Phoenix, Ariz. – CBRE announces the sale of Camelback Esplanade III, a trophy Class A office tower located in the heart of the Camelback Corridor in Phoenix. A venture between Transwestern and an institutional partner acquired the 218,387-square-foot,10-story mid-rise office building.
Barry Gabel, Chris Marchildon and Will Mast of CBRE Capital Markets, Institutional Properties in Phoenix, represented the seller in the transaction. Jim Fijan and Jack Fijan of Transwestern represented the buyer and sourced the institutional partner along with Jim Achen and Bill Zurek who will oversee leasing and management.
“With its combination of timeless trophy-quality construction and unmatched location at 24th and Camelback Road, Camelback Esplanade III is part of an exclusive group of true Class A office assets in Phoenix,” said Gabel. “This sale is a clear indicator of the long-term economic prospect of metro Phoenix.”
“Transwestern is poised to offer tenants up to 100,000 SF of contiguous space within a submarket that is realizing a demographic shift generated by the most dynamic combination of office, retail, residential and hospitality amenities in the Phoenix Market.” said Zurek.
Developed by Opus, Camelback Esplanade III has been institutionally managed and maintained since being delivered to the market in 1997. The property is leased to a strong mix of nationally recognized tenants across various industries including legal, insurance, financial and real estate services.
The LEED® Gold Certified and Energy Star-rated office tower is within the prestigious mixed-use development, The Esplanade, which offers tenants numerous on-site amenities, including a 14-screen AMC dine-in movie theater, Starbucks, City Market Deli and Merc Bar, with FLINT by Baltaire and Tocaya Organica opening in the third quarter of 2019. The 277-room Camby Hotel, offering luxury accommodations and award-winning dining, is located directly adjacent from the property. Biltmore Fashion Park, the world-renowned luxury shopping center located across Camelback Road, offers over 60 high-end restaurants and retailers, with Arizona’s newest Lifetime Fitness currently under construction.
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.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 33 U.S. offices and assists clients from more than 219 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.