Camidor's First Buy: $120-Mil Office-Industrial Project

SCOTTSDALE, AZ-Camidor Property Services, a Phoenix-based real estate management and leasing firm, has paid more than $12 million for a 113,900-sf office-industrial project in north Scottsdale.

UNUM Life Insurance Co.of America is the seller of the three-building complex, located at 15425, 15455 and 15475 N. Greenway-Hayden Loop. The buildings were fully leased at the time of the sale. The purchase price equates to more than $107.61 per sf.

The project is near the Scottsdale Airpark, which has some of the most sought after office space in the Valley. The close proximity to upscale homes appeals to company owners and upper executives.

The office vacancy rate in the Scottsdale Airpark area was 13.6% at the start of the thirdquarter, but is considerably higher when sublease space is taken into account. Some projections put the figure as high as 19%. The overall vacancy rate, including sublease space, is 17.6%.

It is Camidor’s first Valley purchase. It will manage and lease the property, which had been owned for six years by UNUM. The life insurance company’s investment has brought nearly $3 million more than it paid to developer Westcor Partners for the holding.