PHOENIX-Racing against a deadline to meet 1031 requirements, a buyer from Lake Havasu, AZ has closed on Camelback Center, offering more than the list price right out of the shoot. The center sold for $18.4 million or $15,000 more than the ask for 19,150 sf of shop space and a 13,813-sf, CVS Pharmacy-leased building.

Sylmar Terrace Inc. placed one of the first offers that came in for Camelback Center, says Steve Fernandez, a senior vice president with CB Richard Ellis Inc. “The buyer was on a short timeline to find a property to satisfy the exchange and they came in very quickly,” he adds. The two-year-old center, anchored by a Circuit City, is situated on 3.5 acres at 1610-70 E. Camelback Rd. in the Camelback Corridor. “Location was the major attraction,” he tells

“The property offers a stable-cash flow investment because of the long-term lease with CVS, but it also offers some upside because 5,000 sf of the small shop space needs to be leased up,” Fernandez says. CVS has 18 years left on its lease. The small shop space, quoted at $36 per sf, is 72% occupied by tenants like Chipotle Mexican Grill, Nationwide Vision Center and Robeks. Fernandez says leases won’t begin to roll until 2008.

Camelback Center was sold by the Chicago-based Orix Real Estate Equities, which had labeled it as a non-core asset, Fernandez says. The seller’s CBRE team included Jenifer Lunt, Andrew Fosberg and Claudia Jara. Neil Sherman in Sperry Van Ness’ local office negotiated on the buyer’s behalf.

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