CBRE announced the sale of Camelback Esplanade III, a trophy Class A office tower located in the heart of the Camelback Corridor in Phoenix. A venture between Transwestern and an institutional partner acquired the 218,387-square-foot,10-story mid-rise office building.
Barry Gabel, Chris Marchildon and Will Mast of CBRE Capital Markets, Institutional Properties in Phoenix, represented the seller in the transaction. Jim Fijan and Jack Fijan of Transwestern represented the buyer and sourced the institutional partner along with Jim Achen and Bill Zurek who will oversee leasing and management.
“With its combination of timeless trophy-quality construction and unmatched location at 24th and Camelback Road, Camelback Esplanade III is part of an exclusive group of true Class A office assets in Phoenix,” said Gabel. “This sale is a clear indicator of the long-term economic prospect of metro Phoenix.”
“Transwestern is poised to offer tenants up to 100,000 square feet of contiguous space within a submarket that is realizing a demographic shift generated by the most dynamic combination of office, retail, residential and hospitality amenities in the Phoenix Market,” said Zurek.
Developed by Opus, Camelback Esplanade III has been institutionally managed and maintained since being delivered to the market in 1997. The property is leased to a strong mix of nationally recognized tenants across various industries including legal, insurance, financial and real estate services.
The LEED® Gold Certified and Energy Star-rated office tower is within the prestigious mixed-use development, The Esplanade, which offers tenants numerous on-site amenities, including a 14-screen AMC dine-in movie theater, Starbucks, City Market Deli and Merc Bar, with FLINT by Baltaire and Tocaya Organica opening in the third quarter of 2019. The 277-room Camby Hotel, offering luxury accommodations and award-winning dining, is located directly adjacent from the property. Biltmore Fashion Park, the world-renowned luxury shopping center located across Camelback Road, offers over 60 high-end restaurants and retailers, with Arizona’s newest Lifetime Fitness currently under construction.
