Tag Archives: Ross Brown Partners

Pima, WBE

Ross Brown Partners Brokers Scottsdale Office Sale, CarVal Investors Re-Enters Market

Scottsdale based Ross Brown Partners, Inc. arranged the $50M sale of two premier Class A office buildings within Scottsdale’s Pima Center. The buyer was CV MainSpring Pima, LLC , a venture between CarVal Investors & Scottsdale based MainSpring Capital Group. Located at 9000 and 9200 E. Pima Center Pkwy., the two nearly identical three-story buildings total approximately 272KSF. Originally developed through a JV headed by Opus West, the buildings were owned by a joint venture between two institutional capital partners and MainSpring Capital Group, Pima Center’s master developer. The buildings were 91.5% leased to nine tenants at the time of sale Bob Crum of Ross Brown Partners, a 35-year veteran of the Phoenix commercial real estate brokerage community and former NFL player, brokered the transaction to the buyer. CarVal Investors is a leading global alternative investment fund manager. Since 1987, they have invested $71 billion in 4,680 transactions across 70 countries. Today, CarVal Investors has approximately $10B in assets under management in both credit and real estate strategies.

“This acquisition was strategically in line with CarVal Investors’ global philosophy of recognizing and capitalizing on opportunity while efficiently managing risk. These buildings exemplify that balance between current return and potential upside,” said Mr. Crum.

MainSpring and its affiliated companies own millions of square feet of office and industrial projects in Arizona, Colorado and Pennsylvania. In the Phoenix metropolitan area, MainSpring entities operate 1.3 MSF of office and industrial projects, 100 acres of developable commercial land, 800 acres of residential land and the Las Colinas Golf Club in Queen Creek. MainSpring Capital will remain as the local operating partner for the property on behalf of the CarVal venture.

Ross Brown Partners, founded in 1990, is a full-service real estate services company focusing on leasing, sales and management of office and industrial properties in the Phoenix market. “We’re excited about this closing,” said Curtis Brown, Principal at Ross Brown. “It is of significant economic value, but importantly also represents a milestone on the road to recovery for the market in general and Scottsdale/Pima Center specifically. Having an experienced and savvy institutional investor like CarVal show confidence in our firm, the project, and our marketplace is noteworthy.”

FurnitureStore

Scottsdale Parcel Sells for $2.8 Million to Make Way for La-Z-Boy Showroom

A Scottsdale-based firm paid $2.8 million to develop a parcel at 6828 E. Camelback Rd. with plans to construct a La-Z-Boy Furniture store that is expected to break ground this October. A 10,096 SF, Class C office building built in 1978 was demolished to make
way for the new retail building.
The 27,878 SF parcel is located just east of the intersection of Camelback and 68th St. The intersection has been the focus of increased construction activity in the last year as an apartment complex on the SE corner was demolished to make way for a new upscale apartment community called Optima Sonoran Village.
RRKBob Kling, Principal with Lee & Associates Arizona represented the seller, TD Note, LLC of Paradise Valley. Bob Crum of Ross Brown Partners and Darren Pitts of Velocity Retail Group represented the buyer Beft Camelback, LLC.
“This prime location near Scottsdale Fashion Square and other amenities provides a great opportunity for La-Z-Boy,” said Kling. “Add in as many as 576 upscale apartments to be constructed across the street and they could have a strong customer base at their doorstep.”

Colton Schranck

Colton Schranck Joins Ross Brown Partners As Sales Associate

Ross Brown Partners announced that Colton Schranck has joined the firm as a sales associate.

Schranck joins Ross Brown Partners after working with CBRE Property Management in Phoenix. Prior to CBRE, he was a manager with Restaurants of America.

He attended Fort Lewis College where he played football and graduated with a bachelor’s degree in Business Administration.

“We are pleased to welcome Colton. I am confident his motivation and experience will add value to our team,” said Curtis Brown, principal and designated broker of Ross Brown Partners. “We’re expanding our sales staff and are looking for both experienced brokers as well as newcomers to the industry if they demonstrate the right intangibles. Our training program and platform will take care of the rest. Colton has the intangibles for success in the business.”

Schranck will be working in the areas of office property leasing and sales.

 

rsz_waterfront

Canada-based TSA Purchases Mesa Office Complex, Dover Shores, for $5.85M

 

Terry Scott Manager (TSA) purchased Dover Shores in Mesa, an 11-building, 94,242 SF office project. The sale price was $5.85M.

