Boards & Commissions
1. Cheryl Lombard has been announced as the new CEO of NAIOP Arizona. In her new role, she will oversee strategic initiatives and member engagement and will act as the primary liaison with policymakers, economic development groups and business leaders. She will step into the role on Sept. 1.
Company News
2. Starwood Property Trust is preparing to acquire Fundamental Income Properties LLC and its entire real estate portfolio for $2.2B. Brookfield Asset Management Inc., an affiliate of Brookfield Corp., is selling the company. The 28-person team will now join Starwood. The new owner will take on Fundamental’s $1.3B in financing commitments.
3. Progressive Roofing, a Phoenix-based commercial roofing company, has been acquired by TopBuild Corp. in an all-cash transaction valued at $810M. The seller was Bow River Capital, which recapitalized Progressive in 2021. Progressive will continue to operate under its existing management.
4. Cavco Industries Inc. has entered a definitive agreement to acquire American Homestar Corp. and its subsidiaries, including Oak Creek Homes, in a $190M cash deal. The acquisition adds two manufacturing plants and 800 employees to Cavco’s operations. The transaction is expected to close in the third quarter of Cavco’s fiscal year 2026.
5. Tower Capital, a Scottsdale-based commercial real estate finance firm, has closed after 10 years in business. Co-founder Kyle McDonough has joined Way Capital Inc. as Executive Director. Co-founder Adam Finkel is now Senior Managing Director at Marcus & Millichap. George Maravilla, formerly Senior VP at Tower, has joined JLL Capital Markets as Managing Director.
6. Kinney Construction Services, Inc. announced it is transitioning to an employee-owned company. This makes it the first 100% employee-owned local company in Flagstaff. With the move, the company unveiled its new name: Kinney – Sustainability Champions, Continuous Improvement Advocates, and Flagstaff’s Community Builder.
7. Agate Construction announced it is rebranding as Primak Construction Group following a restructuring between Rick Nichols and Lou Primak. The company stated it is part of a “spin-off” agreement, in which Primak is assuming full ownership of the construction business and relocating to new offices in Phoenix. The company will continue to operate as a full-service general contractor, design-builder and construction manager at risk in the Mountain West and Southwest regions.
Promotions
8. The City of Mesa announced a series of promotions in its executive leadership team. Deputy City Manager Marc Heirshberg has been promoted to Assistant City Manager. The former Police Chief, Kenneth Cost, and the City of Glendale’s current Deputy City Manager, Brent Stoddard, have been appointed as Assistant City Managers.
New Hires
9. Citywide Commercial Real Estate announced it has added Matt Harper and Leah Motsinger to its team. Harper joins as Senior VP, bringing more than 15 years of real estate experience. Motsinger joins as Senior Associate/Associate Broker. She has 30 years of commercial real estate expertise.
10. David Yates has joined JE Dunn Construction Co. in Phoenix as VP. He will lead Advanced Industries projects in the company’s Advanced Facilities Group and brings 31 years of experience in semiconductor manufacturing and high-tech facility delivery.
11. Stephanie Fogelson has joined Landmark Title Assurance Agency as its new VP, National Commercial Services. In her new role, Fogelson will foster client relationships and focus on developing the company’s national client base while spearheading strategic growth for the commercial real estate team.
12. Mohr Partners Inc. has expanded its Phoenix office with the addition of Wally Hale, Todd Linde and Kyle York. Hale will serve as Managing Partner and lead operations in Arizona. Linde and York join in senior leadership roles, working alongside Emily Carden, Senior Associate.
13. JLL announced the addition of Sean Spellman as Managing Director. Spellman brings 18 years of office leasing expertise to the company’s Phoenix Agency Leasing team. He has had various leadership roles throughout large brokerage firms in the industry.
14. Jim Miller has joined DLR Group as Principal and Justice + Civic Leader. Miller began his career in 1984 and will support the firm’s justice and civic work, including courts, public safety and community projects.