JLL completes $81.75 million trade of 3131 and 3133 Camelback

PHOENIX, Arizona – On behalf of TR Camelback Corp., the Phoenix office of JLL announced the sale of 3131 and 3133 Camelback. The two-building, Class A office property is in the heart of the Camelback Corridor, which has enjoyed an average 93 percent occupancy rate since its delivery to market in 1998.

Archon Acquisition LLC, a Goldman Sachs company, purchased the 295,401-square-foot office asset for $81.75 million ($277 PSF).

Senior Managing Director Dennis Desmond and Managing Director Lynn LaChapelle led the deal for JLL. Managing Director Trevor Klinkhamer, Senior Vice President Ray Harris and Director Scott Boardman of Cushman & Wakefield were the property leasing team.

“Exceptional location, quality construction and easy access has kept 3131 and 3133 Camelback a true ‘trophy’ office complex for more than 19 years,” said Desmond. “Archon recognized the past success and future potential of the property, including the strong rental rate growth that the Camelback Corridor is expected to continue to experience over the next five years.”

The office asset is located at 3131 and 3133 E. Camelback Rd. in Phoenix, at the southwest corner of 32^nd Street and Camelback Road – one of the most prestigious corners within the Phoenix market. It is surrounded by numerous walkable amenities including 11 restaurants, three banks and a grocery-anchored shopping center, and is minutes from State Route 51 and I-10.

Lincoln Property Company serves as the property manager for 3131 and 3133 Camelback, and will retain the property management assignment. JLL Managing Director John Bonnell, Senior Vice President Brett Abramson and Vice President Chris Latvaaho will take over the property’s leasing assignment.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients – whether a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $136 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

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JLL earns leasing assignment for Two-Building project at Fountainhead Corporate Park

PHOENIX, Arizona – The Phoenix office of JLL has earned the leasing assignment for Park Garden and Park Bridge at Fountainhead, a recently renovated, two-building Class A office campus positioned to meet high demand for the Airport and Tempe markets, but at a fraction of nearby rental rates.

JLL Managing Director John Bonnell, Senior Vice President Brett Abramson, Vice President Chris Latvaaho and Associate Joe Charles have been awarded the Fountainhead leasing assignment by property owner Cypress Office Properties and Harbert Management Corporation.J

“In the past 12 months, Phoenix has ranked second in the nation – behind only Chicago – for total office space absorption,” said Bonnell. “The Fountainhead campus is owned and meticulously managed by a very strong ownership group. This makes it a prime option for tenants seeking modern, high-amenity space that is only minutes from downtown Tempe and Phoenix, but at a price point that is as much as 40 percent lower than nearby, north Tempe office rents.”

Park Bridge and Park Garden are located at 1501 and 1620 W. Fountainhead Pkwy. in Tempe, with direct frontage to I-10 and almost equidistant from Sky Harbor International Airport and downtown Tempe. Park Bridge at Fountainhead totals six stories and 164,785 square feet of lakefront, Class A office space. Park Garden at Fountainhead totals six stories and 127,226 square feet of Class A office space with frontage on I-10.

Both buildings were renovated in 2016 and now feature upgraded lobbies, new outdoor tenant areas, enhanced landscaping and spec suites. “These are notable enhancements that speak to companies needing a polished, Class A, central office location but who don’t need to pay north Tempe prices for their space,” said Abramson.

Additional on-site amenities at the Fountainhead campus include Lucy’s Fountainhead Café and an extensive park-like campus with serenity areas, ponds, waterfalls and fountains. The buildings at Fountainhead offer numerous points of ingress and egress, and are within minutes of downtown Phoenix, downtown Tempe, Arizona State University, Arizona Mills Mall and Sky Harbor International Airport.

The property is currently 69 percent occupied by tenants including State Farm, Centene, Provision and Heartland.

The following commercial leases were reported to the Real Estate Daily News for the Phoenix Lease Report from September 26 thru 30, 2016

WFG National Title Insurance signs 6,058 SF lease at 2777 E. Camelback Building
PHOENIX, AZ – JLL Vice President Chris Latvaaho, Managing Director John Bonnell and Senior Vice President Brett Abramson represented property owner DRA Advisors/Fountainhead Equity Partners. Michael Stone of The Stone Group represented WFG, a national provider of premium title insurance and settlement services to the real estate and mortgage industry. As of Q1 2016, WFG was the fastest growing national title underwriter and the nation’s sixth largest provider of title insurance.

