Daily limit: 0/10
Solar Farms LLC Acquires 24th At Camelback II Office Property From Hines For $97.9M
SOLD
$97,900,000
Arizona
See Similar DealsOffice306,877 SF
Sold 11/01/2024
SOLD
Solar Farms LLC Acquires 24th At Camelback II Office Property From Hines For $97.9M
2325 East Camelback Road
See Similar DealsOffice306,877 SF
Sold 11/01/2024
Summary
ARIZONA
Asset Type:Office
Price Per Square Foot:$319
Total Square Footage:306,877 SF
Transaction Type:Sale
The office property located at 2325 East Camelback Road in Phoenix, AZ, was sold for $97.9 million. The asset encompasses 306,877 square feet and is structured as an 11-story building. It is currently 87.2% leased to notable tenants, including Blue Origin and Lucid. Recent renovations have introduced amenities such as a fitness center and conference rooms.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $97,900,000
- Square Footage: 306,877
- Price Per Square Foot: $319
- Buyer: Solar Farms LLC
- Seller: Hines
- Broker: JLL
Solar Farms LLC acquired the property from Hines with JLL acting as the broker for the transaction. This deal highlights the involvement of key commercial real estate players in the Phoenix market.
Details
Stay in the Know
Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.
By subscribing, you agree to our Terms of Service and Privacy Policy.
Similar Deals
Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,221,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$347,818.04
Cash-on-Cash Return-1.27%
Monthly Debt Service$464,095.95
Annual Debt Service$5,569,151.35
Is there something missing? Send suggestions