A Phoenix office tower, located at the prime intersection of 24th Street and Camelback Road, has sold for $100 million. It's the priciest Arizona office sale so far in 2018.
The mid-rise, named 24th and Camelback, diagonal from the upscale Biltmore Fashion Park, was purchased by New York Life Real Estate Investors.
The 302,209-square-foot building has 11 stories and was developed in 2000. Houston-based Hines sold the tower, which it bought for $81 million in 2012.
Hines Managing Director Chris Anderson said the sale shows "modern buildings in desirable locations will outperform the market and are attractive to both tenants and investors."
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The tower is 94 percent leased by tenants, including law firm Greenberg Traurig, AAA and Cisco Systems. The restaurant Scramble — a Breakfast & Lunch Joint is on the bottom floor of the building.
"This sale is a testament to the strength of the Phoenix market (for investors)," said Barry Gabel, a commercial real estate broker with CBRE.
He negotiated the deal for Hines with Will Mast and Chris Marchildon of CBRE and Valley real estate office expert Jim Fijan.