The class A buildings, situated on 7.3 acres at 2201 and 2231 E.Camelback Rd., are 89% leased. With a 20% lease roll during thenext three years, current in-place rents provide some good upside,says Christopher E. Toci, executive director with Cushman &Wakefield of Arizona Inc., who represented the Lakewood, CO-basedseller. "The in-place rents are less than $24 per sf and the marketrents are $35 to $36 per sf," he says. "The rollover isn't major,but enough so they can at least get to some of that upside."

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Anchor Centre's lead tenants include Starwood Hotels and ResortsWorldwide Inc., Northwestern Mutual Life Insurance Co., JPMorganChase & Co. and Clear Channel Communications Inc.Transwestern's Phoenix office has the leasing assignment.

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Toci tells GlobeSt.com that the 1980s-era asset attracted 14offers in the first round, with the final go-round pared to threebidders. He says Alliance Commercial was comfortable withTranswestern as the buyer because the all-cash deal was financedthrough its Aslan Realty Partners III equity fund. "As a fund-levelplayer, the buyer obviously gave Alliance comfort that they hadmoney in the bank," Toci says. The C&W sales team includedsenior director Jerry Jacobs, executive director Larry Downey andassociate Ted Harrison.

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Alliance Lakewood acquired Anchor Centre from New YorkCity-headquartered Patrinely Group LLC in August 2005 for $71.5million. Two years earlier, Patrinely paid $50 million for it toSan Francisco-based Rreef. Toci explains Alliance and Patrinely hadinvested more than $2 million into improvements. And, he saysTranswestern is planning to put $2 million more into upgrades,including building out some spec office suites. "There's been meaton the bone for each of the subsequent investors to realize some ofthe upside," Toci says.

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