Skip Ribbon Commands
Skip to main content

News release

PHOENIX

JLL Launches 3131 and 3133 Camelback Buildings for Sale

Asset boasts highest 18-year average occupancy, best parking ratio on Camelback Corridor


PHOENIX, February 1, 2017 – On behalf of TR Camelback Corp., the Phoenix office of JLL has been assigned the listing agreement for 3131 and 3133 Camelback, a two-building office property located at the southwest corner of Camelback Road and 32nd Street, on one of the most prominent corners in Phoenix's prestigious Camelback Corridor.

JLL Senior Managing Director Dennis Desmond and Managing Director Lynn LaChapelle represent TR Camelback Corp. The team launched the property for sale this week.

"The 3131 and 3133 Camelback buildings were developed in the late 1990s, but a timeless design, premier location and meticulous upkeep have kept it competitive with even the newest Camelback Corridor office options," said Desmond. "Since its delivery – and throughout numerous economic shifts – the project has significantly outperformed the market with an average 93 percent annual occupancy rate. This makes for an extremely attractive investment option as rents on the Camelback Corridor continue to rise. We expect strong investor interest."

According to JLL, the Camelback Corridor since 2014 has attracted more than $700 million in new investor activity. This is due, in part, to rapidly rising rental rates that have increased from an average $23.83 per-square-foot in 2012 to an average $30.11 per-square-foot in 2016 – a rise of 26.4 percent.

The 3131 and 3133 Camelback buildings are located at 3131 and 3133 E. Camelback Road in Phoenix, offering four stories of Class A office space at the 3131 building and three stories of office space at the 3133 building. Together, they total 295,401 square feet that is currently 93 percent leased to tenants including HSAG, Johnson Bank and JLL.

Amenities at the property include direct frontage and signage exposure to Camelback Road, easy ingress and egress, superior views, an on-site coffee bar and the best parking ratio on the Camelback Corridor. The property has been recently updated with contemporary lobby furnishings, a Wi-Fi enabled conference and training room in the 3131 building, and a new outdoor lounge area that features food trucks every Wednesday. TR Camelback Corp. has owned the buildings since 2006.

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. JLL is a Fortune 500 company with, as of December 31, 2015, revenue of $6.0 billion and fee revenue of $5.2 billion, more than 280 corporate offices, operations in over 80 countries and a global workforce of more than 70,000. On behalf of its clients, the company provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. As of September 30, 2016, its investment management business, LaSalle Investment Management, has $59.7 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

In Phoenix, JLL is a market leader employing more than 560 of the region's most recognized industry experts offering office, industrial and retail brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services. In 2016, the Phoenix team completed 34 million square feet in lease and sale transactions valued at $1.5 billion, directed $105 million in project management and currently manages a 25.2 million-square-foot portfolio. For more news, videos and research resources on JLL, please visit www.jll.com or www.jll.com/phoenix.