{"id":1004097550,"date":"2014-05-31T10:12:56","date_gmt":"2014-05-31T18:12:56","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=265669"},"modified":"2022-03-04T05:26:34","modified_gmt":"2022-03-04T13:26:34","slug":"kbs-acquires-camelback-corridor-office-complex-for-85m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kbs-acquires-camelback-corridor-office-complex-for-85m\/","title":{"rendered":"KBS Acquires Camelback Corridor Office Complex for $85M"},"content":{"rendered":"

By Amalia Otet, Associate Editor<\/em><\/p>\n

In an $85.1 million deal, \"\"<\/a>KBS Real Estate Investment Trust III of Newport Beach, Calif., has acquired Anchor Centre, a 333,284-square-foot office complex in Phoenix\u2019s Camelback Corridor submarket.<\/p>\n

The seller was an entity owned by Angelo Gordon and DW Capital. According to The Republic<\/a>, the deal is the priciest office sale in the Valley in at least two years.<\/p>\n

Located near the southwest corner of 24th Street and Camelback Road on a 7.3-acre tract, Anchor Centre consists of one six-story building and one four-story building, plus an underground parking structure that links the two.<\/p>\n

A $10 million renovation in 2011 and 2012 added a modernized entry, visitor parking with direct access to Camelback Road, a outdoor common area with a central water feature, shaded outdoor seating and wireless internet access. Additionally, the complex features a fitness center, on-site conference room and the Gladley, a white- tablecloth restaurant.<\/p>\n

Anchor Centre was 79 percent leased at the time of closing. The building\u2019s largest tenant is health-insurance provider Humana, which occupies 71,221 square feet.<\/p>\n

The buyer was attracted by Anchor Centre\u2019s location along the top-performing Camelback Corridor submarket. KBS plans additional upgrades to add value and keep the property competitive.<\/p>\n

“Because of its amenity package, walkable amenities, nearby hotels and its 24th Street and Camelback location in the Camelback Corridor, we believe Anchor Centre is an exceptional asset that combines everything KBS REIT III pursues in a new acquisition,” said KBS Capital Advisors West Region President Rodney Richerson in a statement.\u00a0KBS Capital Advisors is KBS REIT III\u2019s external adviser and is an affiliate of KBS Realty Advisors, an SEC-registered investment adviser.<\/p>\n

One other Phoenix-area asset is owned by a KBS affiliate: the 445,957-square-foot Fountainhead Office Plaza,\u00a0a two-building, Class A office complex in Tempe. Located in the 140-acre Fountainhead Corporate Park, that complex is owned by\u00a0KBS REIT II.<\/p>\n

Image courtesy of KBS Capital Advisors<\/a> via Business Wire<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In an $85.1 million deal, KBS Real Estate Investment Trust III of Newport Beach, Calif., has acquired Anchor Centre, a 333,284-square-foot office development in Phoenix’s Camelback Corridor submarket.<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1601],"tags":[1815],"class_list":["post-1004097550","post","type-post","status-publish","format-standard","hentry","category-latest","category-phoenix","tag-national"],"acf":[],"yoast_head":"\nKBS Acquires Camelback Corridor Office Complex for $85M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kbs-acquires-camelback-corridor-office-complex-for-85m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KBS Acquires Camelback Corridor Office Complex for $85M\" \/>\n<meta property=\"og:description\" content=\"In an $85.1 million deal, KBS Real Estate Investment Trust III of Newport Beach, Calif., has acquired Anchor Centre, a 333,284-square-foot office development in Phoenix’s Camelback Corridor submarket.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kbs-acquires-camelback-corridor-office-complex-for-85m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-05-31T18:12:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-04T13:26:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/05\/Anchor-Centre-in-Phoenix.jpg\" \/>\n<meta name=\"author\" content=\"Amalia Otet\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kbs-acquires-camelback-corridor-office-complex-for-85m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kbs-acquires-camelback-corridor-office-complex-for-85m\/\",\"name\":\"KBS Acquires Camelback Corridor Office Complex for $85M - 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