PHOENIX-Fenway Properties LLC has disposed of the 174,554-square-foot, two-building Camelwest Plaza, selling the asset to a Newport Beach, CA buyer operating under the entity name 1128 Valencia Associates LLC (advised by Apex Commercial Advisory). Fenway Properties, based in San Diego, ended its five-year hold of the office buildings with the $13.5 million transaction.
Camelwest Plaza is at 1951 and 2001 W. Camelback Rd. on close to 5 acres near the METRO Light Rail Station. At the time of sale, the property was 79% occupied. Executive vice president Eric Wichterman and senior vice president Mike Coover, with Cassidy Turley, along with Todd Noel of Colliers, negotiated the transaction for both the buyer and the seller.
In August 2008, GlobeSt.com reported that Fenway Properties acquired the asset from KBS Realty Advisors for $9.5 million. At that time, occupancy was 70% leased, mainly due to a soft market and the under-construction METRO Light Rail.
In the intervening years, the seller renovated the common areas of both buildings, which were built in the mid-1980s. According to Wichterman, many of the leases signed were done so during the Great Recession, offering rent growth upside.
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