Capital Asset Management, Phoenix, announced today the successful sale of The Forum at Gilbert Ranch office complex for $9 million.
Located at Val Vista and Williams Field, the project is comprised of 92,440sqft on 6.5 acres.
Left in turmoil, The Forum at Gilbert Ranch was a victim of the 2008 recession. With the original developer unable to complete the remaining construction, Capital Asset Management helped facilitate the completion of the project while at the same time creating value by adding to what will equate to over 23,000 SF in leases.
Capital Asset Management represented the seller, FNBN Forum LLC, a company formed by Sorenson Group Management LLC. The buyer of the property was EW Williams Field Associates, LLC. Prior to that sale, Capital Asset Management leased the adjacent retail component of the Forum at Gilbert Ranch from 35 percent occupancy to 100 percent, selling the property last year for $6.8 million.
Following on the heels of the sale of the iconic Plaza at Squaw Peak office complex, a 428,000sqft property in late December for $25 million and a Three Shopping Center Multi-State Portfolio sale of properties in February for $5.25 million, Capital Asset Management is setting the bar high for the rest of 2015. All three deals were brokered by Jason Hersker, Stephen Herman, Scott Smith, and Rachael Cisco of Capital Asset Management.