“Phoenix has the lifestyle, the labor and the commercial real estate to generate upside value, drive demand and respond to tenant needs at almost any point of the real estate cycle,” says Lincoln Property Company's executive vice president David Krumwiede, who directed the Biltmore Commerce Center investment purchase. “It's an exciting dynamic to work in, particularly when you have a team that can see potential at any given point in the cycle, and use their investment, development and management skills to build on that potential. It leads to a lot of opportunity in many venues, including this latest, great portfolio addition.”

"One of the many strengths of Biltmore Commerce Center is the subterranean parking, which provides quick and direct access to all tenant floors via two separate elevator banks," says Mark Jacobs, managing director with Oaktree Capital Management. "Tenants can go from their car to their office in less than 60 seconds, compared to five or 10 minutes for most buildings within the submarket. In addition, the location offers great visibility while providing quick and easy access without the high traffic congestion that other projects often experience."

Additional project renovations and features include remodeled corridors and lobbies, upgraded landscaping and the new street-facing water feature. The property has earned an average 94-point Energy Star rating over the past six years. In 2012, it was named The Outstanding Building of the Year by the Building Owners and Managers Association.

“The atrium has always been a unique element of the project, but has become even more valuable following a recent renovation that transformed it into a modern, collaborative space,” said Lincoln Property Company's vice president Amr Ceran. “The new atrium has stylish seating areas, a café and community tables, docking stations and water features. Its inviting character provides the opportunity for clients and team members to meet, for tenants to hold events, and an area where employees can relax. It's one of the nicest spaces of its kind in Phoenix.”

Biltmore Commerce Center sits across the street from two retail projects with numerous dining, shopping and banking options, including Central Bistro, Wells Fargo, Bank of America, Mexx 32, Tarbell's, Tommy V's Osteria and Pizzeria, Tomaso's and Hava Java Café. It is within one mile of the upscale, 600,000-square-foot Biltmore Fashion Park and the Arizona Biltmore Hotel and golf resort.

“This makes for a commanding asset that, with smart management, will only continue to grow in value and prestige – both for the ownership team and the tenants who lease here,” adds Krumwiede.

Krumwiede tells GlobeSt.com about LPC's bullish strategy in the Phoenix office market: “The Phoenix office market is on the road to recovery, though it was a bit behind the rest of the country, it has caught up. There is a lot of activity from employers due to the great employee base—we have reasonable housing and a lot of attractive amenities. That's why we are seeing a lot of California companies locate here. Phoenix is now high on the national radar screen. This market has legs and we're going to recover at a much quicker pace moving forward.

“We like the larger acquisitions, the institutional, class A products and so do our partners. We source those office buildings that fit that criteria and where we may be able to add some value. This steady rise provides some opportunity and some submarkets like Tempe and Old Town have been quicker to rebound than others. But overall, we're in great shape here.”

Cushman & Wakefield's Chris Toci, Chad Littell, Jerry Noble, Pat Devine and Greg Mayer represented the property seller, a venture between DPC Development Company and Bridge Investment Group. LPC director of management services Alisa Timm will direct the project's property management strategy.

According to Cushman & Wakefield data, the Camelback Corridor submarket posted 358,368 square feet of leasing activity in 2014, with projects in the area experiencing record high lease rates and, in the case of the Camelback Corridor, sustaining double-digit rent growth.