Portion of Glendale Corporate Center sold for $9.2M

A large portion of the Glendale Corporate Center has been sold to a Los Angeles real estate investment firm. Regent Properties paid $9.2 million for three vacant buildings, totalling 146,100 square feet, and seven acres of land near the intersection of Loop 101 and Camelback Road. Brokers from CB Richard Ellis of Phoenix represented the seller, Glendale Corporate Center Acquisition LLC, an entity formed by the lenders on the project. Those lenders, California Bank & Trust and Bank of the West, had provided land acquisition and construction lending to the developer, Opus West Corp. Opus West is in Chapter 11 bankruptcy reorganization and no longer is operating in the southwest. Its properties are being disposed of through the court process.

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