Adaptive Reuse Portfolio Prompts Two-Pro Hire

The Circuit was previously a semiconductor building for Jabil Circuit.

PHOENIX—Signifying its sustained growth in the Arizona market with adaptive reuse projects, EverWest Real Estate Partners has added Amr Ceran as senior director in the company’s Phoenix office. Ceran will provide leadership for EverWest’s Phoenix office and will manage the Arizona real estate portfolio, including investment strategies, redevelopment and lease-up strategies. At the same time, EverWest has promoted Curt Kremer to the position of managing principal–equity ventures. A 15-year industry veteran, Kremer previously served as the head of operations, investment and asset management for the Arizona region. He will retain high-level oversight of the market while also taking on responsibility for the company’s joint venture acquisition activity across the US. “Phoenix has become our largest satellite office, with multiple, significant projects at various stages of the development cycle,” said EverWest CEO Rick Stone . “Managing this kind of portfolio requires expertise not only in commercial real estate but also in the local market. Our Arizona team has this combination, and we know it will produce exceptional results.” The current EverWest redevelopment projects in Arizona are part of a pipeline of development activity. The company expects to announce its next endeavor within the coming month: an adaptive reuse project being converted to creative office space in Scottsdale, AZ. Kremer tells GlobeSt.com: “Adaptive reuse projects force real estate investors to think outside of the box when it comes to deliverable space. These aren’t one-size-fits-all projects; they need to be matched well with the right user. However, in today’s Phoenix office market, well-located office space with a well thought-out non-traditional feel continues to lease faster than its traditional competition. We have found there is more demand than supply.” Acquired in December 2014, The Madison represents a $4 million capital repositioning strategy that converted a 1986 to 1990s-built asset into a 177,312-square-foot destination office property. The improved space spans a duo of four-story buildings on the southeast corner of Missouri and 16th Street in Phoenix, adjacent to one of the highest densities of core office buildings in the metro area, as well as major dining and resort/convention amenities. Since acquisition of The Forum at Gilbert Ranch in March 2015, EverWest has completed nine new leases at the 92,440-square-foot, five-building class-A office project. This increased occupancy from 9 to 80% in slightly less than 12 months. Tenants include First American Title, Realty Executives, Great American Title, Advanced Plastic Surgery Institute and EZ Spaces . The Forum is located at the northwest corner of Val Vista Drive and Williams Field Road in Gilbert, AZ within a mixed-use project including office, retail and restaurant amenities. Located on more than 16 acres just southeast of the Loop 101-202 interchange in Tempe, AZ, The Circuit is EverWest’s newest adaptive re-use project. Previously a semiconductor building for Jabil Circuit, The Circuit is now a 185,000-square-foot high-density office project designed for large office users looking to attract young millennial professionals. Building features include 17-foot ceilings, 14-foot floor-to-ceiling windows and more than 60 skylights to maximize natural light. A collaborative indoor-outdoor layout is enhanced with glass roll-up doors, large landscaped patios and outdoor entertainment areas with bocce ball courts and flat screen televisions. The Circuit was acquired in July 2014 and delivered in June 2015. “Each of these projects represent a unique redevelopment plan, designed to deliver the highest and best use for the submarket,” said Kremer. “No two strategies are the same, but they all share the philosophy of maximizing value through smart and purposeful repositioning. We are excited about these assets, and the upcoming projects in our pipeline.” Prior to joining EverWest, Ceran served as vice president for the desert west region of Lincoln Property Company , where he provided market analysis, asset management, leasing and acquisition/disposition expertise for the company’s regional portfolio. During his 18-year career, Ceran has held executive and asset management positions at International Capital Partners, Verde Investments and Voit Real Estate Services . He has participated in more than $1 billion in acquisition and disposition transactions. Kremer brings a background in architecture and commercial real estate, participating in the development and management of more than 5 million square feet of office, industrial and retail development at companies including Ndt Architecture, Opus West, Capital Commercial Investments and EverWest.