 million sale of the Sueba USA multifamily portfolio in Texas and earning the assignment to handle Heartland Dental’s 1,000-plus U.S. locations. This past year, Colliers completed the largest deal in Arizona history, the $1.2 billion refinancing of Grand Canyon University.
COMMERCIAL PROPERTIES INC.
Commercial Properties Inc. is a full-service brokerage and property management firm specializing in office, industrial, retail, multifamily, land and more. 2021 marked the firm’s 40th anniversary as the largest locally owned commercial real estate brokerage in the Valley. According to the company, the outlook for 2022 is positive. Arizona is seeing continued growth and the local economy is performing well. Companies continue to move to the state for competitively priced office space, affordable living and lack of operational obstacles or barriers to entry for their businesses.
CONCORD GENERAL CONTRACTING
Concord General Contracting is a well-established mid-sized firm that excels in the collaborative construction of quality commercial, municipal, educational and nonprofit projects throughout Arizona. For 50 years, Concord has partnered with architects and clients to provide creative solutions to maximize return on construction investments. The firm’s experienced and pro-active team is its magic ingredient. Being an Employee Stock Ownership Plan (ESOP) company, Concord comprises employee-owners who are personally vested in the success of their clients’ projects, as it benefits everyone at the end of the day.
CORE operates locally in Arizona with 200 employees across five offices. Its projects help build and shape communities through the construction of great schools, universities and public safety facilities. Led by Todd Steffen, president of CORE, its team is united under the desire to build for the future. 2021 marked another outstanding year in the public safety sector with over a dozen new police and fire projects started and the completion of the Town of Gilbert’s Public Safety Training Facility which included 150,000 square feet of new construction over an 18-acre village-style tactical training campus and a 36-acre tactical driving track.
Coreslab Structures provided total precast concrete solutions for projects across the Southwest in 2021, including the Arizona State University Multi-Purpose Arena, the Marine Corps Air Station parking deck in Yuma, two total precast parking garages for the Scottsdale Entrada project and the eighth total precast parking garage at Grand Canyon University, with more parking garages and several data centers in the pipeline for 2022. The Arizona plant introduced CarbonCure, a new technology that reduces embodied carbon with CO2 mineralized concrete to provide low-carbon solutions.
Derek Builders is an Arizona-grown general contractor that specializes in commercial and industrial construction. The company is made up of competent, professional and highly regarded individuals who utilize their extensive experience to provide an extraordinary level of personalized construction services to their clients. Derek Builders continues to attract new partnerships, clients and some incredible projects, including Amazon DTU3 in Chandler, Amazon DPX4 in Tempe, and Prologis Commerce Park in Goodyear. Based on its 2021 momentum and current pipeline, Derek Builders is projecting a strong 2022 as it increases its activity in the industrial, medical, senior living and cold storage space.
As the Valley experiences the nation’s fastest population growth, physicians are struggling to keep pace with the exploding demand for medical services. Healthcare real estate investment services firm Doc Properties, led by Trisha Talbot, helps many identify new or existing medical properties aligned with their specialized needs, cash flow and profitability goals. The firm connects physicians with expansion goals to investors looking for income-producing properties, and Talbot provides extensive healthcare market knowledge and a data-driven approach that help clinicians and investors increase profits and manage occupancy costs while focusing on providing quality care.
DP Electric was founded in 1990 by Daniel Puente and since then has become one of the leading full-service electrical contracting firms in Arizona with 400-plus field electricians. In 2021, DP Electric became an employee-owned company providing an additional retirement benefit to its 500 employees. DP Electric specializes in large corporate office, healthcare, industrial, aviation, mission critical and higher education projects. The firm also offers DP University apprenticeship program to all its employees. This National Center for Construction Education and Research-accredited apprenticeship program is designed to give craft professionals an unmatched education experience.
Based in Arizona with offices in Mesa, Phoenix and Tucson and a new office in Loveland, Colorado, EPS Group is the largest locally owned civil engineering firm in Arizona.
