October 16, 2019
Bridge Office Fund Manager, a subsidiary of Bridge Investment Group LLC, acquired Phoenix Gateway Center, a 439,584-square-foot Class A office campus on North 44th Street in Phoenix. Seller Lowe Enterprises Investors of California came away from the deal with $85.7 million.
Situated at 410, 426 and 432 N. 44th St., the Gateway Center consists of three buildings, and is less than one mile from Sky Harbor International Airport. During LEI’s four-year hold, it had invested more than $4.7 million in renovations and capital improvements. Bridge plans to invest approximately $2.7 million to enhance the asset. Upgrades will be made to lobbies, elevator cabs, outdoor space, common areas, the fitness center and conference room.
“With its prime location and spacious, campus-like setting, Phoenix Gateway Center checks all of the boxes for our acquisition strategy,” said Bridge’s David McCleve.
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