Transwestern, C-III Capital Pay $60M for Phoenix Office
The joint venture paid cash for the 218,254-square-foot Class A mid-rise in the five-building Camelback Esplanade campus north of downtown.
Camelback Esplanade III
Crow Holdings has sold Camelback Esplanade III, a 218,254-square-foot office property in Phoenix, for $60.3 million to Transwestern and C-III Capital Partners, according to Yardi Matrix. The transaction was all cash, a relatively common investment strategy in the metro. CBRE represented the seller, with Transwestern acting on behalf of the buyer, according to Business Real Estate Weekly of Arizona.
Located at 2415 E. Camelback Road, approximately 6 miles north of the city center, the property rises 10 stories amidst the Camelback Esplanade mixed-use campus. LBA Realty owns the other four office structures, following a $279 million portfolio acquisition from MetLife in late 2015, per Yardi Matrix data.
Some of the building’s major tenants include Regus, VincentBenjamin and HFF. The LEED Gold-certified asset features a load factor of 14.5 percent and subterranean parking at a ratio of 3.3 to 1,000 square feet. Transwestern’s William Zurek and Jim Achen are heading up office leasing at the property, which has some 110,000 square feet available. Previously, Cushman & Wakefield had marketed the space.
In June, DRA Advisors acquired a four-building office asset less than half a mile away from Camelback Esplanade. The 203,290-square-foot property traded for $47.5 million.
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