The purchase includes two multi-story office buildings, totaling 337,000 sf, that are located at 2201 and 2231 E. Camelback Rd. and six acres zoned for office use. "It's a very high-image property," Steve Lindley, an investment specialist with Insignia/ESG tells GlobeSt.com of the four- and six-story office complex. Lindley said the $50-million acquisition marked the biggest sale in the Valley this year and is in the top three sales for Valley real estate during the past two years.

Acting on behalf of a US pension fund seller, RREEF Funds, had put out the word that they planned to sell the high-profile Camelback complex, home to the well-known Ruth Chris Steakhouse, about a year ago but it wasn't until recently that Crimson, headquartered in Birmingham, AL, stepped in with an offer, he said.

Jeremy Hall, vice president of Patrinely Group, a subsidiary of Crimson Capital which will manage the building, said the firm plans to make some enhancements to the building, which was about 80% leased at the time of sale. The group also plans to construct a third office building on the adjacent land later this year.

"Anchor Centre enjoys an unparalleled presence on Camelback," Hall said, "and it is our hope that our planned enhancements to the interior and exterior of the property as well as a hands-on, service-oriented approach to management and leasing will make this one of the most desirable office projects in Phoenix."

Lindley along with Bob Buckley, Tracy Cartledge, Greg Mayer, Carston Peterson and Dave Seeger, all with Insignia/ESG, assisted the buyer in the transaction. The building's leasing will be handled through Insignia/ESG's John Bonnell, Don Mudd and Jason Moore.

Instant Insights /

Camelback Corridor Asset Commands $50M

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