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4/25/24
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Avenue at Olive Park, a fully leased, 20.5k sf retail center in Glendale, AZ traded for $5.5 mil, or $268/sf. The property is situated on almost three acres at 5814 W. Olive Ave, at the northeast corner of Olive and 59th Avenues.
The property sits directly across the street from Glendale Community College in Glendale. It is a short drive from the U.S. 60 and nearby economic drivers like Glendale’s Sports and Entertainment District and Luke Air Force Base.
The high-profile corner is visible to over 61,000 vehicles per day, with access to almost one-half-million residents within five miles. The center is fully leased with a mix of local and national food and retail uses, including co-tenancy from retailers such as dd’s Discounts, McDonald’s, Panda Express, Jack in the Box and Circle K.
Darrell Deshaw with Western Retail Advisors represented the seller, a California family office, in the transaction. Gabe Manzanares from Compass Commercial repped the buyer, 2015 K&A Kisidiaris Trust.
“Avenue at Olive Park provides exceptional stability and visibility, with very strong daytime and nighttime foot traffic, and the opportunity for this new owner to grow alongside Phoenix’s booming retail market and steady rent growth,” said Deshaw. “It is a great transaction underscoring Glendale’s position as a dynamic retail market with continued potential.”
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