Cushman & Wakefield Arranges Sale of Camelback Corridor Office Complex
8 Feb, 2008, Phoenix, AX
The prestigious Camelback Corridor office complex, Anchor Centre, has been sold for a price of $96,000,000.
The two-building complex located at 2201 and 2231 E. Camelback Rd., was constructed in the early 1980s and contains a total of 333,265 square feet of Class “A” office space.
Aslan Realty Partners III, LLC, a partnership led by California-based Transwestern purchased the property. It was sold by 2201 Camelback Associates, LLC, a partnership led by Denver-based Alliance Commercial Partners. The property is 89 percent occupied with anchor tenants including Starwood Hotels, Northwestern Mutual and JP Morgan Chase Bank. In addition, the property features a Ruth’s Chris Steakhouse restaurant.
“The Camelback Corridor has very limited land availability so there are sizable barriers to entry for office space ownership,” says Chris Toci, executive director of Cushman & Wakefield of Arizona, Inc. “Anchor Centre is very appealing because many of its tenants are paying rates well below market level. The opportunities for appreciation and higher cash flow are impressive in an area with historically strong tenant demand.”
Toci, Ted Harrison, Larry Downey and Jerry Jacobs of Cushman & Wakefield in Phoenix negotiated the sale transaction.
XXXCushman & Wakefield is one of the world’s largest commercial real estate services firms. Founded in 1917, the firm has 201 offices in 55 countries, and 12,000 talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, lenders and investors through every stage of the real estate process. These solutions include representing clients in the buying, selling, financing, leasing and managing of assets. The firm also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133, or visit the Web site at www.cushmanwakefield.com.
Contact: Robin Vitols (602) 957-8844