Big Surf in Tempe sells for $49 million
Velocity Retail Group (VRG), in partnership with CBRE and Ross Brown Partners, listed and recently brokered the sale of the 35.5 acre former Big Surf Wave Park and Inland Oceans Ice Arena to Overton Moore Properties for more than $49 million. The Seller was Inland Oceans, Inc., an entity owned by Marvin and Jerry Rosenbaum of El Paso, Texas.
VRG’s relationship with the seller started with a 17,600 square foot parcel of land located at Roosevelt and 7th Street in Phoenix where Velocity Retail listed and sold the property on behalf of the owners. Darren Pitts and Brad Ranly of Velocity Retail worked to produce an excellent buyer for the property and obtained the highest value for the owners.
When Pitts and Ranly learned that the owners wanted to sell the Big Surf property, they teamed up with brokers who specialized in marketing this type of asset. “In order to service our client at the highest level, we realized we needed to partner with the team at CBRE and Ross Brown to position the property to a wider buyer audience,” said Darren Pitts, Executive Vice President at Velocity Retail Group. The sales team consisted of John Werstler, Cooper Fratt, and Mitchell Stravitz of CBRE, Bob Crum of Ross Brown Partners, and the original Velocity Retail Group team of Pitts and Ranly. After creating sales strategies that involved a specific marketing brochure and targeting the most qualified candidates, the team produced over 30 offers for the Sellers to consider. These offers ranged in price from $30 million on up to nearly $50 million.
“The family ultimately selected Overton Moore Properties, who have an extensive background in developing quality industrial projects throughout the southwest,” Pitts added. The Sellers had a comfort level that OMP could perform and close on the property and create a development that will enhance, bring employment, and other activity to the trade area.
The property is situated in an industrial area on McClintock Road just north of the Loop 202 freeway. It is in a prime location between the Loop 101 and Loop 202 freeways providing superior accessibility from all parts of the Valley. The new owner will bring a quality development and be something that residents and the city will be proud of for years to come.