PHOENIX (July 19, 2000) - The real estate partnership of Pivotal/SVP 24 th L.L.C., comprised of the Phoenix-based Pivotal Group and Southwest Value Partners (SVP), has sold the last commercial office parcel at the Camelback Esplanade mixed-use development to Opus West Corporation for $7.5 million. The 60,000-square-foot parcel is at the northeast corner of Camelback Road and 26 th street, across from Hard Rock Cafe.
Opus West plans to break ground on a 230,000-square-foot, 10-story office tower -- the fifth and final office tower at the Camelback Esplanade - at the site by September 2000. Pivotal also plans to relocate its corporate headquarters and join the anchor tenant in the fifth tower, Merrill Lynch.
"Originally, we purchased the remaining 12 acres of undeveloped land at the Camelback Esplanade in 1994 for $6.25 million and are now nearing the build-out of the mixed-used development," said Jahm Najafi, chief operating officer of Pivotal. "This represents our continued long-term strategy of securing select, value-added assets in major markets. Over the past six years, three office towers and thousands of square feet of retail and restaurant space have been developed. The Camelback Esplanade is now recognized as the crown jewel of commercial property in the Valley."
Pivotal Group is a diversified investment company dedicated to the quality development of resort, residential and office properties in Arizona and the Southwest.
Widely recognized for its ability to create high-quality communities and business environments, the firm has worked closely with some of the nation's premier real estate companies, including Los Angeles-based William E. Simon & Sons Realty, Boston-based AEW Capital Management and Phoenix-based DMB Associates.
Recent activities of Pivotal Group include the development of Promontory, a $500 million resort-style master-planned community in Utah; the start of WestWing Mountain, a 1,300-acre master-planned community in Peoria, Arizona; and the acquisition and renovation of The Century Plaza Hotel and Tower in Los Angeles.
For more information about Pivotal Private Equity, visit www.pivotalgroup.com |
