CBRE Completes Sale of 106K SF Single Tenant Office Building in Glendale, Ariz.
29 1 2018
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 Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.