GLENDALE, AZ-A California savings and loan association has purchased 7.6 acres in the Talavi Business Park for $1.8 million for development sites for build-to-suit and spec office/industrial buildings. The all-cash deal culminates 2.5 years of marketing the site.

“They do plan to do a facility for themselves on one of the pieces. We are still in the state right now of trying to figure out what they would do for spec product,” Pete Klees, a senior vice president at Grubb & Ellis/BRE Commercial, tells about the market inroad by Newport Beach, CA-based DSL Service Co., the real estate arm of Downey Savings and Loan Association.

First Industrial Realty Trust of Chicago spent 2.5 years marketing the three lots at the southeast corner of 59th Avenue and Bell Road. Escrow with DSL lasted 40 days.

DSL’s plan is to hold a two-acre tract for a Downey-related office project. A 1.6-acre lot and a four-acre parcel most likely will be built out with spec flex office/industrial product, according to Klees. Ground could break in the late fall.

“For them, we were trying to find something that was relatively freeway-friendly. We’re close to 101. They needed to have some pretty nice park amenities, which Talavi is quite candidly the nicest park in Glendale,” adds Klees, who along with Steven Steinberg and Gary Anderson, both part of the Grubb & Ellis/BRE Commercial team, represented the buyer. Bob Kawa of Kawa & Co. in Phoenix handled the sale for First Industrial.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.