M3 partner W. Scott Schirmer explains that the 1970s buildings at 4222 E. Camelback Rd. were originally acquired for income purposes. The owners then decided the asset would have a better use through redevelopment. "But we couldn't get approval from the city," Schirmer explains. "The neighbors didn't like the redevelopment plan, so it wasn't the right time to move forward on it."
The buildings, dubbed CamelSquare, are being offered from $2.2 million to $13 million, depending on the size and location. Schirmer says it was decided to sell the buildings separately rather than as one large asset because the buildings are worth more individually. "Anyone buying the whole property would likely be looking at a redevelopment opportunity," he adds. "But because of the politics, a redevelopment scenario likely wouldn't be passed."
Jim Fijan, executive vice president with CB Richard Ellis' Phoenix office is the sales broker. SAXA, headquartered in Scottsdale, AZ, is assisting M3 with the development.
Schirmer tells GlobeSt.com the plan also calls for introduction of an additional 200,000 square feet in the center of the 17-acre property. He says M3 is in the process of making a height waiver application to the city. "Once the site plan is approved, we'll be looking for a tenant to start construction of the building," he comments.
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