SCOTTSDALE, ARIZ. — Velocis Partners has purchased Camelback Square, a 174,917-square-foot office building in Scottsdale, for $42.3 million. The center is located at 6991 East Camelback Road.
The three-story office building was 92 percent occupied at the time of sale. Notable tenants at the building include ZocDoc, Regus, Ashton Woods, Echo Global Logistics, Digital Airstrike and Mastro’s City Hall Steakhouse.
The property is situated near Scottsdale Fashion Square and the Scottsdale Waterfront. This is Velocis’ first Phoenix-based acquisition.
Velocis also received an acquisition loan totaling $26.5 million. The loan was arranged by Bruce Francis, Dana Summers, Bob Ybarra and Shaun Moothart of CBRE’s Capital Markets’ Debt and Structured Finance team. It was provided by JP Morgan Chase.
CBRE’s Barry Gabel, Chris Marchildon, Kevin Shannon, Ken White and Paul Jones represented Velocis and the seller, a joint venture between Lincoln Property Company and Oaktree Capital, in this transaction.