Colliers International in New York City, supported by Greater Phoenix, sold a single-tenant, net-leased retail site located at 5104 W. Glendale for $3.5 million.
Proinvest 99 Glendale AZ, LLC purchased the fully leased property from Verde Investments Inc. Dmitry Levkov, managing director Colliers NYC, in collaboration with local broker Marc Bonilla of Colliers Scottsdale, represented the buyer. Ed Beeh of SRS National Net Lease Group represented the seller.
The transaction was the result of a successful term reset with the tenant committing to a new 15-year Absolute Triple-Net lease corporately guaranteed by Drive Time Automotive. Drive Time Automotive has occupied the 2.03-acre property as a sales lot since 1998.