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3/22/12
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El Segundo-based Westport Capital Partners LLC has purchased Camelback Arboleda, a 179.8k sf, multi-tenant office building in Phoenix, for $16.6 mil, or $92/sf. The building is located at 16th St and Camelback Rd, in the heart of Phoenix’s prestigious Camelback Corridor. Camelback Arboleda is currently 81 percent occupied by such tenants as Stanley Consultants, Telesoft Corp and Starbucks, which uses its space for an administrative office.
Jones Lang LaSalle’s Senior Managing Director Dennis Desmond and Senior Vice President Brian Ackerman brokered the sale. The transaction represents the third large, opportunistic office building that Jones Lang LaSalle’s capital markets team has sold in suburban Phoenix since mid-2011.
In addition to Camelback Arboleda, the capital markets team recently brokered the sale of Scottsdale Financial Center II—a 150.9k sf building at Indian School and Scottsdale Roads that was purchased in late 2011 by Westport Capital Partners, and Scottsdale Centre—a 164.3k sf building located on Scottsdale Rd near Indian Bend Rd that was purchased in mid-2011 by Newport Beach-based MIG Real Estate.
According to Jones Lang LaSalle research, the Camelback Corridor was 87 percent occupied five years ago and rental rates averaged $30 per-square-foot. Today, occupancy has dropped to 69 percent and rental rates average approximately $24 per square foot.
“As local office occupancy levels improve, so do rental rates,” said Ackerman. “We are seeing signs of significant increased leasing activity now on the Camelback Corridor and that’s what is attracting investors.”
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