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January 23, 2019
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Mostly Vacant AZ Office Property Sells for $69/sf


One Camelback, an 11-story, 203.1k sf office property in Phoenix, traded hands in a recent $14 mil ($69/sf) transaction. The property was almost vacant, with just 3.4% occupancy, at the time of sale. It was acquired by six tenant-in-common (TIC) investors.

Situated on a 1.97-acre site, the building was constructed in 1985 and features a five-level subterranean parking garage and a full-length interior atrium – well suited for residential, hotel or office uses. The TIC group that purchased One Camelback is considering converting the newly-acquired office building for multifamily use.

Located at the southeast corner of Camelback Rd and Central Ave, One Camelback sits at the ‘Hottest Intersection in Metro Phoenix’, as voted by the Urban Land Institute in 2017. This is due in large part to the over 600k sf of retail, including over 20 restaurants and the newly repositioned Uptown Plaza, serving the property.

Eric Wichterman, Greg Valladao and Mike Coover of Cushman & Wakefield Phoenix were involved in brokering the transaction.

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