TORRANCE, CA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned exclusively that Patrick Toomey has joined Colliers International as a SVP. The move adds strategic depth to Colliers' investment capabilities on the West Coast.
Toomey has spent nearly three decades in a variety of progressively more senior commercial real estate positions. Prior to joining Colliers, he was the transaction manager for one of CBRE's most prolific retail teams, handling billions of dollars of retail transactions over a 10-year period. He was also previously an executive with the now-liquidated Burnham Pacific Real Estate Investment Trust.
In his new investment-services role, Toomey will focus primarily on retail developers and private shopping-center investors as part of a team led by Kyle Matthews, SVP, capital markets—retail. According to Colliers' managing director John Hollingsworth, “In addition to his many tangible skills when it comes to issues like explaining the benefits of triple-net lease opportunities to shopping-center investors, or deciding whether a major developer should purchase a particular parcel of land, he also brings to the company many intangible skills that are earned only through time and experience. And those can be just as valuable, if not more so, when dealing with retail investors on every level.”
Hollingsworth added that in the past decade, Toomey has closed more than 250 transactions valuing approximately $2 billion. “And, early in his career, he underwrote a nearly half-billion-dollar portfolio purchase for a privately held company based in Los Angeles. Experiences like these can only strengthen our team.”
As GlobeSt.com reported last week, two of Colliers International's Southern California executives had positive things to say about the recent sale of the US Bank Tower downtown by MPG Office Trust to Singapore-based Overseas Union Enterprise Ltd. Hans Mumper, managing director, Greater Los Angeles for Colliers International, told GlobeSt.com that the sale is significant on a couple of fronts. “Having Singapore money come in and take down one of the iconic towers is great. I also think it being one of the MPG Office Trust portfolio buildings is also significant because we'll have more diverse ownership Downtown, which will allow more deals to happen. With the financial issues MPG was going through, lease deals weren't being done as smoothly as they could. Now, a greater velocity of transactions is going to start occurring.” He adds that the trade may spawn interest from companies outside of Downtown L.A. to move into the submarket.
Nico Vilgiate, Colliers International's recently appointed EVP in its Downtown L.A. office, told GlobeSt.com, “What's most significant is that it's a fresh new owner to Downtown L.A. and adds some ownership diversity in terms of potentially creating a more competitive environment for tenants to lease up properties to tenants looking for space Downtown.”
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
