The Camelback Community Bank Building, 2777 E. Camelback Rd., has been sold for $14.85M, Cushman & Wakefield of Arizona announced.
The building, which was constructed in 1998, contains 104,618 SF of office space and is anchored by several large tenants including Capitol Bancorp, The Lavidge Company, Hill International and GPE Companies.
Hart Realty Advisors, Inc. of Simsbury, Conn., on behalf of an institutional client, sold the building to Fountainhead Equity Partners, LLC of Phoenix.
“This property has been a strong performing asset that continues to attract quality tenants seeking a prominent location,” says Chris Latvaaho, associate director in the Office Properties Division of Cushman & Wakefield of Arizona.
“Having served as exclusive leasing agent for the property during the past 10 years, I have been impressed with the appeal this building holds for tenants. It offers a unique, contemporary design that distinguishes the property from its competitors.
“This was a rare acquisition opportunity for the buyer to purchase a Class A investment property in the prestigious Camelback Corridor, where typically we see high barriers to entry.”
Latvaaho represented the seller in this off market sale and successfully procured the purchaser in the transaction.
