Two-Tenant Retail Building Hooks $2M Plus

GLENDALE, AZ-A limited liability company from Southern California has sold the 6,254-sf Alante Plaza to another California investment group for $2.47 million, closing the deal at just $25,000 less than the ask.

Located at the corner of 55th Avenue and Bell Road, the 2004-constructed property is leased to a pair of local restaurants. “The property was on the market for awhile. The building was new and tenants were only starting to move in during the first quarter [when it came to market],” explains Steve Boxer, senior adviser with Sperry Van Ness’ Phoenix office, who represented the Saratoga, CA-based buyer, DL Bell LLC, in the deal. Greg Velasquez of Single Net Properties in La Jolla, CA represented the seller, 55th & Bell LLC.

“The majority of lenders won’t lend on a property until tenants are in,” Boxer tells GlobeSt.com. Once the restaurants opened doors–showed they were going to stay for awhile–the listing attracted numerous offers, he adds.

“This is an out-of-state buyer, with a new property and a new lease on a good street,” Boxer adds. “This is a great value for him.”