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9/12/19
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A Toronto, Canada-based limited partnership paid $2.65 mil for a 22.2k sf ($119/sf), office building in Phoenix’ Camelback Corridor. The building, located at 2901 E. Camelback Rd, was sold by a company formed by Phoenix-based Ironline Partners LLC.
The building was sold by 2901 E. Camelback II LLC, who acquired the asset for $1.55 mil in 2017. It is on a ground lease with 28 years remaining.
Developed in 1999, the two-story building is 100% leased to five tenants and features a three-level subterranean parking garage. Clear Title Agency of Arizona occupies over half of the leasable space. Area amenities include over 40 restaurants and retailers, including Arizona’s premier luxury shopping and dining destination, Biltmore Fashion Park.
The property is in the prestigious Camelback Corridor submarket, which boasts some of the highest average rental rates in metro Phoenix at $30.59, according to CBRE Research. Tenants are attracted to the submarket due to its amenities, concentration of Class A office and access to talent. Within a 20-minute commute, employers have access to more than 250,000 professionals and highly educated workers.
Bob Young, Glenn Smigiel, Steve Brabant, Rick Abraham and Kevin Calihan with CBRE represented Ironline, who has acquired in excess of $54 mil in AZ real estate holdings over the last five years. Bruce Francis, Dana Summers, Bob Ybarra, Shaun Moothart, and Doug Birrell of CBRE Debt & Structured Finance secured a loan on behalf of the buyer.
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