CarVal Investors acquires Pima Center office buildings for $50 million

A venture between CarVal Investors in Hopkins, Minn. (John Brice, CEO) and MainspringCapital Group in Scottsdale paid $50 million ($183.97 per foot) to buy roughly 272,000 sq. ft. of office space within the Pima Center mixed-use business park on the Salt River Pima-Maricopa Indian Community. That 209-acre project is located on the eastern edge of Scottsdale at the northwest corner of the Loop 101 and Via de Ventura.

The CarVal Investors joint venture, called CV MainSpring Pima LLC, acquired a ground lease on the property underneath the buildings. The land is owned by members of the Salt River Pima-Maricopa Indian Community and has been master-leased for 65 years beginning in 2004. Pima Center is located on Native American soil, but the buildings have Scottsdale addresses. The two, three-story structures, each of around 135,891 sq. ft., have addresses of 9000 and 9200 E. Pima Center Parkway.

The seller was Pima Parkway Venture LLC, a joint venture partnership formed by GEM Realty Capital Inc. in Chicago, Ill., Farallon Capital Management LLC in San Francisco, Calif. and MainSpring (Mills Brown, Curtis Brown, Gerry Blomquist, Marty Farnsworth, Joe Bayer, principals). The sale was brokered by Bob Crum of Ross Brown Partners in Scottsdale. The nearly identical buildings are 91.5 percent leased. Bill Blake and Andrew Cheney of Lee & Associates Arizona Inc. in Phoenix have the leasing assignment. MainSpring serves as asset manager and operating partner in the venture. CarVal, which is a global alternative investment fund manager, has $10 billion in assets under its management