SKB and Värde Partners acquired the US Bank Center, a 31-story office tower in the Phoenix CBD, for $59.7 million.
Portland, ORE. (November 12, 2014) — Portland-based real estate merchant banking firm ScanlanKemperBard Companies (SKB) along with its equity partner Värde Partners, Inc., closed on a deal October 31st to acquire the US Bank Center, a 373,013-square-foot, 31-story office tower in the heart of Phoenix’s Central Business District. Värde Partners, through funds it manages, provided the majority of the equity capital in the acquisition, and SKB will serve as the operating partner.
“We’re pleased to be able grow our portfolio with this strategic acquisition in Phoenix,” said SKB President and Principal Todd Gooding. “The market continues to show tremendous growth and promise, and we and Värde are planning additional investments that will make this important property even better.”
At an acquisition price of $59.7 million ($160 per square foot), market strengths and property features of the US Bank Center in Phoenix include:
SKB and Värde Partners plan to complete $3.4 million of capital improvements for the US Bank Center including lobby renovation, new bike storage room, fitness room with showers and lockers, conference room and patio space, enhanced facades and storefronts of both the tower building and mixed-use garage/retail building, and exterior painting.