5665 Bell Rd, Glendale, AZ 85308
61,302 SF | 100% Leased | Retail Building | Glendale, AZ 85308 | $13,025,000 ($212/SF) | 8% Cap Rate
For Sale
Active
- Date Added:
- September 16, 2024
- Days on Market:
- 2 days
Asking Price $13,025,000
- Sale Condition
- 1031 Exchange
- Property Type
-
Retail
- Square Feet
- 61,302 SF
- Price / Square Foot
- $212
Listing Contacts
Marcus Muirhead
Verified Profile
Greg Guglielmino
Verified Profile
Steve Gonzalez
Verified Profile
- Property Info
Property Overview
Lee & Associates Arizona Commercial Real Estate Services Company (“Exclusive Broker”) is pleased to present the opportunity to purchase Talavi Towne Center II, consisting of ±61,302 square feet, situated on 5.67 acres of PAD zoned land, located in the heart of Glendale, Arizona (the “Property”).
The project is 100% leased to two (2) tenants on a NNN lease basis, with leases to be executed upon the close of escrow. Ownership has completed several major capital expenditures including substantial tenant improvements, updated restrooms, painting, and solar panel installation (currently in progress). At the close of escrow, ownership will execute a sale-leaseback on each suite, equal to 7 years, with 2% annual rent increases and two (2) 5-year renewal options.
There is an adjacent parcel of 52,350 square feet, APN 200-50-206, that could be included in the property sale for an additional $500,000. Please inquire with the listing agent for additional information.
The project is 100% leased to two (2) tenants on a NNN lease basis, with leases to be executed upon the close of escrow. Ownership has completed several major capital expenditures including substantial tenant improvements, updated restrooms, painting, and solar panel installation (currently in progress). At the close of escrow, ownership will execute a sale-leaseback on each suite, equal to 7 years, with 2% annual rent increases and two (2) 5-year renewal options.
There is an adjacent parcel of 52,350 square feet, APN 200-50-206, that could be included in the property sale for an additional $500,000. Please inquire with the listing agent for additional information.
Property Details
- Class
- B
- Year Built/Renovated
- 1994/1998
- Stories
- 1
- Property Subtype
- Storefront Retail/Office
- Lot Size (sq. ft)
- 247,421 SF
Highlights
- Recent Renovations in Excess of $2M
- New Roof with 20 Year Warranty and Parking Lot Planned for May/June 2024
- 7-Year NNN Leases to be Executed at Close of Escrow
- Phoenix Retail Vacancy at 4.6%, Recording 3.6M SF of Net Absorption in 2023 (2nd in the Nation)
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