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| 4141 Camelback Road, Phoenix, AZ |
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| Brian Ackerman |
PHOENIX, AZ – As the Phoenix office market continues a
steady recovery, buildings in trophy Class A locations are quickly
differentiating themselves as leaders of the pack.
Representing 4141 N. Scottsdale Holdings LLC, JLL’s Capital
Markets experts closed on one of these assets, located in the heart of downtown
Scottsdale, Ariz.
JLL also secured $26.5 million in acquisition financing on
behalf of the new buyer, Palisades Capital Realty Advisors LLC.
Senior Vice President Brian Ackerman and Senior
Managing Director Dennis Desmond led the JLL team on the $34.5 million
sale, while JLL Managing Director Chris Casey and Executive Vice
President Reid McGlamery secured the financing.
“This is a highly walkable, Class A environment that is
packed with the market’s most popular shopping, dining, entertainment and urban
residential amenities,” said Ackerman.
“The combination has attracted all types of vibrant,
tech-forward companies, quickly pushing rental rates to almost $30
per-square-foot and causing vacancies to drop into the low single digits.”
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| Dennis Desmond |
“We received a tremendous response from lenders who were
impressed with the location and quality improvements at the project, as well as
the high occupancy, credit tenancy and strong borrower,” added Casey.
The three-story, 147,356-square-foot 4141 building is 91
percent occupied with leases to credit and blue chip tenants.
Built in 1989 and
renovated in 2013, the project is located at the northeast corner of Scottsdale
and Indian School roads, within walking distance to the iconic Scottsdale
Fashion Square.
It is approximately two miles from the Loop 101 freeway and
less than 10 minutes from the Loop 202 freeway and Sky Harbor International Airport.
The property features a classic red brick façade, efficient floorplates and
360-degree views of the Camelback and McDowell mountains.
For more news, videos and research resources on JLL, please
visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.
For a complete
copy of the company’s news release, please contact:
Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195
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