CBRE Group, Inc. has completed the sale of Camelback Commons, a ±322,406-square-foot office campus located at 4722 and 4742 N. 24th St. in Phoenix. The two building, Class A office property commanded a sale price of $66.4 million.
Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the seller, a joint venture between California‐based McCarthy Cook & Co. and New York‐based Morgan Stanley Real Estate Investing. The buyer is Los Angeles-based Regent Properties.
“Camelback Commons features an exceptional location in the heart of the Camelback Corridor, one of the Valley’s most prestigious office markets,” said CBRE’s Gabel. “Regent Properties is acquiring a trophy asset in a sought-after market with a strong, credible and diverse tenant roster with significant upside.”
Additionally, Bruce Francis, Dana Summers, Shaun Moothart, Bob Ybarra and Doug Birrell with CBRE Capital Market’s Debt & Structured Finance team secured the financing for the buyer.
“Due to the excellent sponsorship and asset profile, we received strong quotes from a broad group of lenders, including banks, debt funds and life insurance companies”, said CBRE’s Francis. “We were pleased to deliver the most competitive financing, which offered the best combination of rate, prepayment flexibility and proceeds to meet the sponsorship objectives.”
Constructed in 1986, Camelback Commons underwent a $4.5 million renovation in 2015. Upgrades to on-site amenities include a state-of-the-art conference center and tenant lounge, redesigned café with indoor and outdoor seating, fitness center with locker rooms and showers, bike sharing and short-term covered parking. Tenants also have access to improved open-air terraces and balconies along with “The Deck,” a contemporary outdoor gathering area that offers games and shaded, lounge-style seating. The site is surrounded by numerous walkable amenities, restaurants and retail destinations including nearby Biltmore Fashion Park. Access to State Route 51and I-10 is minutes away from the property.
CBRE has been engaged for property management services at Camelback Commons.