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.

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