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6/05/20
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A 2.4k sf, newly constructed single-tenant retail property leased to Starbucks in Glendale, AZ has sold for $2.66 mil, or $1,108/sf. The property, located at 5905 West Olive Ave, was acquired by New Era Holding LLC.
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 is 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.
Andrew K. Fosberg, Christopher Ackel and Dylan A. Brown with CBRE represented the seller, SimonCRE Robert LLC, an entity formed by SimonCRE of Scottsdale, AZ. The buyer was repped by Samir Sawhney of XCD Realty & Property Management in Phoenix.
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