Thursday, September 28, 2023 3:50 am

Joint venture pays $24.9 million for Camelback Arboleda office project


Business Real Estate Weekly by Rose Law Group

ArboledaPhoenix – A joint venture formed by Restart Investments LLC in Kentfield, Calif. (Lee Sims, Jr., Kent Rowett, principals) and EBF & Associates L.P. in Minnetonka, Mn. (David Ericson, managing partner) paid $24.9 million ($139.27 per foot) to acquire a 178,792-square-foot office project at 1661 E. Camelback Road in Phoenix. Maricopa County records show the buying entity in the cash transactions was Merced Restart Phoenix Investors I LLC (Restart/EBF venture). The seller was Camelback 1661 LLC, a company formed by Westport Capital Partners in Wilton, Ct. (Russel Bernard, managing principal). The sale was negotiated through Dennis Desmond and Brian Ackerman of Jones Lang LaSalle in Phoenix, and Chris Latvaaho and Michael Crystal of Cushman & Wakefield of Arizona Inc. in Phoenix. The four-story building, which is called Camelback Arboleda, is 78 percent occupied. The Cushman & Wakefield agents have the leasing assignment and will continue in that capacity for the new owners. The office project, which was built in 1982, is served by a four-story parking garage that was also part of the sale.

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