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.
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