**Camelback Collective Trades for $48.25 Million**
Koelbel & Co., in partnership with GJ Partners, has acquired the Camelback Collective office building for $48.25 million. The 115,000-square-foot, four-story property is located at 2801 E. Camelback Road in Phoenix, Arizona. The seller was Humphreys Capital, which had previously purchased the property in 2022 for $66.35 million.
Originally developed by Holualoa Companies and LaPour Partners Inc., Camelback Collective was delivered in 2018 as part of a project totaling $80 million. The developers had acquired the 3.6-acre site in 2016 for $17.5 million.
The sale was brokered by a JLL Capital Markets team that included Will Mast, Ben Geelan, Charlie von Arentschildt, Jack Miler, and Gigi Martin, who represented the seller in the transaction.
Not included in the sale is the adjacent 160-room AC Hotel located at 2811 E. Camelback Road. That property was sold separately in 2022 for $67.8 million.
Denver-based Koelbel & Co. is known for its portfolio of commercial and residential developments, primarily in the Denver metropolitan area, with additional projects in Texas, Kentucky, and Georgia.
