PHOENIX—Velocis announced the purchase of Camelback Square, a three-story Class-A office project in the heart of Old Town Scottsdale. The asset was previously owned by Lincoln Property Company, along with a fund managed by Oaktree Capital Management, L.P. The asset sold for $42.35 million.
The sale underscores the attractiveness of the project and Old Town Scottsdale.
“The Old Town Scottsdale office market is an extremely popular area that is experiencing steadily rising rents and values,” says Velocis principal Paul Smith. “Camelback Square is our first acquisition in the Phoenix market, and one we hope to build on as we pursue additional assets in the Southwest region.”
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