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GLENDALE, AZ-A metro investment group has acquired 10 acres in the 416-acre Glen Harbor Air Business Park for $2.07 million.

Pentagon Investment & Land Development of Scottsdale has no immediate plans to develop the property at 7326 N. Glen Harbor Blvd., located one mile west of Loop 101 near the Glendale Municipal Airport. “They purchased the property for an investment. They’re not sure, at this point, what they’re going to do with it,” says Bruce Campbell, first vice president with CB Richard Ellis Inc.’s Phoenix office. An office/warehouse development is one of the options being discussed, he adds.

Campbell and CBRE’s Louis Finocchiaro and Mitchell Stravitz represented the buyer in the transaction. The seller, Seldin Co. of Omaha, used Dave Johnson with Phoenix-based Lee & Associates Arizona to bargain its terms.

Campbell tells GlobeSt.com that, from the buyer’s standpoint, the land will provide good value and is a strong addition to the entity’s portfolio. “They do have other holdings in the area, and they continue to look for other parcels of land as well,” he adds.

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