"It was one of those situations of either sell now and realize a strong gain or go through an 18- to 24-month process to convert these to condos. We'd been approached by others to sell the project as a whole and went ahead and decided to put it on the market for sale," says Richard Stannard, director of acquisitions for Shea Commercial. Stannard and Shea Commercial colleague Neal Waldman, brokered the transaction for Park on Camelback at 4455 E. Camelback Rd.
Stannard tells GlobeSt.com that the company, during its one-year-plus ownership, made some improvements to the 1981-constructed property, which is situated on a little more than six acres. The improvements included new roofs, parking lot resurfacing, a paint job and renovations of the common areas and restrooms.
He speculates that the new owner will take down some space at the 50%-leased project. It's uncertain who will take on the leasing assignment for the remainder of the space.
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