NAI Horizon represented the landlord, a Chicago-based real estate investment and development company, in negotiating a long-term lease for a local crane company that needed additional space to keep up with the valley’s growth.
Isy Sonabend, Senior Vice President of NAI Horizon, and Agent Drew Eisen represented Industrial Outdoor Ventures (IOV) of Schaumburg, Illinois on a $ 7.9 million long term lease at 2600 W. McDowell Road, Phoenix. Bragg Crane, one of the best-known crane services in the American Southwest, saw a significant increase in business despite the COVID-19 pandemic.
IOV is the only national real estate investor that specializes exclusively in outdoor storage. IOV is specifically focused on providing real estate solutions for heavier industrial uses in key US markets such as: B. truck terminals, equipment maintenance facilities, building contractors’ yards and bus parking lots.
“With the main focus on redevelopment and value-added agreements, 2600 West McDowell Road fell straight into the IOV’s wheelhouse as it stood empty for a long time and offered a unique renovation opportunity for both the landlord and the potential tenant,” said Sonabend.
With the expansion of Bragg Crane, a new headquarters in Arizona will be established in the IOV-owned building, which will house the administrative services, 11 acres of land for external storage and more than 40,000 SF of service, maintenance and storage structures.
“Bragg Crane is expanding its operations and creating new jobs to keep pace with the region’s construction demand. This is another positive sign for the Greater Phoenix economy,” said Chris Camacho, president and CEO of the Greater Phoenix Economic Council. “We congratulate NAI Horizon on closing this deal and working to support our growing market and industry needs.”
Construction projects have resulted in the greatest concentration of tower cranes 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 to be occupied. The location’s central location in close proximity to Phoenix’s major motorway systems is a convenient factor for both Bragg Crane and its customers. Bragg’s expansion reflects the continued demand for construction work around the valley, ”added Eisen.
Bragg Crane was represented by Chris McClurg of Lee & Associates.
“Bragg Crane’s growth, indicative of an increasing volume of construction projects, underscores Arizona’s strong economic momentum and the effectiveness of our state’s pragmatic approach to dealing with the pandemic,” said Sandra Watson, president and CEO of the Arizona Commerce Authority. “We
We congratulate Bragg Crane on its growth and the NAI Horizon and Lee & Associates teams on this successful project. “