KBS Sells 333,014 Square-Foot Class A Office Property in Phoenix, Arizona for $103.5 Million After Completing Extensive Improvement Program
Jan 19, 2021
PHOENIX–(BUSINESS WIRE)–KBS, one of the largest investors in premier commercial real estate in the nation, announced today that it has sold a 333,014 square-foot Class A office property in Phoenix, Arizona. The property, Anchor Centre, was sold to TerraCap for $103.5 million after KBS completed an extensive improvement program on the asset. Anchor Centre was owned by KBS REIT III.
“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,” says Giovanni (Gio) Cordoves, Western regional president for KBS. “Phoenix is a region that boasts some of the best population growth numbers anywhere in the country, impressive job growth and superior quality of life relative to other higher-cost markets. 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.”
When KBS acquired Anchor Centre in 2014, the company began investing in the multimillion-dollar capital improvement program at the property. These upgrades included modernizing the lobby; renovating common areas, restrooms, and expanding and modernizing numerous amenity spaces—these efforts in many ways helped establish Anchor Centre’s reputation as one of the most desirable office buildings in the submarket, according to Cordoves.
