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December 14, 2019
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TEXAS/SOUTHWEST NEWS
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Wilshire Capital Partners Acquires AZ Office Property in $54 Mil Deal

11/19/19

Wilshire Capital Partners closed on an AZ office buy, paying $54.5 mil for 3900 Camelback Center — a 177.5k sf ($307/sf), Class A building in the Camelback Corridor—one of the most prestigious and sought-after office submarkets in Phoenix. 3900 Camelback Center is one of seven LEED Certified office buildings in the Camelback Corridor, and one of only four with Gold level or above.

The building’s U.S. Green Building Council’s LEED Gold Certification design features include xeriscape landscaping, storm water management, water efficient fixtures and parking for fuel-efficient vehicles. Local, recycled materials and natural wood and stone finishes are used throughout the space. Tenants include Ryan Companies’ Southwest office, corporate headquarters for Shamrock Foods and others.

NKF Co-Head, U.S. Capital Markets Kevin Shannon cooperated with Executive Managing Director CJ Osbrink to represent the developer, builder, owner and property manager, Ryan Companies, in the sale. NKF Vice Chairman David Milestone and Senior Managing Director Brett Green facilitated in the financial structuring and placement of debt for the sale. Along with Shannon, Executive Managing Directors Paul Jones, Ken White and Brunson Howard and Senior Managing Director Rick Stumm also cooperated with Osbrink to represent the seller.

“This sale represents a distinct trend for Phoenix sales with a new California buyer entering the market attracted to the comparative yield advantages available there. This Los Angeles-based buyer was especially attracted to the double-digit cash-on-cash returns, which were augmented by a very favorable debt market,” said Shannon.




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