Transforming Tucson’s Economy

BizTUCSONApril 4, 2025

6 minutes read

Cushman & Wakefield | PICOR: $459 Million in Brokerage Sales & Leasing

By Loni Nannini

Over the past 40 years, Cushman & Wakefield | PICOR has evolved into a commercial real estate powerhouse in the region, leveraging local expertise with global reach.

By “building value through service,” literally and figuratively, C&W | PICOR has distinguished itself as a market leader − and a civic, economic and philanthropic force throughout the region.

Last year, the full-service company closed more than $459 million in brokerage sales and leasing and provided property management for about 4.7 million square feet of commercial real estate in Tucson, Southern Arizona and Sonora, Mexico.

“Commercial real estate is inextricably linked to economic development and community prosperity and well-being,” said Barbi Reuter, CEO of C&W | PICOR. “Every job is connected to commercial real estate in some way, and jobs are what feed our families. That is why we do what we do. We focus on quality and the quantity happens.”

The company’s impact on the community has been far-reaching, said Joe Snell, president & CEO of Sun Corridor Inc. He credits C&W | PICOR with facilitating numerous relocations and expansions for businesses, corporations and stakeholders over the past 20 years.

“The depth and expertise of the PICOR team is extremely additive to the region’s economic development efforts,” Snell said. “The projects PICOR has been involved with have transformed the Southern Arizona economy.”

Local Ownership, Global Connections

Founded in 1985 by Mike Hammond, a Tucson native with a background in industrial real estate, PICOR is an acronym for “Properties for Industry Corporation.” Hammond chose the tech-sounding name for the endless possibilities it presented.

“This was a conscious decision,” Hammond said. “If you are trying to build something to last, you don’t name a company after yourself. Legally, a company is a living entity. But at the end of the day, it is people.”

Early on, Hammond implemented a people-centric philosophy through a unique business model that offers a path toward ownership for employees. The structure encourages personal commitment to the company’s success.

“One of the bigger mistakes that small business owners make is to think they will build a company and sell it to someone else and walk away,” Hammond said. “If you are going to create wealth for yourself, the best way to do that is to provide an environment for others to do the same.”

In 2020, Hammond passed leadership of the company to an all-female team comprised of Reuter, who was named CEO, Tina Olson, director of property management, and Rebecca Martinez, director of operations.

Today, C&W | PICOR has grown into a market leader with 63 employees − including 24 brokers and 11 property managers. It serves individuals, businesses, corporations, investors and nonprofits in a wide range of industries including healthcare, food service, retail, defense, technology, manufacturing and construction.

The company has long-standing relationships with organizations like Tucson Medical Center, Kent Circle Partners, Venture West, Schnitzer Properties and Holualoa Companies. The diverse client roster also includes CODAC, Starbucks, Raytheon, Mister Car Wash, Caliber Collision, and many more.

Since 2008, C&W | PICOR’s service to local and new-to-market clients has been elevated by an alliance with Cushman & Wakefield, a global commercial real estate company that operates approximately 400 offices in 60 countries.

“We are rooted in Tucson, but we have global connections,” Reuter said. “Through our relationship with Cushman & Wakefield, we have the best of both worlds. We can keep our profits local, invest in the local community, and connect our employees to resources they wouldn’t otherwise have.”

‘A Team Approach’

The coupling of C&W | PICOR’s local roots with the global profile of Cushman & Wakefield has changed the commercial landscape in Southern Arizona, said Michael Sarabia, CEO of DSW Commercial Real Estate.

“Whether it is retail, office, industrial or multi-family, PICOR has a strong presence, and they are influencers in each space of the market,” he said.

“Our goal is excellence in service,” Reuter said. “One of the benefits of having some scale is that we have a large team. That means we have a brain trust − experience, mentorship and a team approach to service. We can match the needs of the client with our talent to make sure we put the best team on the field.”

For the past decade, DSW has worked with a C&W | PICOR team led by Greg Furrier and Dave Hammack. Sarabia calls them “best in class” for all things retail.

“Greg and Dave see multiple deals from the same tenant in other centers and thus, we oftentimes have real data on what is a negotiable point and what is a sticking point for the lease or sale negotiations,” Sarabia said. “When we are looking at the possibility of purchasing a center somewhere in town, we will almost certainly call them and ask about rental activity in the area as part of our evaluation process.”

The data-driven, professional teams are a big win for clients, said Edmund Marquez, CEO of Edmund Marquez Allstate Insurance Agencies and a 15-year C&W | PICOR client.

“PICOR brokers work it. They are well-connected in the community, know their inventory, utilize all the latest technology, and are great communicators,” Marquez said. “Beyond showing properties, they crunch the numbers and help you figure out cap rates, NOI, and really evaluate every aspect of the deal as you look forward to purchasing or leasing.”

For years, TMC has relied on C&W | PICOR’s expertise when buying and selling properties and negotiating new leases and renewals for TMC-owned properties. C&W | PICOR also provides property management for those buildings and land on 116 parcels citywide.

“Tucson is a unique town with a lot of big real estate players who don’t have a presence here, so we rely on companies like PICOR, who does have a local presence, to get the product and services we need,” said James Copley, executive director of real estate operations for TMC. “They can leverage their larger partner, Cushman & Wakefield, when they need it. But mostly we need the local experts. In my mind, they are the best in town for what they offer.”

The Marshall Foundation contracts with C&W | PICOR for the management of Main Gate Square, 350,000 square feet of retail, office and multi-use space adjacent to the University of Arizona.

Rental revenues from the properties purchased in 1930 by Louise Foucar Marshall, the first woman professor at UA, have contributed more than $30 million to local nonprofits and fund $400,000 in UA scholarships annually.

“PICOR has its own charitable foundation, so they are a really good fit for us. They understand the charitable aspect of our business and our values are aligned,” said Kelly Huber, executive director of the Marshall Foundation. “We also love that they are managed by women, given that we were founded by Louise Marshall, who was a trailblazer.”

Civic and Philanthropic Engagement

The PICOR Charitable Foundation, which has gifted more than $1.6 million to local charities since its inception in 1994, highlights a commitment to the community. That dedication extends beyond dollars.

“There are a lot of great commercial brokerage offices in Tucson and lots of talent, but PICOR has the edge through its involvement in our community,” said Marquez, who has served on boards of nonprofits and community agencies with numerous C&W | PICOR employees.

Ted Maxwell, president and CEO of the Southern Arizona Leadership Council, added: “PICOR understands that sound policy leads to sound results and, ultimately, the idea of a strong economy provides the entire region with opportunities to address education, infrastructure, access to affordable healthcare, and issues like crime and poverty.”

Looking to the future, Reuter said C&W | PICOR plans to continue to recruit talent and nurture leaders who deliver excellence while boosting prosperity and improving quality of life for the entire community.

“PICOR was built to last. We are unique, sustainable and vigilant about protecting the future,” Reuter said. “The commercial real estate market in Tucson and Southern Arizona is resilient and nimble, and we have a creative business community that responds to market changes so everyone can thrive. We are proud to be part of that.”