DTZ, a global leader in commercial real estate services, announced today that Camelback 2929 Owner, LLC, a company formed by Beverly Hills, California-based Andell Inc., sold 2929 Camelback for $11.8 million. The buyer was West Valley Properties, Inc. of Los Altos, CA. This was the first Arizona purchase for the privately held investor. 2929 Camelback is a ±78,175 square foot, multi-tenant office complex located in Phoenix’s Camelback Corridor submarket.
Executive Managing Directors Eric Wichterman and Jeff Wentworth and Senior Vice Presidents Mike Coover and Sean Spellman with DTZ represented the seller in the investment sales transaction.
“We’ve seen ‘urban renewal’ infill trends escalate in the Valley,” said Mr. Wichterman. “The prestigious Camelback Corridor has been at the forefront of that movement with the addition of over 2,000 new luxury apartments and an equally impressive makeover of the area’s retail landscape. Quality Camelback office properties–such as 2929 Camelback–are well positioned to reap substantial benefits from this transformation.”
Built in 1982, the two-story office project underwent renovations in 2007 and 2012. Located on ±2.89 acres with over 400 feet of frontage on Camelback Road, the complex includes subterranean and surface parking and a two-story outdoor courtyard that extended the length of the property.
2929 Camelback was 63 percent occupied at the time of sale.