The three building complex, totaling 121,402 sf, is located at 8581, 8615 and 8643 W. Kelton Lane in the Glendale submarket near Arrowhead Mall and the Loop 101 interchange. The flex-space buildings lend themselves to light industrial, back-office and warehouse showroom uses, says Paul Boyle of Grubb & Ellis/BRE Commercial LLC who brokered the deal along with partner Rick Danis. "Arrowhead is newer product built in 1999," Boyle says.

Boyle tells GlobeSt.com that Misson Viejo, CA-based Mammoth Equities beat 11 other offers. "A lot of people pursued (the center)," he says. "This particular product type is popular with investors today." He adds the asset received interest from both private and institutional capital.

The deal traded at an 8.5% cap rate, Boyle says, based on the asset's 95% occupancy and average rental rate of $10.08 per sf triple net. According to Boyle, the asset was particularly attractive because it did not have any existing financing on it that a buyer would have to take on so a new loan could be placed against the property.