Santee, CA-based private investors, the Coneen Family Trust, is the buyer. Phoenix's Presson Cos. is the seller.
Managing directors at the Phoenix office of Insignia/ESG, Robert Buckley, Steven Lindley, Tracy Cartledge and associate Greg Mayer negotiated the transaction on behalf of the buyer and seller. "The buyer owns several similar properties in California and was comfortable with this property in Glendale," said Lindley. The buildings are about 93% occupied.
The seller is known in the region for its repositioning plans for the former Rosarita Bean factory. The property was bought in recent months from ConAgra, another $2-million transaction.
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