Tag Archives: Chris Toci

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.

Chris Toci of Cushman & Wakefield of Arizona, Investment Broker of the Year, 2014 Best of NAIOP Arizona awards event at the Arizona Biltmore. Courtesy of Peter Madrid, Cushman & Wakefield.

Best of NAIOP’s 2014 winners announced

Kurt Rosene

Kurt Rosene

Kurt Rosene, head of NOVO Development, was honored with the Award of Excellence at the 2014 Best of NAIOP event at the Arizona Biltmore.

Prior to helping found NOVO, Rosene directed land property development throughout North America for The Alter Group. While with Alter, Rosene oversaw more than 5 million square feet of real estate in the Southwestern U.S. and directed build-to-suit and property development activities as well. In addition, he was responsible for business development and the coordination of real estate services for Fortune 500 blue-chip corporate clients throughout the U.S.

NAIOP Arizona’s Award of Excellence, formerly the Lifetime Achievement Award, is awarded by the Arizona Chapter Board of Directors on an annual basis at the Best of NAIOP event.  The criteria for the recipient is an individual who has made a significant, positive impact on the office and industrial commercial real  estate market in Arizona over a period of no less than 15 years, as well as their direct volunteer contribution to the chapter.

The Freeport-McMoRan condo acquisition won the Talk of the Town Award. In November 2014, American Realty Capital Properties purchased the Class A office condominium under lease by Freeport-McMoRan Copper & Gold. Negotiations included working with the city of Phoenix. The selling price was $110 million.

The event, organized by NAIOP Arizona, was attended by more than 900 commercial real estate professionals.

2014 Best of NAIOP Arizona winners:

Owner/Developer of the Year
Liberty Property Trust

NAIOP Firm of the Year
Ryan Companies US, Inc.

Architect of the Year
Butler Design Group

Interior Architect of the Year
Phoenix Design One

General Contractor of the Year
Ryan Companies US, Inc.

Tenant Improvement Contractor of the Year
Willmeng Construction, Inc.

Office Broker of the Year
Tom Adelson, Jim Fijan, Jerry Roberts, Corey Hawley, CBRE

Industrial Broker of the Year
Mike Haenel, Andy Markham, Will Strong, DTZ

Investment Broker of the Year
Christopher Toci, Cushman & Wakefield

Healthcare Broker of the Year
Kate Morris and Vince Femiano, CBRE

Tenant Representative Broker of the Year
Pat Williams, JLL

Emerging Broker of the Year
Ryan Timpani, Colliers International

Rookie Broker of the Year
Peter Bauman, Colliers International

Industrial Build-to-Suit of the Year
American Furniture Warehouse

Industrial Tenant Improvement of the Year
Macy’s Fulfillment Center Expansion (Goodyear)

Office Build-to-Suit of the Year
GoDaddy Global Technology Center

Office Tenant Improvement of the Year (50k SF or less)
Vemma Nutrition Company

Office Tenant Improvement of the Year (51k SF or More)
GoDaddy Global Technology Center

Economic Impact Project of the Year
SkySong, The ASU Scottsdale Innovation Center

LEED Certified Project of the Year
Garmin International, Chandler

Medical Office Project of the Year
Southeast Veterans Affairs Health Care Clinic

Mixed-Use Project of the Year
Discovery Business Campus

Redevelopment Project of the Year
Leslie’s Pool Mart, 2005 Indian School

Spec Industrial Project of the Year
Airport I-10 Business Park

Spec Office Project of the Year
SkySong 3

Transaction of the Year
Chandler Viridian by Hines

NAIOP Arizona’s Aware of Excellence
Kurt Rosene, Novo Development

Brokerage Company of the Year
CBRE

Committee of the Year: Communications (Steven Schwarz, ViaWest; Danielle Feroleto, Small Giants; Kassandra Bruhn, SimonCRE; Peter Madrid, Cushman & Wakefield of Arizona)

Principal Member of the Year
Tammy Carr, Balfour Beatty Construction

Developing Leader of the Year
Chris Marchildon, CBRE

NAIOP Arizona’s Sign Sponsor of the Year
Trademark Visual, Inc.

OLYMPUS DIGITAL CAMERA

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.”

Economic Forecast

IREM, CCIM announce 9th annual CRE Economic Forecast

IREM and CCIM will present the 9th annual commercial real estate Economic Forecast at the Tempe Center of the Performing Arts on Thursday, Jan. 15, 2015. IREM and CCIM will begin the program by honoring Jerry Colangelo, who will be recognized as the Person of the Year by the organizations.

The panel discussion will be moderated by Peter Bolton of Newmark, Grubb, Knight, Frank. Each panel member will discuss their area of expertise as it relates to the current commercial real estate environment and then predict, based on the metrics of the commercial real estate business, achievements by year’s end.

The program will begin at 8 a.m. and continue until noon. The program will include;
Jerry Colangelo Program Honor

Multi-Family Panel
o    Cindy Cooke – Colliers International
o    Mark Schilling – MEB
o    Tom Lewis – Alliance

Office Panel
o    Jim Fijan – CBRE
o    Chris Toci – Cushman & Wakefield
o    Matt Mooney – Parkway Properties

Retail Panel
o    Judi Butterworth – Velocity Retail
o    Greg Laing – Phoenix Commercial Advisors
o    Pat McGinley – Vestar

Industrial Panel
o    Stein Koss – Lee & Associates
o    Tony Lydon – JLL
o    Mark Singerman – Rockefeller Group

The Tempe Center of the Arts is located at 700 W Rio Salado Parkway, Tempe, Ariz., and more information on the 2015 IREM/CCIM Economic forecast can be found here.

