PHOENIX—A partnership this week between Lowe Enterprises, a national real estate investment, development and management firm, and institutional investors advised by J.P. Morgan Asset Management, has acquired a two-building, 327,263-square-foot portfolio of suburban office properties in Phoenix and Scottsdale, Ariz. Located in the Paradise Valley area of Phoenix is 5090 N. 40^th St., and Scottsdale Financial Center III is located at 7272 E. Indian School Rd. in Scottsdale.

“We like the strength of the Phoenix office market, with occupancy rates on the rise and unemployment rates falling,” said Rick Newman, CEO, Lowe Enterprises Real Estate Group. “These buildings offer the opportunity to acquire well-located, well-maintained properties in markets that will continue to benefit from improving economic conditions.” Lowe is seeking additional commercial investment opportunities in the Phoenix area.

The 152,077-square-foot Scottsdale Financial Center III has five levels of office space with multi-level underground parking garage. The recently renovated lobby includes marble floors, an inviting seating area and an interactive directory. All elevators and lobbies have been also been recently modernized. The building is 93 percent leased.

The 175,186-square-foot, 5090 N. 40^th St. building is located in the Camelback Corridor. The four-story property amenities include a shared conference center and on-site health club, with underground parking. The new owners plan to upgrade the lobby, exterior patios and common areas. The building is 53 percent leased, offering an opportunity to lease up the building at current market rates.

Both properties were built in 1988 and offer easy access to nearby Sky Harbor International Airport, Arizona State University and the 101 and 202 freeways.

Peter Morgan of Lowe Enterprises led the acquisition team. Jim Fijan of CBRE represented the seller, CJK Investments. CBRE assisted the ownership group in securing debt on the properties.

Instant Insights /

Phoenix Office Property Portfolio Acquired by Lowe Enterprises

Related Stories

Recommended For You