Business Real Estate Weekly
In a show of confidence in the Valley real estate market, a venture formed by Lowe Enterprises in Los Angeles, Calif. (Robert Lowe, chairman) is paying $75.7 million ($173 per foot) to purchase three office buildings in the Gateway business park in Phoenix. Lowe Enterprises and Alecta Real Estate USA of Sweden have joined forces to acquire 437,603 sq. ft. of office space near the northwest corner of 44th and Van Buren streets. The seller is Phoenix Grand Avenue Office Partners LLC, a joint venture formed by Oaktree Capital Management L.P. in Los Angeles, Calif. (Howard Marks, chairman) and Pearlmark Real Estate Partners LLC in Chicago, Ill. (Stephen Quazzo, CEO). The deal was negotiated through Barry Gabel and Chris Marchildon of CBRE in Phoenix, Kevin Shannon and Ken White of CBRE in El Segundo, Calif. and Paul Jones of CBRE in Newport Beach, Calif.
