Phoenix – CBRE has announced eight new office leases totaling 51,442-square-feet at The Forum at Gilbert Ranch in Gilbert, Arizona. The five-building 92,440-square-foot office complex is now 64.4 percent leased after standing virtually empty since 2009.
Built in 2009, the original developer was forced to return the property to the lender during the recession. The property was then purchased as part of a portfolio and sat untouched and unfinished until February 2015, when Denver-based EverWest Real Estate Partners purchased it.
A team of brokers from CBRE’s Phoenix office, including Bryan Taute and Charlie von Arentschildt, who were familiar with the submarket sourced the project. Recognizing EverWest would be an ideal ownership fit given their appetite for value-add transactions, they brought in Curt Kremer, Managing Director of Acquisitions for EverWest’s Southwest Region, and helped the investment firm negotiate the purchase.
At the time of purchase there were only two tenants – a cosmetic surgery practice and a co-working company – in just 8,054-square-foot of space.
“When Bryan and Charlie brought The Forum to our attention, we were immediately intrigued,” said EverWest’s Kremer. “The property was a classic casualty of the downturn, but with the right team and strategy we knew it would be successful.”
Upon purchase EverWest tasked the CBRE brokers with marketing and leasing the property. And now just eight months later, the brokerage team has taken The Forum from 8.8 percent leased to 64.4 percent leased.
“The activity The Forum has seen in the past eight months is indicative of a strong asset in a strong location with very skilled ownership,” said CBRE’s Taute. “Tenant demand for high quality product in locations with walkable amenities continues to drive the Valley’s office market.”
The most recent tenants to join the rent roll include: First American Title, Realty Executives, Clear Title and Great American Title. These companies join Advanced Plastic Surgery Institute, Academy Mortgage, Nova Home Loans, Mosaic Realty, Security Title, Title365, the Insomnia and Sleep Institute of Arizona and EZ Spaces.
The Forum is located at the northwest corner of Williams Field Road and Val Vista Drive. The property is easily accessible from the Loop 202 freeway via full diamond interchanges at both Val Vista and Williams Field. The upscale mixed-use project features five restaurants on-site. San Tan Village, the area’s premier regional outdoor shopping center, is less than a mile from the property.