PHOENIX—Capital Asset Management, Phoenix, announces the sale of The Forum at Gilbert Ranch office complex for $9 million. Located at Val Vista and Williams Field, the project is comprised of 92,440 square feet on 6.5 acres. Left in turmoil, The Forum at Gilbert Ranch was a victim of the 2008 recession. With the original developer unable to complete the remaining construction, Capital Asset Management helped facilitate the completion of the project while at the same time creating value by adding to what will equate to over 23,000 square feet in leases.

Capital Asset Management represented the seller, FNBN Forum LLC, a company formed by Sorenson Group Management LLC. The buyer of the property was EW Williams Field Associates, LLC. Prior to that sale, CAM leased the adjacent retail component of the Forum at Gilbert Ranch from 35% occupancy to 100%, selling the property last year for $6.8 million.

Rachelle Smith-Strole of CAM tells GlobeSt.com, the property was very troubled. “We went through every gyration you can imagine. There was a shut-down of construction on the property and here we had this absolutely beautiful building that went to pot during the downturn and in the end everything was able to be worked out. More than 42 contractors were going to be foreclosed out and we were able step in and work out a reasonable and fair deal to pay them and complete the project. It was five years in the making. Not only did we make things work, but we were able to sell it for a good price. When done right, every single person in this deal won. That's what we do.”