Cushman & Wakefield Negotiates Sale to Six Tenant-in-Common Investors

PHOENIX, Arizona – Cushman & Wakefield announced that six tenant-in-common (TIC) investors purchased One Camelback, located at 1 E. Camelback Road in Phoenix, from One Camelback Inc. The six TIC companies – CD Camelback LLC, Randhurst Camelback LLC, KOT Camelback LLC, SS Camelback LLC, SD Camelback LLC and RH Camelback LLC – purchased the property for $14 million. Eric Wichterman, Greg Valladao and Mike Coover of Cushman & Wakefield Phoenix negotiated the sale.

One Camelback, an 11-story, 203,122-square-foot office property, was almost vacant (3.4% occupancy) at the time of the sale. Located on a 1.97-acre site, the building was constructed in 1985 and features a five-level subterranean parking garage and a full-length interior atrium – well suited for residential, hotel or office uses. The TIC group who purchased One Camelback are considering converting the newly-acquired office building for multifamily use.

Located at the southeast corner of Camelback Road and Central Avenue, One Camelback sits at the ‘Hottest Intersection in Metro Phoenix’ voted by the Urban Land Institute in 2017. This is due in large part to the over 600,000 sf of retail, including over 20 restaurants and the newly repositioned Uptown Plaza, serving the property.

“The enormous success of several recent retail and residential projects in this exciting, and already well-established, urban infill location add to the appeal for high-density residents in the area. Given these tailwinds, One Camelback should thrive as a luxury residential redevelopment,” said Eric Wichterman.

Cushman & Wakefield Negotiates Sale of Park West

PHOENIX, Arizona – Cushman & Wakefield announced today that Park West, located at the northwest corner of Loop 101 and Northern Avenue in Peoria, Arizona, sold for $34.45 million to San Diego-based CIRE Investments, LLC.

Greg Valladao, Brad Douglass, Chris Hollenbeck and Sean Lieb of Cushman & Wakefield represented the seller, Park West, LLC in partnership with The Howard Hughes Corporation of Dallas, Texas.

Recently constructed and anchored by a 14-screen Harkins Theatre, Park West is a 46-acre mixed-use center with entertainment, restaurants, traditional retail and service commercials. As an upscale destination in the West Valley, the center is home to tenants such as Flemings Steakhouse, BJ’s Brewhouse, Grimaldi’s Pizza, Victoria’s Secret, Bath & Body Works, The Joint and Vivaldi Salon.

“Park West presented the opportunity to purchase a meticulously constructed and maintained mixed-use center with tremendous upside in a region experiencing exceptional growth,” according to Valladao.

Located on the Peoria/Glendale border in Metro Phoenix, the property includes an additional 18-acres of development land. Excluded from the sale, but within the 74-acre Park West site, is Vue Park West a luxury three-story multifamily community comprised of 260-units that is walkable to the retail, restaurants and entertainments options.

Cushman & Wakefield Negotiates Sale of Glendale, AZ, Property to California Investor

PHOENIX, AZ – Cushman & Wakefield, a global leader in commercial real estate services, announced today that Greenway Promenade, a Glendale, AZ, retail center has been sold to a California investor for $8.3 million ($131.85 PSF).

Cushman & Wakefield Senior Director Greg Valladao represented Samit Patel & Shashikant Patel DBA 1058 Munras Properties, LP of Monterey, CA, in the purchase. Ari Spiro and Jared Williams of Orion Investment Real Estate and Alan Zell at ZELL Commercial Real Estate Services represented the seller, Dribin Capital, LLC DBA Shea-Three Greenway, LLC of Tempe.

“This retail lifestyle center offered an opportunity for the investor to step in and add value by leasing up the remaining vacancy as the market improves,” said Mr. Valladao. “The Metro Phoenix retail market is improving, and the convenience of this neighborhood center within a well-established residential area will bode well for their leasing prospects.”

Greenway Promenade was built in 1988 and contains approximately 62,949 square feet of retail space. The property is currently 73% occupied by tenants that include Dairy Queen, Fascinations, KimmyZ Bar & Grill and the Golden Dragon Chinese Restaurant.