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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The loan will facilitate the acquisition, the lease up of the property and a capital improvement plan, which will include renovations to the office lobbies, campus plaza, amenities and common areas.
Located at the intersection of Camelback Rd. and 24th St., the campus is situated adjacent to SR-51 highway and a 10-minute drive from downtown Phoenix.
Recently, through its CIM Real Estate Debt Solutions business, CIM Group also closed a $343.8 million loan for the acquisition of a 55-story office tower in Atlanta.
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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.
