Hines Value Added Venture III Acquires 24th & Camelback
The Phoenix office of Hines announced that the Hines U.S. Office Value Added Venture III (VAV III) has acquired its first investment, 24th at Camelback I, from GLL Real Estate Partners, who has owned the property since 2006. Financials were not disclosed.
Designed by Pickard Chilton and completed in 2000, 24th at Camelback I is a 302,209 SF Class A office tower, including approximately 27,209 SF of ground floor retail/restaurant space.
Hines developed the 8-story property on 8.5 acres located at 24th St. and Camelback Rd. in Phoenix’s Camelback Corridor submarket, and has managed the building since inception. 24th at Camelback I has received LEED® Gold designation, nine ENERGY STAR® labels, and was awarded the TOBY Award in 2011 for BOMA’s Greater Phoenix Office Building of the Year.
“We are very pleased with the acquisition of such a high-quality building in Phoenix’s Camelback Corridor,” said Senior Managing Director and fund manager Dave Congdon. “This asset is well positioned to capitalize on the continued recovery in the Greater Phoenix market.”
Added Hines Managing Director Travis Overall: “The Camelback corridor is a premier office location in Phoenix, and this acquisition capitalizes on the strength of the Hines firm: strong local teams of real estate experts in key markets who have long track records of buying, developing, leasing and operating office projects.”
“We are very pleased with our investment experience with this asset,” said GLL’s Christopher Quiett. “I think we had a significant impact on both the building and in operations during our stewardship, and we anticipate that companies located at 24th at Camelback will see even more positive impacts under Hines’ ownership. They are an excellent company.”
The Hines U.S. Office Value Added Venture III closed in August 2012 and is capitalized with $210M of equity for more than $600M of total leveraged capacity in the U.S. office sector. VAV III targets investments through which the firm can create value through leasing, management or redevelopment activities.