The Phoenix office of JLL has completed a $44.35 million Class B office building sale at 5353 West Bell Road in Glendale, Ariz.
JLL Senior Managing Director Dennis Desmond represented the property seller, CSAA Insurance, in the transaction along with JLL Managing Directors Rob Bickel, Mike Hochanadel, Kevin Mechelke, Tom Maloney and Vice President Maury Vanden Eykel.
After purchasing the property in 2008, CSAA Insurance sought to monetize the asset to gain capital for a refurbishment of the building. CSAA currently utilizes the property as a regional data center and other IT operations.
GI Partners was identified by JLL has an appropriate buyer. GI Partners recognized the strategic value of the asset to CSAA and acquired the property through a long-term sale-leaseback.
The 5353 West Bell Road building is located northwest corner of Bell Road and 55th Avenue in Glendale, Ariz. in the Deer Valley submarket.
For more information about this transaction, contact:
Senior Managing Director
+1 602 282 6246