Camelback East Shops, a 25,150-square foot neighborhood retail center at 3225 E. Camelback Rd. in Phoenix, has sold for $12.2 million or $485 per square foot. The sale price posted a cap rate of 5.65%.
The Jan. 30 closing was led by David Wetta and Paul Salinas of Wetta Ventures. The buyer was Arizona-based Hannay Realty Advisors and Calgary, Alberta-based MDC Property Services. The seller was the Fuchs Family of Phoenix, Arizona.
Camelback East Shops had been in the Fuchs Family since 1957 and was remodeled several times during their ownership. The retail center is a truly unique real estate investment that serves the metro’s most affluent residential neighborhoods; Biltmore, Paradise Valley, and Arcadia. The tenants at time of sale included Tomaso’s, Tommy V’s, Tarbell’s (Restaurant, Tavern and Wine Store), UPS Store and Van’s Golf Shop.