Phoenix Sees its Biggest Sale of Year

PHOENIX-Lowe Enterprises pays estimated $58 million for two-building office complex in red-hot Camelback Corridor submarket.

By D.J. Burrough | Updated on September 05, 2000

PHOENIX-In this city’s priciest office deal of the year, Los Angeles-based Lowe Enterprises has paid an estimated $58 million for a two-building office project in the red-hot Camelback Corridor.

Lowe Enterprises purchased, for one of the its pension fund clients, the 3131 and 3133 E. Camelback buildings. The two buildings were completed late last year.

The 295,000-sf office project, at the southwest corner of 32nd Street and Camelback Road, was developed by Scottsdale-based DMB. The two buildings are more than 95% leased, with Charles Schwab anchoring the second building.

Although no price was given on the purchase, industry estimates put the sale at approximately $58 million. Office property in the Camelback Corridor demands the highest rents in the Valley, getting on average more than $28.30 psf compared to about $22 in other submarkets.

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