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8/05/22
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Camelback Collective, a recently constructed, 115.8k sf Class A office building in Phoenix, was acquired by Oklahoma City-based Humphreys Capital in a $66.35 mil transaction. The property was over 95% leased at the time of sale.
Built in 2018, four-story building is located at 2801 East Camelback Rd, in the heart of the Camelback Corridor. Camelback Collective has excellent access to a vast collection of famed, high-end shopping, dining, and entertainment amenities.
Steve Lindley, Eric Wichterman, Alexandra Loye, and Mike Coover, with Cushman & Wakefield in Phoenix represented the seller, Holualoa Companies and LaPour Partners, in the transaction. Cushman & Wakefield’s Jerry Roberts and Pat Boyle provided leasing advisory. At $573/sf, the price per square foot achieved by Camelback Collective is the highest for a pure office building ever sold in Metro Phoenix, according to Cushman & Wakefield.
“Even with the record price per square foot, the investment represents exceptional value for the buyer,” said Lindley. “Rents at Camelback Collective are 15 to 20% below recently signed leases at other modern trophy properties and given rapidly increasing construction costs the price is near today’s replacement cost.”
“Camelback Collective is a generational trophy-quality office asset in a prestigious Camelback Corridor location, with secure investment income,” added Wichterman. “The building has all the features in demand by modern tenants, enhanced by stunning views through floor-to-ceiling glass which are unique in the market, as well as a synergetic AC Hotel by Marriott lifestyle hotel on site.”
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