PHOENIX, AZ – The Phoenix office of Jones Lang LaSalle has completed the sale of Camelback Arboleda (top left photo), a 179,751-square-foot, multi-tenant office building located at 16th Street and Camelback Road, in the heart of Phoenix’s prestigious Camelback Corridor.
Jones Lang LaSalle’s Senior Managing Director Dennis Desmond (middle right photo) and Senior Vice President Brian Ackerman (middle left photo) managed the sale to El Segundo, California-based Westport Capital Partners LLC, a real estate investment firm specializing in distressed and opportunistic real estate assets.
Camelback Arboleda is currently 81 percent occupied by tenants including Stanley Consultants, Telesoft Corp., and a Starbucks administrative office. It is also the third large, opportunistic office building that Jones Lang LaSalle’s capital markets team has sold in suburban Phoenix since mid-2011.
“All of these buildings are in very sought-after locations and provide great upside opportunity,” said Desmond. “They are the value-add combination that buyers have been waiting for.”
In addition to Camelback Arboleda, the capital markets team recently brokered the sale of Scottsdale Financial Center II, (lower right photo) a 150,892-square-foot building at Indian School and Scottsdale roads that was purchased in late 2011 by Westport Capital Partners, and Scottsdale Centre, a 164,300-square-foot building located on Scottsdale Road near Indian Bend Road that was purchased in mid-2011 by Newport Beach, California-based MIG Real Estate.
According to Jones Lang LaSalle research, the Camelback Corridor was 87 percent occupied five years ago and rental rates averaged $30 per-square-foot. Today, occupancy has dropped to 69 percent and rental rates average approximately $24 per square foot.
“As local office occupancy levels improve, so do rental rates,” said Ackerman. “We are seeing signs of significant increased leasing activity now on the Camelback Corridor and that’s what is attracting investors.”
For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center webpage and visit www.joneslanglasalle.com.
Contact:
Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195
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