Solar Farms LLC Acquires 24th At Camelback II Office Property From Hines For $97.9M
2325 East Camelback Road
$97,900,000
$319/SF
Building Size
306,877 SF
Asset Type
Office
Closing
Nov 1, 2024
About this deal
AI
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.
On the Map
$97,900,000
$319/SF
Office
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Players
Phoenix Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93