Retail center near Glendale Community College sells for $5.5 million

PHOENIX– A retail center near Glendale Community College was sold for $5.5 million, the real estate firm that brokered the deal announced Wednesday.

Avenue at Olive Park is located on the corner of Olive and 59th avenues. The sale was completed through Western Retail Advisors, a commercial real estate brokerage firm.

This marks another retail center in Arizona sold by Western Retail Advisors in the month of April as they helped with the sale of 83 Marketplace, a Peoria retail center.

The retail center is fully leased with local and national food and retail uses, including dd’s Discounts, McDonald’s, Panda Express, Jack in the Box and Circle K.

How was the sale of Avenue at Olive Park completed?

WRA Vice President Darrell Deshaw represented the Avenue at Olive Park property seller, and Gabe Manzanares from Compass Commercial represented the property 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 said in a press release.

“It is a great transaction underscoring Glendale’s position as a dynamic retail market with continued potential.”

The 3-acre retail center is located at 5814 W. Olive Avenue in Glendale. It is nearby areas like Glendale’s Sports and Entertainment District and Luke Air Force Base.