A company formed by Art Cunningham of Cunningham Real Estate Co. in Phoenix and New York City-based DRA Advisors LLC has paid $14.85 million for the three-story office project at 2777 E. Camelback Rd. Records show G&I VII CB Road LLC (the Cunningham/DRA entity) paid cash for the property.
The 15-year-old, three-story building is 65 percent occupied.
“2777 East Camelback is the prototypical project we are looking for,” Cunningham told Rose Law Group Reporter. “The Camelback Corridor will benefit through the recovery, as it has in the past, by offering quality and amenities that companies will seek out as they desire to upgrade their image and conveniences for customers and employees.”
Cunningham said infill housing offering an alternative to commuting is becoming more important as a factor in determining company location decisions.
“Even in car driven Phoenix, Camelback and downtown Phoenix will benefit from this trend,” he said.
Cunningham said the potential new large health care and university-related employment will be a “game changer” for downtown, which already has a foundation but lacks housing and shopping alternatives.
DRA, a registered investment advisor with $10.5 billion in assets under its management, specializes in the acquisition of value-added properties. The company has provided hundreds of millions of dollars used in the purchase of numerous apartment and office projects in the Phoenix area. Across the country, DRA Advisors has an ownership interest in 81 million sq. ft. of office, industrial and retail properties as well as more than 58,000 apartment units. Cunningham has been involved in a wide spectrum of real estate investing in the Valley. His deals include hospitality, office, retail and land purchases. Cunningham is working to develop parcels in Chandler, Mesa, downtown Phoenix and a master plan in Flagstaff that are planned for a mix of uses, including multi-family, office, retail and hospitality.
