PHOENIX—Some $14.9 million has flipped the Camelback Community Bank Building here into the portfolio of locally based Fountainhead Equity Partners LLC. Cushman & Wakefield of Arizona Inc. brokered the deal for the seller, Hart Realty Advisors Inc., a Simsbury, CT-based entity acting on behalf of an institutional client.
Built in 1998 at 2777 E. Camelback Rd. the property consists of 104,618 square feet of office space and is anchored by several large tenants including Capitol Bancorp, the Lavidge Co., Hill International and GPE Cos.
Chris Latvaaho, an associate director in C&W’s office properties division, handled the off-market deal for the seller and procured the buyer as well. He’s also served as the exclusive leasing agent for the building for the past decade. As such, he comments, “I’ve been impressed with the appeal this building holds for tenants. It offers a unique, contemporary design that distinguishes the property from its competitors. This was a rare acquisition opportunity for the buyer to purchase a class A investment property in the prestigious Camelback Corridor, where typically we see high barriers to entry.”