Tag Archives: ViaWest Group

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ViaWest continues rapid growth with nine new hires

ViaWest Group continues to build on their impressive portfolio growth by acquiring more than just properties. The commercial real estate company recently hired nine new employees to their team. With over 2.0MM s.f. of properties owned and 2.5MM s.f. of properties under management, ViaWest has seen unprecedented growth coming out of the recession a few years ago. Here is a list of the recent hires over the last month.

JOHN PRINCE, CPA, CGMA | Chief Financial Officer
John oversees all accounting functions for ViaWest. He has over 30 years of corporate accounting experience as CFO, CAO, and Finance Director of publicly-traded firms and private companies. He graduated Magna Cum Laude with a B.A. in Accounting from Ouachita Baptist University. John serves as a Director of Arizona MultiBank and holds a number of certifications. He is originally from Oklahoma and is married with two children and grandchildren.

MIKE MULLARKEY | Acquisitions Manager
Michael performs financial analyses, cash flow modeling, analytical model reviews, market research and due diligence, asset valuations, and other general real estate analytical services for ViaWest. With over five years of real estate analyst experience and prior employment at BDO Consulting, Michael has worked on a variety of property types such as multi-family residential, single-family residential portfolios, office, retail, hotel, warehouse, industrial, mixed-use, and special-use properties. Michael has a B.S. in Urban Development from Arizona State University, as well as a Master of Business Administration, Finance, from the W.P. Carey School of Business at Arizona State University.

TOM GLISSMEYER | Investor Relations Manager
Tom primarily focuses on building and strengthening investor relationships while helping track and manage their investments. He holds FINRA Series 7 and 66 licenses and is working toward the CCIM designation. After graduating from the University of Southern California with a degree in Economics, he played four years of professional golf. He is native to Colorado, but has lived in Phoenix since 2010, where he met his wife, Melissa.

JOE COLLURA | General Manager – Biltmore Financial Center
Joe currently oversees all operations of ViaWest’s most significant asset, the Biltmore Financial Center, a 645,000 s.f. Class A office project at 24th St. and Camelback. With over 30 years of experience, he has an extensive background in property management, development, asset management, staff supervision, engineering, capital and tenant improvements and fiscal operations of all facets of real estate types. His skill set includes financial analysis, tenant and prospect liaison, budgeting and cost effectiveness, lease administration, negotiation and supervision of various contracts, high level of customer service, analytical thinking and supervision of leasing teams for different real estate types. Joe graduated from the University of Nebraska-Lincoln. He is married and has two daughters.

BRAD DALES | Asset Manager
Brad is currently managing a portfolio of industrial properties in the Phoenix and El Paso markets. Prior to joining ViaWest, he managed a portfolio of 25 industrial buildings and brings with him 20 years of property management experience covering multi-family, retail, office, industrial and mixed-use properties. He is a graduate of DePauw University. Brad is married with 2 boys and dedicates much of his time as a leader in the Boy Scouts of America.

SEAN RYLE | Asset Manager
Sean is currently managing a portfolio of commercial office buildings in the Phoenix area. Prior to joining ViaWest, he was a leasing representative for Boxer Property’s Phoenix portfolio and a residential realtor with Century 21. He earned his MBA from Franklin University in Columbus, Ohio. Sean was recently married and currently resides in Central Phoenix.

RYAN ANDERSON | Assistant Property Manager – Biltmore Financial Center
Ryan recently joined the ViaWest team as Assistant Property Manager on Biltmore Financial Center. Prior to joining ViaWest Group, Ryan had his own business focused on project/property management and also worked as a contractor with Transwestern Commercial Services. Previous to that period, Ryan worked for Wells Fargo for over 14 years and held various positions within the company including Space Planning Consultant, Property Manager, Assistant Vice President and Operations Manager. With a portfolio of over 1 million square feet, Ryan managed a facilities team responsible for day-to-day operations and more for their Home Equity facilities in multiple states. Ryan resides in Cave Creek with his wife, stepson, and 7 dogs.

JENNIFER BARKER | Commercial Property Administrator
Jennifer has joined ViaWest Group bringing 15 years of real estate construction and property management experience in retail, commercial, and residential industries. For the last 10 years, Jennifer was the Senior Contract Administrator for Lewis Operating Corp in Southern California, a leading developer in the Inland Empire. Assisting in the management of over 30 retail properties from Entitlements through Construction into Property Management.

