Search
 

$18M Camelback Office Purchase Going Condo

PHOENIX-Shea Commercial, which has purchased the Park on Camelback for $17.5 million from Parkway Properties, will start work immediately on rehabbing and converting the 102,134-sf, five-building complex.

By Amy Wolff Sorter | Updated on September 21, 2005

PHOENIX-Shea Commercial Properties LLC has scooped up the Park on Camelback, a 102,134-sf, five-building complex in a $17.5-million, off-market transaction with Parkway Properties Inc.

Located at 4455 E. Camelback Rd., the property’s tenancy at sale time was “was around 80% or so, with another tenant moving out of 20,000 sf in January 2006 so that occupancy was heading down to 60%,” Michael White, senior vice president of locally based Grubb & Ellis/BRE Commercial LLC, tells GlobeSt.com. The dropping occupancy, in fact, was one of the attractions for Shea. “Also, the fact that it consists of five buildings and it’s a garden-office type of project. We can go in and devise spaces for smaller units, which was also attractive,” says Richard Stannard, director of acquisitions for Shea Commercial.

Stannard says renovations will begin immediately, adding new roofs on all buildings, upgrading restrooms and repainting. “The renovation process shouldn’t take more than three or four months,” he tells GlobeSt.com. “By spring 2006, we should be ready to start selling.”

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.