PHOENIX, AZ--(Marketwire - Jun 2, 2011) - The Phoenix office of Lincoln Property Company, a full-service real estate firm providing property management, receivership services, leasing, development and project management, and a subsidiary of a real estate fund managed by Oaktree Capital Management, L.P., announce the acquisition of Camelback Executive Park in Scottsdale, Arizona.
The 172,690 square foot, three story building is located at 6991 East Camelback Road, near the prestigious intersection of Scottsdale & Camelback Roads in Scottsdale, Arizona. Major tenants of the property include Mastro's City Hall Steakhouse, Ashton Woods Homes and Pacific Coast Mortgage.
"Camelback Executive Park is a good example of the kind of assets we are looking to acquire. Great location, high quality and in need of strong asset management," said David Krumwiede, Executive Vice President, Lincoln Property Company West Region.
Joint venture partner Lincoln Property Company will serve as the property and construction manager for the asset.
The property has a sleek and contemporary design and a fully landscaped courtyard with a fountain and seating areas. The property features proximity to the highly desirable Scottsdale Fashion Square with its anchor tenants; Barneys New York, Neimen Marcus and Nordstrom. In addition, the W Hotel and Scottsdale Waterfront are within walking distance. Camelback Executive Park is also located near the heart of old town Scottsdale with a multitude of restaurants and retail amenities.
The transaction was handled by Barry Gabel, Mindy Korth, Jim Fijan and Jerry Roberts of CB Richard Ellis. New tenant leasing will be handled by Jerry Roberts and Corey Hawley of CBRE.
LINCOLN PROPERTY COMPANY
Founded in 1965, Lincoln Property Company (Lincoln) is nationally recognized for its full-service, vertically integrated institutional investment and property management platform. Lincoln has approximately 4,400 employees and maintains a presence in more than 200 U.S. cities and 10 countries. Since 1965, Lincoln has acquired and developed approximately $34.3 billion of residential and commercial property. The company currently manages over 119 million square feet in the United States. Lincoln is ranked by Commercial Property News as one of the largest developers and property managers in the United States.
Lincoln's West Regional office, based in Phoenix, Arizona, has developed in excess of 2.9 million square feet, acquired 2.1 million square feet and manages 4.7 million square feet of commercial space. Lincoln is consistently ranked in the Phoenix Business Journal Book of Lists. For more information, visit http://www.lpcphx.com.
OAKTREE CAPITAL MANAGEMENT, L.P.
Oaktree is a premier global alternative and non-traditional investment manager with $85 billion in assets under management as of March 31, 2011. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, high yield bonds, convertible securities, senior loans, corporate control (including power opportunities), real estate, emerging market equities and mezzanine finance. Oaktree was founded in 1995 by a group of principals who have worked together since the mid-1980s. Headquartered in Los Angeles, the firm has approximately 615 employees and offices in 13 cities worldwide. For more information, visit http://www.oaktreecapital.com.
Contact Information:
Contact:
Julie Igo
Moxie Group PR
602.549.0008