JONI CRANDELL | Commercial Property Administrator
Joni is the new Commercial Property Administrator for the Biltmore Financial Center. She will be supporting Tenant, Clients, and Vendors as part of the Property Management Team. Joni has 16 years of experience as a Banking Executive and 7 years of experience in Residential and Commercial Property Management Real Estate support. Joni is a Phoenix native and is married with two children.

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Zounds takes 11,639 SF of flex office space

The ViaWest Group announced today that Zounds has signed a lease for approximately 11,639 SF of office/engineering space in the 6825 W. Galveston street building in Chandler.

The project, referred to as Galveston Tech Center, is comprised of one Class-A flex-office building totaling 74,525 SF and with the Zounds transaction and other recent activity the property is now 92% leased. Located just one block east of the I-10, between Chandler Blvd. and Ray Rd., Galveston Tech Center is conveniently positioned 3-5 minutes from the I-10, Loop 202 and Loop 101.

“The ViaWest Group welcomes Zounds to Galveston Tech and is excited to have another high-caliber tenant in the project,” said C.E. Kaiser with ViaWest. “We continue to see substantial interest from prospective tenants, validating the quality of the asset and outstanding Chandler location.”

Zounds will be relocating their engineering, office and warehouse/shipping departments DSCN0163to this location to accommodate the company’s growth and desire to be in a first-class location in the Southeast Valley. “They performed an extensive search throughout the Southeast valley. After touring several buildings, the combination of location, existing build-out, and economic terms ultimately led Zounds to Galveston Tech Center,” said Andy Markham at DTZ (formerly Cassidy Turley).

The team of Mike Heanel, Andy Markham, and Will Strong at DTZ represented the Owner and continues to market the remaining 6,000 s.f. vacancy. Cory Sposi of Commercial Properties, Inc. represented the Tenant.

Tiger Industrial Center, via ViaWest Group

ViaWest Group acquires Tiger Industrial Center

ViaWest Group announced the recent acquisition of two multi-tenant, industrial buildings collectively referred to as Tiger Industrial Center. Located at 4901 & 4929 W. Van Buren, the complex is comprised of 103,064 SF. Sold on December 30, 2014, Phoenix-based ViaWest Group paid $4.55MM acquisition. This is the first acquisition in ViaWest’s new fund focused on the purchase of industrial assets in the Southwest U.S. Two other assets are in escrow presently and will close this month. The seller was KTR Arizona LLC, and the buyer and seller were both represented by Tony Lydon, Marc Hertzberg and Riley Gilbert at Jones Lang LaSalle.

Tiger Industrial Center is located at the southeast corner of Van Buren Street and 51st Avenue, just south of a full diamond interchange at the I-10 Freeway. Currently 16 percent leased, the subject is situated within one of the largest industrial submarkets in Phoenix.

ViaWest plans to make some strategic improvements to the property and lease the balance of the space to tenants needing warehousing and manufacturing uses. Tony Lydon, Marc Hertzberg and Riley Gilbert at JLL will continue leasing the property on behalf of ViaWest.

“This property is a great fit as the first investment in our new fund, which is focused on acquisitions of well-located general industrial and multi-family properties, in recovering secondary markets in the Southwestern U.S., at significant discounts to replacement cost,” says Gary Linhart, Founding Principal at ViaWest Group.

Marc Hertzberg of JLL expressed, “This asset is uniquely positioned to cater to 10,000 to 75,000 SF tenants that want a prime, infill location that provides all the function needed in today’s world at extremely competitive rental rates.” ViaWest Group intends to hold the property for investment and will serve as the property manager and asset manager.

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Local Real Estate Companies Battle The ‘Big Boys’

Across all business sectors, local companies are constantly running into challenges competing against the big, national companies that possess more resources, easier access to capital and power of size. This is no different in the local Phoenix, real estate investment and development business. So, how do these companies survive and excel?

