CBRE completes sale of 106K SF office building in Glendale
CBRE announced the sale of 91 Glendale, a Class A, single-tenant, 106,418-square-foot office building, located at 91st and Glendale avenues in Glendale, Arizona. The three-story, 100-percent leased property is occupied by Humana Pharmacy, Inc., which entered in to a long-term triple net (NNN) lease. The buyer was New York-based Sentinel Acquisition Corp.
Barry Gabel and Chris Marchildon with CBRE Capital Markets, Institutional Properties, Phoenix, and Tim Richey and Mike Winn with CBRE Capital Markets, Institutional Properties, Denver, represented the seller, Artis REIT, with the US Division based in Scottsdale, Arizona.
“91 Glendale offered investors a unique West Valley asset in a prime, amenity-rich location with a long-term, escalating cash flow from a stable, publicly traded tenant,” said CBRE’s Gabel. “Partnering with the Denver Capital Markets team allowed us the opportunity to capture a wide range of investors from across the country.”
Located at 8990 W. Glendale Ave., the property, which was built in 2007, sits on approximately 9.25 acres in the heart of Glendale’s Westgate Entertainment District. The building benefits from ample covered parking, immediate access to Loop 101 and proximity to premier retail, dining and entertainment options including Westgate City Center, Tanger Outlet Mall, Gila River Arena and University of Phoenix Stadium.
CBRE brokers $4.1 million sale of apartments
CBRE has completed the $4.1 million sale of The Fountains, a 43-unit, garden-style apartment community located at 137 E. Coronado Road in Phoenix.
Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE’s Phoenix office represented the buyer, Coronado 137, LLC, a local investor who obtained new financing. They also represented the seller, JMRS Fountain, LLC.
Built in 1972, The Fountains is comprised of one- and two-bedroom units averaging approximately 669 square feet. The property will be rebranded and renovated by the new owner.
The community boasts excellent street frontage on 3rd Street and Coronado Road in a highly sought-after Phoenix neighborhood. Nearby attractions include the Phoenix Art Museam, Phoenix Convention Center, Chase Field and Talking Stick Resort Arena.
Unique retail building sells in stable trade area
Fully leased to eight tenants, The Village at Superstition Springs sold for $3,400,000, or $265 per square foot. The Seller was 6610 E. Baseline Road Investors, L.L.C. The Buyer was Landry Family Trust. The transaction was complicated by the
layers of various associations related to it since it was part of a master-planned, mixed-use community. It was also built as a multi-tenant condo building, which is uniquein itself.
The property is located just south of Superstition Springs Center, a super regional mall. It sits amid restaurants, medical buildings, car dealers and other retail. The northeast corner of Power Road and Baseline Road has a well-leased Fry’s Supermarket Center and the southwest corner has 99 Cents Only, Goodwill, and Petco.
Restaurants locatedin the immediate trade area include: On the Border, B.J.’s Restaurant and Brew House, Red Robin, PF Chang’s, IHOP, Arby’s, Panda Express, and Jack in the Box. Starbucks recently opened a new free-standing unit with a drive-thru at the hard southeast corner of the intersection with Smash Burger.
Judi Butterworth and Lacey Eyman of ORION Investment Real Estate facilitated the sale. Butterworth said, “Village at Superstition Springs is a beautiful property in a unique setting among lakes and a golf course. It was a perfect acquisition for an out-of-state buyer looking for a stable asset.” Butterworth just closed an office building sale in Scottsdale.
Butterworth and Eyman recently sold a center at Guadalupe Road and Recker Road in Gilbert, and have several other retail sales in escrow at this time.
