KBS REIT Pays $85.1M for Phoenix Office Portfolio










“You can’t negotiate fact”




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


commercial / investment real estate / Arizona land specialist



I go to great heights to sell or purchase your land






Facts of Arizona – year 1848 to 2013




Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Investment Properties in Phoenix.



View my listings and my profile at:





What is a CCIM?


Join My Mailing List



Please go to my web-site and get all the newsflashes and updates in Commercial Investment Real Estate in Phoenix and Commercial Investment Properties in Phoenix daily





Check out my professional profile and connect with me on LinkedIn.



Follow me on Facebook:



Follow me on Twitter:




Follow Me on Google+



Walter Unger CCIM, CCSS, CCLS

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.





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.



  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. 


Please reply by e-mail walterunger@ccim.net or call me on my cell 520-975-5207 or Office:480-948-5554






Thank You


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

Fax: (480-658-1172  



View my listings and my profile at:





a little about me and my expertise – video


commercial-investment real estate adviser-land specialist




What is a CCIM?



Delivering the New Standard of Excellence in Commercial Real Estate 


  • Commercial Real Estate Scottsdale
  • Commercial Real Estate Phoenix
  • Commercial Real Estate Arizona
  • Commercial Investment Properties Phoenix
  • Commercial Investment Properties Scottsdale
  • Commercial Investment Properties Arizona
  • Land Specialist Arizona
  • Arizona Land Specialist
  • Land Specialist Phoenix
  • Phoenix Land Specialist
  • Land For Sale Phoenix
  • Land for sale Arizona
  • Commercial Properties For Sale Phoenix
  • Commercial Real Estate Sales Phoenix
  • Commercial Properties Phoenix
  • Commercial Properties Arizona
  • Commercial Land Specialist Phoenix
  • Commercial Land Phoenix
  • Multifamily land Phoenix
  • Retail Land Phoenix
  • Industrial Land Phoenix
  • Land Commercial Phoenix
  • Land Retail Phoenix
  • Land Industrial Phoenix
  • Land Multifamily Phoenix
  • Industrial Land for sale Phoenix
  • Land Industrial
  • P
  • Investment Real Estate


Disclaimer of Liability

The information in this blog-newsletter is for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.