Biltmore Financial Center sells for $163.1M

Biltmore

by Business Real Estate Weekly

BiltmoreA company formed by ViaWest Properties LLC in Phoenix (Gary Linhart, Steven Schwarz, principals) and AllianceBernstein Holding L.P. in New York City, N.Y. (NYSE:AB) paid $163.1 million ($257.48 per foot) to purchase the Biltmore Financial Center office project at the northwest corner of 24th Street and Camelback Road in Phoenix. The seller of the three-building, 633,459-square-foot complex was East Camelback Road Inc., a company formed by The State of Florida Retirement Fund in Tallahassee, Fla. The deal was brokered through Jim Fijan and Will Mast of CBRE in Phoenix. Invesco Realty Advisors in Dallas, Tex. advised the seller in the transaction. The purchase included: Biltmore Financial Center I, a 4-story, 210,494-square-foot building at 2390 E. Camelback Road; Biltmore Financial Center II, an 11-story, 288,076-square-foot mid-rise located at 2398 E. Camelback Road, and Biltmore Financial Center III, a 6-story, 134,889-square-foot structure at 2394 E. Camelback Road. The buildings were developed in 1985, 1989 and 1990 and are collectively 72 percent occupied. The buyer, AB VWP BFC Owner LLC (AllianceBernstein/ViaWest Properties entity), acquired the offices with $124 + million in financing from two lenders.

Continued:

Share this!

Additional Articles

Top master-planned communities for 2024

By AZ Big Media Here are the Top 10 master-planned communities in Arizona, based on public voting for the 2024 edition of Ranking Arizona, the state’s biggest and most comprehensive business opinion poll. Ranking Arizona

Read More »
News Categories

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.