Lincoln Property Co. Expands Phoenix Office Portfolio

The company has purchased a Class A office building for $24.7 million.
David Krumwiede, executive vice president at Lincoln Property Co.
David Krumwiede, executive vice president at Lincoln Property Co.

Phoenix—Lincoln Property Co. has announced that the company added 2777 Camelback to its Class A Phoenix office portfolio. The 104,618-square-foot building traded for $24.7 million and was sold by DRA Advisors, according to Yardi Matrix.

Located at 2777 E. Camelback Road, the LEED Gold-certified property offers controlled access and 418 parking stalls. The building features amenities such as 13-foot ceilings, modern open layouts with exposed concrete aesthetics, 36,000-square-foot floor plates and has prominent signage exposure to Camelback Road.

Lincoln Property plans to complete renovations including lobby and common area refurbishments, an indoor tenant lounge, a new collaborative outdoor lounge area, improved signage and upgrade landscape and hardscape. In addition, the company will also introduce institutional-quality management via the LPC property management team.

2777 E. Camelback Road
2777 E. Camelback Road

“Since 2012, The Camelback Corridor has recorded positive office space absorption of more than 214,000 square feet annually. Institutional owners have poured hundreds of millions of dollars into upgrading properties in this submarket, and they continue to invest with renovations and new construction. Like us, they see a very strong future for Camelback Corridor buildings, and are positioning themselves to support a long runway of tenant demand,” Lincoln Property Company Director of Real Estate John Orsak said in prepared remarks.

The property’s tenant roster includes UMB Bank, WFG National Title, The Lavidge Co., Hill International and Avison Young. “We also have approximately 37,000 square feet of space available for lease at the property, including a full second floor with a 28,000-sqaure-foot floor plate. This is a rare find on the Camelback Corridor and is ideal for tenants looking for the amenities of this central location within a very appealing, renovated building,” David Krumwiede, executive vice president with Lincoln, said in a prepared statement.

Chris Toci, executive director of Cushman & Wakefield, served as the investment sales broker. JLL’s Managing Director John Bonnell, Senior Vice President Brett Abramson, and Vice President Chris Latvaaho are handling leasing.

Images courtesy of Lincoln Property Co.