Lowe Venture buying Gateway office buildings in $75+ million deal

Business Real Estate Weekly

1434568406In 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.

Continued:

Share this!

Additional Articles

News Categories

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.