Issue 5, 2021 by Commercial Executive Magazine

MC Companies Ross McCallister and Ken McElroy

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IN THIS ISSUE

Diversified Partners Walt Brown shares his personal side as well as his thriving developments in the Valley

22 Cover Story MC Companies is at the top of its game and on a mission to “Share the Good Life”

36 Executive of the Month Marc Bonilla chats with us about family, opportunities and the passion behind VIAONE

Broker of the Decade Finalists CEM announces six finalists in the running for our most prestigious award ever

16 Mentors & Mentees VanTrust, Hines and Lee & Associates share their mentor & mentee stories

31 The New War of the West Barbara Jackson discusses her unique background and how she became an expert in her field

40 © MPmedia, LLC 2021

Letter From The Publisher

– Henri Amiel

hen I think about a trait that the most successful people I know have in common, it always comes down to one thing: The way they treat other people. The simplicity of the “Golden Rule” has inspired people for thousands of years and continues to be a sought-after practice by many individuals in business today. We all know that saying, “People often forget what was said during a conversation with someone, but they always remember how that person made you feel.” I am proud to say that a number of the finalists for CEM’s prestigious Broker of the Decade award happen to be my friends. Each one of them deserve the utmost recognition for their accomplishments. I can attest to the fact that many of them practice the Golden Rule and humility in their profession as well as their personal lives. This race to the top five turned into a top six due to a tie in the first round of voting for the finalists. To view the finalists for Broker of the Decade go to page 10. Voting is now open for the final round, which ends Nov.1! CEM will be hosting an exclusive event December 2 to honor the finalists and winner of Broker of the Decade. For event information click here. On the cover of this issue is an old friend, Ken McElroy, and his partner, Ross McCallister. You don’t want to miss this special story featuring the founders of MC Companies. “Sharing the Good Life” is so much more than the company’s mantra. Ross and Ken have built something truly incredible at MC Companies and have plans for major expansion. Read the cover story on page 31. Other features include Mentors & Mentees, Executive of the Month, The New War of the West, Diversified Partners and more. Enjoy the issue,

Mandy Purcell

Founder & Publisher Commercial Executive Magazine © MPmedia, LLC 2021

Team Karen Gallagher

Celina Busse

karen@mpmediaaz.com

celina@mpmediaaz.com

Managing Director

Karen coordinates the many moving parts of Commercial Executive Magazine. Specializing in strategic planning, she ensures CEM’s readers and advertisers are happy. Contact Karen for information on advertising and general inquiries.

Editor-in-Chief

Celina keeps our readers up to date on the latest and greatest commercial real estate news in the Valley. She organizes and coordinates each editorial piece to perfection. Contact Celina for questions regarding editorial, copyright or purchasing commemorative plaques and PDFs.

FOUNDER & PUBLISHER Mandy Purcell, mandy@mpmediaaz.com MANAGING DIRECTOR Karen Gallagher, karen@mpmediaaz.com EDITOR-IN-CHIEF Celina Busse, celina@mpmediaaz.com SALES Karen Gallagher EDITORIAL Celina Busse, Tim Randall GRAPHIC DESIGN Lalo Reyes PHOTOGRAPHY Carl Schultz

All rights reserved. No part of this publication can be reprinted or reproduced without publisher’s permission. Opinions expressed are those of the authors or persons quoted and not necessarily those of CEM. 2920 East Camelback Road, #228 • Phoenix, AZ 85016 • 602-955-2899 • www.cem-az.com

DEUTSCH 0

EST 1981

THE LEGACY CONTINUES

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Click here to cast your vote for the final round of voting. Voting ends November 1. The winner will be announced in our December issue and at a special event on December 2, 2021. Click here for ticket information.

Craig Coppola, Andrew Cheney, Gregg Kafka LEE & ASSOCIATES

Barry Gabel CBRE

Leroy Breinholt

COMMERCIAL PROPERTIES INC.

Cindy Cooke COLLIERS

Jerry Roberts, Pat Boyle CUSHMAN & WAKEFIELD

Cliff David, Steve Gebing MARCUS & MILLICHAP

CAST A VOTE COMMERCIAL EXECUTIVE MAGAZINE’S “BROKER OF THE DECADE”

Cindy Cooke “Cindy Cooke and the entire Colliers team worked tirelessly to ensure that Bascom’s needs were not only met, but exceeded, consistently putting Bascom’s best interests first. Cindy’s passion for exceptional service and results-driven performance was consistently on display and her attitude filtered down through her entire organization creating a phenomenal team focused on 100% client satisfaction.”

BASCOM ARIZONA VENTURES Glenn Daiutolo, Partner

SCAN QR CODE OR CLICK LINK BELOW TO VOTE FOR CINDY COOKE BIT.LY/CINDYCOOKE

T H E

F I N A L I S T S

Commercial Executive Magazine is pleased to announce the finalists for our prestigious award, Broker of the Decade. Due to a tie in the first round of votes, there are six broker/broker teams that have made the list. These individuals have devoted decades to our industry and have become the most respected professionals in the business. The final round of voting begins now. Voting ends November 1. Cast your vote.

The winner will be announced in our December issue and at a special event on December 2, 2021. Click here for event information.

T H E B

F I N A L I S T S O

JERRY ROBERTS, PAT BOYLE Cushman & Wakefield

The Roberts | Boyle Team is a premier office leasing team at Cushman & Wakefield Phoenix, specializing in the marketing and leasing of Class A office properties throughout the Greater Metropolitan Phoenix market. The team represents both institutional and private owners of office buildings, as well as select occupiers of office space. Jerry Roberts is the local market expert that ownership and development teams rely on for successful project leasing, as well as assistance with building sale, design and new development planning of Class A office properties. Jerry is able to bring very creative dealmaking experience to the table and has strong relationships that he has worked hard to build over the years. Pat Boyle’s in-depth knowledge of the Greater Metropolitan Phoenix office market make him a vital resource for clients, providing them with extensive market information and data. Pat performs the day-to-day duties on each of the team’s listings, frequently conducting property tours and working alongside Jerry as points of contact for negotiating all transactions.

