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PHOENIX-With the hold pushing into the sixth year, Lowe Enterprises Investors, representing CalSTRS, has sold a class A office complex, totaling 296,417 sf, for $94.5 million to KBS Realty Advisors.

“The market is strong and it was an opportunity that we wanted to take advantage of,” Kent Merselis, senior vice president of the Los Angeles-based Lowe Enterprises Real Estate Group, tells GlobeSt.com. The class A complex at 3131 and 3133 E. Camelback Rd. was 94% leased at sale time.

Lead tenant Charles Schwab & Co. Inc. is locked to a lease that doesn’t expire until 2010, according to Merselis. Schwab’s footprint takes up an entire 99,594-sf, three-story building while the sister is a 196,823-sf, multi-tenant structure. “There are no significant lease rolls this year,” he says.

Merselis says the premier property baited 12 to 15 offers, with the Newport Beach, CA-based KBS emerging as the highest offer in the best and final. “It’s a core asset in a strong location,” he says. The seller bought the Camelback Corridor complex in August 2000. Trammell Crow Co. brokers Dennis Desmond and Trevor Klinkhamer represented buyer and seller.

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