CBRE Brokers $4.67 Million Sale of Office Building in Historic Downtown Glendale, Arizona

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Phoenix, Arizona CBRE has facilitated the $4.67 million ($803 PSF) sale of the 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.

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