Morgan Stanley sells Class A Phoenix offices to Dallas private equity firmJuly 11, 2016
Texas-based Velocis LLC bought the three-building Park One office development. The complex is at Highland Avenue and 21st Street in the Camelback Corridor submarket.
“Park One is ideally located in the Camelback Corridor, which is one of the most desirable office markets in metropolitan Phoenix,” Gabel said.
Velocis bought the Camelback Square office development in 2015.
“This is Velocis’ second office building acquisition in the Phoenix/Scottsdale market working with Barry Gabel and his team,” said Paul Smith, principal, Velocis. “We like the office market fundamentals and the strong job growth currently taking place in the Valley.”