Fenway Capital, Iron Point Buy $25M Phoenix Office Property
- Oct 08, 2018
A joint venture between Fenway Capital Advisors and Iron Point Partners has acquired Camelback Arboleda, an office property in Phoenix, for $25.3 million. CBRE Capital Markets’ debt and structured finance team arranged through CapitalSource a $23.9 million acquisition loan on behalf of the new owners.
Located at 1661 E. Camelback Road, the 294,319-square-foot property comprises a four-story building leased to a variety of tenants, a single-story building leased to a deli and market, and a four-level parking structure and surface parking lot. Camelback Arboleda is situated on 6.8 acres and includes an open-air atrium, upper floor balconies, a courtyard water feature and a neighborhood center.
The new owners plan to invest more than $7 million in capital and tenant improvements, as well as lease commissions. Upgrades will be made to the elevators, lobby, landscaping, exterior paint, corridors, courtyard, lighting and signage.
The CBRE team included Senior Vice President Mark McGovern, Executive Vice President Scott Peterson and Senior Production Analyst Brain Cruz. Last October, McGovern and Peterson arranged a $41.2 million senior loan for the refinance and lease-up of Make, a 177,000-square-foot Class A office property in Carlsbad, Calif.
“Camelback Arboleda has the potential to be a very high-quality office project that just needs the right owner to compete better in the marketplace,” said Peterson.
Image courtesy of CBRE