With more than 30 bids ranging from $30 million to nearly $50 million made on the iconic Tempe water park Big Surf, the East Valley summer staple has officially been sold.
Velocity Retail Group (VRG), in partnership with CBRE and Ross Brown Partners, listed and recently brokered the sale of the 35.5 acre former Big Surf Wave Park and Inland Oceans Ice Arena to Overton Moore Properties for over $49 million. The Seller was Inland Oceans, Inc., an entity owned by Marvin and Jerry Rosenbaum of El Paso, Texas.
The sales team consisted of John Werstler, Cooper Fratt, and Mitchell Stravitz of CBRE, Bob Crum of Ross Brown Partners, and the original Velocity Retail Group team of Pitts and Ranly. After creating sales strategies that involved a specific marketing brochure and targeting the most qualified candidates, the team produced over 30 offers for the Sellers to consider.
“The family ultimately selected Overton Moore Properties who have an extensive background in developing quality industrial projects throughout the southwest,” Pitts added. The Sellers had a comfort level that OMP could perform and close on the Big Surf property and create a development that will enhance, bring employment, and other activity to the trade area.
The Big Surf property is situated in an industrial area on McClintock Road just north of the Loop 202 freeway. It is in a prime location between the Loop 101 and Loop 202 freeways providing superior accessibility from all parts of the Valley. The new owner will bring a quality development and be something that residents and the city will be proud of for years to come. Overton Moore Properties has yet to announce a plan for the 52-year-old site.
Big Surf opened on Oct. 24, 1969, and was home to America’s original wave pool. Operations have been closed for the past two years due to COVID-19 pandemic. In addition to great family fun, the water park has hosted legendary musical acts such as Pink Floyd, Red Hot Chili Peppers, Sting, Elton John, the Beach Boys, Chicago, and Rod Stewart.