Curtis Brown and Bob Crum of Ross Brown Partners represented the seller. The buyer was represented by Bob Pearlstein and Brent Pearlstein of Orion Investment Real Estate.

The project was sold by an LLC formed and managed by MainSpring Capital Group (Mills Brown and Marty Farnsworth, Managing Members) who owned and operated the property for 16 years.

TSA, a Canadian based company, has plans to recapitalize and update the project with new signage and landscaping. Leasing has increased with the improving market and TSA is excited about the investment opportunity.

“Dover Shores has been a great investment, and worked well for a long time,” says Mills Brown, Managing Member at MainSpring Capital Group. “TSA was an opportunistic buyer with great plans for the project’s future, aligned with plans we had, if we were to continue owning the property. With the sale, we are able to focus on other areas of our portfolio.”

MainSpring Capital Group is a Phoenix-based real estate development and investment company. Mainspring has developed numerous projects in the Phoenix area including office, industrial, mixed-use business parks and residential golf course communities.

MainSpring currently owns and operates 1.5 MSF of office and industrial property, the Las Colinas Golf Course in Queen Creek, and more than 900 acres of development land, including 100 acres remaining within the mixed use Pima Center in Scottsdale.

 

rsz_firetrace_usa_leased_building

Ross Brown Partners Negotiates 7-year Lease for FireTrace USA

FireTrace USA signed a 7-year lease for 49,625 SF in Pima Center, Rose Brown Partners announced.

The 209-acre mixed-use, master planned business park was developed by MainSpring Capital Group and located within the Salt River Pima-Maricopa Indian Community. Pima Center is located alongside the Loop 101 Freeway and Via de Ventura in North Scottsdale and has immediate access to two full diamond interchanges and many amenities.

MainSpring Capital Group is a Phoenix-based real estate development and investment company. Mainspring has developed numerous projects in the Phoenix area including office, industrial, mixed use business parks and residential golf course communities.

MainSpring currently owns and operates 1.5 MSF of office and industrial property, the Las Colinas Golf Course in Queen Creek, and more than 900 acres of development land, including 100 acres remaining within the mixed use Pima Center in Scottsdale.

FireTrace USA provides cabinet and machinery level fire protection for high value/mission critical equipment and will use the MainSpring facility to house its North American office and warehouse.

Ross Brown Partners, Curtis Brown and Bob Crum, represented the landlord. The tenant was represented by Richard Collins of CD Commercial Advisors. This premier industrial building inside Pima Center is now 100% leased.

 

RED Awards 2012 - Limelight Networks

RED Awards 2012: Best Tenant Improvement Project, Limelight Networks

On March 1, AZRE hosted the 7th Annual RED Awards reception at the Arizona Biltmore in Phoenix to recognize the most notable commercial real estate projects of 2011 and the construction teams involved. AZRE held an open call for nominations and a record 116 projects were submitted by architects, contractors, developers and brokerage firms in Arizona. This year, the winner for Best Tenant Improvement Project was Limelight Networks.


Best Tenant Improvement Project

Limelight Networks

Developer: Vulcan Real Estate
Contractor: Layton Construction
Architect: DAVIS
Broker: Ross Brown Partners
Size: 57,300 SF
Location: 222 S. Mill Ave., Tempe
Completed: July, 2011

Limelight NetworkLimelight Networks is a high-tech company that combined several locations into one main facility. As the first tenant in Tempe Gateway, the Limelight team expanded its project to provide for a 24/7 Network Operation Center and 150 SF of office space for each employee. DAVIS and Layton Construction incorporated updated technology and improved floor layouts. The project team observed sustainability techniques such as Greenguard and CRI Green Label Plus Certifications. The carpeted area is 37% reused content and the ceilings contain 85% recycled material. Motion sensors and water conservation were also implemented to promote the value of energy efficiency and progress of Limelight’s tenant improvement.

limelight.com


Video by Cory Bergquist


Honorable Mention

GAP Fulfillment Center

Developer: N/A
Contractor: Jokake Construction Services
Architect: K&I Architects
Broker: Cushman & Wakefield
Size: 412,000 SF
Location: 2225 S. 75th Ave., Phoenix
Completed: May, 2011


Video by Cory Bergquist


RED Awards 2012 Winners & Finalists

AZRE Magazine March/April 2011