Tag Archives: Camelback Square

Camelback Square, WEB

National tech company signs 30KSF lease in downtown Scottsdale

Lincoln Property Company signed a 30,000 SF lease with a nationally platformed technology tenant at the Camelback Square office project in downtown Scottsdale. The confidential tenant commitment brings the Class-A building to 95 percent occupancy.

Bill Blake, Craig Coppola, Andrew Cheney, Colton Trauter and Gregg Kafka of Lee & Associates serve as the listing team for Camelback Square. Bryce Terveen of CBRE represented the tenant.

“Downtown Scottsdale is a truly unique combination of business, dining, shopping and entertainment,” said Lincoln Property Company Vice President Amr Ceran. “It is easy to understand why companies want to locate here, and we do all we can as an owner/manager to make sure we’re complimenting that choice with very positive tenant relationships and lease deals that are a win-win scenario for everyone.”

With the new lease, the 172,690-square-foot, three-story Camelback Square is now 95 percent occupied to tenants including Regus, Echo Global Logistics, Paramount Financial, Ashton Woods, Carefree Financial, Barker Education and Mastro’s City Hall Steakhouse.

“This is a very stabilized occupancy position for Camelback Square, even when compared to South Scottsdale’s recovering office vacancy rate, which is performing competitively in the low teens,” said Ceran.

LPC and Los Angeles-based investment firm Oaktree Capital Management purchased Camelback Square out of special servicing in June 2011. Since that time, LPC has completed a major renovation including new building entrances, lobby and common area finishes, a courtyard fountain and furniture, and upgraded building signage. As property owner and manager, LPC also initiated an aggressive leasing plan that moved the project from just 50 percent occupied to almost 100 percent occupied.

Camelback Square is located at 6991 E. Camelback Rd., at the southwest corner of Camelback and Scottsdale roads. It sits adjacent to the 2 million-square-foot Scottsdale Fashion Square regional mall and includes on-site amenities such as the award-winning Mastro’s City Hall Steakhouse, a casual deli and a building conference room.

Lincoln Property Company

Lincoln Property Company Expands Presence With 5 New Property Management Staff

The Desert West Region office of Lincoln Property Company, a full-service real estate firm providing development, investment, property management, receivership, leasing and construction management, announced the expansion of its property management division with five new staff members.

Lincoln Property Company - Mark Stromgren

Mark Stromgren, General Manager

Mark Stromgren, General Manager; Theo Ott, Property Administrator; Chuck Lhotka, Chief Engineer; Jim Hickenbottom, Building Engineer; and Val Grafitti, Building Engineer have joined LPC. These new staff members joined LPC with the award of the 470,000 SF property management contracts for two State of Arizona capitol mall office buildings: The Arizona Department of Environmental Quality (ADEQ) and Arizona Department of Administration (ADOA).

“Our property management division continues to expand not only with additional staff, but with additional property management assignments in the Valley,” said Tammy Sidles, Director of Management Services for LPC. “Property management has always been one of LPC’s core services and strengths.”

“As former Opus employees, Tammy and I were involved in the development and management of these Class A office buildings, and we are excited to be working with the State of Arizona again,” said David Krumwiede, Executive Vice President, Lincoln Property Company.

The ADEQ headquarters is a 6-story, 292,684 SF building at 1110 W. Washington St. in Phoenix. The ADOA headquarters is a 4-story, 177,038 SF building at 100 N. 15th Ave. in Phoenix. ADEQ is a LEED Silver certified building and ADOA was built to LEED specifications. Both buildings won the BOMA Office Building of the Year TOBY competition in 2007 on the local and regional level and advanced to the International competition.

Lincoln’s Desert West Region, which includes Arizona, Nevada, Utah and New Mexico, is based in Phoenix and has been operating since 2001. Lincoln has developed 2.7 MSF, acquired 3.7 MSF and manages 5.5 MSF of commercial space.

Lincoln’s notable developments and investments include the LEED Platinum Certified Arizona Game and Fish Department Headquarters, Paradise Village Office Park, Broadway 101 Commerce Park and Camelback Square.

For more information on Lincoln Property Company, visit lpcphx.com.