X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-With the hold pushing into the sixth year, Lowe Enterprises Investors, representing CalSTRS, has sold a class A office complex, totaling 296,417 sf, for $94.5 million to KBS Realty Advisors.

“The market is strong and it was an opportunity that we wanted to take advantage of,” Kent Merselis, senior vice president of the Los Angeles-based Lowe Enterprises Real Estate Group, tells GlobeSt.com. The class A complex at 3131 and 3133 E. Camelback Rd. was 94% leased at sale time.

Lead tenant Charles Schwab & Co. Inc. is locked to a lease that doesn’t expire until 2010, according to Merselis. Schwab’s footprint takes up an entire 99,594-sf, three-story building while the sister is a 196,823-sf, multi-tenant structure. “There are no significant lease rolls this year,” he says.

Merselis says the premier property baited 12 to 15 offers, with the Newport Beach, CA-based KBS emerging as the highest offer in the best and final. “It’s a core asset in a strong location,” he says. The seller bought the Camelback Corridor complex in August 2000. Trammell Crow Co. brokers Dennis Desmond and Trevor Klinkhamer represented buyer and seller.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.