PHOENIX—Lowe Enterprises Investors has acquired three office buildings totaling 437,603 square feet at the Phoenix Gateway Center in joint venture with an investment client. Phoenix Gateway Center is a class A, five-building, office complex located in the North Airport/44th Street corridor area of Phoenix. The sale price was $76 million.

“The Phoenix Gateway buildings fit well with our acquisition strategy focusing on office properties in growth areas that can benefit from capital improvements, re-tenanting and/or repositioning,” says Bradford W. Howe, co-CEO of LEI. “Phoenix is an improving market with healthy job growth, occupancies and rental increases, attributes that we look for in areas we target for investment.”

LEI acquired the four-story, 107,755-square-foot Gateway I, four-story, 107,963-square-foot Gateway II and 11-story, 221,885-square-foot Gateway III buildings that all include both structured and surface parking. LEI plans to refresh and improve the properties including common areas and public spaces with particular focus on the generous outdoor plazas, adding new landscaping, comfortable seating, tables and shade structures to make the spaces more inviting and attractive for informal meetings, lunch or relaxation.