DTZ, a global leader in commercial real estate services, announced today the sale of Arrowhead Business Center, a ±43,915 square foot, three building office campus in Glendale, AZ. Dunbar Real Estate Investment Management (Los Angeles) purchased the campus for $5.6 million from Investors Warranty of America Inc. through its investment advisor AEGON USA Realty Advisors LLC.
Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley and Associate Ben Geelan of DTZ’s Phoenix office represented Investors Warranty of America during the sale transaction.
“Arrowhead’s design, with average suite sizes of 1,500 square feet, makes this property ideal for small office tenants, which are a strong driver of the Glendale office market,” said Mr. Buckley. “Dunbar saw the stability in the current rent roll and the potential upside of leasing out the five available suites.”
Built in 2000, Arrowhead Business Center is a multi-tenant office campus which consists of three single-story office buildings located at 7025, 7055 and 7075 West Bell Road. Arrowhead Business Center was 88.9% occupied at the time of sale, with five vacant suites totaling 4,857 square feet.