CBRE sells 24th At Camelback for $100M
CBRE has arranged the $100 million sale of 24th at Camelback, a 302,209-square-foot Class A trophy office tower in metro Phoenix’s Camelback Corridor. This high-profile transaction represents the largest office sale in metro Phoenix so far in 2018, both by dollar volume and price per square foot. At the time of sale, the property was 94 percent leased to a prominent tenant roster, that includes Greenberg Traurig, AAA, RSM, Cisco Systems, USI and Regus.
Barry Gabel, Will Mast and Chris Marchildon with CBRE Capital Markets, Institutional Properties in Phoenix represented the seller, an affiliate of Houston based Hines in the transaction. Jim Fijan, with Fijan Advisors, acted as an advisor to the Seller. New York Life Real Estate Investors acquired the property. Hines, who developed the property in 2000 and has managed the asset since it was delivered, will continue to manage the property under its new ownership.
“This sale is a testament to the strength of the Phoenix market and its position as a prime office investment market,” said CBRE’s Gabel. “There is a long runway for growth here in Phoenix for investors.”
24th at Camelback features sleek, contemporary architecture and has earned a LEED Gold Certification and Energy Star label. Additional features include an eight-story detached parking structure with two levels below grade and six levels above grade, providing an overall 3.7/1,000 parking ratio.
“24th at Camelback presented a unique opportunity for investors to purchase a class A, trophy asset of significant size in one of the Valley’s most highly coveted office submarkets,” said CBRE’s Mast.
Located at the premier intersection within the Camelback Corridor, 24th at Camelback features an exceptional on-site amenity base including Scramble – a Breakfast & Lunch Joint, which just recently opened in Spring 2018. Biltmore Fashion Park, the world-renowned, luxury shopping center located across 24th Street, offers over 60 high-end restaurants and world-class retail options including Arizona’s only Saks Fifth Avenue. Other nearby amenities include the Shops at Town & Country and Camelback Colonnade (offering an additional ±100 walkable restaurant and shopping options), the iconic Arizona Biltmore Resort (featuring 740 luxury rooms and suites, 8 swimming pools, a full-service spa, fitness center and five upscale dining options), the 263-room Camby Hotel (offering luxury accommodations and award-winning dining) and a new 160-room AC Marriott (expected to be delivered in late 2018).