PHOENIX, Jan. 20, 2021 /PRNewswire/ — TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, Florida, announced today the acquisition of the Anchor Centre for $103,500,000.
Anchor Centre is a two-building, 333,000 square foot, Class A office park located on Camelback Road in Phoenix, AZ. The property consists of two fully renovated, multistory office buildings situated in a campus like setting in a highly desirable location near the City of Scottsdale. Located on the intersection of 24th Street and Camelback Road, the Anchor Centre has access to numerous retailers and connectivity to all of metro Phoenix. The property also features its own on-site amenities, such as a newly renovated gym and conference room, structured parking, an on-site deli, and a popular local restaurant. Steve Hagenbuckle, Founder and Managing Partner of TerraCap said, “We are proud to own this well-appointed, iconic office campus in such an ideal location. The property’s freeway access and close proximity to high-end retail is advantageous for the tenants.” Hagenbuckle continued, “The amount of in-migration and corporate relocations coming from the west coast should assist in keeping occupancy high, allowing us to increase long term value for our investors.”
Anchor Centre is currently 93% occupied and features a strong credit tenant roster. Key tenants include Humana Insurance, Northwestern Mutual, and Black & Veatch. “The seller made many strategic improvements with the capital they invested into the project during their ownership, which is reflected in the institutional quality of the tenant roster,” said Steve Good, Partner and National Director of Acquisitions for TerraCap. “We enjoyed working with the seller and JLL. They were professional throughout the transaction, and we wish them the best.” Good added, “We are excited for the opportunity and are looking forward to growing our investment portfolio in Phoenix.
KBS was the seller, and they were represented by Ben Geelan of JLL. Colony Capital provided debt financing for TerraCap, with assistance from Kevin MacKenzie and Jason Carlos from JLL’s debt team. Cushman and Wakefield were hired for the leasing assignment, and CBRE was retained as property manager.