DRA Advisors Acquires Camelback Lakes Office Building in Phoenix for $47.5M

PHOENIX — New York-based DRA Advisors has purchased Camelback Lakes, a multi-story office building located at 2710, 2720, 2730 and 2850 E. Camelback Road, for $47.5 million.

Developed in 1983, the four-building asset features 203,290 square feet of office space with a detached parking deck. At the time of sale, the property was 85 percent occupied.

Mainstreet Capital will provide property management services, while Keith Lambeth of Cushman & Wakefield will provide leasing services for the property. Chris Toci and Chad Littell of Cushman & Wakefield, supported by the agency leasing team of Keith Lambeth, closed the transaction.