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JV Nabs Phoenix Office for $25M
A venture formed by Lincoln Property Co. and Goldman Sachs Group Inc. paid $24.7 million to acquire a 104,618-square-foot office building at 2777 E. Camelback Rd. in Phoenix. The seller, another partnership, consisted of Fountainhead Equity Partners LLC and DRA Advisors LLC. Chris Toci and Chad Littell of Cushman & Wakefield brokered the transaction.
The property is 65% occupied. Chris Latvaaho, John Bonnell and Brett Abramson of JLL have the leasing assignment.
The seller acquired the 20-year-old building in 2013 for $14.9 million. Meanwhile, the new owners are planning to reposition the asset by upgrading the interior and exterior, while providing new signage and landscaping.
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