ANCHOR CENTER

Purchased in a highly competitive process in 2010 in partnership with Angelo Gordon & Co., Anchor Center is an iconic office project in the Camelback corridor - the first "high rise" constructed outside of the Central Avenue corridor, in 1984.   At the time of the purchase the office market in Phoenix was just beginning to come out of the Great Recession, and Anchor Center was becoming a generally ignored project despite its prominent location and scale.  The project also suffered from an awkward visitor parking and ingress/egress situation that had never been addressed by prior ownerships.

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The ability to adequately renovate this property hinged on the difficult process of obtaining community support and city approvals to construct an entry off of Camelback Road.  The ultimate approved design included not only the Camelback Road entry, but also abundant visitor parking that was essential to conveniently serve both buildings in the project.  In addition, this visitor parking allowed the opportunity to locate a new restaurant - The Gladly - in place of the former Ruth's Chris Steak House space.  This highly successful new restaurant provided much needed lunch service and reinforced  the reinvigorated Anchor Center brand.  All of this was complemented by construction of a new outdoor plaza with a dramatic shaded sitting area, and full common area renovations.

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Anchor Center was sold in 2014, resulting in a highly successful investment and has been recognized as one of the most successful large-scale office renovations in the Phoenix area.