Jackie Day is editorial director of
Real Estate Media's Newsletter Division

PHOENIX-A group of investors has acquired the fifth building in a complex, divvied for sale, along a sought-after stretch of East Camelback Road. The 22,776-sf structure, the second smallest in Biltmore Lakes Corporate Center, has brought $4.2 million.

Seattle-based Biltmore Lakes Associates LLC bought a 23-year-old building with a 95% occupancy. The buyer holds numerous apartment properties in the Phoenix area, but is venturing into the local office market for the first time with the Biltmore acquisition.

The seller is a local liability company run by Los Angeles-based real estate investor Larry Clark, who has been piecemeal selling the six-building, 207,270-sf complex since its acquisition in July 2003. Clark, who bought the complex at 2920-3030 E. Camelback Rd. from Chicago-based CMD Realty Investors Inc., purchased it with the intention of dividing the 13-acre development for individual sales, sources say. The land is treated as common area, which is divided proportionately among the six buildings, as a result of the subdivision for resale, according to CB Richard Ellis broker Jim Fijan, who has been marketing the properties and the seller's broker for the most recent transaction. The buyer was represented by local Hendricks & Partners brokers Mark Forrester and Bob Bruno.