Lee & Associates Arizona negotiated a 20-year lease for a former furniture warehouse/showroom in Glendale.
The transaction is valued at more than $6M for the 23,548 SF property at 5801 N. 51st Ave. in Glendale.
T.J. Swearengin, principal with Lee & Associates Arizona procured the tenant, Maverick House. Habanero Nova, LLC, a local investment firm is the landlord.
It recently purchased the building for $658,000 or $27.94 per square foot from First Citizens Bank & Trust Co., of Raleigh, N.C.
“This was a great location for the new Maverick House,” Swearengin said. “It allows them to continue to serve the community without any disruption. We are happy to have found an investor (Habanero Nova) that believes in what they do.”
Maverick House’s parent organization NOVA, Inc., is a nonprofit organization that provides treatment and services to the community by assisting those with substance abuse, homelessness and other mental- health issues. NOVA worked to improve the lives of more than 3,000 Maricopa County residents this past year.
“NOVA has been a valued partner in Glendale since 1982 and we welcome them to their new location,” said Jon Froke, planning director for the City of Glendale. “NOVA provides much needed services to the community and we wish them well.”
The industrial showroom center sits on 2.4 acres and is adjacent to Grand Ave.
