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News release

PHOENIX, AZ

JLL Completes $24.9 Million Sale of Camelback Arboleda

Demonstrates Phoenix’s ability to deliver upside potential for strategic buyers


PHOENIX, April 4, 2014 – Capital Markets experts in the Phoenix office of JLL have completed the $24.9 million sale of Camelback Arboleda, a 178,792-square-foot, multi-tenant office building located at 16th Street and Camelback Road, in the heart of Phoenix’s prestigious Camelback Corridor.

JLL Senior Managing Director Dennis Desmond and JLL Senior Vice President Brian Ackerman represented the property seller, Camelback 1661, LLC. The property buyer is Merced Restart Phoenix Investors I, LLC.

This is the second time in two years that JLL has brokered a Camelback Arboleda sale—an indication, JLL says, of the market’s ability to deliver upside potential for strategic buyers.

“Investor interest in the Phoenix office market has increased dramatically since 2011-2012,” said Desmond. “Our client recognized the opportunity in this trend, and significantly improved the appearance of Camelback Arboleda and the quality of its rent roll to take advantage of improved investor appetite.”

“The property also has attracted an increasing amount of medical tenants seeking a quality location in a tightening market, creating another stabilizing factor in the positioning of this asset,” added Ackerman.

Camelback Arboleda’s leasing team, Chris Latvaaho and Michael Crystal of Cushman & Wakefield, assisted with the transaction and will retain the leasing assignment for the new owner.

According to JLL’s Q1 2014 Phoenix Office Report, rental rates in the Camelback Corridor submarket have grown significantly in the past two years, from an average $23.77 per square foot in early 2012 to an average $25.12 per square foot today. 

“The new Camelback Arboleda building owners believe these rental rates will continue to grow, as do we,” said Desmond.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.

About JLL
JLL (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $4 billion, JLL operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $47.6 billion of real estate assets under management.

In Phoenix, JLL is a market leader employing nearly 500 of the region’s most recognized industry experts offering office, industrial and retail brokerage, tenant representation, facility and investment management, capital markets and development services. In 2013, the Phoenix team completed 10.3 million square feet in lease transactions valued at $512 million, directed $72 million in project management and currently leases and/or manages a 22.8 million-square-foot portfolio. For more news, videos and research resources on Jones Lang LaSalle, please visit www.jll.com or www.jll.com/phoenix.