VIZZDA -- December 21st, 2012 -- Gerald D Hines of Hines Interests Limited Partnership has purchased 24th at Camelback from GLL Partners, a Munich, Germany based company, for $81M or $268.03 per square foot.
The property is located at the southwest corner of 24th St & Camelback Rd in the Biltmore District in Phoenix, or 2375 E Camelback Rd. The eight-story 302,209 sf building features 275,000 sf of rentable office space and 27,209 sf ground floor retail. The project was built in 2000 on 3.58 acres zoned C-2, and has 1,200 parking spaces or a ratio of 3.97 per 1,000 sf. It is LEED Gold, has been awarded Energy Star ten times since 2002, and was given an NAIOP Award in 2001.
Hines was the developed the property and managed it thereafter. The architect was Jon Pickard of Pickard Chilton. Tenants include Grubb & Ellis, Greenberg Traurig, Cisco Systems, Regus Business Centre, Oscar Taylor's Restaurant.
The site was previously purchased by GLL from KanAm of Frankfurt, Germany, 5/5/2006 for $113M or $316.62 per square foot, and $73M debt with Landesbank Hessenthuringen Girozentrale (a German banking institution). $118M new financing was acquired from Landesbank on 9/2/2011.
Daniel Alpers
Director of Planning and Municipal Solutions
Vizzda.com
No comments:
Post a Comment