Steven Schwarz

Steven Schwarz


As a foundation, local companies must have 1) access to capital that is properly aligned with the company’s strategies; and 2) excellence in operations. On a deal level, local companies cannot forget the importance of location and, just as critical, timing, i.e., being on the forefront of market shifts.
The following elements are key to the successful business strategy of a local company:

ESTABLISHED RELATIONSHIPS:
Longstanding relationships may offer local companies unique opportunities and help them to more quickly access the right type of capital.

TRACK RECORD:
A successful track record is critical to establishing credibility with debt and equity sources and to procuring the best investment opportunities.

RAISING DISCRETIONARY
EQUITY CAPITAL:
Discretionary funds allow local companies flexibility to pursue new opportunities that are on the forefront of market changes. Relationships and solid track record are key to being able to raise these discretionary funds. Our company, ViaWest Group, is presently raising a $50M real estate fund from private investors that will provide it with the discretionary capital it needs to have a competitive advantage. Its ability to raise these dollars will be based, in large part, on its deep investor relationships established over many years and its ten-year highly successful track record.

BEING CREATIVE:
Local companies need to be creative in their pursuits, whether, as examples, establishing joint venture relationships with land owners or creating unique deal structures that incentive brokers to bring them opportunities.

PROVIDING LOCAL SERVICES:
Some local companies have found success by taking the “if you can’t beat them, then join them” approach by providing services to national companies that can be done best on a local level. With the building of relationships through services, such as property management, local companies can sometimes parlay these into larger opportunities.

Local companies do have the advantages of flexibility, responsiveness and market knowledge and, when matched with the key elements above, they have significant opportunities to outcompete the larger national companies

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ViaWest Group sells Grand Ave. plaza for $1.3M

ViaWest Group has sold Grand Retail Plaza, a premier multi-tenant strip center located at 9827 W. Grand Ave. in Sun City, Ariz., for a total consideration of $1.3 million. The property was 100% leased at time of sale.

Phoenix-based ViaWest Group sold the property to Kanjibhai Ghadia of Anaheim, Calif. Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office negotiated the $1.3 million transaction.

ViaWest purchased the property in September 2011 from Pacific Western Bank subsequent to the original developer losing the property to foreclosure. At the time, the property was 100% leased but all the existing tenants had near-term lease expirations. “After purchasing, we reached agreements with all the existing tenants to extend their leases, except for one which we replaced with Domino’s Pizza on a 10-year lease. Additionally, shortly after acquisition we were able to creatively restructure an existing billboard lease by converting it to a perpetual easement allowing us to further enhance the economic performance of the asset by significantly reducing our basis,” added Danny Swancey, of ViaWest Group.

Grand Retail Plaza, which totals approximately 6,369 square feet and sits on 0.78 acres in the master-planned retirement community of Sun City, is currently fully occupied by five tenants, including Domino’s Pizza, Edward Jones, HE/PA Enterprises, Cash for Gold, and Cricket Wireless.

“Grand Retail Plaza is a superbly-located asset in excellent physical condition,” said CBRE’s Julius. “The property has no other retail competition at the intersection and has excellent Grand Avenue frontage and visibility. In addition, the property has a strong leasing history due to the success of each of its tenants.”

Built in 2003, the property sits just west of the Loop 101 freeway and approximately 30 minutes from the Phoenix Sky Harbor Airport. Located on the southeast corner of 99th Avenue and Grand Ave/US 60, Grand Retail Plaza sees an average of 41,707 vehicles per day via Grand Avenue and another 14,500 vehicles per day on 99th Avenue.

Northbank Office

ViaWest Group completes $5.2M sale of Northbank Office Building

ViaWest Group announced the sale of Northbank Office Building, a two-story suburban office building in Phoenix, for $5.2 million. The ±31,231 square foot, multi-tenant property located at 5110 North 40th St., was built in 1983 and completely renovated in 2005, with additional upgrades in 2013. It is part of the master-planned Northbank Office Park, which is comprised of eight high-quality office buildings.

Steve Lindley, Bob Buckley and Tracy Cartledge with Cassidy Turley’s Capital Markets Group negotiated the sale transaction.
Northbank Office Building was 94.2% leased at the time of sale, with 15 of 17 suites occupied.
“The property boasts an exceptional leasing history with average occupancy of 90.6% over the past 15 years, including 11 quarters at 100% occupied,” noted Steven Schwarz of ViaWest Group.

