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Camelback Corridor Office Flips for $72.1M
LPC Desert West (LPC), a division of Lincoln Property Company, has sold the landmark 3131 and 3133 Camelback to an entity of the Presson Corporation for $72.1 million. The offices are located at the southwest corner of 32ndStreet and Camelback Road. LPC asserts the project has the highest average occupancy rate of any office building in the history of metro Phoenix. 3131 and 3133 Camelback have maintained an average 90 percent occupancy since its delivery to market in 1998.
LPC will retain leasing and management duties for the buildings. Newmark handled the sale.
The project spans 295,401 square feet in two adjacent Class A, multi-story office buildings at 3131 and 3133 E. Camelback Rd. in Phoenix. This includes 3131 Camelback, offering 196,332 square feet in four stories, and 3133 Camelback, totaling 99,069 square feet in three stories, along with an on-site parking garage.
- ◦Sale/Acquisition
