Camelback West Shopping Center Sells For $2.53 Million in Phoenix

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]