With multiple enhancements and upgrades over the past 30 years, the property includes a large open lobby with striking finishes including new flooring and energy efficient lighting. The façade and landscaping of Northbank Office Building were both updated during the recent renovations. The property sits on a two-acre site with 17 office suites averaging ±1,800 square feet, creating a desirable configuration for private tenants.

“Even though we bought this in 2005 (for $4.3 million) through strong management and negotiating a discounted note payoff, we made this a successful deal for our investors,” added Gary Linhart, also of ViaWest Group.

Northbank Office Building is located in the heart of the Camelback Corridor office submarket with an abundance of amenities within minutes of the property. It offers convenient access to multiple freeways, Sky Harbor International Airport, and high-end employment base.

Chauncey Professional Center, 6930 E. Chauncey Lane, Phoenix.

CBRE negotiates $11.1M sale of 2 office buildings

ViaWest Group has sold two premier class A office buildings in the Phoenix metro area for a total consideration of $11.1 million. CBRE negotiated the sale to Melcor Development of the ±24,154-square-foot Perimeter Parkview Corporate Center at 8355 E. Hartford Drive Scottsdale, Ariz. and the ±35,066-square-foot Chauncey Professional Center located at 6930 E. Chauncey Lane, in Phoenix, for a combined ±59,220-square-foot investment. The buildings commanded sale prices of approximately $4.1 million and $7 million, respectively.

Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the seller, ViaWest Group of Phoenix. The buyer, Edmonton, Alberta, Canada-based Melcor Developments Arizona, Inc., was represented by Tom Swan with Amcal Southwest.

ViaWest originally purchased the properties in two separate transactions. The Chauncey property was purchased in December 2006 in shell condition and ViaWest was able to lease up the property from zero percent in late 2007 to 100 percent by mid-2009 during a very difficult leasing period. This was done through building spec suites of varying sizes, creative marketing approaches and unique lease structures. The Perimeter Parkway property was bought at a trustee sale in January 2011 with a portion of the property leased and the balance in shell condition. Within one year of purchase the property was 100 percent leased.

Both Chauncey Professional Center and Perimeter Parkview are presently 90 percent leased, with one suite in each property becoming available within the last month. Those suites total 3,708 square feet and 2,486 square feet, respectively.

“These two assets are excellent properties that are of great quality and extremely well-located. Melcor should have much success with them. As a local value-add operator, we will continue to redeploy capital into our strategies that generate opportunistic-type returns,” stated Steven Schwarz of ViaWest Group.

“The North Scottsdale/Airpark area has consistently outperformed the overall Phoenix market in net absorption of office space and is one of the top job-creating economies in the U.S.,” said CBRE’s Gabel. “In addition, these properties are both surrounded by first-class amenities, high-end executive housing and the Loop 101 Freeway making them very attractive to both current and prospective tenants, and solid investments for the buyer.”

The sale marks Melcor Developments Arizona, Inc.’s entrance into the Arizona market and ViaWest has been retained to continue management of both properties keeping its management portfolio in excess of 1.5 million square feet.

Built in 2007, Perimeter Parkview Corporate Center is a two-story, class A, multi-tenant office building situated in the Scottsdale Airpark submarket. The property has a high-quality tenant roll including Arizona State University’s WP Carey Graduate MBA Program, Interior Motives, Titus Brueckner & Levine PLC, BIC Distributors and Pro Sports Management. The property is located at the base of the McDowell Mountains, in the ±260-acre Perimeter Center Business Park. The business park is adjacent to the TPC Stadium as well as numerous residential and golf communities, resort hotels and an abundance of exciting dining and retail options.

Chauncey Professional Center, which was built in 2006, is located in the North Scottsdale Corporate Center master-planned commercial development. Tenants include Aspen Systems, Troche Fertility Clinic, Marcum Media, AZ Tech Finders, Nobis Technology Group, Landmark Management Group, MiCamp Solutions, Bottle & McInerney, Cadron Financial and Pogson Asset Management. Chauncey Professional Center is surrounded by first-class amenities, including the ±580,000-square-foot Scottsdale 101 retail power center, the ±200,000-square-foot Whole Foods anchored Shops at Chauncey Ranch, the ±465,000-square-foot Chauncey Ranch Autoplex, and a ±110,000-square-foot Lifetime Fitness. The property also benefits from proximity to high-end executive housing and the Loop 101 Freeway.

