Westport Capital Partners Adds to Fooprint with $17M Office Asset
- Apr 17, 2012
Westport Capital partners has added to its Greater Phoenix footprint by buying the Camelback Arboleda office campus in a $16.6 million deal, the Phoenix Business Journal reports. The 179,751-square-foot asset commanded a price comparable to the $17 million paid by the seller, CFS Arboleda L.L.C., when it acquired the property in 2004.
Located at 1661 East Camelback Road in Phoenix, Camelback Arboleda is 81 percent occupied by a tenant roster that includes Stanley Consultants, Telesoft Corp. and a Starbucks administrative office. CFS Arboleda was represented by Dennis Desmond and Bruce Ackerman of Jones Lang LaSalle Inc., as well as by Paul Andrews and Chris Laatvaho of Cushman & Wakefield Inc.
Westport Capital’s purchase follows its acquisition last year of Scottsdale Financial Center II, a 150,000-square-foot Class A office building in Scottsdale, and Pinnacle Peak Business Park, a 124,000-square-foot Deer Valley flex-industrial property.
Elsewhere in metropolitan Phoenix, Buckeye Casa Grande closed on the $9 million acquisition of a 309-acre tract of farmland south of Phoenix-Mesa Gateway airport in Mesa. Nathan & Associates represented the seller, Enterprise Bank & Trust, which acquired the property through a foreclosure sale. Cassidy Turley BRE Commercial L.L.C., which represented Buckeye Casa Grande, indicated that the new owner has no immediate plans for development. The property is zoned for commercial and industrial purposes and lies within Williams Trade Zone, a special district that offers tax incentives for owners and users.
Image courtesy of camelbackarboleda.com