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9/25/18
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Camelback Arboleda, a 178.8k sf, four-story office building in Phoenix’s prestigious Camelback Corridor, sold for $25.3 mil, or $141/sf. The asset, located at 1661 E Camelback Rd, was acquired by Solana Beach, CA-based Fenway Capital Advisors.
Camelback Arboleda provides unequaled freeway access to the Piestewa Freeway (SR 51) with an entrance just to the south of the property. Tenants also have easy access to over 2 msf of retail amenities within a two-mile radius. Immediate walkable amenities include the adjacent 107k sf Camelback Marketplace featuring Starbucks, Chick-fil-A, McDonald’s, Subway, Einstein Bros. Bagels, Yogis Grill and Zoës Kitchen.
JLL’s Brian Ackerman and Dennis Desmond represented the sellers, Minnetonka, MN-based Merced Capital and CA-based Restart Investments.
“The buyer recognized the value of this building’s irreplaceable location within the highly coveted Camelback Corridor submarket, and the value-add potential that can be unlocked through interior and exterior improvements,” said Ackerman. “This was an outstanding investment in a submarket that continues to attract high-quality tenants across a diverse array of industries.”
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