Cushman & Wakefield announced today that New York based HighBrook Investors (HighBrook), in partnership with San Diego based Cypress Office Properties, LLC (Cypress), has purchased Camelhead Square, located at 3033 N. 44th St. in Phoenix, for an undisclosed price. With the acquisition of Camelhead Square, the HighBrook/Cypress partnership now owns and operates five high quality office projects totaling 450,000 square feet throughout Phoenix and San Diego.
Executive Director Chris Toci, Director Chad Littell, Associate Director Chris Nord, and Senior Director Tim Whittemore with Cushman & Wakefield represented the seller in the transaction. The seller was Sun Life Assurance Company of Canada.
Camelhead Square is a three-story, Class A office building situated on 4.9 net acres totaling 100,314 rentable square feet. “Located in the 44th Street Corridor office submarket, the property is well-positioned to capture tenants migrating from adjacent office submarkets as Class A rental rates push to the mid $30s along Camelback Road,” according to Chris Toci.
Constructed in 1985, Camelhead Square was designed for maximum tenant versatility. The U-shaped building footprint provides tenant friendly floor plans of approximately 34,000 square feet each. In 2011, the property went under a comprehensive renovation, in addition to further common area upgrades in 2015. The buyer plans to further upgrade the interior and exterior common areas.
Prominently located along 44th Street, Camelhead Square has approximately 330-feet of frontage. Superbly positioned, the property is minutes from the amenity-laden areas of the Camelback Corridor and Downtown Scottsdale featuring some of the most upscale residential, shopping, entertainment and dining options within Phoenix.
“Strategically located less than three miles north of Phoenix Sky Harbor International Airport, the property provides its tenants close proximity to executive housing communities and attractive shopping destinations,” said Chad Littell.