By: Paul Dionne | Vizzda.com
Anchor Centre, the 337,450 ft2 office plaza with
ground floor retail at the southeast corner of Camelback Road and 22nd
Street, has sold for $85.1m or more than $250 per square foot. The buyer—Charles
Schreiber Jr. of KBS Capital advisors—paid $39.1m in cash for the property and
financed the remainder of the purchase price with $53.2m in new debt with US
Bank.
The plaza is comprised of two buildings: the 6-story west
tower, totaling 200,576 ft2 and the 4-story east tower, totaling
136,874 ft2. They were built between 1983 and 1985 on 7.07 acres of
C-2 zoning in the Camelback Corridor. Major office tenants include Humana,
Northwestern Mutual, First American Title Company, First International Bank
& Trust and USI Pilcher; the retail space is occupied by The Gladly and
City Market Deli & Catering.
Angelo Gordon & Co.—a privately-held alternative
investment advisor specializing in distressed situations in the commercial real
estate space—previously acquired the property in November of 2010 for $52m or
$154.10 per square foot. While that purchase was all cash, Angelo Gordon &
Co placed $35m in debt secured by the property in four notes in April of 2011.
The current purchase price represents a 63.6% unlevered rate of return and a
177.05% rate of return when the above mentioned refinancing is considered.
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