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9/03/13
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Camelwest Plaza, a 174.6k sf, Class B office property in Phoenix, sold for $13.5 mil ($77/sf). The property, consisting of two four-story buildings, is located at 1951 and 2001 West Camelback Rd, a few blocks east of I-17.
Built in 1986, Camelwest Plaza also includes two three-level parking structures. The common areas for both of the buildings were renovated between 2008 and 2010. The property includes an on-site fitness center and café. It was 79% occupied at the time of sale.
The project sits on roughly five acres at the intersection of Camelback Rd and 19th Ave, immediately west of the METRO Light Rail station at that intersection. With over 45,000 riders each day, the light rail’s opening in 2008 immediately increased the demand for the property due to its accessibility to mass transit.
The buyer was Newport Beach-based 1128 Valencia Associates LLC, advised by Brandt McCullough of Apex Commercial Advisory. Executive Vice President Eric Wichterman and Senior Vice President Mike Coover with Cassidy Turley’s Capital Markets Group, along with Todd Noel of Colliers International, negotiated the transaction for both the buyer and the seller, Fenway Camelwest LLC of San Diego.
According to Wichterman, “Camelwest Plaza offered a rare opportunity for the buyer to acquire a quality, stable asset that is generating significant cash flow now and has long-term upside potential.” He added, “The majority of the leases in place were signed during the last recession, so there is strong likelihood for income growth as lease rates continue to recover in Phoenix.”
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