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4/14/14
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Camelback Arboleda, a 178.8k sf, multi-tenant office building situated in the heart of Phoenix’s prestigious Camelback Corridor, sold for $24.9 mil, or $139/sf. The building, located at 16th St and Camelback Rd, was purchased by Merced Restart Phoenix Investors I LLC.
Dennis Desmond and Brian Ackerman of Jones Lang LaSalle represented the property seller, Camelback 1661 LLC. Camelback Arboleda’s leasing team, Chris Latvaaho and Michael Crystal of Cushman & Wakefield, assisted with the transaction and will retain the leasing assignment for the new owner.
According to Ackerman, the property has attracted an increasing number of medical tenants seeking a quality location in a tightening market, a factor that helped create a stabilizing factor in the positioning of this asset. Per JLL’s Q1 2014 Phoenix Office Report, rental rates in the Camelback Corridor submarket have grown significantly in the past two years, from an average $23.77 per square foot in early 2012 to an average $25.12 per square foot today.
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