PHOENIX, ARIZONA ––CBRE has arranged the $2.66 million sale ($1,108 PSF) of a 2,400-square-foot, newly constructed single-tenant retail property leased to Starbucks at 5905 West Olive Avenue in Glendale, Ariz. The property sold for $1,108 per square foot.
Andrew K. Fosberg, Christopher Ackel and Dylan A. Brown of CBRE in Phoenix represented the seller, SimonCRE Robert, LLC, an entity formed by SimonCRE (Joshua Simon, principal) of Scottsdale, Ariz. The buyer, New Era Holding, LLC, was represented by Samir Sawhney of XCD Realty & Property Management in Phoenix, Ariz.
The property was built in 2019 as a build-to-suit for Starbucks and features a drive-thru and patio. It is located at the southwest corner of Olive and 59th avenues and directly across the street from Glendale Community College, one of the largest colleges in Arizona with more than 20,500 students enrolled annually. The property is also situated in a high-growth residential and commercial corridor with 453,113 residents living within a five-mile radius, according to CBRE Research.
“In addition to its strategic location across from Glendale Community College, investors were drawn to the opportunity to acquire a brand new, free-standing retail property leased to an iconic, credit-backed national tenant,” said CBRE’s Fosberg.