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REAL ESTATE
Landmark Camelback Corridor buildings in Phoenix sell for $72.1M
Class A 3131 project enjoys highest average occupancy of any office building in metro Phoenix history
(Photo provided by Lincoln Property Company)
The landmark 3131 and 3133 Camelback were sold to an entity of Presson Corporation.
Posted
Special to Independent Newsmedia
Office buildings at the corner of 32nd Street and Camelback Road, in the heart of the Camelback Corridor, sold for $72.1 million.
Lincoln Property Company’s Southwest division, LPC Desert West (LPC), has sold the landmark 3131 and 3133 Camelback to an entity of Presson Corporation, led by local investor Daryl Burton. The project boasts the highest average occupancy rate of any office building in the history of metro Phoenix, according to a Lincoln Property Company press release.
Barry Gabel, Chris Marchildon and CJ Osbrink of Newmark represented LPC in the building sale. LPC will retain leasing and management duties for the buildings.
The project spans 295,401 square feet in two adjacent Class A, multi-story office buildings at 3131 and 3133 E. Camelback Road. This includes 3131 Camelback, offering 196,332 square feet in four stories, and 3133 Camelback, totaling 99,069 square feet in three stories, along with an on-site parking garage.
“Our occupancy and rental rates at 3131 and 3133, along with a great mix of tenants, have made this a highly successful investment for us,” Lincoln Property Company Executive Vice President David Krumwiede shared in a statement.
LPC has owned and managed 3131 and 3133 Camelback since 2017. They have maintain an average 90% occupancy since its delivery to market in 1998.
