43,312 SQFT Glendale Office and Retail Plaza Hits Market for $16.5MM

Glendale, Stevenson Real Estate, Brand and Broadway Trust, King Taco, Khinkali House Dumplings, Gabriella's New York City Pizza, Studio Kay, The Exchange, Plaza 111, Glendale Galleria, The Americana

By Catherine Sweeney 

An office and retail property in Glendale has hit the market with an asking price of $16.5 million, or approximately $380.96 per square foot. The multi-tenanted building is being listed by Stevenson Real Estate with space currently available for lease, according to an offering memorandum obtained by The Registry. 

Referred to as Plaza 111, the 43,312 square-foot property is located at 107-117 E. Broadway Avenue & 105-113 North Artsakh Avenue on approximately 0.5 acres of land. According to public records, the three-story plaza was built in 1990 and owned by an entity associated with Glendale-based Brand and Broadway Rental Trust, which purchased the property for an undisclosed amount. 

Currently, the first floor of the property is occupied by various retailers, including King Taco, Khinkali House Dumplings, Gabriella’s New York City Pizza and Studio Kay. The second and third floor contain office space, with two suites currently available for lease.  

The offering memorandum shows two suites, suite 201 at 5,786 square feet and suite 201 at 2,206 square feet, are currently available for lease. Both office spaces offer conference areas, break rooms, storage areas, are serviced by elevators and can be leased separately or together. 

According to the offering memorandum, suite 200 and 201 are available for lease at $2.50 and $2.60 square feet per month, respectively. Combined, the space leases for $2.50 per month for a lease term of two to ten years. 

Located in downtown Glendale, the new owner as well as future tenants benefit from the property’s close proximity to various shopping, entertainment and dining. According to the listing, the property is also adjacent to a three-level city parking structure offering 90-minute free parking for visitors. 

“Located in the heart of Downtown Glendale in The Exchange, Plaza 111 is walking distance to an abundance of restaurants, shops, entertainment venues and services including heavily trafficked Brand Boulevard as well as The Americana at Brand and Glendale Galleria,” the offering memorandum states. “…There is a passageway which provides access between Brand Boulevard and Artsakh Avenue, and to the City parking structure with approximately 770 parking spaces.” 

With the close proximity to retail and dining, the area surrounding the property sees heavy traffic from nearby residents. According to the offering memorandum, the mile surrounding the property has grown nearly 10 percent over the past 10 years to encompass 73,127 residents. The average household income within one mile of the property is $71,862. Within five miles of the property, there are approximately 574,192 residents, with an average household income of $96,011.

Stevenson Real Estate did not respond in time to comment on this story.