Columbus Properties Buys Office Building From NY Life In Phoenix For $86.1M
2375 East Camelback Road
$86,100,000
$279/SF
Building Size
308,000 SF
Asset Type
Office
Closing
May 1, 2024
AI
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:
- Property Type: Office
- Transaction Amount: $86,100,000
- Buyer: Columbus Properties
- Seller: NY Life
- Brokers: Barry Gabel, Charles (CJ) Osbrink, Chris Marchildon & Kevin Shannon - Newmark
- Market: Phoenix, AZ
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
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
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93