ARIZONA NEWS

2 Phoenix Biltmore-area office buildings sell for $72.1 million

Sep 22, 2023, 8:00 PM

office building with trees...

(LPC Desert West Photo)

(LPC Desert West Photo)

PHOENIX — Two large office buildings nestled in the heart of the Camelback Corridor in Phoenix recently sold for $72.1 million.

The two-building property, which combined spans 295,400 square feet, was sold to Presson Corporation, headed by Daryl Burton, according to a press release on Thursday.

Presson Corporation purchased the buildings located at 3131 and 3133 E. Camelback Road from LPC Desert West, the southwest division of Lincoln Property Company.

“The strategies put in place by Lincoln Property Company have ensured his property’s operation at its highest and best levels,” Burton said in the release.

“This acquisition is an exciting opportunity, giving us entry into the Camelback Corridor with a very prominent investment presence.”

How have 3131 and 3133 Camelback evolved over the years?

Under LPC’s ownership, 3131 and 3133 Camelback underwent various renovations, which included its two-story atrium lobby, new furnishings, an on-site coffee bar, restroom upgrades, new front entryway and landscaping.

Additionally, improvements were made to upgrade the buildings to Energy Star, which recognizes top-performing, cost-effective products, homes and buildings.

The complex has maintained a 90% occupancy since it was brought on the market in 1998, according to the release.

The property is about a mile from Biltmore Fashion Park.

“These buildings have been rigorously managed to ensure their stability and continued appeal to the modern office tenant,” LPC Executive Vice President David Krumwiede said in the release.

“Our occupancy and rental rates at 3131  and 3133, along with a great mix of tenants, have made this a highly successful investment for us.”

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2 Phoenix Biltmore-area office buildings sell for $72.1 million