LEI Acquires Office Buildings for $76M

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.”