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9/21/22
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Bridge Investment Group closed on a Phoenix office buy, paying $61.8 mil for Camelback Center, a Class A, multi-tenant office building totaling 236.6k sf ($261/sf) of space. The property was sold by Nuveen Real Estate.
Camelback Center is a nine-story, recently renovated office asset that is 82% leased to a diverse mix of tenants from various industries such as healthcare, finance, technology and insurance, among others. In 2021, the property underwent a multi-million-dollar renovation aimed at blending the workplace with nature components, featuring highly sought-after amenities like an outdoor tenant patio and gaming areas, a state-of-the-art conference facility, 24/7 on-site security and more.
Positioned on a 1.67-acre site at the main-and-main intersection of 24th St and Camelback Rd, Camelback Center is within walking distance of two of the most notable retail centers in Metro Phoenix, the Shops at Town & Country and Biltmore Fashion Park. This location is also minutes from some of the Metro’s most affluent neighborhoods in Paradise Valley, Arcadia, Biltmore and the North Central Corridor. In addition, the property has connectivity to all of Metro Phoenix via immediate access to State Route 51.
Ben Geelan and Will Mast with JLL Capital Markets represented the seller in the deal.
“Despite some economic headwinds, the Phoenix market continues to attract a generous amount of investor interest,” Geelan commented. “Over the last decade, Phoenix has led the nation in population and employment growth, which has created a robust economy supported by a diverse set of industries as well as a thriving real estate investment market. As a team, we’ve been tremendously fortunate to have played a role in more than $1 bil in multi-tenant office sales since the beginning of 2021 and look forward to what the remainder of 2022 brings.”
“The Camelback Corridor is a particularly land-constrained market and is known as one of the premier corporate locations in Phoenix,” added Mast. “While it was once occupied mainly by FIRE tenants, over the last few years there has been an influx of tech companies that are capitalizing on the millennial workforce surrounding the area.”
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