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.