Another Deal In The Hot Camelback Corridor: Camelback Commons Fetches $66M
Investors are still keen to buy Phoenix office properties, and lenders are still more than willing to help for deals in strong locations like the Camelback Corridor. Recently in that submarket, Camelback Commons traded for $66.4M.
The sale involved two buildings totaling 322K SF at 4722 and 4742 North 24th St. The seller was a joint venture between California‐based McCarthy Cook & Co. and New York‐based Morgan Stanley Real Estate Investing. The buyer is Los Angeles-based Regent Properties.
Constructed in 1986, Camelback Commons underwent a $4.5M renovation in 2015. Upgrades to on-site amenities include a conference center and tenant lounge, a redesigned café with indoor and outdoor seating, a fitness center with locker rooms and showers, bike-sharing and short-term covered parking.
“Due to the sponsorship and asset profile, we received strong quotes from a broad group of lenders, including banks, debt funds and life insurance companies," CBRE Capital Market's Bruce Francis said, so the borrower was able to receive competitive financing. Along with Francis, Dana Summers, Shaun Moothart, Bob Ybarra and Doug Birrell secured financing for the deal.
Barry Gabel and Chris Marchildon with CBRE’s Phoenix office repped the seller. Gabel said the prestige of the Camelback Corridor was an important factor.
“Regent Properties is acquiring a trophy asset in a sought-after market," he said, adding the property also has a diverse tenant roster.
The Camelback Corridor has attracted a number of investors recently. Last month, Archon Acquisition, a Goldman Sachs company, acquired the 295K SF 3131 and 3133 East Camelback Road for $81.8M from TR Camelback Corp.