Phoenix/Scottsdale – A joint venture formed by Lowe Enterprises in Los Angeles, Calif. (Robert Lowe, chairman) and J.P. Morgan Asset Management has agreed to pay $50+ million to buy 325,824 sq. ft. of office space in two projects in Phoenix and Scottsdale. The properties are owned by CJK Investments in Newport Beach, Calif. (Steven Craig, Steve Jarecki, David Kray, Jan Tatala, principals). Sources say the Lowe/JP Morgan venture will complete the purchases in two transactions set to close by year-end. The deal is being brokered through Jim Fijan of CBRE in Phoenix. None of the parties involved in the sales would comment on the pending acquisitions. Lowe/JP Morgan is expected to pay roughly $24.5 million ($162.64 per foot) to acquire a 150,638-square-foot building at 7272 E. Indian School Road in Scottsdale and $26+ million ($148.41 per foot) to purchase a175,186-square-foot office building at 5090 N. 40th Street in Phoenix. The five-story building on Indian School Road, called Scottsdale Financial Center III, is 90+ percent occupied. The four-story office structure on 40th Street is about 60 percent leased. Continue reading
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