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5/01/24
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24th at Camelback, a 308.5k sf, Class A office asset in Phoenix's Camelback Corridor, sold for $86.1 mil, or $279/sf. The asset was acquired by an unnamed, international family investment entity in an all-cash transaction.
Located at 2375 E Camelback Road, the institutional-quality property is a LEED Platinum-certified, eight-story office tower developed in 2000 by Hines. Situated at the intersection of 24th St and Camelback Rd, the asset presents unparalleled access to the greater Phoenix market.
24th at Camelback offers a wealth of amenities, including a newly constructed fitness center, on-site dining options, shared tenant conference facilities and 24/7 security. Parking is available in two subterranean levels and in a detached six-level above grade parking structure.
Barry Gabel, Chris Marchildon, CJ Osbrink, and Kevin Shannon with Newmark represented the undisclosed institutional seller. We’re told this is the largest office sale in Phoenix since 2022.
"This offering garnered substantial investor attention given its flight-to-quality profile and location, attractive weighted average lease term (WALT) and heightened leasing demand," noted Osbrink. "Situated in one of Phoenix's most vibrant and sought after office submarkets and boasting status as one of the MSA’s highest-caliber office developments, it presents a compelling investment opportunity for new ownership."
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