{"id":1004331041,"date":"2019-06-17T05:28:12","date_gmt":"2019-06-17T13:28:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004331041"},"modified":"2019-06-26T04:56:59","modified_gmt":"2019-06-26T12:56:59","slug":"phoenix-office-building-commands-48m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/phoenix-office-building-commands-48m\/","title":{"rendered":"Phoenix Office Building Commands $48M"},"content":{"rendered":"
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Camelback Lakes in Phoenix. Image courtesy of Cushman & Wakefield<\/em><\/p><\/div>\n

DRA Advisors LLC has acquired Camelback Lakes, a 203,290-square-foot office building in Phoenix, for $47.5 million. Cushman & Wakefield facilitated the deal on behalf of the seller.  <\/p>\n

\u201cIt is in the most prolific, barrier-to-entry submarket in Phoenix because there is essentially no land left for development,\u201d <\/em>Chris Toci, Cushman & Wakefield\u2019s executive managing director, told Commercial Property Executive. \u201cNo other submarket has experienced the kind of rent growth that Camelback has proven over time.\u201d<\/em><\/p>\n

Built in 1983, the four-building, multi-story office complex was 85 percent occupied at the time of the sale. The property boasts a campus-like setting and provides more than 900 feet of frontage and a lighted intersection along Phoenix Metro\u2019s most well-known thoroughfare in the Camelback Corridor. <\/p>\n

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READ ALSO:<\/strong> Phoenix Office Report – Spring 2019 <\/a><\/p>\n

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The seller originally acquired the property about 10 years ago. The building has been renovated three times over the years, the last being between 2015-2018. The new buyers are exploring making further upgrades and are also considering potential redevelopment sometime in the future. Mainstreet Capital will provide property management services for the building.<\/p>\n

\u201cThe only new construction in the submarket is a project called Camelback Collective at 115,000 square feet,\u201d <\/em>Toci said. \u201cWhen compared to other submarkets, particularly North Tempe, where there\u2019s been a fair amount of new construction, there isn\u2019t new supply.\u201d<\/em><\/p>\n

Popular intersection  <\/h2>\n

Situated in the heart of the Camelback Corridor, the property is located at 2710, 2720, 2730, and 2850 E. Camelback Road. According to Toci, the submarket between 26th<\/sup> Street and 32 Street on the north and south side of Camelback Road has undergone extensive gentrification and become a much more walkable location.<\/p>\n

\u201cThere\u2019s easy ingress and egress out of the project,\u201d <\/em>Toci said. \u201cThe intersection of 24th<\/sup> Street and Camelback is probably one of the most well-known intersections in all of Metropolitan Phoenix because it\u2019s known for its tier one finance and real estate type tenants.\u201d<\/em><\/p>\n

There are some luxury apartment complexes under construction nearby and plenty of retail and restaurants in the area. Plus, right across the street is Biltmore Fashion Center, a 600,000-square-foot luxury lifestyle retail center. The area is well known to Mainstreet Capital. The company acquired Anchor Center at 22nd<\/sup> St. and Camelback in 2010, repositioned it and sold it in 2015.<\/p>\n

Keith Lambeth, Cushman & Wakefield\u2019s executive managing director, will retain the leasing for the building. Joining Toci on the deal was the firm\u2019s Chad Littell. In October, a joint venture between Fenway Capital Advisors and Iron Point Partners acquired Camelback Arboleda, an office property located at 1661 E. Camelback Road<\/a>, for $25.3 million. <\/p>\n","protected":false},"excerpt":{"rendered":"

Mainstreet Capital will provide property management services for the four-building complex. Cushman & Wakefield, which brokered the sale, will retain the leasing. <\/p>\n","protected":false},"author":451,"featured_media":1004331047,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21742,21747,1601,15],"tags":[32799,33919,36146],"class_list":["post-1004331041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-latest","category-office","category-phoenix","category-west","tag-cushman-wakefield","tag-dra-advisors-llc","tag-mainstreet-capital"],"acf":[],"yoast_head":"\nPhoenix Office Building Commands $48M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/phoenix-office-building-commands-48m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Phoenix Office Building Commands $48M\" \/>\n<meta property=\"og:description\" content=\"Mainstreet Capital will provide property management services for the four-building complex. 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