Founded in 2003, EPS Group provides civil and municipal engineering, planning, land development, surveying, water resource, landscape architecture and construction management services, and its expertise ranges from major public works infrastructure to large-scale private developments. Over the past five years, EPS Group has grown 20% year over year. To maintain exceptional client service levels, the firm has increased its associate count by nearly 70 percent during this five-year period.
The architecture and design firm unveiled its new office at the Esplanade in Phoenix in 2021. This location expands the firm’s presence in the Valley with a retail-level space that was repositioned to act as a LivingLab while adapting to the changing nature of the workplace. Gensler has seen growth in residential/mixed-use, workplace and technology, and municipal sector work, with numerous projects in development across Greater Phoenix, and 2022 will see the completion of The Kimsey, a residential mixed-use design in Scottsdale; Studios at Mesa City Center; Comarch Data Center; and the Insight Headquarters in Chandler.
George Oliver is a Phoenix-based developer that specializes office and industrial work spaces, believing that happy and healthy office environments enhance productivity, improve employee retention and help a business stand out in an increasingly competitive marketplace. This approach can be seen in its many projects, including CASA in Phoenix’s Uptown neighborhood, The Alexander and The Johnathan in downtown Chandler, and Lofts at The Quad in South Scottsdale. The firm recently unveiled plans for Arbor, a $41 million experiential renovation that will transform a mixed-use campus in Tempe into an “Urban Organic” office and retail destination.
Based in Phoenix, the Southwest Division of Graycor Construction Company represents more than 35 years of local relationships and projects in the cold storage, corporate, food processing, living/lodging, logistics/distribution, manufacturing, retail and tenant improvement markets. In 2021, the Southwest Division’s team of 25 was strengthened by an expanded leadership team, including construction president Tim Hanifin, operations manager Rusty Martin and construction manager Geovanni Villalta. Graycor’s current pipeline of 3.2 million square feet of Class A industrial space includes G303, Metro East Valley Commerce Center Phase III, Gilbert Spectrum Buildings 9-11, Elliot Gateway and 77 Buckeye.
Headquartered in Scottsdale, Harvard Investments creates and develops award-winning residential communities, second home and resort communities, investment properties, and Class A offices and warehouses. With almost 40 projects throughout Greater Phoenix, Harvard made news in October when, under a joint-venture partnership with Toll Brothers and Värde Partners, it acquired the remaining 18,000 acres of undeveloped land in Estrella, a mixed-use master-planned community in Goodyear.
In 2021, Haydon Building Corp celebrated its 30th year in business and was named ENR Southwest’s Contractor of the Year for its commitment to its employees and culture, as well as its strong portfolio of projects and record-breaking backlog. Significant projects in progress include Bell Bank Park (Legacy Sports) Athletic Fields and Infrastructure in Mesa, Yuma Regional Medical Center’s medical office buildings and the Lindsay Road/SR202 traffic interchange in Gilbert. Getting off the ground in 2022 are such projects as Prasada Village site development, Banner Payson Medical Center Expansion and Pima/Happy Valley Road improvements.
Founded in 1957, Hines is a privately owned global real estate investment, development and management firm that is particularly active in the Metro Phoenix market. 2021 saw the opening of Adeline Luxury Living in Downtown Phoenix, the sale of Chandler Viridian, ongoing construction on the 100 Mill project in Tempe, and continued development of the G303 industrial property in the West Valley. In 2022, Hines will continue redevelopment of Metrocenter and begin construction on the 250 Rio office project in Tempe, the Enclave Point and Nobella communities in Surprise, and The Hacienda at Carefree senior living development.
With a 60-year history of real estate acquisition, development and management, JDM Partners is one of the largest owners of entitled land in Arizona. Its name is an acronym of its three owners: legendary sports executive Jerry Colangelo, David Eaton and Mel Shultz. JDM made headlines in 2021 with the $600 million sale of nearly 37,000 acres in Buckeye, which will be developed into one of the largest master-planned communities in the country, Douglas Ranch. JDM will remain a joint venture partner on the project’s first village, Trillium, which expects more than 1,000 lot sales in 2022.
