Published: June 19, 2015
Phoenix – 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. The property is being acquired by ARE-LEI Phoenix Gateway Associates LLC (Alecta Real Estate/Lowe Enterprises Inc. entity) in a sale scheduled to close at press time. The purchase follows a $51 million investment Lowe Enterprises made six months ago in the Valley in a venture with J.P. Morgan Asset Management. That company acquired 325,824 sq. ft. of office space in two projects in Phoenix and Scottsdale. While those Valley office purchases were the first in the Phoenix area for Lowe Enterprises in more than seven years, the company took less than seven months to make its next Valley investment. In this week’s deal, the Lowe/Alecta venture acquired properties known as One Gateway, Two Gateway and Three Gateway. On the average, the Gateway offices are about 92 percent occupied. Transwestern in Phoenix is leasing and managing the properties. One Gateway is a 107,755-square-foot, four-story building located at 426 N. 44th Street. Two Gateway is a 107,963-square-foot, four-story office structure at 432 N. 44th Street, and Three Gateway is a 221,885-square-foot, 11-story office at 410 N. 44th Street. The offices were developed in 1984, 1986 and 1988. In January 2012, BREW reported Oaktree Capital/Pearlmark paying $43 million ($98.26 per foot) to acquire the three Gateway office buildings. The seller was Aslan III Phoenix Gateway LLC, a company formed by Transwestern Investment Co. in Chicago, Ill. (now known as Pearlmark Real Estate Partners). Pearlmark, the successor to Transwestern Investment Co., retained an ownership interest in the Gateway office buildings. In July 2007, BREW reported Transwestern Investment paying $96 million ($219.38 per foot) to buy the three Gateway offices. A fourth office structure in the complex, a 137,069-square-foot building called Four Gateway, is owned separately. Two months ago, a company formed by VanTrust Real Estate LLC in Kansas City, Mo. (David Harrison, pres.) paid $22.97 million ($167.58 per foot) to acquire that building. The four-story building is located at 444 N. 44th Street. Lowe Enterprises is a pension fund advisor with $3+ billion of assets currently under its control. The privately-held firm offers a full array of real estate services. Lowe has an interest in office, retail, mixed-use, residential, industrial and hospitality assets located across the county. From the mid-1990’s to the mid-2000’s, BREW reported Lowe Enterprises spear-heading several office acquisitions and developments in the Phoenix area. Alecta Real Estate USA is a subsidiary of Alecta, Sweden’s largest mutual pension company with $88.2 billion of assets under its management. The contact at Lowe Enterprises is Peter Morgan . . . reach him at (310) 571-4243. Christine Schadlich of Alecta is at (415) 321-6100. Talk to Mark Jacobs of Oaktree Capital at (213) 830-6300. Call Gabel and Marchildon at (602) 735-5555.
I am actively looking to build relationships with Real Estate Investors and Owner / Users for Phoenix – Scottsdale – Tucson – Maricopa County – Pima County – Pinal County – Cochise County – Santa Cruz County –Yavapai County – Gila County – Arizona , USA
Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
WHY PHOENIX ARIZONA : ???
It’s a no brainer, check it out
http://walter-unger.com/?p=13391
1
Timeline of Phoenix, Arizona history
http://en.wikipedia.org/wiki/Timeline_of_Phoenix,_Arizona_history
2
http://en.wikipedia.org/wiki/Phoenix,_Arizona
3
Facts of Arizona – year 1848 to 2013
http://walter-unger.com/?p=9507
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix.
1-520-975-5207
View my listings and my profile at:
http://www.loopnet.com/profile/14101172900/Walter-Unger-CCIM/Listings/
Investors and owner/users need to really know the market before making a move in commercial investment properties as the market has a lot of moving parts today. What’s going on socio-economically, what’s going on demographically, what’s going on with location, with competing businesses, with public policy in general — all of these things affect the quality of your commercial properties/investment properties. Therefore, you need a broker who understands commercial properties. Please go to my web-site and get all the newsflashes and updates in Commercial Real Estate.
Check out my professional profile and connect with me on LinkedIn.
Follow me on Facebook:
http://www.facebook.com/ungerccim
Follow me on Twitter:
https://twitter.com/Walterunger
Follow Me on Google+
https://plus.google.com/u/0/b/114560883588623379451/
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. I am also a commercial land specialist in Phoenix and a Landspecialist in Arizona. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me on my cell 520-975-5207 or Office:480-948-5554
Walter Unger CCIM
Associate Broker, Kasten Long Commercial Group
2821 E. Camelback Rd.
Phoenix, AZ 85016
Cell: 1-520-975-5207
Fax: 1-602-865-7461
walterunger@ccim.net
View my listings and my profile at:
http://www.loopnet.com/Profile/14101172900/Walter-Unger-CCIM/
a little about me and my expertise – video
commercial-investment real estate adviser-land specialist
https://www.youtube.com/watch?v=PPs3kpKR4nY
Delivering the New Standard of Excellence in Commercial Real Estate
- Commercial Real Estate Scottsdale
- Commercial Real Estate Phoenix
- Commercial Real Estate Arizona
- Commercial Investment Properties Phoenix
- Commercial Investment Properties Scottsdale
- Commercial Investment Properties Arizona
- Land Specialist Arizona
- Arizona Land Specialist
- Land Specialist Phoenix
- Phoenix Land Specialist
- Land For Sale Phoenix
- Land for sale Arizona
- Commercial Properties For Sale Phoenix
- Commercial Real Estate Sales Phoenix
- Commercial Properties Phoenix
- Commercial Properties Arizona
- Commercial Land Specialist Phoenix
- Commercial Land Phoenix
- Multifamily land Phoenix
- Retail Land Phoenix
- Industrial Land Phoenix
- Land Commercial Phoenix
- Land Retail Phoenix
- Land Industrial Phoenix
- Land Multifamily Phoenix
- Industrial Land for sale Phoenix
- Land Industrial
- P
- Investment Real Estate
Disclaimer of Liability
The information in this blog-newsletter is for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.