TEMPE, AZ-Business Real Estate Weekly reports that GLL HRE Core Properties LP, a limited partnership formed by GLL Real Estate Partners GmbH acquired the 162,482-square-foot Broadway 101 office complex. The Munich-based buyer paid $27.1 million to Broadway 101 Office Park Inc., a company formed by a State of Alaska-owned pension fund (and advised by LaSalle Investment Management of Chicago).
The seller bought the two-building asset at 2141-2151 E. Broadway Rd. in August 2000 for $22 million. Broadway 101 was 94% occupied at closing.
BREW notes that Dennis Desmond, Brian Ackerman, Dave Seeger, Karsten Peterson and Mark Gustin of Jones Lang LaSalle in Phoenix brokered the all-cash sale. For more information about the transaction, click here.
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