PHOENIX, AZ – Cushman & Wakefield, a global leader in commercial real estate services, announced today that Greenway Promenade, a Glendale, AZ, retail center has been sold to a California investor for $8.3 million ($131.85 PSF).
Cushman & Wakefield Senior Director Greg Valladao represented Samit Patel & Shashikant Patel DBA 1058 Munras Properties, LP of Monterey, CA, in the purchase. Ari Spiro and Jared Williams of Orion Investment Real Estate and Alan Zell at ZELL Commercial Real Estate Services represented the seller, Dribin Capital, LLC DBA Shea-Three Greenway, LLC of Tempe.
“This retail lifestyle center offered an opportunity for the investor to step in and add value by leasing up the remaining vacancy as the market improves,” said Mr. Valladao. “The Metro Phoenix retail market is improving, and the convenience of this neighborhood center within a well-established residential area will bode well for their leasing prospects.”
Greenway Promenade was built in 1988 and contains approximately 62,949 square feet of retail space. The property is currently 73% occupied by tenants that include Dairy Queen, Fascinations, KimmyZ Bar & Grill and the Golden Dragon Chinese Restaurant.