Scottsdale based Ross Brown Partners, Inc. arranged the $50 million 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 Parkway, the two nearly identical 3 story buildings total approximately 272,000 square feet. Originally developed through a JV headed by Opus West, the buildings were owned by a joint venture between 2 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 $10 billion 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 million square feet 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.”