Camelback Corridor building sells for more than $3 million

This property on East Camelback Road has been sold. (Submitted photo)

An investment group has purchased an office building at 2701 E. Camelback Road in Phoenix for $3.11 million.

The sale to Biltmore RE, LLC, a net leased investment group, was an absolute NNN leaseback to the seller, Arciterra Companies, a real estate investment and development company, according to a release announcing the sale.

Kidder Mathews commercial real estate broker Jenette Bennett represented Biltmore in the transaction.

The 8,501-square-foot, single-tenant building is in the Camelback Corridor, close to high-end shopping and restaurants, the release stated.

“This was a rare sale and leaseback to a strong and well-established company with a complex business,” Ms. Bennett stated. “Unlike most STNL national tenant deals, it took time and resources to research and gain a clear understanding of the numerous, nationwide entities they owned.”

Businesses are trending toward sale and leaseback transactions due to the tax implications of owning real estate instead of carrying a lease expense on the books, according to the release, and “tenants are reinvesting in their business or expanding to new locations, creating previously unrealized opportunities for those interested in a long-term, absolute NNN real estate investments.”

Ms. Bennett stated the Camelback Corridor “has never been stronger in terms of lease rates and occupancy. The frequency of owner-users executing on the sale and leaseback option is likely to increase over the next several years,” she said.

You are encouraged to leave relevant comments but engaging in personal attacks, threats, online bullying or commercial spam will not be allowed. All comments should remain within the bounds of fair play and civility. (You can disagree with others courteously, without being disagreeable.) Feel free to express yourself but keep an open mind toward finding value in what others say. To report abuse or spam, click the X in the upper right corner of the comment box.