Search
 

$2M, Class A Pact OK'd in Camelback Corridor

PHOENIX-Anchor Centre lease solidifies expansion efforts for financial planner L. Roy Papp & Associates, which crafts an 11,098 sf, six-year lease with a full-term payout of nearly $1.6 million. The firm gets its keys in April.

By Lee Simmons | Updated on March 29, 2004

PHOENIX-Financial planner L. Roy Papp & Associates has signed a six-year lease worth about $1.6 million for 11,098 sf in the Anchor Centre. The firm plans an April move-in.

“We liked them because they’re a strong local company,” Keith Lambeth, a senior vice president in CB Richard Ellis Inc.’s Phoenix office, tells GlobeSt.com. “We feel like we’ll have some positive synergies created with them involved in the project.”

Located at 2201 E. Camelback Road, the 340,000-sf Anchor Centre is situated in the upscale Camelback corridor submarket. Built in the mid-1980s, the two-building center presently boasts an 88% occupancy rate with the addition of Papp & Associates. The corridor itself marked a 20% vacancy rate for office properties as of fourth quarter 2003, says Lambeth.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.