CINDY COOKE Colliers

A respected market leader for more than 40 years, Cindy Cooke guides the award-winning, national-level Cooke Team through transactions spanning coast to coast. Her tenure in the multifamily sector of commercial real estate encompasses large portfolio sales, brokerage of conventional and affordable properties, new development, property assemblage, and construction, as well as debt/ equity placements. Her depth of experience and long-term relationships allow Cindy to leverage her comprehensive knowledge for the benefit of the teams’ institutional and large, private capital clients. Driven by fierce commitment and unwavering devotion, Cindy consistently brings a high level of integrity, which encompasses the depth of true client representation. With over $16 billion in sales volume throughout her career, Cindy is known for being a visionary leader and specializing in large assets and portfolio transactions. Over the last 10 years, Cindy was named the #1 multifamily producer within Colliers International for North America - Everest Club Specialty Award, Women of Influence Award by Globe Street Real Estate Forum and lead broker in the largest multifamily transaction in Arizona history (5,176 units for $427.5 million), just to name a few. © MPmedia, LLC 2021

T H E B

F I N A L I S T S O

LEROY BREINHOLT

Commercial Properties Inc. Leroy Breinholt has 35 years of commercial real estate and industrial market experience. During his tenure as president and designated broker of Commercial Properties Inc., he has repeatedly been recognized as a top producing broker in the Valley, established an aggressive standard of performance for his team, and structured continuous growth of the company through various market conditions. For the last 15 years, Leroy has been named by CoStar as one of the top Phoenix dealmakers. While Commercial Properties continues to grow under Leroy’s direction, his focus is on the market changes and growth that lie ahead. His humble approach to each day has inspired continuous improvement and a high level of excitement within the organization. As an Arizona native, Leroy takes pride in his home state. He applies the same principles of integrity, hard work, stewardship, service, and humility to Commercial Properties Inc. as he does with his family, community, and church.

CRAIG COPPOLA, ANDREW CHENEY, GREGG KAFKA Lee & Associates

The Coppola-Cheney Group specializes in office sales and leasing. Craig Coppola is one of eight Founding Principals of the Arizona firm and joined Andrew Cheney in 2003 to form what has become the top-producing office team in company history. Gregg Kafka joined them in 2011 and has helped them achieve consistently. Closing over 4,000 transactions since inception, their annual production makes them a natural for Brokerage team of the decade. Since 1984, this team has negotiated for premier office tenants in Metropolitan Phoenix and across the U.S. Adding to their competitive edge is the fact that all three are Arizona natives. They understand Phoenix – it’s where they work, live, and engage with the community. They not only excel in the industry, but they perform in the community as leaders and charitable donors, demonstrating their commitment to Arizona. They are also dedicated to continuous learning and improvement. Craig and Andrew hold the top three designations in the industry: CCIM, CRE and SIOR. Only 33 people worldwide hold all three. Each broker has attained a remarkable degree of success on his own, but together they built a team that consistently performs at an outstanding level.

T H E B

F I N A L I S T S O

BARRY GABEL CBRE

Barry Gabel is an Executive Vice President with CBRE Institutional Properties. Barry is intimately involved in every facet of the sale process which includes identifying opportunities for his clients, executing a strategic sales process, and a successful execution of the client’s strategy. Barry has completed transactions totaling over 37 million square feet, valued over $6.1 billion during his career. Barry has been the recipient of numerous awards, including NAIOP Investment Broker of the Year for Arizona seven times and Commercial Executive Magazine’s Broker of the Year six times. In 2019, Barry received CBRE’s RISE award for incorporating consistently the company’s values of Respect, Integrity, Service and Excellence. Barry is a Phoenix native with over 37 years of experience in commercial real estate. What has distinguished Barry over his tenure is his high attention to detail, commitment to excellence, and a determination to exceed his clients’ expectations. Barry serves on numerous boards and councils, including the Warner and Shirley Gabel Branch of the Boys and Girls Club of the Valley, EC70, Scottsdale Charros and Phoenix Children’s Hospital. He also acts as a mentor to those just starting out in their career and plays a key role in CBRE’s Internship Program.

CLIFF DAVID, STEVE GEBING Marcus & Millichap

Cliff David and Steve Gebing make up a dynamic real estate duo who have leveraged their unique and complementary talents to build trust in the industry through impeccable execution and producing outsized results for clients. They have a deep commitment and singular focus on multifamily investment sales. Within the last decade, they have transacted over $10 billion in sales volume and anticipate another $4 billion of production in 2021 alone. Since joining Institutional Property Advisors, a division of Marcus & Millichap, more than 15 years ago, Cliff and Steve have earned a reputation as two of the leading multifamily investment advisors in Arizona. Colleagues say that they have achieved “extreme success” while supporting the business goals of multifamily investors. They have positive attitudes and energies that create a level of motivation for all who work with them. Cliff and Steve have deservedly received countless awards including Marcus & Millichap’s Circle of Excellence and Chairman’s Club awards for the past four years and the firm’s highly competitive National Achievement and Sales Recognition Awards each year for a decade. Both currently hold the title of Executive Managing Director, a distinction bestowed upon only 37 advisors out of the firm’s ±2,200 investment professionals. © MPmedia, LLC 2021

A look back at a decade.

VOTE FOR BARRY GABEL CEM BROKER OF THE DECADE

INSTITUTIONAL QUALITY OFFICE INVESTMENT OPPORTUNITY INVESTMENT OFFERING

OCTOBER 2014

Thank you to our clients, P H O E N I X G AT E W AY C E N T E R 4 1 0 , 4 2 6 , 4 3 2 N O R T H 4 4 T H S T R E E T, P H O E N I X , A R I Z O N A

business partners and CBRE

for the opportunity to serve you.

Barry Gabel & Team

2011-2021 Broker of the Decade Nominee

Learn more at cbre.us/ipmetrophoenix

Barry Gabel

Chris Marchildon

Will Mast

Executive Vice President +1 602 735 5273 barry.gabel@cbre.com

First Vice President +1 602 735 5625 chris.marchildon@cbre.com

First Vice President +1 602 735 5206 will.mast@cbre.com

Please Join Us in Honoring Leroy Breinholt and his Team for their Accomplishments: 7,712 Deals Closed in a Decade!

