Class A Property Near Biltmore Fashion Park Sells for $25M

Article originally posted on Phoenix Business Journal on March 2, 2017

Lincoln Property Co. has bought a Class A office property on Camelback Road in Phoenix for $24.56 million.

LPC bought 2777 Camelback from DRA Advisors/Fountainhead Equity Partners.

The 104,618-square-foot office project is located near 28th Street and Camelback Road in one of Arizona’s top commercial corridors.

The property includes 13-foot ceilings, open floor plates with exposed concrete aesthetics. It’s also close to the Biltmore Fashion Park mall.

Lincoln now has 3.5 million square feet of real estate in the Phoenix market spread across about 20 properties.

Those include Biltmore Commerce Center, 3131 and 3133 Camelback, and now 2777 Camelback

“The land surrounding 2777 Camelback is enjoying a major revival, thanks to multiple new development projects,” said Lincoln Property Co. Executive Vice President David Krumwiede. “This is a significant accomplishment in the high-barrier-to-entry Camelback Corridor submarket – and one that we will support as we upgrade 2777 to an even higher standard of quality.”

Near 2777, StreetLights Residential is developing a five-story, Santa Barbara-style residential community with 253 luxury apartment homes. Las Vegas developer LaPour is building the new mixed-use Camelback Collective, which includes a 160-room AC by Marriott hotel and 120,000 square feet of new Class A office space.

Lincoln executives are bullish on the Camelback submarket.

“Institutional owners have poured hundreds of millions of dollars into upgrading properties in this submarket, and they continue to invest with renovations and new construction,” said Lincoln Property Co. Director of Real Estate John Orsak.