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

The complex was first introduced to the market more than a year ago. When occupancy dropped, KBS took it off the market and then re-listed the property with Grubb & Ellis|BRE Commercial LLC in mid-2007. "This was burdened by the light rail construction around it, which was causing a lot of congestion," explains Desmond, who formerly was with Grubb & Ellis and on the team that sold the buildings. He adds the soft market also impeded the sale.

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

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

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

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

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