C-III Capital Partners, in a joint venture with Transwestern, purchased Camelback Esplanade III for a total of $60.25 million. The 218,387 square foot office building in Phoenix, Arizona, is one of the five office buildings that make up the Camelback Esplanade. The building was previously owned by CH Realty VII/O Phoenix Esplanade LLC, a company formed by Crow Holdings Capital Partners LLC in Dallas, Texas.
Camelback Esplanade III is a ten-story office building at 2425 East Camelback Road. The surrounding Camelback Esplanade corridor offers a broad spectrum of amenities for tenants such as a hotel, a Starbucks, City Market Deli and Merc Bar, as well as an AMC dine-in movie theater. The development is located just across the road from Biltmore Fashion Park, a luxury shopping center with more than 60 high-end retailers and restaurants.
Barry Gabel, Chris Marchildon, and Will Mast of CBRE Capital Markets in Phoenix represented the seller while Jim Fijan and Jack Fijan of Transwestern represented the buyer. Bill Zurek and Jim Achen of Transwestern will oversee the leasing and management of the property.
Gabel comments that with its prime location and Energy Star-rated and LEED® Gold Certified Construction, the sale of Camelback Esplanade III indicates a bright future for the Phoenix metro area.
“With its combination of timeless trophy-quality construction and unmatched location at 24th and Camelback Road, Camelback Esplanade III is part of an exclusive group of true Class A office assets in Phoenix,” said Gabel. “This sale is a clear indicator of the long-term economic prospect of metro Phoenix.”
At the acquisition of Camelback Esplanade III, the building was around 50% occupied leaving room for more tenants to take advantage of the prime Class A office space.
C-III Capital Partners is one of the largest real estate investment firms in the United States, led by Andrew Farkas who is the CEO and Chairman.Read More