#1 Decade Broker

OF THE

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Walt Brown In his Scottsdale office, Walt Brown Jr., founder, CEO and designated broker of Diversified Partners, LLC, displays a Mastro’s Steakhouse napkin with a design for a new property soon to be under construction in Colorado. “We drew this earlier this year, and some of those design elements are now incorporated in the project,” he says. “A great many of our developments began with me sketching a vision on the back of a napkin, and then having our architect partners turn that into new design elements.”

STARTING POINTS

The year 2021 marks the 25th anniversary for Diversified Partners, and Brown is extremely proud and excited at the success of the company and its talented team. “I love this profession and feel as if I have never worked a day in my life,” he says.

BACKGROUND

Born and raised in Albuquerque, New Mexico, Brown was the youngest of five, and learned life lessons that shaped his character and beliefs. “My parents taught us the importance of hard work, honesty and integrity,” he says. “They were always working hard to support us but never missed an opportunity to show how much they loved us, and the value of hard work.”

Growing up in New Mexico, Brown moved further west to California, where he began his career in commercial real estate. “I attended an International Council of Shopping Centers convention and discovered amazing people who were passionate about their career,” he says. “I knew immediately this was my destiny, because I enjoyed the camaraderie, the sophistication, hard work and making deals.” After completing stints at two firms in retail tenant representation, Brown turned back east to the Grand Canyon State in 1991. “I felt that Arizona offered extraordinary business opportunities and growth potential,” he says. “I was looking to move into development and was amazed at the number of ‘hard corner pad’ © MPmedia, LLC 2021

“The key to our success has always been building and nurturing relationships.” —WALT BROWN

sites available across the metro area. Thankfully with the assistance of Andy and Scott Jackson and Jack Rasor, I was able to get started in the business.”

DIVERSIFIED PARTNERS

A full-service commercial real estate brokerage firm, Diversified commands a substantive development and lease portfolio in Arizona, as well as in Nevada and Colorado. “The key to our success has always been building and nurturing relationships,” he says. “Ties with clients such as LA Fitness, Home Depot and Walmart extend back for over 30 years. How we treat clients − and as my parents instructed, ‘Take the time to care and make a difference’ − is what defines Diversified Partners and our amazing team members.”

DEVELOPMENTS

Brown has a plethora of projects unfolding across the Diversified ecosystem, but three large ones stand © MPmedia, LLC 2021

out. In Mesa, a 17-acre mixed-use design, East Gate Plaza, is at the corner of Ellsworth and Elliot Roads. “The site will incorporate retail and restaurants, hospitality and medical office,” he says. “And across the street, Facebook is constructing a 960,000-square-foot data center at a cost of $800 million.” Northwest in Glendale, Brown is excited about En Fuego at the intersection of 91st and Glendale Avenues. “This is one of our most dynamic projects with lease, sale and build-tosuit options,” Brown says. “The location is buzzing, as it is adjacent to the Entertainment District, less than one mile north of Gila River Arena, two miles north of State Farm Stadium and 1,000 yards from the casino.” Lastly, back south of Mesa in Gilbert, is an 11-acre development at Val Vista Drive and Mercy Road, consisting of a unique two-story retail concept, medical office building and a new Marriott brand hotel. “This

is a booming infill location, and our offering will meet an underserved $1 billion restaurant and retail demand from residents working and living within a five-mile proximity,” he says.

PERSONAL

Brown’s passion for the business is exceeded only by his love of family. “My wife Ruth and our two boys, Wally III and Cooper James, they are the number one priority,” he says. “Wally III is currently in real estate school and starting law school at the end of the year and perhaps one day he will join the business.”

FUTURE

With a robust pipeline of projects planned through 2023 (of course sketched out on napkins), Brown and Diversified continue to generate buzz in Greater Phoenix CRE and beyond. “We have big plans including residential and look forward to growing the Diversified Brand,” he says.

Your Strongest Relationship in Commercial Real Estate 7500 E. McDonald Drive, Ste 100A | Scottsdale, AZ 85250 | (T) 480-947-8800 | (F) 480-947-8830 | www.dpcre.com

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GET BACK TO GIVING BACK We are very proud of the success of the Waste Management Phoenix Open, but the focus of The Thunderbirds continues to be our mission of charitable giving and the tremendous impact it has in the community. We cherish the special relationships we have formed with our charity partners and we can’t wait to host the 87th edition of “The People’s Open.” Let’s Get Back to Giving Back. — Scott Jenkins, Big Chief, The Thunderbirds

ThunderbirdsCharities.org

We see more than a great agent. We see a remarkable human being. Industrial real estate agent Keri Scott is posting her most successful year. This entails far more than the record-breaking real estate transaction volume. Keri also leads in the realms of family and community. Juggling the roles of professional, mother, wife and neighbor has never been more challenging. Keri’s dedication to every responsibility is what makes her shine. At Colliers we nurture a culture of work-life balance. Our team members embrace the breadth of life’s journey, which brings unparalleled creativity and commitment to clients. Keri and the team at Colliers bring an optimism to see what could be.

Visit colliers.com/arizona to learn more. Accelerating success.

Andrew Cheney and Matt Hagan LEE & ASSOCIATES

Mentor & Mentee

In 2018, Andrew Cheney, principal, and Matt Hagan, associate, of Lee & Associates, met on a tennis court for a friendly match. While neither will disclose the winner, the experience proved memorable. “I was looking for a position in commercial real estate in Phoenix, and on a Friday morning. I sent my resume to all the top firms in the state,” Hagan says. “I received Matt’s resume from a friend in the business, I saw he was a top 75 Division One collegiate tennis player and called him right away,” Cheney says. “We hit that afternoon, as I needed practice for an upcoming tournament. I could tell right away he was a good guy and would be a natural for real estate.”

STARTING POINTS

That contest, occurring right before Wimbledon, led to Hagan joining the Coppola Cheney Group. “We ended up playing tennis in the middle of summer around 115 degrees. I have never been so tired in my life, but I got the job. Working for the Coppola Cheney team was a no-brainier especially with their impeccable reputation in the Phoenix area,” he says. “Matt has been a terrific addition to the Lee & Associates family. He brings the mental toughness from his time as an elite athlete to the highly competitive sphere of CRE,” Cheney says.