Jokake was founded nearly 40 years ago on the principal of providing creative solutions for the commercial real estate industry. Its team has aligned with the growing market demands, focusing on five key sectors: industrial and manufacturing, biotechnology, healthcare, commercial office and public. By welcoming biotechnology companies to Arizona and building new labs and research facilities, erecting iconic buildings for Fortune 100 clients or partnering with developers for executing a pipe dream, Jokake’s history of “building cool things” continues to develop into 2022.
Since forming its Phoenix office in 2008, JLL has grown into a local market leader in office, industrial, retail, healthcare and data center brokerage; tenant representation; facility and investment management; capital markets; multifamily investments; and development services. In 2021, the Phoenix team completed 75 million square feet in lease and sale transactions valued at $2.2 billion and directed $186 million in project management. It currently manages a 54.2 million-square-foot portfolio.
While celebrating 25 years as an architecture and interior design firm in 2021, Krause worked on a number of projects, including the complete redevelopment of the Desert Medical Campus, a four-building campus on six acres in Mesa, and the 4141 Project located in the heart of Scottsdale. The firm is also working on a 100,000-square-foot headquarters for Vensure, a 60,000-square-foot studio space for Magellan and Foundations, 20,000 square feet of new law offices for Cavanagh Law Firm, and the East Gateway redevelopment. Krause has been published numerous times and recognized for design excellence as well as its philanthropic efforts.
LAND ADVISORS ORGANIZATION
Scottsdale -based Land Advisors Organization was founded in 1987 by Greg Vogel. Today, the firm’s expert land professionals, who are known for their expertise in master-planned community and residential land development, serve 26 markets across 11 states. In 2021, Land Advisors Organization’s Metropolitan Phoenix team sold more 41,000 acres, facilitating more than 255 closings. The firm has been involved in many of the most significant land transactions of the year, including the recent sale of the 20,000-acre Estrella master-planned community in Goodyear. In 2022, it plans to continue to expand into new markets as well as grow its capital advisory group.
Spurred by significant growth in the office, industrial and hospitality market sectors, Layton Construction experienced unparalleled results at both the local and national level in 2021. Building on several consecutive record-setting years, a substantial backlog of major projects and a strong team of talented employees, this positive momentum is expected to propel the firm to another unprecedented year in 2022. Layton specializes in construction management, design-build construction and general contracting. As a part of the STO Building Group, Layton brings project experience throughout the U.S., Canada and Europe.
LGE DESIGN BUILD
For 27 years, LGE Design Build has been a leader in the Southwest’s commercial market by offering a full-service, client-oriented model of design and construction. The company remained busy in 2021, working on projects such SOLLid Cabinetry in Chandler, Northern 101 in Glendale, The Porch in Gilbert, and Bottled Blonde and the Ortho Arizona Pima Center in Scottsdale. Business continues in 2022, with Airpark Logistics Center in Goodyear, 10 West Commerce Park in Buckeye, Kiff Enterprises in Surprise, and Fetzer Surgical and Juggernaut in Scottsdale. LGE Design Build was also named Arizona General Contractor of the Year in AZRE magazine’s 2021 RED Awards.
LPC DESERT WEST
LPC Desert West is the Southwest arm of Dallas-based Lincoln Property Company and a leader in Arizona office and industrial development, having earned NAIOP Arizona’s Owner/Developer of the Year Award for the last three consecutive years. LPC developments are known for their best-in-class amenities. This includes rooftop decks at The Grand at Papago Park Center and outdoor employee dining and game areas at its mega industrial buildings at Park 303. Established in Phoenix 20 years ago, LPC Desert West serves a region spanning Arizona, Nevada, Utah and New Mexico.
2021 marked the 20th anniversary of MC Companies, a Scottsdale-based multifamily investment, management and development firm headed by industry veterans Ken McElroy and Ross McCallister. To honor this milestone, MC embarked on Operation 25K, an initiative to grow from 6,500 to 25,000 units under ownership by 2029, and from 200 to more than 330 employees by the end of 2022. Achieving this will require the purchase of more than 2,500 units annually and involve new construction, including more than 1,100 units in the MC development pipeline. The firm currently owns and operates approximately 7,000 units in Houston, Dallas, Austin, San Antonio, Phoenix, Tucson, Flagstaff and Tulsa.
Nationally recognized as one of the…