Local CRE Mainstays Merge, Doubling Capital Asset Management’s Portfolio
Capital Asset Management has acquired fellow Valley-based real estate firm ZELL Commercial Real Estate Services. In a “marriage” of the two businesses, the sale will grow Capital Asset Management’s real estate portfolio by an additional 50 commercial Arizona properties, thus doubling its assets.
In addition to assuming the management and leasing on the commercial properties in ZELL’s portfolio, Capital Asset Management will retain all of ZELL’s 18 employees, which brings CAM’s staff count to 47 real estate industry professionals. CAM will welcome Alan Zell, CSM, principal and designated broker of ZELL Commercial Real Estate, to its team as a consultant, along with daughter Dena Zell, who has operated as Vice President at ZELL since 2010. Dena will join CAM as part of its executive team, utilizing her lifelong knowledge and insight of the Valley, regional and national retail real estate markets.
Capital Asset Management was founded in 2009 by husband-and-wife team Aaron and Rachelle Strole with the goal of rethinking property management, brokerage and development with the motto “Commercial real estate, better.” In just 12 years, CAM went from one client to 20. With the acquisition, the business now boasts more than 107 properties in its management and leasing portfolio.
ZELL Commercial Real Estate was founded by Alan Zell in 1977 to manage and lease a portfolio of five Valley shopping centers. Since then, ZELL’s portfolio has expanded to 50 shopping centers comprised of more than 4 million square-feet. When Alan Zell started to think about retirement, he wanted to find another client-centric home for his valued staff and clients, many of which have been with ZELL for over 15 years. Capital Asset Management was his first choice.
“Alan Zell is a Valley retail real estate icon,” said Rachelle Strole, owner and partner at Capital Asset Management. “His reputation in the Phoenix real estate industry is pristine. The tenants and owners of the properties managed and leased by ZELL respect Alan and his experienced team for their diligent work and professionalism. Those clients and tenants can expect Capital Asset Management to carry on that legacy as we merge it with our own portfolio.”
Initially beginning with a retail-focused portfolio, CAM’s focus on customer service and tenant retention has allowed the business to expand into office, hospitality, association management and multi-family residential properties.
Environmentally friendly initiatives such as smart irrigation controllers to manage landscaping, LED lighting and energy management systems in office buildings are in place at many of the properties managed by CAM.
“We take our motto seriously,” said Aaron Strole, owner and partner at Capital Asset Management. “‘Commercial real estate, better” means we think every day, every month and every year on how to improve a property. It’s a continuous process that looks for short-term wins and long-term gains.”
With the ZELL Commercial Real Estate acquisition, the portfolio of Capital Asset Management now boasts 7 million square-feet, along with properties and offices in Arizona, Nevada, California and Hawaii.