Phoenix/Scottsdale – Companies formed by Lowe Enterprises in Los Angeles, Calif. (Robert Lowe, chairman) and J.P. Morgan Asset Management paid $51 million to buy 325,824 sq. ft. of office space in two projects in Phoenix and Scottsdale. The sellers in two transactions were companies formed by CJK Investments in Newport Beach, Ca. (Steven Craig, Steve Jarecki, David Kray, Jan Tatala, principals). The deal was brokered by Jim Fijan of CBRE in Phoenix. BREW reported the Lowe/J.P. Morgan venture working to acquire the projects in November. Maricopa County records show PHX SFC Holding LLC (Lowe/J.P. Morgan entity) paid $26.35 million ($150.41 per foot) to purchase a 175,186-square-foot building at 5090 N. 40th Street in Phoenix. The seller was CJK 5090 LLC. In the other sale, PHX 7272 Holding LLC (Lowe/J.P. Morgan entity) paid $24.65 million ($163.64 per foot) to acquire a 150,638-square-foot structure at 7272 E. Indian School Road in Scottsdale. The seller was CJK SFC III LLC. Continue reading
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