PHOENIX, ARIZ. – CBRE has brokered the sale of an office building located at 2901 E. Camelback Road in the Camelback Corridor of Phoenix. A Toronto, Canada-based limited partnership acquired the 22,172-square-foot property from a company formed by Phoenix-based Ironline Partners, LLC, for $2.65 million. The 2901 building, which was acquired by 2901 E. Camelback II, LLC for $1.55 million in 2017, is on a ground lease with 28 years remaining.
Ironline Partners, LLC, has been active in Arizona during the last several years, acquiring in excess of $54 million in real estate holdings in the last five years. Bob Young, Glenn Smigiel, Steve Brabant, Rick Abraham and Kevin Calihan represented Ironline in the transaction. Bruce Francis, Dana Summers, Bob Ybarra, Shaun Moothart, and Doug Birrell of CBRE Debt & Structured Finance secured a loan on behalf of the buyer.
Developed in 1999, the two-story building is 100 percent leased to five tenants and features a three-level subterranean parking garage. Clear Title Agency of Arizona occupies over half of the leasable space. The property is in the prestigious Camelback Corridor submarket, which boasts some of the highest average rental rates in metro Phoenix at $30.59, according to CBRE Research. Tenants are attracted to the submarket due to its amenities, concentration of Class A office and access to talent. Within a 20-minute commute, employers have access to more than 250,000 professionals and highly educated workers.
Area amenities include over 40 restaurants and retailers, including Arizona’s premier luxury shopping and dining destination, Biltmore Fashion Park.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.