PHOENIX, June 13, 2019 – The investment sales team of Chris Toci and Chad Littell of Cushman & Wakefield, supported by the agency leasing team of Keith Lambeth, successfully closed the sale of Camelback Lakes. New York-based DRA Advisors, LLC acquired the 203,290-square-foot (sf) low-rise for $47.5 million.
Developed in 1983, the four-building, multi-story office project with a detached parking deck is 85% occupied with strong leasing activity and is located at 2710, 2720, 2730, and 2850 E. Camelback Road in one of the most esteemed submarkets in Metro Phoenix. Featuring a campus-like setting with over 900 feet of frontage and a lighted intersection along Phoenix Metro’s most well-known thoroughfare, Camelback Lakes exhibits an unquestionable prominence within the Camelback Corridor.
“Considered the most prolific barrier to entry submarket in Phoenix, the Camelback Corridor has witnessed, over time, some of the most significant rent spikes throughout the Valley and Camelback Lakes is well-poised to capitalize on that rent growth,” said Chris Toci, executive managing director of Cushman & Wakefield.
“Located in the heart of the Camelback Corridor, Camelback Lakes offers unmatched views of Piestewa Peak and provides immediate access to some of the state’s premier shopping destinations, exclusive residential communities, resorts, and mixed-use developments,” said Chad Littell, managing director of Cushman & Wakefield.
Mainstreet Capital (David Warren, Paul Kilgallon, Peter Tonon) is no stranger to the Camelback Corridor, as Warren was instrumental in the acquisition and reposition of Anchor Center in 2010. Mainstreet Capital will provide property management services and Cushman & Wakefield’s Keith Lambeth, executive managing director, will retain the leasing. “With virtually no new construction in the Camelback Corridor, rents are on the move and harken to the 2005 to 2007 time period which witnessed nearly 50% rent growth in one year,” reported Lambeth.
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