A 2-story class-A office building at 3333 E Camelback Road in Phoenix sold to Fenway Properties of San Diego, CA for $12 million ($130 PSF). The multitenant 92,233 square-foot building is comprised of two contiguous 2-story buildings built in 1984 on 4.97 acres.
The buyer plans to upgrade the common areas and re-develop new suites ranging in size from 1,200 to 17,930 square-feet.
The sellers, Robert and James Noffsinger with Noffsinger Manufacturing Company, Inc. of Greely, CO had owned the property since April 2000, when it was purchased for $11.22 million.
Major tenants in the building include AmWINS Group, The ConAm Group, Northmarq Capital and Summit Builders. The building was 90% occupied at time of sale.
Todd Noel and Keith Lambeth, senior vice presidents and Ryan Timpani, senior associate with Colliers International in Phoenix handled the transaction. Colliers has also been retained as leasing agents by the new owner.
Noel should be reached at (602) 222-5190 and Lambeth is at (602) 222-5191. Timpani can be contacted at (602) 222-5193.