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30%-Leased Camelback Arboleda Trades for $17M

PHOENIX-Scottsdale Investment Management sells the 178,948-sf office complex to Austin, TX-based Falcon Southwest Development Co., which intends to pump $1 million into upgrades. The seller reportedly paid $20 million for the asset in 1999.

By Jennifer D. Duell | Updated on November 22, 2004

PHOENIX-Austin, TX-based Falcon Southwest Development Co. has made its first office acquisition in the Valley by purchasing Camelback Arboleda for $17 million from Scottsdale Investment Management LLC. The 178,948-sf complex, located at 1661 E. Camelback Rd., is 30% vacant.

“Falcon was looking for value-added office investments,” says Don Arones of Grubb & Ellis/BRE Commercial LLC tells GlobeSt.com about the off-market transaction. “I have known the guys [at Scottsdale Investment Management] for years and I knew that they were thinking about selling.” The locally based investment company purchased the complex in 1999 for a reported $20 million.

According to Arones, the complex’s lead tenant, American Express Co., had vacated the building. “When a major tenant leaves…there just wasn’t enough value in it to go through lease up,” he says, referring to Scottsdale Investment Management’s decision to sell. “They plan to deploy their capital in other assets,” he explains.

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