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| 2777 Camelback, Phoenix, AZ |
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| David Krumwiede |
PHOENIX, AZ – With a
$24.65 million purchase, Lincoln Property Company (LPC) has added 2777 Camelback to its Class A Phoenix
office portfolio. The 104,618-square-foot building is located at 28th Street
and Camelback Road, in a section of the Camelback Corridor undergoing a wave of
new development.
The acquisition brings
LPC’s metro Phoenix Class A office portfolio to more than 3.5 million square
feet across 20 assets. This includes four buildings (Biltmore Commerce Center,
3131/3133 Camelback, and 2777 Camelback) totaling approximately 660,000 square
feet along the prestigious Camelback Corridor.
“The land surrounding 2777
Camelback is enjoying a major revival, thanks to multiple new development
projects,” said Lincoln Property Company Executive Vice President David Krumwiede.
“This is a significant
accomplishment in the high-barrier-to-entry Camelback Corridor submarket – and
one that we will support as we upgrade 2777 to an even higher standard of
quality.”
Directly to the west of
2777 Camelback, StreetLights Residential is developing a five-story, Santa
Barbara-style residential community with 253 luxury apartment homes.
The new project sits on
land previously hindered by receivership, but that is now under new ownership.
To the east of 2777, LaPour is developing the mixed-use Camelback Collective,
which includes a 160-room AC by Marriott hotel and 120,000 square feet of new
Class A office space.
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| John Orsak |
LPC purchased the 2777
building from DRA Advisors/Fountainhead Equity Partners and has plans to
immediately begin repositioning the asset with lobby and common area
renovations, an indoor tenant lounge and conference facility, a new
collaborative outdoor lounge area, improved signage and upgraded landscape and
hardscape.
It will also introduce
institutional-quality management via the LPC property management team, who
currently manages approximately 6 million square feet of LPC-owned and
third-party office, industrial and retail space across the region.
These efforts add to the
company’s more than $6 million in renovation efforts just completed or underway
at buildings across the metro Phoenix market – ranging from Gainey Center and
Luhrs City Center to Biltmore Commerce Center, Promenade Corporate Center, and
3131/3133 Camelback.
“Since 2012, The Camelback
Corridor has recorded positive office space absorption of more than 214,000
square feet annually,” said Lincoln Property Company Director of Real Estate John Orsak.
“Institutional owners have poured hundreds of
millions of dollars into upgrading properties in this submarket, and they
continue to invest with renovations and new construction. Like us, they see a
very strong future for Camelback Corridor buildings, and are positioning themselves
to support a long runway of tenant demand.”
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| John Bonnell |
Tenants at 2777 Camelback
include UMB Bank, WFG National Title, The Lavidge Company, Hill International
and Avison Young.
“We also have approximately 37,000 square feet of space
available for lease at the property, including a full second floor with a
28,000-sqaure-foot floorplate,” said Krumwiede. “This is a rare find on the
Camelback Corridor and is ideal for tenants looking for the amenities of this
central location within a very appealing, renovated building.”
Amenities at 2777
Camelback include 13-foot ceilings, modern open layouts with exposed concrete
aesthetics, flexible 36,000-square-foot floorplates, views of surrounding
mountains and a two-level underground parking garage with direct elevator access
to tenant spaces.
The building offers prominent signage exposure to Camelback
Road and walkability to more than a dozen restaurants and Biltmore Fashion
Square. It is within minutes from State Route 51 and Sky Harbor International
Airport.
Chris Toci
of Cushman & Wakefield served as the investment sales broker. JLL Managing
Director John Bonnell, Senior Vice
President Brett Abramson and Vice
President Chris Latvaaho serve as
the building’s exclusive leasing brokers.
For more information or to
discuss investment opportunities with LPC, contact David Krumwiede or John Orsak at (602) 912-8888. To discuss
property management opportunities with LPC, contact Megan Watkins.
For a complete copy of the company’s news release,
please contact:
Stacey Hershauer
focusAZ
Marketing & Public
Relations
(480) 600-0195
or www.lpcphx.com.
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