Team Project Save As to Local Project
Add the ability to Save As from a Team project directly to a Local project on the disk. This new local project could be used as a checkpoint archive or it may become a test edit, or could be used to edit the Team project in an "offline" mode with the understanding that re-integrating it back into the Team project would be a manual process.
Right now Save As from a Team project only allows you to create another Team project. Add the ability to choose Team/Local to that dialog and to choose the file/location when Local is chosen.

The steps described by Miguel should accomplish what you’re asking for.
Thank you for your feedback.
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Miguel commented
Hi tom. You may do that in the Edit Menu (Edit->Team Project->Convert Team Project to Project). https://forums.adobe.com/thread/2243577