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 GlobeSt.com 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.

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