Greenway Promenade, a 62,949 square foot retail center, sold for $8,300,000, or $131.85/SF. The shopping center is located on the northwest corner of two major arterial thoroughfares (Greenway Road and 59th Avenue) and is across the street from Thunderbird School of Global Management which is a part of Arizona State University. Built in 1988, and situated on 7.78 acres, the neighborhood center features ample parking and excellent street visibility with two modern illuminated multi-tenant monument signs on site. Tenants include Dairy Queen, Fascinations, KimmyZ Bar & Grill and Golden Dragon Chinese Restaurant.
The property was sold by Investment Property Exchange, as qualified intermediary for Shea-Three Greenway, LLC. The buyer was First American Exchange Company, as qualified intermediary for Greenway Place, LLC based out of Monterey, California. Greenway Promenade was approximately 73% occupied at close of escrow.
Ari Spiro, Sean Stutzman and Jared Williams at ORION Investment Real Estate negotiated the transaction, along with Alan Zell at ZELL Commercial Real Estate Services, Inc. Williams noted, “This infill center has terrific visibility along Greenway Road and is surrounded by rooftops in a well-established Glendale neighborhood. The new owner will benefit from the solid in-place cash flow as well as the opportunity to lease up the available 17,000 square feet.”
The buyer was represented by Greg Valladao at Cushman & Wakefield.