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TEXAS/SOUTHWEST NEWS
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Lincoln Property Company and Oaktree Capital Management Complete $58 Mil Phoenix Office Buy

4/21/15

Lincoln Property Company and Oaktree Capital Management L.P. have teamed up in the $58 mil purchase of Biltmore Commerce Center, a Class A, institutional-quality office building located in the heart of Phoenix’s coveted Camelback Corridor. The three-story, 259k sf ($224/sf) asset is located at 3200 E. Camelback Rd, on the northeast corner of Camelback Rd and 32nd St.

Biltmore Commerce Center is known for its copper metallic exterior and highly visible, street-facing water feature. The project features efficient floorplates, ample above- and below-ground parking, and an 11k sf, newly remodeled three-story atrium running through the interior first floor.

The property is currently 93 percent leased to a diversified group of established tenants including HDR Engineering, Lee & Associates, United Way, Greystar, North American Title Company and Miller Russell & Associates.

"One of the many strengths of Biltmore Commerce Center is the subterranean parking, which provides quick and direct access to all tenant floors via two separate elevator banks," said Mark Jacobs, Managing Director with Oaktree Capital Management. "Tenants can go from their car to their office in less than 60 seconds, compared to five or 10 minutes for most buildings within the submarket. In addition, the location offers great visibility while providing quick and easy access without the high traffic congestion that other projects often experience."

Additional project renovations and features include remodeled corridors and lobbies, upgraded landscaping and the new street-facing water feature. The property has earned an average 94-point Energy Star rating over the past six years. In 2012, it was named The Outstanding Building of the Year (TOBY) by the Building Owners and Managers Association (BOMA).

Biltmore Commerce Center sits across the street from two retail projects with numerous dining, shopping and banking options, including Central Bistro, Wells Fargo, Bank of America, Mexx 32, Tarbell’s, Tommy V’s Osteria and Pizzeria, Tomaso’s and Hava Java Café. It is within one mile of the upscale, 600k sf Biltmore Fashion Park and the Arizona Biltmore Hotel and golf resort.

Cushman & Wakefield’s Chris Toci, Chad Littell, Jerry Noble, Pat Devine and Greg Mayer represented the property seller, a venture between DPC Development Company and Bridge Investment Group. LPC Director of Management Services Alisa Timm will direct the project’s property management strategy.

The acquisition represents LPC’s second transaction in a partnership with Oaktree that has generated $102 mil in metro Phoenix deal activity in a 60-day timeframe. These deals also include the $42.3 mil, mid-February disposition of Camelback Square, a 174.9k sf, Class A office asset in Old Town Scottsdale, as reported on RENTV at the time. It also increases LPC’s Phoenix investment activity to more than $165 mil during this short time period.

According to Cushman & Wakefield data, the Camelback Corridor submarket posted 358.4k sf of leasing activity in 2014, with projects in the area experiencing record high lease rates and, in the case of the Camelback Corridor, sustaining double-digit rent growth.






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