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Columbus Properties Buys Office Building From NY Life In Phoenix For $86.1M

Property Image
SOLD
$86,100,000
Charles (CJ) Osbrink
Chris Marchildon
Barry Gabel
+ 1

Arizona

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Office308,000 SF
Sold 05/01/2024
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Property Image
SOLD

Columbus Properties Buys Office Building From NY Life In Phoenix For $86.1M

2375 East Camelback Road

See Similar Deals
Office308,000 SF
Sold 05/01/2024
Charles (CJ) Osbrink
Chris Marchildon
Barry Gabel
+ 1
the dealplayerscompscontact
Contact now

Summary

ARIZONA
Asset Type:Office
Price Per Square Foot:$279
Total Square Footage:308,000 SF
Transaction Type:Sale

The 24th at Camelback office building in Phoenix, located at 2375 East Camelback Road, was sold for $86.1 million in a transaction between buyer Columbus Properties and seller NY Life. The property spans 308,000 square feet, resulting in a price per square foot of $280.

Summary of transaction details:

The sale of the office building was facilitated by brokers Barry Gabel, Charles (CJ) Osbrink, Chris Marchildon, and Kevin Shannon from Newmark. Columbus Properties successfully acquired the property, adding this significant asset to their portfolio.

Players

Kevin Shannon
Newmark
Kevin Shannon
136 deals$9.1B volume
BROKER
Barry Gabel
Newmark
Barry Gabel
13 deals$531.5M volume
BROKER
Chris Marchildon
Newmark
Chris Marchildon
13 deals$531.5M volume
BROKER
Charles (CJ) Osbrink
Newmark
Charles Osbrink
8 deals$325.9M volume
BROKER

Details

SOLD
IMAGE: 05/01/2024 ADDRESS: 2375 East Camelback Road MARKET: Phoenix, AZ ASSET TYPE: Office BUYER: Columbus Properties SELLER: NY Life BROKERS: Barry Gabel (@BarryGabel), Charles (CJ) Osbrink, Chris Marchildon & Kevin Shannon - Newmark SALE PRICE: $86,100,000 SF: 308,000 ~ PPSF: $280 NOTE: Columbus Properties acquired the 24th at Camelback office building in Phoenix for $86.1 million from seller NY Life.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$305,895.12
Cash-on-Cash Return-1.27%
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