Phoenix-based retail brokerage specialist Western Retail Advisors has completed the $5.5 million sale of Avenue at Olive Park, a fully leased retail center located at the northeast corner of Olive …
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Phoenix-based retail brokerage specialist Western Retail Advisors has completed the $5.5 million sale of Avenue at Olive Park, a fully leased retail center located at the northeast corner of Olive and 59th avenues, directly across the street from Glendale Community College.
The high-profile corner is visible to more than 61,000 vehicles per day, with access to almost a half-million residents within five miles.
This 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.
WRA Vice President Darrell Deshaw represented the Avenue at Olive Park property seller, a California family office, in the transaction. Gabe Manzanares from Compass Commercial represented 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,” Deshaw stated in a press release. “It is a great transaction underscoring Glendale’s position as a dynamic retail market with continued potential.”
Avenue at Olive Park is situated on almost three acres at 5814 W. Olive Ave. 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.
