{"id":1004572041,"date":"2022-03-16T04:03:31","date_gmt":"2022-03-16T12:03:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004572041"},"modified":"2022-12-08T12:55:21","modified_gmt":"2022-12-08T20:55:21","slug":"clarion-partners-jv-closes-big-dollar-phoenix-disposition","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/clarion-partners-jv-closes-big-dollar-phoenix-disposition\/","title":{"rendered":"Clarion Partners JV Closes Big-Dollar Phoenix Disposition"},"content":{"rendered":"
\"\"<\/a>

Esplanade I<\/p><\/div>\n

A partnership between Monarch Alternative Capital <\/strong>and Tourmaline Capital Partners <\/strong>has finalized the acquisition of The Esplanade, a four-building office complex totaling 906,459 square feet in Phoenix\u2019s Camelback East submarket.<\/p>\n

The seller is a joint venture between Clarion Partners<\/strong> and LBA Realty<\/strong>. While the sale price was not disclosed, the deal is valued at $385 million, according to the Phoenix Business Journal<\/em>.<\/p>\n

Monarch Alternative Capital and Tourmaline Capital Partners funded the purchase with a $352.6 million variable interest rate loan originated by CIM Group<\/strong>, Maricopa County records show. The four Class A buildings last traded in late 2015, when the current sellers shelled out $279 million to acquire the LEED Silver-certified asset, CommercialEdge data shows.<\/p>\n

The Esplanade<\/h2>\n

The complex includes Esplanade I at 2425 E. Camelback Road, Esplanade II at 2525 E. Camelback Road, Esplanade IV at 2575 E. Camelback Road and Esplanade V at 2555 E. Camelback Road, covering a combined 6.9 acres. The 218,254-square-foot Camelback Esplanade III is currently owned by Transwestern and was not part of the sale.<\/p>\n

\"\"<\/a>

Esplanade V<\/p><\/div>\n

While most of the multi-tenant structures reach 11 stories, Esplanade V rises 10 stories. It is also the newest building of the four structures that were developed in 2001. All four buildings feature a parking ratio of 3 spaces per 1,000 square feet and offer floorplates between 24,153 and 26,474 square feet. On-site amenities include a conference and event center, a fitness center and collaboration spaces.<\/p>\n

The new owners plan to build upon the most recent renovation that was completed 2019, with a capital improvements plan that includes amenity expansions, upgrading the lobby and roof deck, as well as refurbishing the interconnecting plaza.<\/p>\n

Based on CommercialEdge data, the tenant roster includes WeWork, Greystar, Cushman & Wakefield and Gensler, among others. At the time of the transaction, The Esplanade was more than 85 percent occupied.<\/p>\n

As of January, the office vacancy in Greater Phoenix<\/a> fell 40 basis points month-over-month, dropping to 14.9 percent, below the national average of 15.7 percent, according to CommercialEdge data.<\/p>\n","protected":false},"excerpt":{"rendered":"

CIM Group financed the deal with a $352.6 million loan. <\/p>\n","protected":false},"author":1763,"featured_media":1004572044,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747,1601,15],"tags":[33194,32790,37933,32779],"class_list":["post-1004572041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office","category-phoenix","category-west","tag-cim-group","tag-clarion-partners","tag-lba-realty","tag-leed"],"acf":[],"yoast_head":"\nClarion Partners JV Closes Big-Dollar Phoenix Disposition - CPE<\/title>\n<meta name=\"description\" content=\"Monarch Alternative Capital and Tourmaline Capital Partners acquire The Esplanade, totaling 906,459 square feet in Phoenix.\" \/>\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\/clarion-partners-jv-closes-big-dollar-phoenix-disposition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Clarion Partners JV Closes Big-Dollar Phoenix Disposition\" \/>\n<meta property=\"og:description\" content=\"Monarch Alternative Capital and Tourmaline Capital Partners acquire The Esplanade, totaling 906,459 square feet in Phoenix.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/clarion-partners-jv-closes-big-dollar-phoenix-disposition\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-16T12:03:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T20:55:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/Esplanade-I-e1647426996205.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Agota Felhazi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/clarion-partners-jv-closes-big-dollar-phoenix-disposition\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/clarion-partners-jv-closes-big-dollar-phoenix-disposition\/\",\"name\":\"Clarion Partners JV Closes Big-Dollar Phoenix Disposition - 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