Tuesday, May 27, 2014

Crow Holdings Acquires Camelback Center for $19.75m

By: Paul Dionne | Vizzda.com

The neighborhood shopping center at the northeast corner of Camelback Road and 16th Street in Phoenix has new ownership after M. Kevin Bryant of Crow Holdings closed on the Camelback Center for $19.75m or roughly $600 per square foot. Crow Holdings paid cash for the property. This sale tops Hannay Realty Advisors’ $12.2m acquisition of the Camelback East Shops in February of this year for nearly $500 per square foot. 
The 32,963 ft2 shopping center is comprised of 19,400 ft2 of inline retail space demised into eleven suites as well as a free standing CVS Pharmacy totaling roughly 13,800 ft2. The property is shadow anchored by a Total Wine and More which does not convey with the current sale. The center was built in 2003 on 3.85 acres, zoned C-2 and has about 150 parking spaces for a paring ratio of 4.55 spaces per 1,000 ft2.

The developer of the site acquired title to 7.48 acres of existing retail space for $5.211m and redeveloped from the ground up. The portion being sold today was previously acquired by D Gordon Driesbach in July of 2005 for $18.4m with $10.65m in new debt with Principal Commercial Funding, maturing August 1st, 2015. That note was later securitized under a Bear Stearns CMBS vehicle. Major tenants include the aforementioned CVS, Chipotle Mexican Grill and Massage Envy

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