CBRE has completed the sale of two Class A office buildings located within Glendale Corporate Center in Glendale, Ariz. for $18.7 million. Melcor Developments of Edmonton, Alberta acquired buildings A and B, which total 130,414 square feet, from Los Angeles-based Regent Properties.
Barry Gabel, Chris Marchildon and Will Mast with CBRE Capital Markets, Institutional Properties in Phoenix, represented Regent Properties in the transaction. The buyer was represented by Tom Swan with Amcal Southwest. Ashley Brooks, Jim Bayless and Jasmina Subasic with CBRE’s Phoenix office will retain the leasing assignment for the property.
The two buildings, situated at 5323 (Building A) and 5281 (Building B) North 99th Avenue, averaged 85 percent occupancy at the time of sale to a high-quality tenant roster with long-term staggered lease expirations through 2028. Global engineering firm, Bechtel, which ranks no. 8 on Forbes list of America’s Largest Private Companies, occupies more than half of the total square footage of the buildings, and is on a long-term, firm lease expiring March 2028. The buildings offer a parking ratio of nearly five spaces per 1,000 square feet.
Glendale Corporate Center is highly visible with frontage along the Loop 101 Freeway. The properties are in proximity to major entertainment venues, including Camelback Ranch, Westgate Entertainment District, State Farm Stadium and Gila River Arena.