Transwestern Buys Camelback Esplanade III

Article originally posted on AZ Big Media on July 12, 2019

Transwestern today announces it has purchased Camelback Esplanade III, a trophy, Class A office tower in the Camelback Corridor of Phoenix. A joint venture between the commercial real estate company and an institutional partner acquired the 218,387-square-foot, 10-story building.

Transwestern Executive Managing Partner Jim Fijan and Director Jack Fijan, represented the buyer and sourced the institutional partner. Transwestern Senior Vice Presidents of Agency Leasing Jim Achen and Bill Zurek will provide office leasing services and oversee property management.

“Transwestern is expanding its footprint to continue delivering best-in-class service to commercial real estate clients in Phoenix and across the West region,” said Jim Fijan. “Nationally, Transwestern is partnering with institutional capital on select high-profile properties. With the purchase of Camelback Esplanade III, Transwestern is demonstrating its ability to drive unexpected value from assets and deliver superior financial results for partners and clients.”

Developed by Opus, Camelback Esplanade III has been institutionally managed and maintained since being delivered to the market in 1997. The property is 50% leased to a strong mix of nationally recognized tenants across various industries including legal, insurance, financial and real estate services.

“Transwestern is poised to offer tenants up to 100,000 square feet of contiguous office space within a submarket that is realizing a demographic shift generated by the most dynamic combination of office, retail, residential and hospitality amenities in the Phoenix commercial real estate market,” Zurek said.

The LEED® Gold-certified and Energy Star-rated office tower is within The Esplanade, a prestigious mixed-use development that offers tenants numerous on-site amenities, including a 14-screen AMC dine-in movie theater, Starbucks, City Market Deli and Merc Bar, with FLINT by Baltaire and Tocaya Organica opening in the third quarter of 2019. The 277-room Camby Hotel, offering luxury accommodations and award-winning dining, is directly adjacent to the property. Biltmore Fashion Park, the world-renowned luxury shopping center across Camelback Road, offers more than 60 high-end restaurants and retailers, with Arizona’s newest Lifetime Fitness currently under construction.