“You can’t negotiate fact”
Anonymous
By Justin Sumner May 29, 2014
Angelo Gordon Co, DW Capital Ptnrs Sell 333,000 SF in Camelback Corridor
KBS Real Estate Investment Trust III closed on its acquisition of Anchor Centre, a two-building office complex at 2201-2231 E. Camelback Rd. in Phoenix, AZ. A joint venture of Angelo, Gordon & Co. and DW Capital Partners LLC sold the assets for $85.1 million, or about $252 per square foot, plus closing costs.
The 333,284-square-foot complex consists of a six-story and a four-story office buildingconstructed in the 1980s on 7.3 acres at the southwest corner of 24th Street in the Camelback Corridor submarket of Maricopa County.
The property is in very close proximity to housing, shops, restaurants, hotels, and golf courses, and offers an extensive amenity package including on-site fitness and conferencing centers, visitor and tenant parking, courtyard seating with Wi-Fi connectivity, and The Gladley, a white-tablecloth restaurant.
AG/DWC Anchor Centre LLC acquired the assets in November 2010 for $52 million ($154 PSF), according to CoStar data. See CoStar COMPS #2002956.
In 2012 the Anchor Centre East and West buildings underwent an extensive, $10 million renovation.
Currently 79 percent leased to 27 tenants, the asset carries gross asking rents of $29 per square foot with aggregate annual effective base rent of approximately $4.9 million, according to the buyer. The current weighted-average remaining lease term is roughly six years. Humana anchors the property at 71,221 square feet.
“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.
The buyer funded the acquisition in-part with a new mortgage loan provided by US Bank totaling $53.2 million and proceeds from its offering.
KBS REIT III, a public, non-traded REIT based in Newport Beach, CA, is controlled by external advisor KBS Realty Advisors, which has completed approximately $30 billion in transactions since 1992 via 14 separate accounts, 11 funds, and 5 REITs – including KBS REIT II which owns the nearby, 445,957-square-foot Fountainhead Office Plaza in Tempe, AZ.
Christopher Toci and Chad Littell with Cushman & Wakefield, Inc. represented AG/DWC in the sale. KBS handled the deal in-house.
A little about me and my expertise – video
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I go to great heights to sell or purchase your land
http://walter-unger.com/?p=10118
http://en.wikipedia.org/wiki/Timeline_of_Phoenix,_Arizona_history
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Facts of Arizona – year 1848 to 2013
http://walter-unger.com/?p=9507
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I am a successful Commercial Investment Real Estate Broker in Arizona now for 20 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial landspecialist in Phoenix and a Landspecialist in Arizona.
WHETHER YOU LEASE OR OWN
NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.
we are at on the a rise of the cycle in Commercial Real Estate. so there is only one way and it’s called we are going up and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix. The prices on deals I may get you will not be around forever.
WAITING TO SELL YOUR LAND ? TIMES CHANGE / IT’S TIME
We barely could give land away the last few years, but times are changing. Even in those meager years, I sold more land across the state than most other brokers. Before the real estate crash I was a land specialist in Arizona with millions of dollars of transactions, but then I had to change and also sell other commercial investment properties, which was fun, but I am a Commercial Landspecialist in Arizonal, a Commercial Land Specialist in Phoenix and love to sell land, one acre to thousands of acres.
If you have any questions about Commercial Investment Properties in Phoenix or Commercial Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion in Commercial Properties in Phoenix or Commercial Properties in Arizona with you.Obviously I am also in this to make money, but it could be a win-win situation for all of us.
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PLEASE NOTE, I CHANGED BROKERAGES BUT CELL PHONE AND E-MAIL STAY THE SAME.
Thank You
Walter
Walter Unger CCIM
Associate Broker, West USA Commercial Real Estate Advisers
7077 E. Marilyn Road, Bldg 4, Suite 130
Scottsdale, AZ 85254
Cell: 520-975-5207
Office : 480-948-5554
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a little about me and my expertise – video
commercial-investment real estate adviser-land specialist
https://www.youtube.com/watch?v=PPs3kpKR4nY
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