JLL completes $81.75M sale of Camelback office building
The Phoenix office of JLL today announced the sale of 3131 and 3133 Camelback on behalf of TR Camelback Corp. The two-building, Class A office property is in the heart of the Camelback Corridor, which has enjoyed an average 93 percent occupancy rate since its delivery to market in 1998.
Archon Acquisition LLC, a Goldman Sachs company, purchased the 295,401 square-foot office asset for $81.75 million.
Senior Managing Director Dennis Desmond and Managing Director Lynn LaChapelle led the deal for JLL. Managing Director Trevor Klinkhamer, Senior Vice President Ray Harris and Director Scott Boardman of Cushman & Wakefield were the property leasing team.
“Exceptional location, quality construction and easy access has kept 3131 and 3133 Camelback a true ‘trophy’ office complex for more than 19 years,” said Desmond. “Archon recognized the past success and future potential of the property, including the strong rental rate growth that the Camelback Corridor is expected to continue to experience over the next five years.”
The office asset is located at 3131 and 3133 E. Camelback Rd. in Phoenix, at the southwest corner of 32nd Street and Camelback Road – one of the most prestigious corners within the Phoenix market. It is surrounded by numerous walkable amenities including 11 restaurants, three banks and a grocery-anchored shopping center, and is minutes from State Route 51 and I-10.
Lincoln Property Company serves as the property manager for 3131 and 3133 Camelback, and will retain the property management assignment. JLL Managing Director John Bonnell, Senior Vice President Brett Abramson and Vice President Chris Latvaaho will take over the property’s leasing assignment.
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 a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $136 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
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