Phoenix Offices Trade for $82M
JLL worked on behalf of TR Camelback Corp. to secure the sale of two office buildings in the heart of the Camelback Corridor. Goldman Sachs’s subsidiary Archon Acquisition purchased both properties.
By Evelina Croitoru
JLL has arranged the sale of a two-building Class A office property in Phoenix’s Camelback Corridor. Senior Managing Director Dennis Desmond and Managing Director Lynn LaChapelle led the deal on behalf of the seller, TR Camelback Corp., which disposed of the asset for $81.8 million. Archon Acquisition LLC, a Goldman Sachs company, purchased the 295,401-square-foot property. Cushman and Wakefield’s Managing Director Trevor Klinkhamer, Senior Vice President Ray Harris and Director Scott Boardman led the property leasing team.
Potential for Rental Rate Growth
Located at 3131 and 3133 E. Camelback Road, the properties offer controlled access and a total of 1,400 parking stalls. The garden-style buildings are situated at the southwest nexus of 32nd Street and Camelback Road, in one of the most sought-after areas in the Phoenix market. Additionally, the assets are within walking distance from numerous urban amenities, including 11 dining options, a grocery-anchored center and three banks. Since the properties came on the market in 1988, they have registered an average 93 percent occupancy rate.
“Exceptional location, quality construction and easy access has kept 3131 and 3133 Camelback a true ‘trophy’ office complex for more than 19 years. Archon recognized the past success and future potential of the property, including the strong rental rate growth that the Camelback Corridor is expected to continue to experience over the next five years,” Desmond said in prepared remarks.
Lincoln Property Co. will continue to serve as the property manager, while JLL’s Managing Director John Bonnell, Senior Vice President Brett Abramson and Vice President Chris Latvaaho will take over the property’s leasing assignment.
Images courtesy of Yardi Matrix
