Woodside Enters Arizona With Office Buy
Texas-based investment firm Woodside has entered the Arizona market with the acquisition of Talavi Corporate Center, a 153,332-square-foot office and medical office building in Glendale, Ariz. Regent Properties sold the asset for $9.3 million with Newmark representation.
The asset previously traded in 2014, when Regent purchased it for $9.6 million from U.S. Bank. The previous owner, Daymark Realty Advisors, had defaulted on a $24 million CMBS loan, according to the same source.
Completed in 2002 and renovated in 2014, the building features 51,826-square-foot floorplates and three passenger elevators, as well as some 780 parking spaces. The three-story office property was 74 percent leased at the time of sale to five tenants, including Cardiac Solutions, Progressive Leasing and RedFlex, CommercialEdge data shows. The new owner intends to upgrade specific suites and other areas to attract new tenants.
The 11-acre property is at 5651 W. Talavi Blvd., close to several dining and retail options, including Talavi Towne Center and Gateway Village shopping malls. Downtown Glendale is 7 miles away, while downtown Phoenix is some 19 miles southeast. Phoenix Sky Harbor International Airport is within 23 miles.
The Newmark team which represented the seller included Executive Managing Directors Barry Gabel, Chris Marchildon and CJ Osbrink. Last year, the trio represented LPC Desert West in the $72.1 million sale of a two-building office campus in Phoenix.
Phoenix’s office sector remains steady
Some 5.9 million square feet of office space traded in Phoenix in the first eleven months of last year, for a combined $948 million, according to CommercialEdge research. The average price per square foot was $183.5, below the $192.8 national figure.
In one of the priciest deals of that period, Virtus Real Estate Capital paid $48.5 million for a 70,000-square-foot medical office building in Phoenix. The asset sold for a whopping $692.8 per square foot.
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