“2777 is perfect for forward-thinking companies like WFG who are looking for unique, modern, flexible space that differentiates itself from the submarket’s mega office complexes and towers,” said Latvaaho. “With this property, tenants get a one-of-a-kind infill location without compromising environment, infrastructure or amenities.”

Totaling 104,618-square-feet, the 2777 building sits at the southwest corner of 28^th Street and Camelback Road, in the heart of the prestigious Camelback Corridor. The building offers 36,000-square-foot floorplates, with contemporary features including 13-foot ceilings, raw concrete open space, a shared tenant conference room and surface and two-level underground parking.

WFG will relocate from 1420 E. Missouri Ave. in Phoenix into 6,058-square-feet on the ground floor at the 2777 building in November. It joins current building tenants UMB Bank, The Lavidge Company and Hill International and Avison Young.

JLL continues to market space at 2777 E. Camelback. Available suites range from 1,997-square-feet to 28,728-square-feet.

Osaka Japanese Steakhouse Leases 5,634 SF at Crossroads Towne Center
GILBERT, AZ — Brian & Tom Woods of Colliers International represented Vestar (Landlord) on a 10 year lease with Osaka Japanese Steakhouse (Tenant) at Crossroads Towne Center at 3843 S. Gilbert Road, Gilbert, AZ, 85234 for 5,635-square-feet.  Horth Hong of NAI Horizon represented the Tenant. Signed in September 2016.

ORION Represents Global Tenant in Tempe Center
TEMPE, AZ – Taiwanese brand DaYung’s Tea recently leased a +1,400 square foot space in a heavily trafficked area of Tempe, Arizona. This is DaYung’s first store opening in North America! Established in 2001, and having over 270 stores in Asia, DaYung’s has a long history of success. It offers a healthy concept, using only natural ingredients and fresh fruit.

Judi Butterworth and Lacey Guardado of ORION Investment Real Estate represented the tenant. “We are very excited to have represented DaYung’s for their first store in the North America. This hot new concept will blend in perfectly with the other new restaurants at Mill Plaza,” says Butterworth and Guardado. “It will also be able to serve the huge Asian customer base, as well as the ASU student population,” they concluded.

The suite is located within the newly remodeled Fry’s center: Mill Plaza. The plaza includes national tenants such as Fry’s Food & Drug Store, Jack in the Box, Papa Murphy’s, UPS Store, hi-health, Great Clips, and a newly constructed Fry’s Fuel. The center is located at a signalized intersection and is easily assessable from both Mill Avenue and Southern Avenue, which has a combined traffic count of ±61,670 vehicles per day. Situated in the heart of Tempe, with ASU’s main campus approximately two miles to the north, tenants do strong business out of this location.

Smooth Laser Hair Removal Leases New Location in Scottsdale
SCOTTSDAEL, AZ — A lease for 825-square-feet in Sterling Plaza to Smooth Laser Hair Removal was recently consummated. The location of the property is 7127 E. Sahuaro Dr. in Scottsdale, AZ.  The owner of the center is Castor Plaza LLC.  Richard Mackay of Rein & Grossoehme Commercial Real Estate represented the tenant and Tom Kuffler of Civic Asset Management represented the owner.

Unique User Comes to Granada Plaza, Chandler, Arizona
CHANDLER, AZ – The Trigger Guy Gunsmithing & Sales recently leased an 800-square- foot space in Granada Plaza, located on the southwest hard corner of Alma School Road and Galveston Street. The Trigger Guy provides gunsmithing services, including repairs, modifications, total gun transformations, installing sights, scope mounting, and cleaning services. They also do custom gun work.

Judi Butterworth and Lacey Guardado of ORION Investment Real Estate represented the Owner, Granada Plaza, LLC, in leasing up this space. The Owner remarked, “We have had these spaces on the market for over two years, with minimal activity. We hired ORION’s Judi Butterworth and Lacey Guardado, and in less than three months we already have our first lease signed, plus prospects for the last space available. More importantly, they made excellent suggestions on how to enhance the center, and even helped us create a new lease.”

The last suite, #14, is available in Granada Plaza. It faces Alma School Road (23,885 VPD) and consists of 1,400-square-feet.