BACKGROUND

For sure, Hagan is learning from one of the best in the business. Cheney and his partner Craig Coppola, have created one of the top recognized office brokerage teams in the Valley, and across Lee & Associates 69 offices in the U.S. They

conduct a comprehensive business of representing Class A office landlords as well as advising tenants both locally and nationally. “Matt and I both put tremendous work into playing college athletics at a high level and trying it out on the world stage.” That is certainly a reason why our mentor/ mentee relationship works so well. I see the common traits of determination and effort we share.” Prior to his relocation to Greater Phoenix, Hagan was coaching tennis at the University of Iowa. “My wife asked me if I would be interested in moving to Arizona for her job, it was snowing in April, so that made for an easy decision to move,” he says. “At the time, I thought I would stay in tennis, but I always had CRE on my mind. This is because growing up, my grandfather owned a construction company in the Midwest and was involved in the development of flex industrial properties. The more I spoke with him about real estate, the more my interest grew.”

LEE & ASSOCIATES

Since joining the firm, Hagan has negotiated a host of transactions with Cheney, while learning a complex business under the tutelage of an expert. “We worked together a lot; © MPmedia, LLC 2021

including leasing tech-oriented projects like SkySong, Ren Square, Park Central and Playa del Norte,” says Cheney. “My toughest challenge was my transition into their fast-paced environment and learning the market in a new city,” Hagan says. “The Coppola Cheney Group completes about 150 transactions per year of all sizes, so I had to be on my feet ready to deliver and perform at a high level every single day.”

ADVICE

Navigating the early years of a CRE career is a daunting task. However, having undergone the same turbulence early in his career, Cheney was at the ready to assist his protégé. “I remember about three to four months into my time working for Andrew, I was feeling overwhelmed with all of the deals and learning a whole new city,” he explains,” Cheney says. © MPmedia, LLC 2021

“The learning curve in this business is difficult. When it was Matt’s turn to go through a tough part of the curve, we spent some extra time together, and I reminded him of the big picture and the upside. He pushed through and now is doing great.”

FUTURE

Amid the dealmaking in a vibrant CRE market and active family lives, Cheney and Hagan still make time to help keep each other in shape on the court.. “We still play tennis regularly together. It is a great perk and adds another dimension to our relationship,” says Cheney. “I use this time to ask advice or discuss transactions that we are both working on so I can learn,” Hagan says. Tennis matches can never be win-win, but a great mentor mentee relationship is game, set and match, for both players.

Keith Earnest and Jenna Borcherding VANTRUST REAL ESTATE

Mentor & Mentee

Jenna Borcherding and Keith Earnest, VanTrust Real Estate, can attest that if legendary entrepreneur and restaurateur Sam Fox is involved, the results are tremendous. “That is how our relationship began,” she says. “I was on a NAIOP education committee, and we wanted to have Sam speak at an event. I knew Keith had a relationship with him, so I just cold called him one day and asked if he would help connect me. Keith ended up moderating the conversation with Sam, and we managed to stay in touch long after the event.”

STARTING POINTS

Borcherding, director of development, and Earnest, executive vice president, national accounts, joined forces at VanTrust in 2019. “I entered the company in 2014 and was fortunate to bring Jenna on board from JLL,” he says. “Keith has really helped guide my career. When I went to JLL, I leaned on him to help me understand how deals got done and how owners and landlords underwrote deals,” she says. “When the timing was right (for both of us), he invited me to join the VanTrust team, and the rest is history.”

BACKGROUND

Over the course of four decades, Earnest has built an impressive commercial real estate resume with best-in-class names including Trammell Crow, Opus West, RED Development and now VanTrust. “I actually started my career at Russ Lyon Commercial,” he says. “A guy came into my Real Estate 250 class at Arizona State University, asking if anyone had an interest in an intern position. That guy turned out to be Tom Richardson, an amazing man and industry leader at the time. I interviewed, got the job, and started doing market research.”

Borcherding took a different path, as she arrived in the Valley in 2011 from Arkansas and was introduced to the industry in a business development role at DLR Group. “I spent two years there and then took a director position at Jokake Construction,” she says. “During those 36 months, I took an interest in development. I consulted with many mentors, including Keith, and realized I needed to develop a specific skill set that would be valuable on the development side of the business. I got my real estate license and joined the office tenant representation brokerage team at JLL.”

VANTRUST

VanTrust is one of the nation’s premier real estate development firms with five offices and a property footprint spread across 11 states. “We are a full-service real estate development company with a regional focus and national scope,” says Earnest. “And our product types include office, industrial, multifamily and mixed-use.” While Earnest assumes a larger national role, he still is extremely active in the company’s Southwest development and entrusts Borcherding and the Phoenix team with managing the process. Keith’s expanded role has allowed Borcherding to provide additional leadership on projects © MPmedia, LLC 2021

and has expanded her reach into Nevada. “She has already signed a 150,000-square-foot build-to-suit deal at our Peoria Logistics Park, procured a full building tenant of 250,000 square feet at our Tropical 4 project in North Las Vegas and is the lead on our VT 303 project in Glendale, which includes another build-to-suit and speculative 550,000 cross-dock building,” he says. “In addition, we are now leasing Phase II at Chandler Corporate Center.”

GUIDANCE

Through the years, Borcherding has relied on Earnest’s insight and expertise, and now working together, the dividends of the relationship are paying off. “Although she has only been in real estate for 10 years, her depth of understanding makes her one of the most accomplished young developers in the western U.S.,” he says. There is a mutual respect between the two, and Borcherding understands how valuable the connection is to her professionally. “When it comes to business, he is very knowledgeable and always providing ‘teaching moments’ rather than leaving me to figure something out without context,” she says. “He has invested a significant amount of time in helping me develop, for which I am most grateful. © MPmedia, LLC 2021

Whether it is elaborating on why a decision was made, or sharing his experience from the past, he does not hesitate to share, which makes him a great coach.”

PERSONAL

Their friendship also extends to the personal side, which Borcherding appreciates. “He genuinely cares and prioritizes family. He is the first to ask about how my husband (Rob) and son (Rocky) are doing, and even invites my parents to stop by the office when they are in town,” she says. “We talk about life balance all the time. When Jenna came to work with us, I was three months away from being an empty nester, and she was just three months from becoming a mom for the first time,” he says. “My advice to Jenna was take care of yourself first, Rob, Rocky, and Remi (dog) second and work will figure itself out.”

