Cassidy Turley sold Camelwest Plaza, a ±174,554-square-foot class B office property featuring two (2) four-story buildings at 1951 and 2001 West Camelback Rd. in Phoenix. 1128 Valencia Associates, LLC (Newport Beach, CA), advised by Apex Commercial Advisory (Brandt McCullough), purchased the property for $13,500,000 ($77.34psf) from Fenway Camelwest, LLC of San Diego. Executive Vice President Eric Wichterman and Senior Vice President Mike Coover, with Cassidy Turley’s Capital Markets Group, along with Todd Noel of Colliers, negotiated the transaction for both the buyer and the seller.
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.”
Built in 1986, Camelwest Plaza includes two (2), four-story buildings and two (2) three-level parking structures. Both of the buildings common areas were renovated between 2008 and 2010. The project sits on ±4.98-acres on Camelback Road and 19thAvenue, less than ¼ miles from I-17 and 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. Camelwest Plaza was 79 percent occupied at the time of sale. The property includes an on-site fitness center and café.