Phoenix-based Artemis Realty, L&B Realty Advisors of Dallasand Phoenix-based Sun Chase Capital has joined forces to purchaseCamel Square, an 11-building office complex at the northwesterncorner of Camelback Road and 44th Street.

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The 11 buildings in the complex have a total of 295,000 sf, andanother 110,000-sf building is planned for the site. The complexwas first developed in 1969.

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The joint venture plans a major renovation of the complex.

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Given the square footage of the complex, the deal equates to$104 per sf, seemingly a good value given that office space justtwo miles down the road is selling for as much as $200 per sf.

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The complex is at the end of a office submarket known as theCamelback Corridor, easily the most sought after office space inthe Valley and the site of much of the Class A office developmentin the past few years. Class A space along the corridor, which runsfrom 16th Street to 44th Street on Camelback Road, leases for morethan $30 per sf.

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The complex was sold by a partnership made up of Credit SuisseFirst Boston Mortgage Capital and the Rubin Companies.

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