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PHOENIX-Koll Co., in conjunction with Idaho Public Employee Retirement System, has closed on its second Arizona property from a 12-building, three-state, $273-million portfolio purchase. The $50.4-million acquisition of the 203,262-sf Camelback Lakes leaves two remaining metro properties under contract, both of which are scheduled to close in November.

At the closing, occupancy was 85% in the 22-year-old, class A office building at 2710-2850 E. Camelback Rd. “We signed another tenant during escrow, which brings occupancy closer to 90%,” says Melinda Korth, executive vice president with Trammell Crow Co.’s Phoenix office, who represented the Denver-based seller, AmeriVest Properties Inc.

Korth says the seller, which had acquired the building in 2004 for $31.9 million, invested an additional $750,000 into capital improvements. She says the tenant roster offers strong upside. “There are no near-term rollovers, but within the first few years, there will be more rollovers with many leases at below-market rent,” she explains to GlobeSt.com. “This is definitely a core-plus asset and the buyer will be able to improve revenue stream significantly over the coming years.”

Lead tenants include Compass Bancshares Inc., First State Bancorporation, Zacher Construction Inc., Newland Communities and McShane Corp. and TCC, which will handle leasing for Camelback Lakes, Scottsdale Norte at 11333 N. Scottsdale Rd. and the balance of the portfolio’s Arizona component as the deals close. TCC’s executive vice president Barry Gabel, senior vice president Dennis Desmond and senior associate Nathan Thinnes worked with Korth on behalf of the seller. The buyer was self-represented.

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