The Hines US Office Value Added Venture III (VAV III) has acquired its first investment, 24th at Camelback I, from GLL Real Estate Partners, which has owned the property since 2006.
Financials have not been disclosed.
Designed by Pickard Chilton and completed in 2000, 24th at Camelback I is a 302,209-square-foot Class A office tower, including approximately 27,209 square feet of ground floor retail/restaurant space. Hines developed the eight-story property on 8.5 acres located at 24th Street and Camelback Road in Phoenix's Camelback Corridor submarket, and has managed the building since inception. 24th at Camelback I has received LEED Gold designation, nine Energy Star labels, and was awarded the Toby Award in 2011 for BOMA's Greater Phoenix Office Building of the Year.
Senior managing director and fund manager Dave Congdon says: "We are very pleased with the acquisition of such a high-quality building in Phoenix's Camelback Corridor. This asset is well positioned to capitalise on the continued recovery in the Greater Phoenix market."
"We are very pleased with our investment experience with this asset," says GLL's Christopher Quiett. "I think we had a significant impact on both the building and in operations during our stewardship, and we anticipate that companies located at 24th at Camelback will see even more positive impacts under Hines' ownership. They are an excellent company."
The Hines US Office Value Added Venture III closed in August 2012 and is capitalised with USD210m of equity for more than USD600m of total leveraged capacity in the US office sector. VAV III targets investments through which the firm can create value through leasing, management or redevelopment activities.