99,000-sf multi-tenant project 90% leased, situated near abundance of amenities
Cushman & Wakefield announced the firm has brokered the sale of Arrowhead Executive Center, a 99,062-square-foot multi-tenant office complex situated on 11.9 acres in Glendale, Arizona. The asset was acquired by Cleveland, OH-based Woodside Health for $18.2 million. The seller was Holualoa Companies.
Cushman & Wakefield’s Steve Lindley represented the seller in the transaction. Bill Cook and Perry Gabuzzi of Plaza Companies provided market leasing advisory.
“Approximately 90% leased to a diverse base of tenants, Arrowhead Executive Center was an excellent opportunity for the buyer to acquire solid in-place income, excellent value, and signiﬁcant upside potential,” said Steve Lindley, Executive Director.
“The property is well-positioned to take advantage of positive area housing demand and growth in the Arrowhead market, inﬂuenced by pandemic-related trends, that resulted in an occupancy increase in competitive properties over the last 12 months,” Lindley added. “The buyer benefited from this trend, with strong leasing activity during their escrow period.”
Arrowhead Executive Center comprises eight (8) single-story office buildings located at 17235 N 75th Ave. Originally constructed in 2000, the complex features quality, modern office space that is highly functional and flexible. The property is one mile east of Loop 101, and is also near many retail, shopping and dining amenities.