Camelback Square, a three-story Class-A office project in the heart of Old Town Scottsdale, was recently purchased for $42.3 million. “The Old Town Scottsdale office market is an extremely popular area that is experiencing steadily rising rents and values,” says Paul Smith, principal of new owner Velocis. “Camelback Square is our first acquisition in the Phoenix market, and one we hope to build on as we pursue additional assets in the Southwest region.” Seller Lincoln Property Company will continue to manage the property.
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