April 26, 2024 1:09 pm
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German fund buys office project in Tempe after selling Phoenix office

Tempe – A company formed by GLL Real Estate Partners, a subsidiary of Munich, Germany-based GLL Real Estate Partners GmbH, paid $21.6 million to buy a 159,764-square-foot office building called Papago Spectrum at 1225 W. Washington Street in Tempe. The seller was JPM CC 2005-LDP4 Papago Spectrum LLC, a commercial mortgage backed security (CMBS). The special servicer for the seller was C-III Asset Management LLC in Irving, Tex. The cash sale was brokered through Dennis Desmond and Brian Ackerman of Jones Lang LaSalle in Phoenix. The four-story structure, located within the 522-acre Papago Park Center, is 91 percent occupied. Continue reading:

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.