PHOENIX, AZ – A CIM Group-managed fund has closed a $353 million loan to Monarch Alternative Capital and Tourmaline Capital Partners for the acquisition of a more than one-million-square-foot office complex in Phoenix, AZ.
The acquired mixed-use campus, titled The Esplanade, comprises four properties located at 2425, 2525, 2575 and 2555 E. Camelback Rd. within the city's Camelback corridor. The 10- and 11-story class A office towers are known as Esplanade I, II, IV and V.
The campus features 60,000 square feet of retail space, as well as a three-level underground parking garage that offers 3,883 spaces. The property additionally features tenant amenities, such as fitness centers, event spaces, a high-tech conference center and common areas.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