FUTURE

Opportunities abound for the talented VanTrust duo, and each is excited to collaborate with a partner they trust and respect. “Over the years, our relationship of mentor/mentee morphed organically and now I get to call him my boss,” she says. “Her work ethic is tremendous, and she is always prepared, no matter the situation,” he says.

Brandon Dillingham and Jim Bulsiewicz HINES

Mentor & Mentee

Brandon Dillingham, managing director, Hines, is continuing the storied tradition of mentoring in the commercial real estate sphere by paying forward the knowledge, insight and expertise passed on to him early in his career. “I was fortunate enough to have Scott Nelson and industry legend Jack Rasor mentor me at Macerich/Westcor,” he says. “Careers in CRE development are best developed through apprenticeship, but also through full immersion into the projects and the business,” says Jim Bulsiewicz, director, Hines. “Brandon’s commitment to putting me into those roles that enable my growth has been gratifying.”

STARTING POINTS

Working in Hines’ Southwest Region, Dillingham and Bulsiewicz are part of a global team with a presence in 27 countries and assets under management of $83.6 billion, according to the company’s website. “Hines is one of largest private investment, development and management firms in the world,” says Bulsiewicz. “Hines is a company and brand committed to excellence,” says Dillingham. “The Hines Standard represents the global real estate benchmark for value creation, integrity, services and quality for all clients.”

BACKGROUND

Dillingham has real estate in his blood, as his father founded and operated a successful contracting firm. “I always admired his work ethic and focus on customer service and building relationships,” he says. “I combined that tutelage with my proclivity toward math and finance, tailored it to my personal style, and then packaged that up as my offering to an

employer in the business.” After 6 years at Macerich/ Westcor, Dillingham moved over to Hines and was fortunate enough to discover Bulsiewicz as an addition to his team. “Brandon stole me from Chicago after I completed my MBA from Northwestern in 2018,” he says. “I had previous experience at CBRE in corporate development, and Hines was the perfect fit for me to pursue a role in development and acquisition.”

APPROACH

With three years together as partners, the duo’s mentor/ mentee relationship continues to evolve. “It is funny to think of myself as a mentor, as I still look at myself very much as a mentee. The learning journey is truly 360 degrees. I learn something new from Jim almost daily,” he says. “Our association has developed very organically through this time at Hines, and the complexity of the projects we are involved in has required that we roll up our sleeves together to produce some fantastic outcomes on our projects,” Bulsiewicz says.

LEADERSHIP

Under the direction of Mark A. Cover, CEO, Southwest Region and Mexico/Central America/ Houston, and Chris © MPmedia, LLC 2021

Anderson, senior managing director/Phoenix; the Southwest Region and Phoenix metro are two of Hines most successful markets. “Across Arizona, Texas, Colorado and Mexico we have 58 projects underway or developed. In Greater Phoenix we have eight projects as owner, developer or property manager,” says Bulsiewicz. “Mark and Chris have taught me a great deal about how to be successful in this business, and their leadership has helped me to always improve as a mentor,” says Dillingham.

PROJECTS

Of the eight projects in the Valley, two get the pair wideeyed with excitement. “Our high-rise office building, 100 Mill in Tempe has been an impressive case study for complicated mixed-use real estate development. And our upcoming project, 250 Rio, across the street from 100 Mill, has even © MPmedia, LLC 2021

more complicated attributes,” says Bulsiewicz. “The quality level, attention to detail, and high-profile location of both of these projects have made our teaming effort and coordination together that much more important, to achieve the successful results we want for our customers, partners, and internal stakeholders,” says Dillingham.”

FUTURE

In the not-too-distant future, Dillingham will pass the baton to Bulsiewicz, who will assume a mentor/mentee relationship of his own. “Brandon’s wisdom and experience are invaluable, and I hope one day to be as great a mentor,” he says. “The most important learnings are integrity, accountability, and enthusiasm, all traits that Jim possesses in abundance, which make him a talented professional and ultimately a terrific mentor,” he says.

A DESTINATION THAT GROWS WITH GOODYEAR.

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GSQ introduces a modern, forward-thinking destination that grows with Goodyear. Featuring a two-acre civic park surrounded by Gen 1, a class A office building with 4-level parking structure and Goodyear City Hall and Library.

CONTACTS: Ashley Brooks

Corey Hawley

Sean Spellman

Jimmy Cornish

+1 602 735 1758 Ashley.brooks@cbre.com

+1 602 735 1742 Corey.hawley@cbre.com

+1 602 735 5615 Sean.spellman@cbre.com

+1 602 735 1741 Jimmy.cornish@cbre.com

© 2021 CBRE, Inc. All rights reserved. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners, and the use of such logos does not imply any affiliation with or endorsement of CBRE.

It’s not just about understanding the numbers. It’s about a banker who understands your business. A one-to-one relationship with your banker—a banker who truly understands your business—is how Alliance Bank of Arizona delivers on accountability.

Meet Your Local Banking Expert: Ericka LeMaster Senior Managing Director, Commercial Real Estate elemaster@westernalliancebank.com (602) 952-5452

alliancebankofarizona.com One of Forbes’ Best Banks in America Year After Year Alliance Bank of Arizona, a division of Western Alliance Bank. Member FDIC. Western Alliance Bank ranks high on the Forbes “Best Banks in America” list year after year.