Perimeter Parkview Corporate Center, 8355 E. Hartford Drive, Scottsdale, Ariz.

Perimeter Parkview Corporate Center, 8355 E. Hartford Drive, Scottsdale, Ariz.

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ViaWest Group Acquires Office Asset for $13.2M

 

Adding to its growing portfolio, ViaWest Group successfully acquired two commercial properties: a 118,853 SF Phoenix multi-tenant, flex-office complex and a 2.8-acre parcel of commercially- zoned vacant land, collectively referred to as “West 101 Business Center.”

Phoenix-based ViaWest represented itself in the $13.2M acquisition and Eastdil Secured represented the seller, Carlson Real Estate Company, LLLP based in Minneapolis.

The office building is currently 82% leased with many high-profile tenants, including Maricopa County, Aetna, and ITT Educational Services, Inc. The properties are located on 95th Avenue on the north side of McDowell Road in the Southwest Valley submarket. Near the I-10 and 101 freeway interchange, the property has many amenities in very close proximity, including retail, hotels, and hospitals.

Bill Bayless and Andrew Brigham at CBRE will continue leasing the property on behalf of ViaWest. Guggenheim Life Insurance provided debt financing for the project with Keaton Merrell at Legacy Advisors serving as mortgage broker.

“The location of this property combined with the excellent function and aesthetic of the buildings makes this the most desirable asset in the entire submarket for tenants needing office and flex office/industrial space to service the West Valley population.” said Gary Linhart, Co-Founder and Principal of ViaWest.

“We pride ourselves on being 6 to 12 months ahead of the curve in identifying opportunities. We feel that the headline vacancy percentages are misleading due to the small inventory of buildings and the dysfunction of some of the buildings included in the vacancy calculations.,” said Steven Schwarz, also a Co-Founder and Principal of ViaWest.

“As the few functional, vacant buildings fill up, we believe that there will actually be a shortage of office space in the West Valley over the next three to five years, especially considering that 52% of Metro Phoenix’s future growth is expected to be in this area.” The company intends to hold the office building for investment and is considering build-to-suit development opportunities on the land parcel. ViaWest will serve as the property and asset manager on the office buildings. The company continues to seek new acquisition opportunities throughout the Southwestern United States.”

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ViaWest Group Acquires Multi-Office Asset for $10.1M, Seeks New Acquisitions

 

Adding to its growing portfolio of properties, ViaWest Group successfully acquired two commercial office buildings and five office condominium buildings within the Chandler Midway Corporate Center at Chandler Blvd. and Kyrene Rd.

The combined purchase price of the short-sale acquisition exceeds $10M and the combined properties total 139,803 SF. The brokers representing ViaWest were Scott Baumgarten, Mark Stratz, and Tyler Wilson of Cassidy/Turley. Kevin Cosca and Pete Wentis of CBRE represented the seller, McMahon Development Group.

Located near Intel’s north Chandler corporate campuses, the two Class-A, 2-story office buildings are 55,900 SF each and were built in 2007 and 2008. 5710 W. Chandler is approximately 70% occupied with a single tenant and 5670 W. Chandler is completely vacant and ideal for a corporate headquarters or multi-tenant use.

The five acquired office condominium buildings total 28,003 SF and comprise 21 condo units ranging from 1,058 to 9,980 SF contiguous. These condos are currently unfinished, allowing prospective tenants maximum customization. The corporate center boasts a total of 40 condominium units.

“With easy access to I-10, the Loop 101 and the Loop 202 Freeways, the Chandler Midway Corporate Center is located in an ideal commercial hub. Additionally, the newer product and surrounding retail and service centers add value to not only our asset, but to our tenants’ businesses as well,” said Steven Schwarz, Co-Founder and Principal of ViaWest Group.

“Chandler is a fantastic business city, poised for continued employment growth. We specialize in leasing up vacant space, so this opportunity fits our skills perfectly in a prime location.” said Gary Linhart, also a Co-Founder and Principal at ViaWest.

The company intends to sell the office condos and lease-up the vacancy of the larger office buildings to hold for investment. ViaWest will serve as the property and asset manager on the office buildings. The company continues to seek new acquisition opportunities throughout the Southwest.