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Friday, April 4, 2014

After Two Year Hold, Camelback Arboleda Sold for $24.9m

By: Paul Dionne | Vizzda.com

Westport Capital Partners has closed its second disposition of a major opportunistic investment in the Phoenix market with its sale of the Camelback Arboleda on Thursday for $24.9m. or $139.27 per square foot. The buyer, EBF & Associates—a privately held registered investment advisor specializing in alternative investments—paid cash for the property.

The 178,792 net rentable square foot, four-story office building is located east of the intersection of Highland Avenue and 16th Street in Phoenix. The project sits on 6.73 acres and was completed in 1982. It features a 42,129 square foot floor plate and a four-story detached parking garage which, when combined with surface parking provides a parking ratio of 4.15 per 1,000 square feet.

Westport acquired the property on March 20th, 2012 for $16.6m in an all cash sale. At the time of sale, the building was 81% occupied. Westport was able to secure take-out financing with Bank of America to the tune of $11.5m on August 1st, 2012. So net of operational income, Westport was able to realize a 25% annualized unlevered rate of return and an 194% annualized levered rate of return over a two year holding period.

On February 17th of this year, Vizzda reported on Westport’s sale of five flex office properties in the Agave Center for $29.593m or $134 per square foot. Westport had acquired the 220,000 square foot facility as well as an adjoining 4.64 acres of vacant land eighteen months prior for $23.3m. The land was sold after a year for $1,284,622 and the deal had $15.77m in financing with Bank of America for an unlevered rate of return of 21.6% and a 206% levered rate of return, annualized over the life of the investment.

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