Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Talavi Spectrum, a 75,636-square-foot office property located in Glendale, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $13,000,000.
“This multi-tenant office asset was put under contract immediately after listing and during the height of the pandemic,” said Tivon Moffitt, Senior Director in Marcus & Millichap’s Phoenix office. “Investor demand remains very healthy with office users in addition to other asset classes. It was a pleasure working with both Dunbar and OrbVest and we congratulate them both.”
“We continue to see new institutional and private capital investors attracted to the greater Phoenix marketplace,” added Peter Bauman, also a Senior Director in the firm’s Phoenix office. “This project is the second recent acquisition in the greater Phoenix metropolitan area completed with OrbVest and they were great to work with.”
Bauman and Moffitt had the exclusive listing to market the property on behalf of the seller, Dunbar, who had reached their investment goals for the asset and were looking to deploy capital into more assets in the market. The buyer, OrbVest, was also procured by Bauman and Moffitt and plans to continue operations and recruit quality medical operators to the asset.
“We have been looking for medical office buildings in Arizona for some time to complement our portfolio, and the Talavi building provides us with a perfect opportunity to re-establish the building as a prestigious medical office,” said Martin Freeman, OrbVest CEO.
Talavi Spectrum is located at 5701 West Talavi Boulevard in Phoenix, Arizona in a strong market with limited future development opportunities. Built in 2002 on 5.73 acres, this Class A suburban office asset was 88% occupied at the time of sale.