|By Marketwired .||
|August 13, 2013 05:32 AM EDT||
PHOENIX, AZ -- (Marketwired) -- 08/13/13 -- Regus, the world's largest provider of flexible workspace for business, is the newest tenant to lease at Camelback Square, selecting a 16,000 square foot premises. Camelback Square is a 172,690 square foot, three-story building, owned and managed by Lincoln Property Company. The project is located at 6991 East Camelback Road across from Scottsdale Fashion Square. Home to Mastro's City Hall, the project is just west of the prestigious intersection of Scottsdale and Camelback Roads in Scottsdale, Arizona.
Regus continues to expand and capitalize on the growing demand from entrepreneurial business ventures, start ups and small businesses. Regus has more than 1,500 locations in 600 cities worldwide. Regus's global network of workspace, which allows businesses to explore new opportunities without the upfront capital investment or long-term risk, recently opened for business in their 100th country, Nepal. In the Greater Phoenix area, this new Regus suite is the 18th location in the company's network of flexible workspaces.
In addition to the anticipated increase in small business activity Regus' expansion signals, this 16,000 square foot deal is one of the largest lease deals in the past 18 months in the Scottsdale sub-market and represents an upward trend in commercial real estate volume in the Camelback Corridor.
"This transaction brings Lincoln's Camelback Square property up to 85% occupancy, making our performance significantly better than the 24% vacancy rate in the Phoenix market as a whole," said David Krumwiede, Executive Vice President, Lincoln Property Company. "In fact, we've seen a 15% increase in occupancy over the past year in this highly sought-after property."
"We've seen a lot of activity with tenants relocating within this desirable Scottsdale submarket," said Amr Ceran, Vice President, Lincoln Property Company. "Tenants are looking for the high quality real estate that Camelback Square offers."
Newly renovated, Camelback Square features a unique, contemporary design, a fully landscaped courtyard, a fountain and updated common areas. The property is in close proximity to trendy Scottsdale Fashion Square with its anchor tenants: Barneys New York, Neiman Marcus and Nordstrom. In addition, the W Hotel and Scottsdale Waterfront are within walking distance. Camelback Square is near the heart of old town Scottsdale with a multitude of restaurants and retail amenities. Lincoln Property Company oversees property management for the building with an on-site management office and team. The property is owned in partnership by Lincoln Property Company and a subsidiary of Oaktree Capital, LP.
Other major tenants at Camelback Square include Mastro's City Hall restaurant, Ashton Woods Homes, Echo Global Logistics and Pacific Coast Mortgage.
The CBRE team of Jim Fijan, Jerry Roberts and Corey Hawley represented the landlord through the transaction. Tom Adelson and Kevin Calihan of CBRE represented the tenant.
LINCOLN PROPERTY COMPANY
Lincoln Property Company ("Lincoln") is an international full service real estate firm offering real estate development, design / construction management, leasing, property management/ receivership / asset management services. Founded in 1965, Lincoln currently has approximately 6,200 employees and maintains a presence in more than 200 municipalities in the United States and 3 countries throughout Europe.
Lincoln's Desert West Region, which includes Arizona, Nevada, Utah and New Mexico, is based in Phoenix, Arizona and has been operating since 2001. Lincoln has developed 2.7 million square feet, acquired 3.7 million square feet and manages approximately 6 million square feet of commercial space.
Lincoln's notable developments and investments include the BOMA TOBY Award LEED Platinum Certified Arizona Game and Fish Department Headquarters, Paradise Village Office Park, Broadway 101 Commerce Park and Camelback Square. Lincoln was recently ranked 4th in the Arizona Republic Who's Who in Business. The Phoenix Business Journal Book of Lists ranks LPC consistently in the top 10 Commercial Real Estate firms for both Development and Property Management. Lincoln Property Company is located at 3131 E. Camelback Road, Suite 318 in Phoenix, Arizona. For more information, visit www.lpcphx.com.
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