- Denver-based Koelbel & Co. purchased the Camelback Collective for $48.25 million—Phoenix’s largest office transaction of the year.
- The 115,838-square-foot building is located in the high-demand Camelback Corridor and was delivered in 2018.
- The acquisition follows a 2022 sale to Humphreys Capital for $66.35 million, representing a significant drop in valuation.
- This is Koelbel’s first office investment in the Phoenix metro.
- 2025 has seen six office sales exceeding $20 million, signaling a slow but positive shift in the market.
- Experts suggest Phoenix may be at an “inflection point,” with demand starting to return and vacancies stabilizing.
Why It Matters for Arizona Investors
- The Camelback-Biltmore submarket continues to attract high-profile investors, reinforcing its reputation as a premier office and mixed-use zone.
- Despite a rocky few years post-COVID, the office market is finding footing—offering potential upsides for commercial redevelopment or mixed-use conversions.
- Institutional interest in Phoenix assets suggests long-term confidence in the region’s growth and value.