Southwest Value Partners has acquired Esplanade III, a 222,820-square-foot office tower in Phoenix’s Camelback Corridor, for $86 million. The transaction closed August 26 and represents the largest single-building office sale completed in metro Phoenix in 2026. The property was sold by an LLC affiliated with Transwestern and C-III Capital Partners.
JLL Capital Markets brokered the transaction, with Benjamin Geelan, Will Mast, Jack Miler and Charles von Arentschildt representing the sale.
Located at 2415 E. Camelback Road, Esplanade III is positioned within the 1.3-million-square-foot Esplanade mixed-use campus in the heart of the Camelback Corridor. The office tower was 83.4% leased when it was marketed for sale, with a weighted-average lease term of 4.4 years and a tenant base that includes investment-grade and other creditworthy companies.
JLL, which served as exclusive advisor for the property, marketed Esplanade III as an institutional-quality office asset with opportunities for both additional lease-up and rental growth. The property’s in-place rents averaged $46.79 per square foot at the time it was offered for sale.
The transaction comes as investors continue to target high-quality office properties in established Sunbelt submarkets. In announcing the completed sale, JLL Capital Markets pointed to sustained investor demand for top-tier office assets in premier locations and continued conviction in Arizona’s strongest office submarkets.
Esplanade III benefits from its location within the Camelback Corridor, one of metro Phoenix’s most established corporate and commercial districts. The broader Esplanade campus combines office space with luxury hospitality, restaurants and other amenities in a walkable mixed-use environment.
Buyer Southwest Value Partners is a privately held real estate investment company focused on institutional-quality properties in growth markets throughout the United States. The firm has an established Arizona presence and has previously invested in office, hospitality, mixed-use and land assets throughout the Phoenix and Tucson markets.
Its Arizona office investments have included the 463,000-square-foot Continuum property in Chandler, the 280,000-square-foot Papago Arroyo office portfolio in Tempe and the 160,000-square-foot Papago Spectrum office building.
The $86 million Esplanade III acquisition adds one of the Camelback Corridor’s prominent office properties to that portfolio and represents one of the most significant Phoenix-area office investment transactions of the year.
