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1/16/24
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Woodside, a Texas-based investment firm, paid $9.325 mil for Talavi Corporate Center, a 153.3k sf ($61/sf), three-story office and medical office property in Glendale, AZ, in an all-cash purchase. The property was sold by Regent Properties.
The Class A building sits on an 11.4-acre site at 5651 West Talavi Blvd. At the time of sale, the building was 74% leased to five tenants, for corporate office, back office and medical office functions.
Developed in 2002, Talavi Corporate Center holds a central position in the heart of the Arrowhead District Core in northwest Metropolitan Phoenix, strategically located at the convergence of the Arrowhead and Deer Valley office submarkets. The area is characterized by a dynamic and affluent demographic and presents immediate access to an extensive amenity base through Bell Road, one of Metro Phoenix's primary arterial roadways, and the Loop 101 freeway just a short five-minute drive to the north and west.
This dense suburban corridor is home to major corporate and medical employers, benefiting from proximity to two major hospitals. The property is well-positioned to capitalize on the significant economic impact of the $40 bil Taiwan Semiconductor Manufacturing Company campus and the numerous suppliers in the northwest Phoenix market currently seeking office space.
Barry Gabel, Chris Marchildon and CJ Osbrink with Newmark represented the seller in the deal. The transaction marks the first acquisition in the Arizona market for Woodside, which intends to upgrade specific suites to speculative condition and enhance other areas to attract new tenants and bring the property to greater stabilization.
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