X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

GLENDALE, AZ-A limited liability company from Southern California has sold the 6,254-sf Alante Plaza to another California investment group for $2.47 million, closing the deal at just $25,000 less than the ask.

Located at the corner of 55th Avenue and Bell Road, the 2004-constructed property is leased to a pair of local restaurants. “The property was on the market for awhile. The building was new and tenants were only starting to move in during the first quarter [when it came to market],” explains Steve Boxer, senior adviser with Sperry Van Ness’ Phoenix office, who represented the Saratoga, CA-based buyer, DL Bell LLC, in the deal. Greg Velasquez of Single Net Properties in La Jolla, CA represented the seller, 55th & Bell LLC.

“The majority of lenders won’t lend on a property until tenants are in,” Boxer tells GlobeSt.com. Once the restaurants opened doors–showed they were going to stay for awhile–the listing attracted numerous offers, he adds.

“This is an out-of-state buyer, with a new property and a new lease on a good street,” Boxer adds. “This is a great value for him.”

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?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

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

Get More Information
 

GlobeSt

Join GlobeSt

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

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.