MC Companies

Celebrating 20 years as business partners and principals of MC Companies, Ross McCallister and Ken McElroy have followed a guiding philosophy in the multifamily industry. “We first and foremost make certain that our residents are served. If the residents are happy, then the benefits accrue and flow to investors, our team members and the communities in which we live,” McCallister says. “This is a foundational tenet of how we operate,” says McElroy. “We never waiver from this approach, and when making decisions, we always ask: ‘Is this in the best interest of all of our stakeholders?’ If the answer is yes, then we are doing the right thing.” That commitment is at the heart of the MC Companies mantra, “Sharing the Good Life,” and is an attitude that McElroy and McCallister have instilled throughout their organization – a multifamily investment, development, construction and management company that, since its founding, has transacted on approximately $3.8 billion in assets. “Our success comes from the fact that we live and work under a set of core values: Be Positive, Be Aware and Present, Be Open Minded, Be Giving, Be Respectful and Kind,” says McCallister. “This is the heart of the company and the fabric of our culture.” © MPmedia, LLC 2021

“We share a philosophy that to be big you have to think big.” —Ross McCallister

Starting Points

For McCallister, the road to commercial real estate began right out of college at New Mexico State University. “My first role was learning the financing side of the business at a savings and loan,” he says. “That experience sparked an interest in development and a job at a local Tucson development company. Two years later, I started my own firm.” McElroy’s journey to CRE was a bit less conventional. “I was in college and was approached by a friend about managing an apartment building, to which I replied, ‘No.’ But, when he mentioned the free rent that came along with the job, I quickly changed my mind,” he says. After several months of learning the ropes, McElroy was paid a visit by the owner, who commended him on his work. “He thanked me for making the property look great and decreasing the vacancy rate. During our conversation, a lightbulb went off, and I realized that I needed to be in his position,” he says. Over the next nine years, McElroy honed his property management skills before embarking on his own entrepreneurial journey in Greater Phoenix.

Joining Forces

McElroy and McCallister met as board members of the Arizona Multi-Housing Association 10 years before their 2001 launch of MC Companies. “I had great respect for Ross and what he was accomplishing

Ross McCallister and Ken McElroy

in multifamily,” McElroy says. “We both wanted to expand our respective businesses in the state,” added McCallister. “I was eyeing Phoenix, and Ken was looking at Tucson. I was impressed with his success and how he conducted himself in business.” Nine years later, the duo would find themselves sharing possibilities over a cup of coffee. Three months after that, MC Companies was born. “We bring complementary strengths to the table,” says McCallister. “My skills reside in construction and development, while Ken is a genius at

operations.” Through two decades, the pair have stayed in their respective lanes and let each other showcase their individual capabilities, while leveraging combined talents for the benefit of the organization. “We have always worked well together, and the partnership has been enormously rewarding,” says McCallister.

MC Companies

“MC Companies is a fully integrated organization providing development, acquisition, asset management and property management © MPmedia, LLC 2021

services to its 25 communities in Arizona, Texas and Oklahoma,” says Lesley Brice, president and partner. The firm differentiates itself in the marketplace as a long-term, buy-and-hold operator that owns and manages its entire property portfolio. “Most competitors do not follow this model,” she says. “Some generate their cash flow through purchases and sales, while others remain owners but outsource management to thirdparty firms. We feel one of our strongest value propositions for stakeholders is that we own and manage all of our assets – and outperform in the process.” McCallister and McElroy’s own-and-manage approach has been a core pillar of the organization’s success since inception. “Our most important consideration is the resident experience, and in many cases poor property management is a root cause of an underperforming asset,” McCallister says. “That is the fun part of the business… developing new projects to the MC level of quality or acquiring existing communities that we can turn around through improved management, renovations and leasing,” says McElroy.

Property Approach

There is a distinct characteristic infused in the DNA of each MC community, which is not accidental. “Ken and I have always targeted a © MPmedia, LLC 2021

“There is such a great investor demand for multifamily, so our forecast for growth aligns with market conditions.” —David Mannion

Lesley Brice

David Mannion

middle-income audience,” McCallister says. “Our portfolio includes Class A and B multifamily dwellings, where we want residents to enjoy their time with family and friends.” McElroy says, “So many developers emphasize affluent luxury units, but in the spirit of sharing the good life, we provide real places for real people.”

Culture

Undoubtedly, the success of MC Companies emanates from its 200 team members who share an organic culture of respect, responsibility, giving and service. “Our culture is key, and that begins with our people,” says McCallister. “We favor a great attitude over a resume of experience, and that formula is what drives ongoing cultural improvement.” The MC Companies culture is not a top-down phenomenon, but a grass-roots dynamic embraced throughout the organization. “Our values are on display every day,

from the Sharing the Good Life Foundation, which is run by our employees, to our in-house director of philanthropy, Lyn Marquis, and our robust grant program,” says Brice. “Culture is imperative, and everyone buys into the mission to build strong and vibrant communities, improve quality of life, and make a positive difference where we live, work, learn and play.”

Expansion

With over $1 billion in assets under management, and an investor class imbued with confidence about the future, MC’s founders are embarking on a bold growth initiative. “We share a philosophy that to be big you have to think big,” says McCallister. “You always need a progressive mindset, and for us that means scaling up our existing model of own and operate,” McElroy says. Much of the responsibility for this enterprise falls to David Mannion,

“We develop and invest for our team, our investors and, first and foremost, our residents, and that will never change.” —Ken McElroy © MPmedia, LLC 2021

“Our culture is key, and that begins with our people.” —Ross McCallister

the newly recruited chief operating officer leading the company’s Operation 25K. “Our stated goal is to reach 25,000 units by 2029,” he says. “When I came on board in May of this year, our portfolio was approximately 6,000 units, and that figure is now about 7,000. In 2022, the expectation is to more than double the company’s acquisition volume over what we have closed over the last couple of years.” Reaching this target will require entering new metros and adding to the investor base. “We are already engaging with larger institutional investors, and the feedback is promising,” Mannion says. “There is such a great investor demand for multifamily, so our forecast for growth aligns with market conditions.”

Measuring Success

Entering a third decade in business together, McCallister and McElroy reflect on their proudest moments. “For me it has to be our culture,” McElroy says. “COVID © MPmedia, LLC 2021

proved how strong and durable our ethos truly is, and that is rewarding.” McCallister agrees, and adds reference to the firm’s record of zero financial defaults or losses for investors. “That is important, because our investors have such great confidence in the business model. Their trust in us is the result of our commitment to doing things in the right way,” he says.

Future

The year 2022 will be a big one for MC Companies, as expansion plans continue to unfold. “We develop and invest for our team, our investors and, first and foremost, our residents, and that will never change,” says McElroy. “I am excited to pursue this growth agenda with Ken and our terrific MC organization over the next decade,” McCallister says.

