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| Biltmore Commerce Center, 3200 East Camelback Road, Phoenix, AZ |
PHOENIX, AZ – Office investment and management expert
Lincoln Property Company (LPC) and funds managed by Oaktree Capital Management,
L.P. (Oaktree) have completed the $58 million purchase of Biltmore Commerce Center, a Class A, institutional-quality office
building located in the heart of Phoenix’s coveted Camelback Corridor.
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| David Krumwiede |
The acquisition represents LPC’s second transaction in a
partnership with Oaktree that has generated $102 million in metro Phoenix deal
activity in a 60-day timeframe.
These deals include
the $58 million Biltmore Commerce Center acquisition and the $42.3 million,
mid-February disposition of Camelback Square, a 174,917-square-foot, Class A
office asset in Old Town Scottsdale.
It also increases LPC’s Phoenix investment
activity to more than $165 million in the last 60 days.
“Phoenix has the lifestyle, the labor and the commercial real estate to generate upside value, drive demand and respond to tenant needs at almost any point of the real estate cycle,” said Lincoln Property Company’s Executive Vice President David Krumwiede, who directed the Biltmore Commerce Center investment purchase.
“It’s an exciting dynamic to work in, particularly when you have a team that can see potential at any given point in the cycle, and use their investment, development and management skills to build on that potential. It leads to a lot of opportunity in many venues, including this latest, great portfolio addition.”
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| Alisa Timm |
Cushman & Wakefield’s Chris Toci, Chad Littell, Jerry Noble, Pat Devine and Greg Mayer
represented the property seller, a venture between DPC Development Company and
Bridge Investment Group. LPC Director of Management Services Alisa Timm will direct the project’s
property management strategy.
For leasing information on Biltmore Commerce Center or to
discuss additional investment opportunities, please contact David Krumwiede or Amr Ceran at (602) 912-8888.
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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