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.

Chris Toci will present annual Phoenix market overview

Chris TociAn in-depth overview of the Metro Phoenix real estate market including the evaluation of demographic drivers, supply and demand, and trends will be presented by Chris Toci of Cushman & Wakefield of Arizona at the May event sponsored by the Arizona chapter of CoreNet Global.

The presentation by Toci, Executive Director for Capital Markets at Cushman & Wakefield, also will answer the question: What next?

The event is scheduled for Thursday, May 22, at Phoenix Country Club. Registration begins at 11:30 a.m. followed by Toci’s presentation from noon to 1 p.m. Price is $35 for CoreNet Global members and $70 for non-members and includes the program, lunch, and networking.

Since beginning his investment broker career in 1998, Toci has been a consistent top performer, earning accolades from both the local and national Cushman & Wakefield offices. In 2013 he closed on 10 investment sales totaling 1.805 million square feet for $278.8 million in consideration. He was Cushman & Wakefield of Arizona’s Top Producer of 2013.

To register, go to arizona.corenetglobal.org and click on the Arizona Chapter Events link.

Agave Center

Cushman & Wakefield Sell Agave Center for $29.6M

Cushman & Wakefield of Arizona, Inc. has negotiated the $29,593,000 sale of the distinctive five-building office/flex development project known as Agave Center.

Agave Business Center (55,221 rentable square feet), located at 8945 S. Harl Ave., is 71 percent occupied and enjoys one of the largest remaining blocks of potential “creative” space along the I-10 corridor.

Agave Corporate Center, located at 1711 W. Greentree Dr., is a two-story professional office building containing 86,115 rentable square feet that is 98 percent occupied.  Agave Executive Center contains 78,405 RSF in three buildings, located at 17211, 1725 and 1729 W. Greentree Dr. The three buildings are 95 percent occupied.

Collectively, the five-building project was developed in 2000, accounts for 219,741 RSF, and is more than 90 percent occupied.

An entity owned by certain funds managed by Westport Capital Partners LLC, sold the project to Dornin Investment Group of Laguna Beach, Calif.

“Westport Capital Partners LLC did an exceptional job of executing its business plan several years ahead of schedule and Dornin Investment Group has been eyeing the Phoenix market for office acquisitions and was waiting for the right opportunity to enter the market,” said Chris Toci of Cushman & Wakefield.

Toci, Chad Littell, and Ryan Bartos of Cushman & Wakefield represented the seller in the transaction.

Good Samaritan Hospital - AZ Business Magazine Mar/Apr 2011

Avnet Building Sells for $21.5M

Cushman & Wakefield of Arizona, Inc. has negotiated the $21.5M sale of the AVNET Building, a Class-A office property located at 8700 S. Price Rd.

The two-story building, which was constructed in 2000, totals 132,070 SF and was 100 percent occupied by AVNET, Inc. at the time of the sale. It is located in the 320-acre Arizona State University Research Park with direct frontage on the Loop 101 freeway. 

Atlanta-based Piedmont Office Realty Trust sold the property to AVASU (AZ) LLC of New York.

“W. P. Carey of New York, on behalf of one of its managed REITs, won the bid in a highly competitive process,” said Chris Toci. “W. P. Carey was drawn to the investment-grade nature of the tenant, AVNET, which will occupy the property under a long-term, net lease with annual scheduled rental increases.

“This asset within the ASU Research Park is the corporate headquarters for the AVNET Technology Solutions group, one of two operating groups of AVNET, Inc. The building is positioned within the ‘white hot’ technology corridor of the Southeast Valley.”

Toci, Chad Littell and Michael White of Cushman & Wakefield represented the seller in the transaction.

Jabil Circuit, CushWake

Cushman & Wakefield Awarded Sale of Former Jabil Circuit Flex Building

Cushman & Wakefield of Arizona, Inc. has been awarded the sale of a former electronics manufacturing/warehouse flex building at 615 E. River Dr.

The 193,000 SF property includes 176,000 SFof fully air-conditioned manufacturing and warehouse space and 17,000 SF 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.

“We are excited to bring the Jabil facility to the market at a time when the technology industry is booming in the Southeast Valley,” said Jackie Orcutt. “We feel the asset is well positioned with exposure along the Loop 101 corridor, heavy parking and ample power for a wide variety of users.”

Orcutt, Chad Littell, John Grady and Chris Toci of Cushman & Wakefield are handling the sale of the property.

“The Jabil facility is entering the market at a critical time when large blocks of space are in limited supply,” said Littell. “A scarcity of existing options for large tenants further elevates the Jabil facility as one of the most attractive opportunities in the Southeast Valley.”

St. Petersburg, Fla.-based Jabil Circuit closed the facility last September. Jabil moved into the building in 2005 when it took over an electronics manufacturing business. The facility was built in 1982 and expanded in 1994 and 1997.

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.