PHOENIX—Lincoln Property Company and funds managed by Oaktree Capital Management, L.P. have completed the $58 million purchase of Biltmore Commerce Center, a class A, institutional-quality office building located in the heart of Phoenix's coveted Camelback Corridor.

The acquisition represents LPC's second transaction in a partnership with Oaktree that has generated $102 million in metro Phoenix deal activity in a 60-day timeframe. These deals include the $58 million Biltmore Commerce Center acquisition and the $42.3 million, mid-February disposition of Camelback Square, a 174,917-square-foot, class A office asset in Old Town Scottsdale. It also increases LPC's Phoenix investment activity to more than $165 million in the last 60 days.

Located at 3200 E. Camelback Rd., on the northeast corner of Camelback Road and 32^nd Street in Phoenix's prominent Camelback Corridor, Biltmore Commerce Center is known for its copper metallic exterior and highly visible, street-facing water feature. The project totals three stories and 259,000 square feet, with efficient floorplates, ample above- and below-ground parking, and an 11,000-square-foot, newly remodeled three-story atrium running through the interior first floor.