Lowe Enterprises purchased, for one of the its pension fundclients, the 3131 and 3133 E. Camelback buildings. The twobuildings were completed late last year.
The 295,000-sf office project, at the southwest corner of 32ndStreet and Camelback Road, was developed by Scottsdale-based DMB.The two buildings are more than 95% leased, with Charles Schwabanchoring the second building.
Although no price was given on the purchase, industry estimatesput the sale at approximately $58 million. Office property in theCamelback Corridor demands the highest rents in the Valley, gettingon average more than $28.30 psf compared to about $22 in othersubmarkets.
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