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PHOENIX – Ajoint venture between Lowe Enterprises and J.P. Morgan Asset Management has acquired a pair of Phoenix-area office buildings for a total of $51 million. The sale includes a 175,186-square-foot building located at 5090 N. 40th Street in Phoenix, as well as Scottsdale Financial Center III, a 152,081-square-foot building located at 7272 E. Indian School Road in Scottsdale. The buildings sold for $26.3 million and $24.6 million, respectively.
The acquisition team was led by Peter Morgan of Lowe Enterprises. The seller, CJK Investments, was represented by Jim Fijan and Will Mast of CBRE’s Phoenix office. CBRE also assisted the ownership group in securing debt on the properties.