CBRE Capital Markets’ Debt & Structured Finance team has arranged a $23.9 million loan for the acquisition of Camelback Arboleda, a 294,319-square-foot office project located at 1661 East Camelback Road in Phoenix, Arizona.
Mark McGovern, Scott Peterson and Brian Cruz of CBRE’s San Diego office secured the loan through CapitalSource on behalf of San Diego-based Fenway Capital Advisors and Iron Point Partners.
The new owners paid $25.3 million for the property and they plan to invest more than seven million in capital improvements, tenant improvements and lease commissions. They plan to update the elevators, corridors, lobby, courtyard, landscape, lighting, and exterior paint and signage.
“Camelback Arboleda has the potential to be a very high-quality office project that just needs the right owner to compete better in the marketplace, “said Mr. Peterson. “Fenway Capital Advisors offers best-in-class service to tenants and brokers.”
Camelback Arboleda is situated on 6.75 acres and consists of one, four-story office building leased to a diverse mix of tenants including engineering, technology and medical offices; one free-standing single tenant building leased to a family-owned deli and market; and one, four-level parking structure and surface parking lot. The office building is configured with an east-west wing and a north-south wing positioned at a 90-degree angle and connected via an open-air atrium in the center. There are balconies on the upper floor areas along the eastern and western wings of the office building. The building is surrounded by lush landscaping, a courtyard water feature and a neighborhood center offering a variety of eateries.
