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PHOENIX-Zacor Real Estate has purchased a small office complex for $8.6 million and plans to demolish the two buildings located there to make way for a new 350,000-sf Class A office complex. The complex, known as Camelback Commons, is located at 2701 E. Camelback Rd.

This area is one of the most expensive real estate submarkets in the Phoenix area.

The company is also negotiating for an adjacent property on 27th Street, which also has two buildings that would be torn down to accommodate the new project.

Zacor hopes to close on this deal early next year and begin construction on the office complex by summer.

The sale of the building was negotiated by CB Richard Ellis’ Phoenix office.

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