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.

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: https://bit.ly/18P2tkv.

The following leases were reported to us during the week of May 26-30, 2014 for the Phoenix Lease Report:

FLEX OFFICE – 4747 N 22^ND STREET, PHOENIX
Dell, Inc. has renewed an existing 12,303-square-foot lease at 4747 N. 22^nd St. in Phoenix, Ariz. CBRE’s Kevin Calihan represented the tenant. The landlord, Anchor Center II, LLC, was represented by Judy Tucker with Camroad Properties.

INDUSTRIAL – 16681 84^TH AVE, PEORIA
RMRM, LLC has leased 7,910-square-feet of industrial space at Antigua Corporate Center located at 16681 84^th Ave. in Peoria, Ariz. Mitch Stravitz, Cooper Fratt, John Werstler and Jerry McCormick of NAI Horizon represented the landlord, First Arrowhead Commerce Center, LLC. The tenant was represented by Tom Keck with West USA Realty.

RETAIL – 1725 N DYSART ROAD, AVONDALE
Chris Gerow, Shelby Tworek, and Gabe Ortega of NAI Horizon represented the landlord, Alameda Venture, LLC, in a 3.5 month retail lease transaction for a 7,500-square-foot space at 1725 North Dysart Road in Avondale, AZ. Torrey Briegel with Phoenix Commercial Advisors represented the tenant, Spirit Halloween Superstores, LLC.

INDUSTRIAL – 580 N 54^TH STREET, CHANDLER
DNB Engineering, Inc. has leased 5,435-square-feet of industrial space at 10 Chandler Business Park located at 580 N. 54^th St. in Chandler, Ariz. Mike Parker, Evan Koplan and Mark Krison with CBRE’s Phoenix office represented the tenant. The landlord, North 54^th Street Venture, LLC, was represented by James Harper with Cassidy Turley.

OFFICE – 12515 W BELL ROAD, SURPRISE
Wells Fargo Tenant Advisors has renewed a 5,000-square-foot lease for office space at 12515 W. Bell Rd. in Surprise, Ariz. Kevin Calihan with CBRE’s Phoenix office represented the tenant. The landlord, Nellis Family Investments, LLC, was represented by Alan Davidson with Eagle Commercial Realty Services.

OFFICE – 14350 N 87^TH STREET, SCOTTSDALE
Cumming Construction Management, Inc. has leased 4,876-square-feet of office space at 14350 N. 87^th St. in Scottsdale, Ariz. CBRE’s Kevin Calihan represented the tenant. The landlord, Miref Northsight, LLC, was represented by Sean Spellman with Cushman & Wakefield. This marks an expansion for the international project and cost consulting firm.

OFFICE – 3131 E CAMELBACK ROAD, PHOENIX
Pathlight Investors has leased 4,067-square-feet at 3131 E. Camelback Rd. in Phoenix, Ariz. Kevin Calihan with CBRE’s Phoenix office represented the tenant. Ray Harris with Cassidy Turley represented the landlord, Lincoln Property Company. The lease marks an expansion for the investment advisory firm.

RETAIL – 1815 E ELLIOT ROAD, TEMPE
Chris Gerow, Shelby Tworek, and Gabe Ortega of NAI Horizon represented the landlord, R&D Operations, LLC, in a 10 year retail lease transaction for a 3,500-square-foot space at 1815 East Elliot Road in Tempe, AZ. The tenant was Biscuits AZ, LLC.

OFFICE – 9051 W KELTON LANE, PEORIA
Tom Bean and Troy Giammarco of NAI Horizonrepresented the tenant, CAH Subsidiary REIT, Inc., in a 40 month office lease transaction for a 2,879-square-foot space at 9051 West Kelton Lane in Peoria, AZ. DJ Bean and Franklin Connell with Cutler Commercial represented the landlord, The Hill Trust.

INDUSTRIAL – 6005 S 40^TH STREET, PHOENIX
Mike Myrick of NAI Horizon represented the tenant, Switch Suspensions, in a 28 month industrial lease transaction for a 2,700-square-foot space at 6005 South 40^th Street in Phoenix, AZ. Langdon Bridges with Commercial Properties, Inc. represented the landlord, Arizona Industrial Properties.

RETAIL – 21141 N JOHN WAYNE PKWY, MARICOPA
Chris Gerow, Shelby Tworek, and Gabe Ortegaof NAI Horizon represented both the landlord, LNR Partners, and the tenant, JB Subs, Inc. in a 10 year retail lease transaction for a 2,600-square-foot space at 21141 North John Wayne Parkway in Maricopa, AZ.

RETAIL – 15410 S MOUNTAIN PKWY, PHOENIX
Holly Brock of NAI Horizon represented the tenant, Alpha Elite Fitness, LLC, in a 5 year retail lease transaction for a 2,400-square-foot space at 15410 South Mountain Parkway in Phoenix, AZ. Mike Duffy with ESCEE Commercial Properties represented the landlord, BaMa Mountain Parkway, LLC.

RETAIL – 2665 E BROADWAY ROAD, MESA
Chris Gerow, Shelby Tworek, and Gabe Ortegaof NAI Horizon represented the tenant, Metro of Arizona 3, Inc., in a 40 month retail lease transaction for a 1,700-square-foot space at 2665 East Broadway Road in Mesa, AZ. The landlord was Lindsey Marketplace, Inc.

RETAIL – 3627 E INDIAN SCHOOL ROAD, PHOENIX
Barbara Lloyd and Thomas Bean of NAI Horizon represented the landlord, Gaslight Square Retail, LLC in a 18 month retail lease transaction for a 1,593-square-foot space at 3627 East Indian School Road in Phoenix, AZ. John Williams and Joseph Orlandi with Homesmart represented the tenant J & J Real Estate Holding, LLC.

OFFICE – 40 WEST BASELINE ROAD, TEMPE
Barbara Lloyd and Thomas Beanof NAI Horizon represented the landlord, Presson Corporation, in a 24 month office lease transaction for a 1,558-square-foot space at 40 West Baseline Road in Tempe, AZ. The tenant was Unity Communications.

OFFICE – 10603 N HAYDEN ROAD, SCOTTSDALE
Peggy Johnson of NAI Horizonrepresented the landlord, Hayden Park, Inc., in a 9 month office lease renewal transaction for a 1,506-square-foot at 10603 North Hayden Road in Scottsdale, AZ. The tenant was Luke Jacobsen, DDS.

RETAIL – 1334 E APACHE BLVD., TEMPE
Chris Gerow, Shelby Tworek, and Gabe Ortegaof NAI Horizon represented the tenant, Metro of Arizona 2, Inc., in a 40 month retail lease transaction for a 1,400-square-foot space at 1334 East Apache Boulevard in Tempe, AZ. The landlord was Central Plaza, LLC dba Apache Central Center.

RETAIL – 1840 W SOUTHERN AVE., MESA
Chris Gerow, Shelby Tworek, and Gabe Ortega of NAI Horizon represented the tenant, Metro of Arizona 4, Inc., in a 3 year retail lease transaction for a 1,200-square-foot space at 1840 West Southern Avenue in Mesa, AZ. The landlord was Wiley Family, LLC.

RETAIL – 3312 N 3^RD STREET, PHOENIX
Peggy Johnson NAI Horizon represented the landlord, JTR Casa Real LLC, in a 25.5 month retail lease transaction for an 850-square-foot space at 3312 North 3^rd Street in Phoenix, AZ. The tenant was Tiffany Hamby-Harthcock.