Lowe Enterprises purchased, for one of the its pension fund clients, the 3131 and 3133 E. Camelback buildings. The two buildings were completed late last year.
The 295,000-sf office project, at the southwest corner of 32nd Street and Camelback Road, was developed by Scottsdale-based DMB. The two buildings are more than 95% leased, with Charles Schwab anchoring the second building.
Although no price was given on the purchase, industry estimates put the sale at approximately $58 million. Office property in the Camelback Corridor demands the highest rents in the Valley, getting on average more than $28.30 psf compared to about $22 in other submarkets.
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