LFM Inc., a Tempe-based investment firm, purchased the Royal Biltmore Office Park, a 74,000-sf office building at 2929 E. Camelback Rd, for $11.9 million. The company also purchased another office building at 3707 N. 7th St in Phoenix for $5.4 million.

Office space along the Camelback Corridor, which runs from 16th Street to 44th Street in Phoenix, is the most sought after in the Valley by upscale tenants. Consequently, rental rates in the area are among the highest of any submarket, as much as $30 per sf. The vacant rate for office space in the Camelback Corridor was 7.2% at the start of the fourth quarter, compared to an overall vacancy rate of 9.7%.

Holualoa Arizona sold the Royal Biltmore, and Equus Realty Advisors was the seller of the office on 7th Street.

Eric Wichterman and Stan Shafer in the Phoenix office of Grubb & Ellis negotiated the sales.