PHOENIX, Arizona -- Camelback West Shopping Center, a 44,460-square-foot shopping center built in 1954 was recently recorded. The location of the property is 3601 W. Camelback Road in Phoenix, Arizona.
The buyer, JARM LLC, was in a 1031 exchange. The seller was Camelback Phoenix Partners LP.
The sales price was $2.525 million, which equates to $56.79 per square foot. The building was 61% occupied at closing. Buyer plans to do a major renovation of the center to better facilitate interaction with the nearby Grand Canyon University.
Mark Rein of Rein & Grossoehme represented the seller and the buyer. Rein specializes in the sale of shopping centers and has sold 97 such properties over the years. Rein & Grossoehme specializes in the sale of investment properties and retail, office and industrial leasing.
Rein should be contacted at 480.214.9414 or [email protected]