Los Angeles-based Lowe is representing an unnamedpension fund inthe $58-million purchase of 3131Camelback, a two-building officecomplex thattotals nearly 300,000 sf at the corner of 32ndStreetand Camelback Road. The project was built by Phoenix-basedDMB and wascompleted only last year.
The development is 99% leased. Its biggest tenant isfinancial-services giant Charles Schwab & Co., which occupiesmore than 100,000 sf in the two buildings.
Lowe's new acquisition is part of a portfolio of buildings thatowner DMBnearly sold to New Jersey-based Mack-Cali Realty lastyear,but that deal fell through when the financialmarkets droppedsharply.
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