Camelback Corridor Office Building Attracts Buyer
PHOENIX, ARIZ. – JLL’s Capital Markets experts have completed the $25.3 million sale of Camelback Arboleda, a 178,792-square-foot, four-story office building in Phoenix’s prestigious Camelback Corridor. Solana Beach, California-based Fenway Capital Advisors bought the property.
JLL’s Brian Ackerman and Dennis Desmond represented the sellers, Minnetonka, Minnesota-based Merced Capital and California-based Restart Investments.
“The buyer recognized the value of this building’s irreplaceable location within the highly coveted Camelback Corridor submarket, and the value-add potential that can be unlocked through interior and exterior improvements,” said Ackerman. “This was an outstanding investment in a submarket that continues to attract high-quality tenants across a diverse array of industries.”
Camelback Arboleda provides unequaled freeway access to the Piestewa Freeway (SR 51) with an entrance just to the south of the property. Tenants also have easy access to over 2 million square feet of retail amenities within a two-mile radius. Immediate walkable amenities include the adjacent 107,000-square-foot Camelback Marketplace featuring Starbucks, Chick-fil-A, McDonald’s, Subway, Einstein Bros. Bagels, Yogis Grill and Zoës Kitchen.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm’s 2,400 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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