Buyer Sees Opportunity in High Visibility Center Adjacent to 303 Freeway
Phoenix, Arizona – Greenway Crossings, a lifestyle retail center at 16572-16630 W. Greenway Rd. in Surprise has been sold to a Phoenix investor.
“The buyer has seized the opportunity to acquire this strategically located property with strong visibility and proximity to Loop 303 freeway,” says Mindy Korth, executive vice president with Colliers International in Greater Phoenix. “The recent completion of Loop 303 (connecting Interstate 17 to Interstate 10) has been instrumental in the city of Surprise now being the fastest growing city in Arizona, which bodes well for this investment of Greenway Crossings.”
Transamerica Life Insurance Company (AEGON USA Realty Advisors) of Cedar Rapids, IA sold the property to Rose Garden III LP, a Phoenix-based investor. Korth, Kirk Kuller and John Jackson of Colliers International in Greater Phoenix represented Aegon in the sale transaction. Jim Edwards of Rein and Grossoehme Commercial Real Estate in Scottsdale represented the buyer.
Greenway Crossings was built in 2006 and contains 66,516-square-feet of retail space. The sale included three retail buildings and three undeveloped retail parcels. At 85 percent leased at the time of sale, the property contains a variety of retail amenities, including a fitness center, dance studio, and hair & nail salons. Additionally, Greenway Crossings features a selection of restaurants, an urgent care center, a charter school and other essential neighborhood services. The buyer was attracted to the upside revenue potential in leasing the vacancy, as well as the future development of the vacant parcels.