{"id":1004735439,"date":"2024-11-01T04:28:41","date_gmt":"2024-11-01T12:28:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004735439"},"modified":"2024-11-04T12:26:30","modified_gmt":"2024-11-04T20:26:30","slug":"hines-sells-phoenix-office-asset-for-nearly-100m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hines-sells-phoenix-office-asset-for-nearly-100m\/","title":{"rendered":"Hines Sells Phoenix Office Asset for $100M"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/17562-1.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004735441\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hines-sells-phoenix-office-asset-for-nearly-100m\/17562-1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/17562-1.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"24th-at-Camelback\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The office high rise came online in 2009. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/17562-1.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/17562-1.jpg\" alt=\"Outside shot of 24th at Camelback II, an office building in Phoenix\" class=\"wp-image-1004735441\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/17562-1.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/17562-1.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><figcaption class=\"wp-element-caption\">The office high-rise dubbed 24th at Camelback II came online in 2009.<em> Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>In the largest Greater Phoenix office sale of the year so far, Wide Open Excursions\u2014a leisure service provider\u2014acquired 24th at Camelback II for $97.9 million, public records show. Hines sold the 306,877-square-foot Class A asset with the assistance of JLL Capital Markets.<\/p>\n\n\n\n<p>CommercialEdge data shows no other office asset traded for north of $97 million in the Valley since 2022. Back then, Aligned paid $115 million for Southwest Value Partners\u2019 Continuum, a 231,829-square-foot property in Chandler, Ariz.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/phoenix-office-deal-volume-was-high-in-h1\/\">H1 Office Deal Volume High in Phoenix<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Designed by Pickard Chilton, 24th at Camelback II came online in 2009. The 11-story high-rise was 87.2 percent leased at closing, its tenant roster including Blue Origin, Dorsey &amp; Whitney, Mercer, as well as Lucid and Squire Patton Boggs.<\/p>\n\n\n\n<p>In alignment with <a href=\"https:\/\/www.commercialsearch.com\/news\/green-building-trends\/\">green building trends<\/a>, 24th at Camelback II attained LEED Platinum\u2014the first multi-tenant office building to achieve such certification in Arizona\u2014and Energy Star ratings through low-carbon emissions, water efficiency, waste reduction and renewable energy.<\/p>\n\n\n\n<p>Located at 2325 E. Camelback Road, the office property is roughly 8 miles northeast of downtown Phoenix. A 314,000-square-foot open-air retail center, as well as multiple quick-service restaurants, are within walking distance.<\/p>\n\n\n\n<p>The JLL team that spearheaded the sale on behalf of Hines included Senior Director Will Mast, Senior Managing Director Ben Geelan, Vice President Jack Miler and Analyst Gigi Martin.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-selling-a-renovated-office-campus\">Selling a renovated office campus<\/h2>\n\n\n\n<p>The office property is part of a two-building campus. In 2017, Hines began a repositioning effort focusing on the duo\u2019s exteriors. One year later, the renovation efforts touched upon interiors. The overhaul included improvements to the lobby and common areas, conference room and suites.<\/p>\n\n\n\n<p>In April, New York Life Real Estate Investors sold the campus\u2019 other building, the 302,209-square-foot 24th at Camelback I, to Columbus Properties for $86.1 million, CommercialEdge data shows. New York Life Real Estate Investors had purchased it from Hines for $100 million in 2018.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-phoenix-s-steady-office-investment-scene\">Phoenix&#8217;s steady office investment scene<\/h2>\n\n\n\n<p>Year-to-date through September, the total <a href=\"https:\/\/www.commercialsearch.com\/news\/office-transactions-fall-sales-volume-and-prices-rise\/\">office investment volume<\/a> in Greater Phoenix reached $969 million, according to a CommercialEdge report. The metro ranked third for sales across Western markets. The Bay Area took the crown with $1.8 billion, followed by Los Angeles with $985 million.<\/p>\n\n\n\n<p>In the Valley of the Sun, office assets <a href=\"https:\/\/www.commercialedge.com\/blog\/national-office-report\/\" target=\"_blank\" rel=\"noreferrer noopener\">sold on average for $174 per square foot<\/a> during the first three quarters\u2014slightly above the national average of $171 per square foot. Office properties were priciest in Los Angeles by a heavy margin ($345 per square foot), while the Bay Area\u2019s figure of $278 per square foot lagged behind.<\/p>\n\n\n\n<p>One other Great Phoenix office asset that changed hands this year was a 354,000-square-foot building in Scottsdale, Ariz. Net Lease Office Properties <a href=\"https:\/\/www.commercialsearch.com\/news\/net-lease-office-properties-sells-asset-for-72m\/\">sold the asset for $71.5 million<\/a>, using the proceeds to pay off existing debt.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is the market&#8217;s largest transaction so far this year.<\/p>\n","protected":false},"author":3471,"featured_media":1004735441,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,21742,21747,1601,15],"tags":[32797,32796,32779,33870],"class_list":["post-1004735439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-latest","category-office","category-phoenix","category-west","tag-hines","tag-jll","tag-leed","tag-pickard-chilton"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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