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4/25/19
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Arrowhead Festival, a 12.6k sf retail property in Glendale, AZ, sold for $3.07 mil ($244/sf). The asset, located at the northeast corner of 73rd Ave and Bell Rd, was purchased by Phoenix-based LIMO Enterprises LLC.
The 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 msf Arrowhead Towne Center anchored by Dillard’s JC Penny’s, Sear’s, Macy’s, AMC Theaters and Forever 21.
Chris Hollenbeck and Shane Carter of Cushman & Wakefield’s Phoenix office represented the seller, PWREO 73rd & Bell LLC (an entity formed by Pacific West Land of Bainbridge Island, Wash.).
"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.
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