Cushman & Wakefield sells Arrowhead Festival
PHOENIX, Arizona – Cushman & Wakefield completed the sale of Arrowhead Festival, located at the northeast corner of 73rd Avenue and Bell Road in Glendale, Ariz., on behalf of PWREO 73rd & Bell, LLC (an entity formed by Pacific West Land of Bainbridge Island, Wash.). Phoenix-based LIMO Enterprises, LLC purchased the property for $3.07 million ($243 PSF).
Chris Hollenbeck and Shane Carter of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller.
The 12,615-square-foot, multi-tenant building is 100% leased to long-term reliable tenants including Jackson Hewitt, America’s Best, Doda’s Pizza and Blooming Nails. Built in 1997, the property is adjacent to the 1.37-million-square-foot Arrowhead Towne Center anchored by Dillard’s JC Penny’s, Sear’s, Macy’s, AMC Theaters and Forever 21.
"Arrowhead Festival is located in an irreplaceable location on Bell Road right in the Arrowhead Mall trade area. This asset will be a great long term hold for the buyer," stated Hollenbeck.