Holualoa Companies and LaPour Partners paid $66.35 million for the Camelback Collective, a recently constructed 115,838-square-foot Class A office building in Phoenix, Arizona. The premier four-story building is located at 2801 East Camelback Rd and was over 95% leased at the time of sale. The buyer was Oklahoma City-based Humphreys Capital.
At $573, the price per square foot achieved by Camelback Collective is the highest for a pure office building ever sold in Metro Phoenix, according to Cushman & Wakefield.
Steve Lindley, Eric Wichterman, Alexandra Loye, and Mike Coover, with Cushman & Wakefield in Phoenix represented the seller in the transaction. Cushman & Wakefield’s Jerry Roberts and Pat Boyle provided leasing advisory.
“Even with the record price per square foot, the investment represents exceptional value for the buyer,” said Executive Managing Director Steve Lindley. “Rents at Camelback Collective are 15 to 20% below recently signed leases at other modern trophy properties and given rapidly increasing construction costs the price is near today’s replacement cost.”
“Camelback Collective is a generational trophy-quality office asset in a prestigious Camelback Corridor location, with secure investment income,” said Vice Chairman Eric Wichterman. “The building has all the features in demand by modern tenants, enhanced by stunning views through floor-to-ceiling glass which are unique in the market, as well as a synergetic AC Hotel by Marriott lifestyle hotel on site.”
Built in 2018 and located in the heart of the Camelback Corridor, Camelback Collective has excellent access to a vast collection of famed, high-end shopping, dining, and entertainment amenities.