PHOENIX, AZ – Kurt Rosene, head of NOVO Development, was honored with the Award of Excellence at the 2014 Best of NAIOP event at the Arizona Biltmore.

Prior to helping found NOVO, Rosene directed land property development throughout North America for The Alter Group. While with Alter, Rosene oversaw more than 5 million square feet of real estate in the Southwestern U.S. and directed build-to-suit and property development activities as well. In addition, he was responsible for business development and the coordination of real estate services for Fortune 500 blue-chip corporate clients throughout the U.S.

NAIOP Arizona’s Award of Excellence, formerly the Lifetime Achievement Award, is awarded by the Arizona Chapter Board of Directors on an annual basis at the Best of NAIOP event.  The criteria for the recipient is an individual who has made a significant, positive impact on the office and industrial commercial real estate market in Arizona over a period of no less than 15 years, as well as their direct volunteer contribution to the chapter.

The Freeport-McMoRan condo acquisition won the Talk of the Town Award. In November 2014, American Realty Capital Properties purchased the Class A office condominium under lease by Freeport-McMoRan Copper & Gold. Negotiations included working with the city of Phoenix. The selling price was $110 million.

The event, organized by NAIOP Arizona, was attended by more than 900 commercial real estate professionals.

2014 Best of NAIOP Arizona winners:

NAIOP has a 15,000+ member organization in North America, advocates responsible commercial real estate development and advocates for effective public policy. It is the leading organization for developers, owners and related professionals in office, industrial, retail and mixed-use real estate. NAIOP provides unparalleled industry networking and education, and advocates for effective legislation on behalf of our members.

Mesa – The owner and founder of DriveTime Automotive Group, Inc in Phoenix has acquired an office-industrial project in Mesa that will house hundreds of new employees being hired by the fast growing national used car business. Verde Investments Inc. in Phoenix (E.C. “Ernie” Garcia, principal) paid $8.8 million ($82.07 PSF) to buy the 15.97-acre Superstition Commerce Park, which is located west of the northwest corner of US 60 and Sossaman Road.

The 107,231-square-foot complex was vacant at time of sale and comprises a 49,438-square-foot back-office building located at 7457 E. Hampton Avenue and a 57,793-square-foot flex/industrial structure at 7465 E. Hampton Avenue. The acquisition included a 5.49-acre, fully improved parcel targeted for future expansion.

The seller was Delta SCP LLC of Chandler (Michael Deutsch, principal). The seller was represented by Andy Markham, Mike Haenel and Will Strong of Cassidy Turley in Phoenix. Fred Darche and Chris McClurg of Lee & Associates in Phoenix represented the buyer.

DriveTime is expanding from a 125,000-square-foot facility that the company owns just across the street at 7300 E. Hampton Avenue. DriveTime has about 600 workers in that project. Some of those employees will remain in place and some will be moved to the new buildings. The used car sales company has five dealerships in the Valley and 118 sales locations in 24 states across the country.

DriveTime, which was known as Ugly Duckling before Garcia changed the business model in 2002, has been a huge success as it expands across the U.S. The company sells and finances automobiles and needs the additional space in Mesa for its customer service operations. The flex/industrial structure acquired at Superstition Commerce Park is being converted for back-office use. The two buildings will be used to accommodate projected growth of 100 employees that are expected to be hired at DriveTime each year for the foreseeable future.

DriveTime intends to occupy the new space by second quarter 2015.

To learn more Garcia can be reached at 602.778-5000. Talk to the Cassidy Turley agents at 602.954-9000. The Lee & Associates agents are at 602.956-7777.

113,827-Square-Foot Industrial/Flex Building Sells for $9.4 Million

Phoenix, Ariz. –143 TECH – a 113,827-square-foot, industrial flex building located at 317 S. 48^th St. in Phoenix was negotiated by CBRE. The property commanded a sale price of $9.4 million ($82.60 PSF).

The investment purchase, which includes the existing structure and 12 acres at the southeast corner of 48^th and Madison Streets, is located in the Discovery Triangle region of metro-Phoenix. The economic-redevelopment zone is an asset-rich urban region between Phoenix, Tempe and Papago Park and has become one of Phoenix-metro’s most dynamic growth centers. Built in 1990, the property is located within a developing neighborhood comprised of a mix of old and new residential, commercial, industrial and office land uses.

The buyer, Verde Investments, Inc., is owned by Ernie Garcia, owner and chairman of the board of Phoenix-based DriveTime Automotive Group, Inc. Verde is currently reviewing all possible uses for the property, but has yet to disclose any plans for the asset.

Tom Adelson with CBRE’s Phoenix office, along with Fred Darche of Lee & Associates, represented the buyer, Phoenix-based Verde Investments, Inc. The seller, Florida-based Second Berkshire Properties, LLC, was represented by Cassidy Turley’s Mike Haenel, Andy Markham, SIOR and Will Strong.

Adelson can be reached at (602) 735-5585 and Darche is at (602) 954-3756. Haenel, Markham and Strong can be contacted at (602) 224-4468.