Glendale Industrial Property Nets 20-Year, Multi-Million Dollar Lease

Glendale Industrial Property Nets 20-Year, Multi-Million Dollar Lease

GLENDALE, AZ – July 8, 2013 – (RealEstateRama) — Lee & Associates Arizona negotiated a 20-year lease for a former furniture warehouse/showroom in Glendale. The transaction is valued at over $6 million for the 23,548 SF property at 5801 N. 51st Ave. in Glendale.

T.J. Swearengin, Principal with Lee & Associates Arizona procured the tenant, Maverick House. Habanero Nova, LLC, a local investment fi rm is the landlord. They recently purchased the building for $658,000 or $27.94 per square foot from First Citizens Bank & Trust Co., of Raleigh, NC.

“This was a great location for the new Maverick House,” commented Swearengin. It allows them to continue to serve the community without any disruption. We are happy to have found an investor (Habanero Nova) that believes in what they do,” he added.

Maverick House’s parent organization NOVA, Inc., is a non-profi t organization that provides treatment and services to the community by assisting those with substance abuse, homelessness and other mentalhealth issues. NOVA worked to improve the lives of more than 3,000 Maricopa County residents this past year.

“NOVA has been a valued partner in Glendale since 1982 and we welcome them to their new location,” said Jon Froke, Planning Director for the City of Glendale. “NOVA provides much needed services to the community and we wish them well.”

The industrial showroom center sits on 2.4 acres and is adjacent to Grand Ave (US 60).

For more information: T.J. Swearengin, 602.912.3530

About NOVA, Inc.
Since 1979, NOVA, Inc. has created a culture of caring, providing vital assistance to Maricopa County residents suffering from substance abuse, homelessness and emotional/mental illness. The 501(c)(3) is a recognized leader locally both in substance abuse treatment and as a homeless provider, featuring a number of residential and outpatient treatment options.

About Lee & Associates Arizona
Lee & Associates Arizona specializes in providing exceptional commercial brokerage services to the industrial, offi ce, land and investment sectors of the Phoenix commercial real estate market. The Phoenix offi ce was established in 1991 and is now recognized as one of the most successful brokerage fi rms in the state. Each of the 48 nationwide Lee & Associates offi ces has a strong local ownership combined with a powerful platform from the national Lee & Associates network.

Contact:
Matt DePinto
Senior Research Analyst
Public Media Relations
ph: 602.474.9512

www.leearizona.com

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