PHOENIX, ARIZONA (Dec. 21, 2020) – NAI Horizon represented the landlord, a Chicago-based real estate investment and development company, in negotiating a long-term lease for a regional crane company in need of additional space to keep up with the Valley’s construction growth.
NAI Horizon Senior Vice President Isy Sonabend and Agent Drew Eisen represented Industrial Outdoor Ventures (IOV) of Schaumburg, Illinois, in a long-term lease worth $7.9 million at 2600 W. McDowell Road in Phoenix. Bragg Crane, one of the most notable crane services in the Southwest U.S., has experienced a substantial increase in business despite the COVID-19 pandemic.
IOV is the only national real estate investor that specializes exclusively in outdoor storage facilities. IOV specifically focuses on providing real estate solutions for heavier industrial uses in major markets throughout the U.S. such as truck terminals, equipment maintenance facilities, contractor yards and bus-parking yards.
“With redevelopment and value-add deals as a primary focus, 2600 West McDowell Road fell right within IOV’s wheelhouse as it had been vacant for a long time and presented a unique renovation opportunity with an upside for both the landlord and prospective tenant,” Sonabend said.
Bragg Crane’s expansion will establish a new Arizona headquarters in the IOV-owned building that will house its administration services, 11 acres of land for outside storage and more than 40,000 SF of service, maintenance and warehouse structures.
“Bragg Crane expanding its operation and creating new jobs to keep up with the region’s construction demand is another positive sign for Greater Phoenix’s economy,” said Chris Camacho, President and CEO of the Greater Phoenix Economic Council. “We congratulate NAI Horizon on finalizing this deal, and their work to support our growing market and the needs of the industry.”
Construction projects have led to the largest concentration of tower cranes ever in Downtown Phoenix, Sonabend said. Construction industry experts predict that Arizona skylines will be much busier in 2021.
“The site is currently being modernized and renovated in preparation for Bragg’s occupancy. The site’s central location with close proximity to major Phoenix freeway systems serves as a convenient factor for both Bragg Crane and its clients. Bragg’s expansion truly reflects the continuing demand for construction around the Valley,” Eisen added.
Bragg Crane was represented by Chris McClurg of Lee & Associates.
“The growth of Bragg Crane – indicating an ever-increasing volume of construction projects – underscores Arizona’s strong economic momentum and the effectiveness of our state’s pragmatic approach to navigating the pandemic,” said Sandra Watson, President & CEO of the Arizona Commerce Authority. “We congratulate Bragg Crane on its growth, as well as the teams at NAI Horizon and Lee & Associates on this successful project.”
About Industrial Outdoor Ventures
Industrial Outdoor Ventures is a Chicago-based real estate investment and development company that specializes in providing real estate solutions for heavier industrial uses in major markets throughout the United States. The company is focused on creating value for its tenants, host communities and investors through the acquisition, and long-term ownership of mission-critical Industrial Service Facilities (ISF), which feature a significant outdoor storage component. Industrial Outdoor Ventures is owned and capitalized by the management team and a private, institutional investor. This proprietary capital source provides the company with a level of purchasing power, and agility that our tenants, lenders, and partners can trust and rely on. Our seasoned management team with, its depth of resources, brings integrity and an entrepreneurial spirit to everything we do. We bring a unique understanding of both the physical facility and challenges that go along with placing equipment or material intensive operations within major population centers. For more information visit industrialoutdoor.com/
About NAI Horizon
Exceptional global commercial real estate solutions begin with local market leadership and expertise. Established in 1992, NAI Horizon is a full-service commercial real estate company serving Arizona with offices located in Phoenix and Tucson. NAI Horizon is passionate about the commercial real estate business, providing Brokerage and Property Management Services for local, national and international clients. NAI Horizon is a member of the NAI Global commercial real estate network providing real estate solutions to 375+ offices worldwide. For more information visit www.naihorizon.com.
About NAI Global
Advisory Services, Leasing, Property Management, Property & Note Sales and Tenant Representation
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 375 offices strategically located throughout North America, Latin America and the Caribbean, Europe, Africa and Asia Pacific, with 6,000 local market professionals, managing in excess of 1.15 billion square feet of property and facilities. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions.
NAI Global professionals achieve extraordinary results for clients locally and globally through creativity, collaboration and the consistent delivery of exceptional knowledge and service that only market-leading firms can provide. NAI Global provides a full range of corporate real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. To learn more visit: www.naiglobal.com.