CVS/Pharmacy and retail shops at 16th Street and Camelback sells for $600 per foot

retail shops

Business Real Estate Weekly by Rose Law Group

Phoenix – A company formed by Crow Holdings Capital Partners LLC in Dallas, Tex. paid $19.75 million ($599.16 per foot) to buy 32,963 sq. ft. of retail shops at the northeast corner of 16th Street and Camelback Road in Phoenix. The seller was a company formed by investor Gordon Dreisbach of Lake Havasu City. The cash sale was brokered by David Bernstein, Dave Murphy and David Vallecorsa of Bernstein Murphy in Scottsdale. The retail plaza, called Camelback Center, is fully occupied. The project, which was developed in 2003, includes a 13,813-square-foot building leased to CVS/pharmacy and 19,150 sq. ft. of shop space. Maricopa County records show the new owner is CH Realty VI/R Phoenix Camelback LLC, a fund managed by Crow Holdings Capital Partners. The seller was Orange Grove Apartments LLC (Dreisbach’s entity). Continued

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