The two-building complex at 1951 and 2001 W. Camelback Rd. wentthrough a rough marketing period, according to Dennis Desmond,senior vice president for Transwestern Phoenix. The 15.5-acre assetwas 70% leased at sale time.

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The complex was first introduced to the market more than a yearago. When occupancy dropped, KBS took it off the market and thenre-listed the property with Grubb & Ellis|BRE Commercial LLC inmid-2007. "This was burdened by the light rail construction aroundit, which was causing a lot of congestion," explains Desmond, whoformerly was with Grubb & Ellis and on the team that sold thebuildings. He adds the soft market also impeded the sale.

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But with construction finished and the light rail scheduled toopen this December, Desmond says the asset should do quite well."The property historically has reached mid-90s occupancy," he tellsGlobeSt.com. "It's struggled during the past year. But now with themarket softening, I think Fenway can offer space there at veryattractive rates. They are the nicest class B buildings in itssubmarket."

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Desmond says the San Diego-based buyer was selected from a dozenothers due to certainty of closing. "We had sold to them before. Iwas familiar with them and they own a lot of product here inPhoenix," Desmond adds. "Fenway knows the submarket well."

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Desmond says another plus for Fenway is it's a hands-on owner asa manager of its assets. Colliers International's Phoenix teamholds the leasing assignment.

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Working with Desmond on the sale were Grubb & Ellis seniorvice president Trevor Klinkhamer, senior associates Ray Harris andAlissa Leon and vice president Nathan Thinnes. Mark Lucescu withLucescu Realty Inc. in Newport Beach, CA also worked on thedeal.

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The Camelwest Plaza transaction closed just weeks after KBS soldthe 80,067-sf Mesa Executive Parkat 1255 W. Baseline Rd. in Mesa. Desmond says the fund's remainingassets are on the market or under contract.

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