In one of the largest, if not largest, office investment sales in the Phoenix metro area this year, LBA Realty of Irvine, CA (Phil Belling, manager) purchased the Camelback Esplanade project for $279 million ($289 PSF). The 966,421-square-feet of office buildings within the mixed-use Esplanade complex is located at the southeast corner of Camelback and 24th Street in Phoenix.
The class-A offices were sold by MetLife (Jacqueline Denning, regional director) that began renovations of the building last December 2014. See Real Estate Daily News “What’s Next at the Esplanade?” A New Look for a New Camelback Biltmore Experience Dec 1, 2014.
Maricopa County records show Esplanade Owner, LP an entity formed by LBA Realty, as acquiring the Esplanade offices with a $158.1 million loan from Wells Fargo Bank.
The 10-and 11-story office buildings, built between 1989 and 2002, were 65% leased at time of sale.
The office buildings included in the sale:
- Esplanade I, 2425 E Camelback Road - 264,859-square-feet (built 1989)
- Esplanade II, 2525 E Camelback Road - 265,981-square-feet (built 1990)
- Esplanade IV2575 E Camelback Road - 206,587-suqare-feet (built 1991)
- Esplanade V, 2555 E Camelback Road - 228,994-square-feet (built 2002)
The sale was negotiated by Adam Edwards and KC Scheipe of Eastdil Secured in Irvine, CA. Scheipe and Edwards can be reached at 949.930.7474. The contact for LBA Realty is Bob Hubbard who can be contacted at 602.648.0905.
Not included in the sale was Esplanade III, a 218,266-square-foot office building at 2415 E Camelback Road that sold earlier in March 2015 to Crow Holdings Capital Partners, LLC for $74.3 million ($340 PSF).