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Camelback Corridor Asset Commands $50M

PHOENIX-Buyer Crimson Capital gets the 337,000-sf Anchor Centre in the Camelback Corridor and an extra six acres of office-zoned land. RREEF Funds is the seller, walking away with one of the top three sales in the last two years.

By Beverly Ford | Updated on February 06, 2003

PHOENIX-Crimson Capital Ltd. has shelled out $50 million to purchase the Anchor Centre, an 8.2-acre, class A office development along the city’s prestigious Camelback Corridor. It’s one of the top three sales in two years.

The purchase includes two multi-story office buildings, totaling 337,000 sf, that are located at 2201 and 2231 E. Camelback Rd. and six acres zoned for office use. “It’s a very high-image property,” Steve Lindley, an investment specialist with Insignia/ESG tells GlobeSt.com of the four- and six-story office complex. Lindley said the $50-million acquisition marked the biggest sale in the Valley this year and is in the top three sales for Valley real estate during the past two years.

Acting on behalf of a US pension fund seller, RREEF Funds, had put out the word that they planned to sell the high-profile Camelback complex, home to the well-known Ruth Chris Steakhouse, about a year ago but it wasn’t until recently that Crimson, headquartered in Birmingham, AL, stepped in with an offer, he said.

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