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New York Life Claims Phoenix Asset from Hines for $100M
Hines’ subsidiary, U.S. Office Value Added Venture III, divested 24th at Camelback I in Phoenix to New York Life Real Estate Investors for $100 million. The transaction represents the largest office sale in metro Phoenix so far in 2018, both by dollar volume and price per square foot.
Designed by Pickard Chilton and completed in June 2000, the eight-story Class A office building consists of 302,209 square feet, with roughly 3,667 square feet of ground-floor restaurant space. Hines recently completed nearly $1 million in improvements to the 95%-occupied property, located in the coveted Camelback Corridor at 2375 E. Camelback Rd.
CBRE’s Barry Gabel, Will Mast and Chris Marchildon represented the seller. Fijan Advisors’ Jim Fijan acted as an advisor to the seller.
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- ◦Sale/Acquisition