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Venture sets record with $928 million Marina Heights deal

In what will be the biggest commercial office property sale ever recorded in the Phoenix market, a partnership formed by Transwestern Investment Group (TIG) in Houston, Tex. and JDM Partners LLC in Phoenix (Jerry Colangelo, David Eaton, Mel Shultz, principals) is expected to pay $928 million (roughly $457 per foot) to buy the 2+ million-square-foot Marina Heights office project located along Tempe Town Lake in Tempe, according to Business Real Estate Weekly. Jerry Colangelo is a Valley sports icon, known for previously owning the Phoenix Suns of the NBA and the Phoenix Mercury of the WNBA.

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