Phoenix, Arizona – CBRE has facilitated the $4.67 million sale of 58,134-square-foot office building located at 5800 W. Glenn Ave. in Glendale, Arizona. Keech Properties of Palo Alto, California acquired the property from the City of Glendale.
Glenn Smigiel, Bob Young, Ashley Brooks, Rick Abraham and Steve Brabant of CBRE in Phoenix represented the City of Glendale in the transaction.
The building was 88 percent leased at the time of sale to several investment-grade tenants, including the Arizona Department of Child Safety and a multinational investment bank and financial services company.
The three-story, brick veneer property is located in a designated opportunity zone in Historic Downtown Glendale. It is surrounded by numerous municipal buildings including City Hall, The Velma Teague Library, Glendale Civic Center and Murphy Park, and is adjacent to a five-level covered parking garage. Westgate Entertainment District, a six-square-mile mixed-use development that is anchored by Gila River Arena and State Farm Stadium, and Grand Canyon University are both located less than five miles of the property.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated 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.