Phoenix – A limited partnership formed by Munich, Germany-based GLL Real Estate Partners GmbH paid $27.1 million ($166.79 per foot) to purchase a 162,482-square-foot Tempe office complex located at 2141-2151 E. Broadway Road. The seller was Broadway101 Office Park Inc. That company was formed by a pension fund owned by the State of Alaska that is advised by LaSalle Investment Management in Chicago, Ill. The buying entity was GLL HRE Core Properties L.P. The cash sale was brokered by Dennis Desmond, Brian Ackerman, Dave Seeger, Karsten Peterson and Mark Gustin of Jones Lang LaSalle in Phoenix. The two-building complex, called Broadway 101 Office Campus, is 94 percent occupied. The JLL agents have the leasing assignment on the project, which was built in 2000. Continue reading
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