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6/30/15
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Lowe Enterprises Investors, in a joint venture with one of its investment clients, has acquired Phoenix Gateway, a 437.6k sf, Class A office project in Phoenix, AZ. The price was not disclosed.
Mark McGovern and Scott Peterson of CBRE Capital Markets’ Debt & Structured Finance team, out of San Diego, along with Bruce Francis and Dana Summers of CBRE’s Phoenix office, arranged the acquisition financing through Oaktree Capital Management. The five-year, floating rate, interest-only loan provides capital for planned improvements.
Phoenix Gateway Center consists of two, four-story buildings and one 11-story office tower leased to a strong mix of credit tenants. The campus environment is highlighted by water features and landscaped common areas with easy access and connectivity between each building.
Tenants at Phoenix Gateway Center enjoy an on-site cafe, conference center, fitness center, 24/7 building security, as well as a variety of restaurants, hotels and shopping centers in the vicinity. The project has easy access from the Loop 202 and 143 freeways and is one mile from Phoenix Sky Harbor International Airport.
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