Cassidy Turley, a leading commercial real estate provider in the U.S., announced today they successfully sold Camelwest Plaza, a 174,554-square-foot class B office property featuring two (2) four-story buildings at 1951 and 2001 West Camelback Rd. in Phoenix. 1128 Valencia Associates, LLC (Newport Beach, CA), advised by Apex Commercial Advisory (Brandt McCullough), purchased the property for $13,500,000 ($77.34psf) from Fenway Camelwest, LLC of San Diego. Executive Vice President Eric Wichterman and Senior Vice President Mike Coover, with Cassidy Turley’s Capital Markets Group, along with Todd Noel of Colliers, negotiated the transaction for both the buyer and the seller.
According to Wichterman, “Camelwest Plaza offered a rare opportunity for the buyer to acquire a quality, stable asset that is generating significant cash flow now and has long-term upside potential.” He added, “The majority of the leases in place were signed during the last recession, so there is strong likelihood for income growth as lease rates continue to recover in Phoenix.”
Built in 1986, Camelwest Plaza includes two (2), four-story buildings and two (2) three-level parking structures. Both of the buildings common areas were renovated between 2008 and 2010. The project sits on 4.98-acres on Camelback Road and 19th Avenue, less than ¼ miles from I-17 and immediately west of the METRO Light Rail station at that intersection. With over 45,000 riders each day, the light rail’s opening in 2008 immediately increased the demand for the property due to its accessibility to mass transit. Camelwest Plaza was 79 percent occupied at the time of sale. The property includes an on-site fitness center and café.
About Cassidy Turley:
Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.