KBS Sells Phoenix Office for $103M After Extensive Reno

KBS has sold Anchor Centre, a 333,014 square-foot class-A office property in Phoenix, to TerraCap for $103 million. KBS owned the property under its KBS REIT III and executed an aggressive capital improvement business plan.

KBS acquired the property in 2014, and invested what the company describes as a “multi-million dollar” capital improvement program. The firm upgraded the lobby; common areas and restrooms, and expanded and modernized the property’s amenity spaces. As a result of these improvements, Anchor Centre gained a local reputation as one of the most desirable office buildings in the submarket, according to Giovanni Cordoves, Western regional president for KBS. The property is Energy Star-rated with onsite dining, a deli, secured underground parking, a tenant lounge and game room, fitness center, conference facility, plaza area and outdoor patio.