JLL Capital Markets announced today that it has closed the $61.8 million sale of Camelback Center, a Class A, multi-tenant office building totaling 236,553 square feet in Phoenix, Arizona.
JLL marketed the property on behalf of the seller, Nuveen Real Estate, and procured the buyer, Bridge Investment Group.
Camelback Center is a nine-story, recently renovated office asset that is 82% leased to a diverse mix of tenants from various industries such as healthcare, finance, technology and insurance, among others. In 2021, the property underwent a multi-million-dollar renovation aimed at blending the workplace with nature components, featuring highly sought-after amenities like an outdoor tenant patio and gaming areas, a state-of-the-art conference facility, 24/7 on-site security and more.
“The quality of the asset really stood out within the submarket,” said Ines Olesen, Senior Director, US Head of Office Dispositions for Nuveen Real Estate.
Positioned on a 1.67-acre site at the main-and-main intersection of 24th St. and Camelback Rd., Camelback Center is within walking distance of two of the most notable retail centers in Metro Phoenix, the Shops at Town & Country and Biltmore Fashion Park. This location is also minutes from some of the Metro’s most affluent neighborhoods in Paradise Valley, Arcadia, Biltmore and the North Central Corridor. In addition, the property has connectivity to all of Metro Phoenix via immediate access to State Route 51.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Ben Geelan and Senior Director Will Mast.
“Despite some economic headwinds, the Phoenix market continues to attract a generous amount of investor interest,” Geelan commented. “Over the last decade, Phoenix has led the nation in population and employment growth, which has created a robust economy supported by a diverse set of industries as well as a thriving real estate investment market. As a team, we’ve been tremendously fortunate to have played a role in more than $1 billion in multi-tenant office sales since the beginning of 2021 and look forward to what the remainder of 2022 brings.”
“The Camelback Corridor is a particularly land-constrained market and is known as one of the premier corporate locations in Phoenix,” added Mast. “While it was once occupied mainly by FIRE tenants, over the last few years there has been an influx of tech companies that are capitalizing on the millennial workforce surrounding the area.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.