Humphreys Capital acquires 115,000 square feet of prime Phoenix real estate
Staff Reports | Digital Free Press
Cushman & Wakefield advised Holualoa Companies and LaPour Partners in the $66.35 million sale of Camelback Collective, a recently constructed 115,838-square-foot class A office building in Phoenix.
The four-story building is at 2801 E. Camelback Road and was over 95% leased at the time of sale. The buyer was Oklahoma City-based Humphreys Capital, according to a press release.
The price per square foot achieved, which was $573, marks Camelback Collective as the most expensive office building sold in metropolitan 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 in a prepared statement. “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.”
Vice Chairman Eric Wichterman called the sale a one-of-a-kind property, second to none.
“Camelback Collective is a generational trophy-quality office asset in a prestigious Camelback Corridor location, with secure investment income,” he said.
“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 found in the heart of the Camelback Road corridor, Camelback Collective has access to a vast collection of famed, high-end shopping, dining and entertainment amenities.