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Camelback area trophy office building sells for $86M
The 222,820-square-foot Esplanade III is 83.4% leased, with a 4.4-year weighted average unexpired lease term.
Esplanade III, a 222,820-square-foot trophy office building at 2415 E. Camelback Road, sold for $86 million, according to ConnectCRE.
The 10-story property was acquired by Southwest Value Partners, a joint venture comprising Transwestern and C-III Capital Partners. JLL brokers Ben Geelan, Will Mast, and Charlie von Arentschildt represented the seller.
ConnectCRE also cited Maricopa County records showing the Transwestern partnership bought the building in July 2019 for $60.2 million in an all-cash deal.
The building is currently 83.4% leased, with a weighted average unexpired lease term of 4.4 years, and the article lists multiple tenants including Vestar, Vanguard Realty Advisors, Barclay Group, Velocity Retail Group, Husch Blackwell, and Pederson Group, Inc.