Glendale Property Purchased for $10M
Zanjero Falls, a three-story, grey shell building, originally developed to be medical/office condominiums has sold for $10 million. The vacant property was purchased by a local investor and will be converted into a market competitive multi-family community, further enhancing the Westgate Entertainment District in Glendale, AZ.
Zanjero Falls was built in 2008 in the heart of Glendale’s shopping and entertainment district. The property was originally built to provide high-end medical/office condominium units for lease or purchase to small business owner/users. Unfortunately the property was completed as the Great Recession hit in 2008 / 2009. Since then, the propery has been through a series of different owners, including loan defaults and bankruptcies. As a result, the interior of the property was never built out and sat idle for more than 10 years. Located at 7410 N. Zanjero Blvd., the 7.5-acre campus contains three buildings with an underground parking facility totaling 231,272 square feet. The property also offers healing gardens, water features and a large pond with bridge at the main entrance.
Tim Dulany and Alexandra Loye of Colliers in Arizona represented the seller, SZ Real Co, LLC, an Arizona limited liability company headed by a San Francisco-based investor. Nirvana at Zanjero, LLC, an Arizona limited liability company purchased the property and was represented by Sharat (Shuan) Kanaka of Paradise Valley, Arizona.
“The seller of this property hired Colliers to bring a new, creative approach to marketing the asset for sale along with a robust national platform to market the property locally and nationally to a large buyer pool. The property had been marketed several times in the past with other smaller brokerage firms that were unable to find an appropriate buyer for senior housing uses,” says Tim Dulany of Colliers in Arizona. “We knew this beautiful development had great potential and identified quickly what were the highest and best uses for the property and who were the likely buyers within those specialty property types. Boldly, we set the price more than a $1.0 million dollars higher than any prior offer that was made to the sellers for the asset. Utilizing our experience and connections in the marketplace, we were able to secure multiple offers within two weeks of launching our marketing efforts, which led to a multiple competitive offers from buyers that resulted in an above-asking sale price along with an expedited close. This marks one of the best strategic marketing and success stories for our team during 2021, accomplished in the midst of COVID-19 and a challenging political/economic climate.”
Loye comments, “We have tracked this asset for many years and are excited to finally see it come to life. The Westgate Entertainment District has serious momentum with several new development projets in the works and we are happy to be a part of this movement.”
Zanjero Falls features a Spanish Colonial architectural style with balconies, arches and towers. The property is adjacent to the new Desert Diamond Casino, Phoenix Coyote hockey arena, AZ Cardinals’ State Farm stadium and Westgate City Center. The buyer is working on design / architectural plans and city approvals to build approximately 300+ units of 1 Br, 2 Br, and 3 Br apartments. Estimated completion date for the first phase of construction (which is to build out the existing shell building) is fourth quarter 2022 and second phase (to build new detached buildings) by spring/summer 2023.