Best-in-class Camelback Corridor property just over 90% leased
Staff Reports | Digital Free Press
Holualoa Companies and LaPour Partners have sold the recently-constructed, 115,000 square foot, class A office building in the Camelback Corridor to Oklahoma City-based Humphreys Capital for $66.35 million.
Camelback Collective also includes the adjacent, 160-room AC Marriott Hotel, which was not included in the transaction, according to a press release.
At $573, the price per square foot achieved by Camelback Collective is the highest for a office building ever sold in metropolitan Phoenix, according to Cushman & Wakefield.
The four-story, office building is a part of the heart of the Camelback Corridor, with excellent access to abundant, high-end shopping, dining, and entertainment amenities and was 95% leased upon sale.
Holualoa and LaPour acquired the site, which included seven existing two-story office buildings, in 2016. The existing buildings were demolished and a new state-of-the-art, LEED-certified building with a 326-space underground parking garage was developed with completion in 2018.
“We have been very proud of this project since it opened and very pleased with the leasing momentum it generated over the years,” said Stan Shafer, COO at Holualoa Companies. “This transaction shows just how exceptional an opportunity Camelback Collective is and how strong the Camelback Corridor submarket is for investors right now.”
Executive Managing Director at Cushman & Wakefield Steve Lindley echoed a similar sentiment of the value of the property.
“The property represents exceptional value for the buyer given rapidly rising construction costs and rents that are 15 to 20% below recently signed leases at other modern trophy properties in the market,” he said. “We had great interest from investors and ultimately Humphreys Capital saw the value and opportunity in Camelback Collective, and they were great to work with during the sale process,” said Jeff LaPour, President of LaPour Partners. “It has been rewarding to bring to life such a successful and iconic property and we wish the new ownership the best in the future.”
Steve Lindley, Eric Wichterman, Alexandra Loye and Mike Coover at Cushman & Wakefield represented the seller in the transaction, working with Jerry Roberts and Pat Boyle for office leasing advisory, and Beth Lambert on debt and equity finance.
