Arte Moreno Purchases Office Campus On East Camelback Road In Phoenix For $60 Million
2710 East Camelback Road, 2730 East Camelback Road, 2850 East Camelback Road & 2720 East Camelback Road
$60,000,000
$75/SF
Building Size
200,000 SF
Asset Type
Office
Closing
Nov 25, 2024
About this deal
AI
An office campus located at 2710, 2720, 2730 & 2850 East Camelback Road in Phoenix, AZ has been sold. The transaction involved a total of 12 acres and a sale price of $60,000,000 for a property with a total square footage of 200,000, which breaks down to a price per square foot of $300.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $60,000,000
- Address: 2710, 2720, 2730 & 2850 East Camelback Road
- Market: Phoenix, AZ
- Acres: 12
- Square Footage: 200,000
- Price per Square Foot: $300
- Buyer: Arte Moreno
- Seller: Mainstreet Capital Partners
Arte Moreno, the owner of the Los Angeles Angels, facilitated this purchase to prevent a parking garage from being redeveloped into luxury apartments adjacent to his residence.
On the Map
$60,000,000
$75/SF
Office
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Phoenix Office Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93