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TEXAS/SOUTHWEST NEWS
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Keech Properties Buys 58k sf AZ Office Building

1/17/20

Keech Properties, out of Palo Alto, acquired a 58.1k sf office building in Glendale, AZ for $4.67 mil, or $80/sf. The property, located at 5800 W. Glenn Ave, was sold by the City of Glendale.

The building was 88% leased at the time of sale to several investment-grade tenants, including the Arizona Department of Child Safety and a multinational investment bank and financial services company.

The three-story, brick veneer property is located in a designated opportunity zone in Historic Downtown Glendale. It is surrounded by numerous municipal buildings including City Hall, The Velma Teague Library, Glendale Civic Center and Murphy Park, and is adjacent to a five-level covered parking garage. Westgate Entertainment District, a six-square-mile mixed-use development that is anchored by Gila River Arena and State Farm Stadium, and Grand Canyon University are both located less than five miles of the property.

Glenn Smigiel, Bob Young, Ashley Brooks, Rick Abraham and Steve Brabant of CBRE in Phoenix represented the City of Glendale in the transaction.





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