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KBS Divests PHX’s Anchor Centre to Florida Buyer for $104M
Florida-based TerraCap acquired Anchor Centre, a 333,014-square-foot Class A office property in Phoenix, from Newport Beach, CA-based KBS REIT III for $103.5 million. The seller had completed an extensive improvement program.
Built in 1984 and 1986, the 93.2%-occupied, two-building office complex includes four- and six-floor buildings at 2201 & 2231 E. Camelback Rd. in the epicenter of the Camelback Corridor. KBS acquired the property in 2014, and subsequently began investing in a multimillion-dollar capital improvement program that encompassed modernizing the lobby, renovating common areas, restrooms, and expanding and modernizing numerous amenity spaces.
KBS’ Giovanni (Gio) Cordoves says, “At KBS, we take pride in identifying opportunities to own and operate exceptionally well-located assets in key growth markets throughout the country that have strong value potential. KBS was able to identify and leverage all that this market has to offer by acquiring Anchor Centre and elevating it to appeal to high-end office users.”
JLL’s Ben Geelan, Michael Leggett and Brian Ackerman represented the seller.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
