Cushman & Wakefield announced that six tenant-in-common (TIC) investors purchased One Camelback, located at 1 E. Camelback Road in Phoenix, from One Camelback Inc. The six TIC companies – CD Camelback LLC, Randhurst Camelback LLC, KOT Camelback LLC, SS Camelback LLC, SD Camelback LLC and RH Camelback LLC – purchased the property for $14 million. Eric Wichterman, Greg Valladao and Mike Coover of Cushman & Wakefield Phoenix negotiated the sale.
One Camelback, an 11-story, 203,122-square-foot office property, was almost vacant (3.4% occupancy) at the time of the sale. Located on a 1.97-acre site, the building was constructed in 1985 and features a five-level subterranean parking garage and a full-length interior atrium – well suited for residential, hotel or office uses. The TIC group who purchased One Camelback are considering converting the newly-acquired office building for multifamily use.
Located at the southeast corner of Camelback Road and Central Avenue, One Camelback sits at the ‘Hottest Intersection in Metro Phoenix’ voted by the Urban Land Institute in 2017. This is due in large part to the over 600,000 sf of retail, including over 20 restaurants and the newly repositioned Uptown Plaza, serving the property.
“The enormous success of several recent retail and residential projects in this exciting, and already well-established, urban infill location add to the appeal for high-density residents in the area. Given these tailwinds, One Camelback should thrive as a luxury residential redevelopment,” said Eric.