Single-tenant retail building near Phoenix sells for $16.2M
JLL Capital Markets closed the sale of the ground-leased building in a growing Glendale location
PHOENIX, May 19, 2021 – JLL Capital Markets announced today that it has closed the $16.2 million sale of a 33,300-square-foot single-tenant retail building ground leased to a global discount department and grocery store tenant at Talavi Town Center in Glendale, Arizona.
The investment-grade and industry-leading tenant has occupied the building since 1995 and redeveloped the store into the current footprint in 2008 to meet Glendale’s growing population and uptick in customer volume. Glendale’s population has increased 13% since 2000 and is 10 miles northwest of Phoenix.
The high-performing store is situated on 3.4 acres at 5845 W. Bell Rd. in the Arrowhead Retail corridor, a dense retail trade area that welcomes 2.2 million customers annually. The property is at the high-traffic intersection of Bell Road and 59th Avenue, which has traffic counts of more than 72,000 vehicles per day.
“This investment offering leased to the largest retailer in the world was one we were proud to take to market,” Friedlander said. “There are not many high-quality, investment-grade, net-lease investment offerings currently available for sale in the marketplace.
“The right mix to offer in today’s environment is single-tenant assets with investment-grade credit and strong underlying real estate fundamentals,” he continued. “The demand far exceeds the supply, so we were able to attract attention from a wide spectrum of buyers, including institutional capital, REITs, high-net-worth buyers and private family offices. Multiple bids were received, and eventually we selected a private 1031 buyer through a best-and-final process.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.