THE NEW WAR OF THE WEST

TANGO COMMERCIAL On Aug. 16, 2021, the U.S. secretary of the Interior declared the “the first-ever Tier 1 shortage for Colorado River operations in 2022,” according to an official statement from the Arizona Department of Water Resources and the Central Arizona Project. The designation carries with it enormous ramifications for Arizona. Specifically, “a substantial cut to Arizona’s share of the Colorado River − about 30% of Central Arizona Project’s normal supply, nearly 18% of Arizona’s total Colorado River supply, and less than 8% percent of Arizona’s total water use.” For Barbara Jackson, vice president, Agricultural and Industrial Real Estate, Tango Commercial, one part of the announcement is particularly troubling: “The result will be less available Colorado River water for central Arizona agricultural users.” “This curtailment has long-term effects for the state,” she says. “Agriculture

Barbara Jackson

is expected to provide for a growing population with less land and water. By 2050, agricultural output has to double in production just to keep up what we are feeding today.”

STARTING POINTS

In her role at Tango, a Tucson-based commercial real estate services brokerage, Jackson heads the firm’s agricultural land advisory for clients on the buy-and-sell side. “People need to realize that agricultural real estate is commercial real estate,” she says. “Farmland is a scarce commodity, but the demand continues to increase with Arizona’s growing population. Savvy investors see this as an indicator that demand and associated prices for agricultural areas and farmland are rising.” © MPmedia, LLC 2021

BACKGROUND

Born in Tucson, and a Southern Arizona resident throughout her life, Jackson’s passion for agriculture began while growing up on her family’s feed yard in Red Rock. “Before the age of 10, I learned to ride horses, work with cattle and drive a pickup and tractor,” she says. “As a family, starting and building our own yard and business was an awesome experience. It was my first exposure to entrepreneurship.” From those experiences, Jackson earned a Bachelor of Science in Animal Science with a minor in Agricultural Economics at Washington State University. Subsequently, she entered the corporate world as an agribusiness expert at Syntex Agribusiness. “I was one of the very first female reps in the animal health industry,” she says. “I have been in the agricultural space my entire life, which includes over 30 years owning and operating Animal Health Express, a mail-order animal health and livestock supply company.”

TANGO COMMERCIAL

Joining Tango Commercial was certainly no accident for Jackson. “I have known Barbara all my life (going on 52 years),” says Tango co-founder and designated broker, Tom Hunt. “Her parents and my parents were friends, as my dad was a rancher, and her dad was a rancher and very successful cattle feeder.” Jackson has added her years of agricultural experience to a firm well positioned to capture market share in the burgeoning land sector. “Barbara is an expert in the industry and is highly respected. In spite of her stellar track record and knowledge, she is very hard © MPmedia, LLC 2021

"BARBARA IS AN EXPERT IN THE AGRICULTURE INDUSTRY AND IS HIGHLY RESPECTED. IN SPITE OF HER STELLAR TRACK RECORD AND KNOWLEDGE, SHE IS VERY HARD WORKING AND LOTS OF FUN TO BE AROUND. IN SHORT, SHE’S A SUPERSTAR!" —TOM HUNT

working and lots of fun to be around. In short, she’s a superstar,” Hunt says. “I am very enthused about this opportunity to work with the team at Tango. They are an awesome group,” she says.

TRENDS

As Mark Twain’s famous aphorism goes: “Buy land, they are not making it anymore.” Increasingly, owners are transitioning agricultural land for other purposes, an evolution that Jackson sees as presenting both challenges and opportunity. “The bittersweet truth is that it is moving from agricultural to non-agricultural as the ‘highest and best use’ of the land changes with the growth and prosperity of

the state,” she says. Another trend Jackson notes ties back to the Tier One Colorado River shortage. “Water rights and availability and the planned use for the land – if it stays in agriculture or is used for other purposes – will heavily dictate the value,” she says. “Water wars are the new wars of the West.” Lastly, Jackson is fearful of proposed 1031 Exchange rules, which would eliminate the Step-Up Basis. “Ninety-eight percent of the farms and ranches are family-owned businesses, and eliminating that provision will bankrupt a lot of those families,” she says. “They will not be able to transfer ownership to the next generation, thus exacerbating

the situation, as many of the properties will be transitioned into other uses such as housing, industrial and retail developments or acquired by government agencies.”

FUTURE

As larger institutional players transact in the agricultural land space, Tango’s clients will benefit from Jackson’s reservoir of knowledge. “My goal is to continue building a robust base of both agricultural and commercial real estate clients. There is a great deal of overlap,” she says. “Barbara’s work ethic combined with her expertise is what has made her successful in business,” says Hunt.

Tango is more than just your Tucson broker, we’re your partner in success

www.tangocommercial.com

Tom Hunt | Designated Broker and Partner (520) 288-1231 tom@tangocommercial.com

Bob Davis | Associate Broker and Partner (520) 906-5682 bob@tangocommercial.com

EXECUTIVE OF THE MONTH MARC A. BONILLA President | CEO, VIAONE

Passionate about all aspects of commercial real estate, Marc Bonilla and spouse Nita Bonilla have built VIAONE into a thriving commercial real estate and development firm in the Valley through determination and heart. “I am driven by a never-ending pursuit of learning and the most valuable levers to a successful life: building quality relationships that stand the test of time,” Bonilla says. “Through my 21-year professional journey in this industry, launching VIAONE in 2017, nothing stands truer than the relationships I have built along the way with a passion to elevate everyone around me.”

STARTING POINTS

As a commercial real estate and development company with expertise in development, brokerage, site selection, asset management and investment strategies, VIAONE is maturing into a premier brand rooted in a set of core values that define its culture. “Integrity and relationships before profits,” Bonilla says. “Fulfilling this vision relies on every single one of our professionals committed to the firms’ founding principles: Trust, Integrity, Collaboration, Diversity, and Reliability.” A culture of which Bonilla is deeply proud. “Culture is the arts elevated to a set of beliefs.”

