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June 22, 2024
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Anchor Tenant Buys 36k sf AZ Office Building

1/26/15

Phoenix Heart, a leading cardiology group in the Phoenix area, has purchased the 35.9k sf Class A office building that they had been occupying as the anchor tenant. The building, located at 5859 Talavi, was sold by Credit Union West for $6.25 mil ($174/sf).

Phoenix Heart PLLC currently occupies 50 percent of the building, situated within the Talavi Business Park in Glendale, AZ. The building’s remaining space is fully occupied by such tenants as Credit Union West, John C. Lincoln and Wallick & Volk.

“This deal points to a new level of confidence and solid market recovery,” said Ackerman. “Five years ago, recession fundamentals and uncertainties would have blocked this type of sale, but today the outlook is optimistic. Tenants are more confident, and are considering opportunities to buy their buildings and secure the benefits of a market upswing.”

The 5859 Talavi building is located near the southeast corner of Bell Rd and 59th Ave., in an area that is inundated with desirable retail amenities. It is adjacent to the Talavi Town Center retail project and surrounded by neighbors such as the Thunderbird School of International Business, ASU West and Midwestern University.

JLL Senior Vice President Brian Ackerman represented the property seller, Credit Union West, in the transaction. Marcus Muirhead of Colliers International represented Phoenix Heart.





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