Tag Archives: Chad Littell

Crossroads of Tempe

97KSF office at Crossroads of Tempe sells for $17.25M

ViaWest Group has sold 96,691 SF of office space within the commercial complex, Crossroads of Tempe. Phoenix-based ViaWest Group acquired the nearly vacant office-retail property in 2011 for $4.055 and sold the retail portion shortly after for $1.3M. Four years later, after investing in the two remaining vacant, shell condition office buildings, ViaWest Group (in a joint venture with Southwest Value Partners) has sold the project for $17.25M. The buyer was Los Angeles, CA-based Held Properties, Inc, represented by Chris Toci and Chad Littell of Cushman & Wakefield of Arizona Inc. in Phoenix and Mark Gustin, Karsten Petersen and Dave Seeger of Jones Lang LaSalle in Phoenix. Located at 303 & 309 W. Elliot Road on the northwest corner of Elliot Road and Kyrene Road in Tempe, the property is now 96 percent occupied.

“The new buyer of this project recognized the strength of the tenants, the quality of the property and the prime location for technology-based and other companies. This project is indicative of the vision and efforts of our team. We purchased an asset that was completely vacant during a very difficult period and negotiated for additional parking, built-out high end space, and positioned the buildings perfectly for tenants in the market,” says Steven Schwarz, co-founder at ViaWest Group.

“Crossroads of Tempe is located in the epicenter of metro Phoenix’s high-growth technology
trade area, the Southeast Valley, and is directly linked to the surrounding supply chain,” said
Chris Toci. “At 96 percent occupancy, the Property is leased to a mix of technology-focused tenants, each integrally connected to their nearby technology based clients.”

Tech companies have been relocating to the Southeast Valley in large numbers in order to compete for the local talent that comprises the region’s most well-educated labor pool. Numerous household names have settled in the Southeast Valley including Go Daddy, AVNET, Qualcomm, Iridium Satellite, Intel, Motorola, Honeywell, Xerox, Microsoft, Bank of America, Wells Fargo, eBay/PayPal, and AT&T.

“The property also offers immediate access to local executive housing and high-end demographics with median household incomes of more than $100,000 per year” said Chad Littell. High paying employment opportunities in technology-based fields are luring skilled workers to the area to avoid the congested commutes into Phoenix and Scottsdale.

Crossroads of Tempe meets the needs of the Southeast Valley workforce through its high-end design, on-site amenities, abundant parking, prominent identity, and convenient tenant access. The property has emerged as the ideal open office solution in a submarket currently short on
options.

Mark Gustin, Karsten Petersen and Dave Seeger of JLL will serve as the leasing brokers on the property and ViaWest Group will continue to serve as the property manager.

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Chris Toci named top producer at Cushman & Wakefield

Cushman & Wakefield of Arizona, Inc. has announced its top producers for 2014.  For the second straight year, Chris Toci, executive director in the Capital Markets group, led the Phoenix office.

Toci negotiated investment sales totaling $290.4 million and approximately two million square feet in a variety of property types, including corporate campuses, Class A office buildings and a notable adaptive reuse project in Tempe.

The largest single transaction closed by Toci was an $85.1 million, 332,815-square-foot sale of Anchor Centre in the Camelback Corridor. Another significant deal was the $51 million, 337,439-square-foot sale of an office portfolio for American Express.

Other top producers include:

• Multifamily Advisory Group: Jim Crews;

• Office Group: Larry Downey and Mike Sayre;

• Investment Properties: Chad Littell and Chris Toci;

• Industrial Group: Jackie Orcutt and John Grady;

• Tenant Representation: Don Rodie, Blaine Black and Sam Murik.

“We are very proud of all our Top Producers this year,” said Jerry Noble, Market Leader and Managing Broker for C&W of Arizona.  “In 2014 Cushman & Wakefield participated in several transactions that helped shape the market. We are privileged to serve so many great clients and look forward to a strong market in 2015.”

Jabil Circuit, CushWake, WEB

Former Jabil warehouse sells for $11.4M

Cushman & Wakefield of Arizona, Inc. negotiated the $11.4 million sale of a former electronics manufacturing/warehouse building at 615 S. River Dr.

The 193,000-square-foot property was built in 1982, expanded in 1994 and expanded again in 1997. It includes 176,000 square feet of fully air-conditioned manufacturing and warehouse space and 17,000 square feet of office space. It sits on 16.5 acres with direct frontage on the Loop 101 and close proximity to the Scottsdale and Chandler submarkets.

“EverWest Real Estate Partners and CarVal Investors will reposition the property as creative office space and will fill the void felt by the many tech-related users in the market seeking modern, collaborative office environments with above-standard parking,” said Chad Littell.

“We are excited about the opportunity this building will bring to the market. Upon completion of the renovations, the property will offer high-tech creative office space with a 7:1 parking ratio in a thriving and high-demand large user market,” said Curt Kremer, Managing Director  – Acquisitions with EverWest Real Estate Partners.

Littell, Chris Toci, Jackie Orcutt and John Grady of Cushman & Wakefield of Arizona collaborated with John Boyd of Signature Associates in Michigan, a Cushman & Wakefield affiliate, and Tim Callahan of Cushman & Wakefield Florida, to represent Jabil.  The buyers are EverWest Real Estate Partners and CarVal Investors.  Jerry Noble, Ryan Bartos and Orcutt of Cushman & Wakefield will be retained to handle the leasing.

St. Petersburg, Fla.-based Jabil announced it would close the facility last September. Jabil moved into the building in 2005 when it took over an electronics manufacturing business.

Graham, Chandra, WEB

Chandra Graham Joins Cushman & Wakefield’s Capital Markets Group

Chandra Graham has joined Chris Toci and Chad Littell in the Capital Markets Group at Cushman & Wakefield of Arizona, Inc.

Graham previously was a Director in the firm’s Valuation & Advisory Services Group.

“With her deep experience in the valuation world, Chandra brings a diverse, analytical background to the team that will be instrumental as our investment sale volume continues to increase and as we move through the Phoenix recovery cycle,” said Toci. “Chandra’s training as an MAI candidate will serve her well on ‘Team Toci’ as she brings experience in market analysis, cash flow preparation, valuation analysis and a host of other detail-oriented skills to bear on this team.”

Graham is a nationally-recognized commercial real estate appraiser with more than 15 years of experience in the Southwest and Mid-Atlantic regions, including Arizona, Nevada, Virginia, Maryland, West Virginia and Washington, D.C. She specializes in office, industrial and medical office properties.

Graham served as Director of Research and Marketing for Ensemble Real Estate. She served as a top producer at CBRE Valuation and Advisory Services from 1999-2008. She also has handled valuations for Colliers International and Newmark Grubb Knight Frank.