BACKGROUND

An Arizona native, Bonilla discovered real estate at an early age. “My father and I would travel around the Valley to his dozen or so rental properties, where I helped him do everything from deferred maintenance to rent collect,” he says. “My father is one of the most influential individuals in my life. Watching him give his time to everyone around him while prioritizing family was just what you do. My parents have been married 52 years and one moment could encapsulate their commitment. It was when my father built my mother’s dream house. He executed nearly every aspect of the process from architectural design, entitlements, construction, etc., just to prove he could.” After returning from college, Bonilla began his career in the telecommunications sector. After several years of learning successful corporate field-sales practices, Bonilla began to develop an affinity for commercial real estate and development. “I was interacting with developers and brokers © MPmedia, LLC 2021

during early stages of the building design process selling fiberoptic infrastructure into new building projects,” he says. “Through this exposure, I became fascinated with the development process and captivated with the elements of building design.”

COLLIERS

His new professional journey would begin back home in Arizona, where he connected with an old friend, former Phoenix Mayor Paul Johnson. “Paul is one of my best friends and was instrumental in mapping out a blueprint into the business,” he says. “I was fortunate to have built many strong relationships back home that helped open doors for me to meet with as many brokerage companies as possible.” After many informative dialogues, Bonilla felt Colliers was the best fit for his entry into the sphere. “I was drawn to the company because of the designated broker at that time, Bill Saul,” he says. “I felt Billy understood the path I was looking to pursue and cared about helping me get there.” For Bonilla, the commercial real estate industry proved more challenging than he initially thought. “My experience going from telecom in Silicon Valley to CRE brokerage was humbling. The vast nuances of a business, which I took for granted, were so broad in scope that it paced my ambition,” he says. “I thought I could outsmart the learning process and circumvent the hard work it demanded.” Recognizing that their young talent was encountering difficulty, Saul called in Bonilla’s mentors for a dialogue. Coming out of that meeting, Bonilla learned that perseverance is not a born trait, but rather earned. “My pride was squashed,

and my young ego was rightfully put in check. From that moment forward, I committed to learning the fundamentals of the business and committed to the process,” he says. “This was a watershed moment in my young career. The perspective and experience forced me to develop a process and operating system that carried me through some challenging yet valuable years that tested my resolve many times over.”

NEW PURPOSE

Bonilla’s next decade as a broker at Colliers was highly successful, yet he began to feel that something was missing. “I began to question the purpose, the plan, but most importantly a gut feeling beginning to short circuit my (internal) philosophical balance. This feeling grew ever more intense by the day, but I kept pushing it down,” he says. “I felt as if I was drifting away from my center after a decade head-down focused on production, imperceptibly aware of conversations disproportionately emphasized on capital and status over relationships.” Finally deciding to confront these emotions gnawing at him, Bonilla sought out the advice of his longtime mentor, Wayne Howard. “Wayne knew I had been struggling for some time, but also knew me well enough to know I had to go through these experiences to prepare me for the next phase of my journey,” he says. “Three years later, the VIAONE vision was born.”

he says. “Six years ago, Nita and I purchased our Tempe properties and subsequently entered a partnership with Wayne Howard. Wayne and I devoted ourselves to a legacy project that we thought would survive us both. We sought a meaningful development that would positively influence the community that our families would be proud of long after we were gone.” The approximately 400,000-square-foot mixed-use proposed development will be a valuable addition to the bustling Tempe Town Lake Rio Salado locale. And for Bonilla, the process of development has never been so therapeutic. “In the wake of Wayne’s passing on established footing in development, it has been surreal to carry out what we set out to do without him by my side,” he says. “The essence of the project has taken on a larger more philosophical responsibility to see our vision through. Honoring Wayne’s legacy through this development makes this by far my most meaningful project to date.”

PERSONAL

Family is paramount for the Bonillas, evinced by their commitment to each other and their children. “The notion of work-life balance however is a myth. The balance we strive for is not a state of equilibrium. If our lives were in the balance − we are happy, our kids are happy, our businesses are performing − then the very essence by which we are driven would stop.”

VIAONE

The company emerged after a 36-month “Nita and I have a philosophy that work is a part clinical trial period, during which time Bonilla of life and all aspects of living have their share explored the development arena as a principal. of wonderful moments and their fair share of “I launched my first capital campaign, raising challenges that drag us down. But as a family, we about $2 million to deploy into commercial real estate properties where I identified opportunities never lose sight of the idea that together we will to leverage my knowledge capital from brokerage and my relationship capital to create risk-adjusted get through it.” - Marc Bonilla returns for my investors,” he says. With his own capital, a portfolio of assets and For the Bonillas, the implication that work somehow stifles life proven investment execution, Bonilla jumped in headfirst and is a fallacy. “We bring our children into the organization and has not looked back. “I finally felt at peace (internally) with encourage our team to do the same. It’s a decision Nita and I the direction my journey was headed with the right people make every day not teaching our kids false hope that balance around me,” he says. “Nita, who is my best friend and wife, is about stasis. Rather, hard work through ups and downs worked side by side with me in launching the venture. She and relationships is the foundation that provides fulfillment was instrumental in the organizational alignment of all our to pursue life. We feel this better prepares our children to businesses. I also tapped Malik Hammack, who is also one develop the coping skills they will need when on their own.” of my best friends, as executive director of Development and “Nita and I have a philosophy that work is a part of Finance. His application of analytic principles is critical in life and all aspects of living have their share of wonderful balancing my ‘Big Picture’ aspirational endeavors.” moments and their fair share of challenges that drag us down. But as a family, we never lose sight of the idea that together we will get through it.” OPPORTUNITIES “The VIAONE brokerage vertical is performing well as a result of our collaborative support system and mentorship,” FUTURE Bonilla says. “Our talented young core of professionals Soon to enter a fifth year in operation, Bonilla anticipates understands the organizational matrix that brokerage enormous growth for the company. “Watching the team provides to the value proposition with our development jell, turning the VIAONE vision into reality, has been so services vertical. This yields a pipeline loaded with projects rewarding,” he says. “I am humbled to be in a position, including Scottsdale Airpark Plaza, Gilbert Rehabilitation around our VIAONE family, helping develop and mentor Hospital, Glendale Surgical Center, Pinnacle Active Living our young professionals into partners, like my mentors did Communities and many more.” for me. And we’re doing this while continuing to successfully For Bonilla, though, a certain Tempe project is always grow our development footprint building projects that make a on his mind. “The Tempe development project stands out,” difference in our communities.”

Nita and Marc Bonilla

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