KBS 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.
“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,” said Giovanni Cordoves, Western regional president for KBS.
Built in 1984 and 1986, Anchor Centre is a two-building, four- and six-floor office complex that is 93.2 percent occupied. On-site amenities at the Energy Star-certified asset include upscale dining, a deli, secured underground parking, a tenant lounge and game room, fitness center, conference facility, plaza are
