Phoenix’s Camelback Corridor is now home to the region’s largest office sale of the year thus far.
Denver-based real estate firm Koelbel and Company acquired the Camelback Collective office building for nearly $48.3 million, the Phoenix Business Journal reported. Koelbel, acting through affiliate Camelback Collective LLC, bought the offices at 2801 East Camelback Road from Oklahoma-based Humphreys Capital.
Humphreys previously spent almost $66.4 million to buy the 115,838-square-foot offices from Tuscon-based Holualoa Companies and Las Vegas-based LaPour Partners, the developers that opened the four-story office building in 2018 at a construction cost of $80 million. That sale set a record per-square-foot sales price, according to the Business Journal. Holualoa and LaPour initially bought the 3.6-acre property for $17.5 million in 2016.
The four-story office building is about 89 percent occupied, according to the Business Journal. The Camelback Collective site also boasts a 160-room AC Hotel as well as surface and subterranean parking. The AC Hotel at 2811 East Camelback Road wasn’t included in the transaction as Holualoa and LaPour sold the lodging separately to Nella Invest in 2022 for $67.8 million, per AZ Big Media.
The Camelback Corridor remains the leading part of town in terms of sales volume. The area accounted for 15 percent of total sales in the Phoenix metro, according to the Business Journal.
Camelback Collective is the latest office sale in the area to bring in at least $20 million. The Scottsdale Centre medical office building was sold by MIG Real Estate for nearly $44.6 million, Traded reported. That made it the priciest office sale in the Valley of the year until Koelbel’s Camelback Collective play. Other top office transactions in the Phoenix metro this year include the sales of Copper Point for $36 million, CIT Bank offices for $22.4 million and Amkor Technologies’ offices for $22.1 million, per the Business Journal. — Chris Malone Méndez
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