Velocis LLC in Dallas, Tex. (Fred Hamm, managing principal) has entered the Valley real estate investment market with the purchase of an office project located across from Scottsdale Fashion Square mall.
A limited partnership formed by Velocis paid $42.35 million ($242.11 per foot) to buy Camelback Square, a 174,917-square-foot building at 6991 E. Camelback Road.
The seller was Camelback EP LLC, a venture formed by Lincoln Property Co. in Phoenix. and Oaktree Capital Management L.P. in Los Angeles, Calif. (Howard Marks, chairman).
The transaction was negotiated through Barry Gabel and Chris Marchildon of CBRE in Phoenix, Kevin Shannon, Ken White and Paul Jones of CBRE in Los Angeles, Calif., and Bill Blake, Craig Coppola, Colton Trauter, Andrew Cheney and Gregg Kafka of Lee & Associates Arizona Inc. in Phoenix.