|
|
9/20/19
|
Camelback Esplanade III, a 218.4k sf, Class A office building in metro Phoenix’s Camelback Corridor was recently acquired by a venture between Transwestern and an institutional partner. The purchase was funded with a $59.47 mil bridge loan.
Camelback Esplanade III has been institutionally managed and maintained since being delivered to the market in 1997. The property is leased to a strong mix of nationally recognized tenants across various industries, including legal, insurance, financial and real estate services.
The LEED® Gold Certified and Energy Star-rated office tower is within the prestigious mixed-use development, The Esplanade, which offers tenants numerous on-site amenities, including a 14-screen AMC dine-in movie theater, Starbucks, City Market Deli and Merc Bar, with FLINT by Baltaire and Tocaya Organica opening in 2019. The 277-room Camby Hotel, offering luxury accommodations and award-winning dining, is located directly adjacent from the property. Biltmore Fashion Park, the world-renowned luxury shopping center located across Camelback Road, offers over 60 high-end restaurants and retailers, with Arizona’s newest Lifetime Fitness currently under construction.
Bruce Francis, Bob Ybarra, Dana Summers, Shaun Moothart and Doug Birrell of CBRE Debt & Structured Finance facilitated the acquisition loan for the new owner. NXT Capital provided the debt, which has a four-year term with one, one-year extension option.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
