Two Landmark Camelback Corridor Buildings in Phoenix, AZ Sold by Lincoln Property Co. for $72 million

 

Daryl Burton

PHOENIX, AZ, Sept. 21, 2023 – Lincoln Property Company’s Southwest division, LPC Desert West (LPC), has sold the landmark 3131 and 3133 Camelback to an entity of Presson Corporation, led by local investor Daryl Burton for $72.1 million.

With a premier location at the southwest corner of 32^nd Street and Camelback Road, in the heart of the Camelback Corridor, the project boasts the highest average occupancy rate of any office building in the history of metro Phoenix.

Barry Gabel

Barry Gabel, Chris Marchildon and CJ Osbrink of Newmark represented LPC in the building sale. LPC will retain leasing and management duties for the buildings.

The project spans 295,401 square feet in two adjacent Class A, multi-story office buildings at 3131 and 3133 E. Camelback Rd. in Phoenix.

This includes 3131 Camelback, offering 196,332 square feet in four stories, and 3133 Camelback, totaling 99,069 square feet in three stories, along with an on-site parking garage.

The buildings sit minutes from State Route 51 and I-10, and within walking distance to a selection of high-end dining, retail and luxury housing. They are a short drive to Biltmore Fashion Park, Arizona Biltmore Resort and Golf Club, and The Camby Hotel.

Chris Marchildon

“These buildings have been rigorously managed to ensure their stability and continued appeal to the modern office tenant,” said Lincoln Property Company Executive Vice President David Krumwiede. “Our occupancy and rental rates at 3131 and 3133, along with a great mix of tenants, have made this a highly successful investment for us.”

“The strategies put in place by Lincoln Property Company have ensured this property’s operation at its highest and best levels,” said Burton. “This acquisition is an exciting opportunity, giving us entrée into the Camelback Corridor with a very prominent investment presence.”

Owned and managed by LPC since 2017, 3131 and 3133 Camelback have enjoyed significant renovations under an institutional-quality asset management strategy.

CJ Osbrink

This includes the renovation of its two-story atrium lobbies, contemporary new furnishings, a new tenant conference facility, on-site coffee bar, upgraded and shaded outdoor tenant amenity area, restroom renovations, modernized tenant corridors and new front entryway and landscaping.

LPC also completed improvements to secure the buildings’ Energy Star Certification by the U.S. Environmental Protection Agency (EPA), denoting an average 35 percent less energy use than typical buildings and the release 35 percent less carbon dioxide into the atmosphere.

Collectively these efforts have helped 3131 and 3133 Camelback maintain an average 90 percent occupancy since its delivery to market in 1998.

David Krumwiede

“The environment at 3131 and 3133 is extremely conducive for growth,” said Lincoln Property Company Senior Vice President John Orsak. “That has allowed us to attract and retain a broad mix of companies that we’re confident will take this project and its tenants into the next decade of success.”

 

CONTACT:

 

 

Stacey Hershauer

480.600.0195

stacey@focusaz.com

 

Stream Realty Partners Hires Four Industry Leaders To Solidify Office Leasing Team In Phoenix, AZ

From top left: John Bonnell, Managing Director; Brett Abramson, Managing Director; From bottom left: Chris Latvaaho, Senior Vice President; and Chris Beall, Vice President.

Photo credit: Lewis Kim / Shoootin

 

PHOENIX, AZ, Sept. 21, 2023 – Stream Realty Partners has recruited a seasoned four-broker office leasing team with nearly eight decades of combined commercial real estate experience to build a best-in-class operation in Phoenix.

 Tiffany Winne

Managing Directors John Bonnell and Brett Abramson, Senior Vice President Chris Latvaaho and Vice President Chris Beall join Stream Realty, a national commercial real estate firm offering an integrated platform of services.

 

 They will work alongside Executive Managing Director and Partner Tiffany Winne to expand the firm’s investor services platform in the region while amplifying the brand’s presence in the Phoenix market.

 

The new team, which previously worked at JLL, will be responsible for sourcing, winning, and executing office business across all service lines, concentrating on office agency leasing.

 

“Stream’s nimble full-service platform and well-known enterprising spirit will allow us to tap into our collective expertise and empower us to elevate our offering,” Bonnell said.

 

“We are excited to join a forward-thinking company that is strategically expanding its footprint and investing in the right resources that allow us to create exponential opportunity and value for our clients and Stream.”

 

Stream Phoenix opened in September 2021 and has strategically grown to more than 20 professionals who lease and manage a portfolio of more than nine million square feet of office and industrial space.

 

John Bonnell

John Bonnell 

Bonnell brings to Stream Realty more than 30 years of experience in agency leasing in the Arizona market. He last served as a Managing Director at JLL, where he spent more than 13 years representing institutional and entrepreneurial landlords of existing and ground-up office developments. He has completed more than 3,500 leases worth in excess of $2.2 billion throughout his career.

 

Prior to joining JLL, Bonnell was a Senior Vice President at Grubb & Ellis. He has also worked for Insignia/ESG, Cassidy Turley, and Trammell Crow. He is a former board member and current member of NAIOP. 

 

Brett Abramson

Brett Abramson

 

Abramson has over 18 years of experience in the Phoenix commercial real estate market. He joined JLL in February 2010 and ascended to Executive Vice President during his tenure. He specializes in leasing Class A office buildings for institutional and entrepreneurial landlords of existing and ground-up office developments.

 

Prior to JLL, Abramson was a Senior Associate at Grubb & Ellis. He is a member of NAIOP.

 

Chris Latvaaho

Chris Latvaaho

Latvaaho has worked in the Phoenix commercial real estate market since 2000, where he spent the last nine years specializing in office agency leasing as a Senior Vice President at JLL.

 

Before JLL, Latvaaho was a Director in the Office Properties Division at Cushman & Wakefield, where he was involved in more than 1,500 lease and sale transactions totaling more than 3 million square feet.

 

He has also worked for Scottsdale Property Management, leasing more than 2.2 million square feet of investment properties concentrated in the Phoenix metro office market.

 

Latvaaho began his commercial real estate career at Heitman Properties Ltd. in the Greater Minneapolis-St. Paul area. He is a member of NAIOP.

 

Chris Beall

 

Chris Beall

Beall brings nearly eight years of commercial real estate experience to Stream Realty. Prior to joining Stream Phoenix, he was a Senior Associate at JLL for nearly six years, where he completed over 150 lease transactions.

 

 He also worked at CBRE as an Associate Business Analyst supporting the Net Lease Property Group in Phoenix.

 

Chris is an active member of NAIOP, serving on the Steering Committee for the Developing Leaders and as the Co-Chair for the Young Professionals Group.

 

CONTACT:

 

 

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”